This is an updated post on the Digital Growth Subsidy, which is a subsidised support project for companies to grow and succeed in the digital economy.
The project is administered and executed by Evolve & Adapt (Singapore) and Evolve & Adapt Consulting SDN BHD (Malaysia), and is a commercial initiative supported by Grow Digital Pte Ltd.
About the SME FUNDING
The Digital Growth Subsidy was first introduced in 2020 to help businesses in specific areas of digital marketing.
On 1 Apr 2023, the Digital Growth Subsidy was restructured as a Strategic Marketing Advancement Project to fit the needs of businesses for post-pandemic growth in the digital economy.
The project has a fixed scope and up to 50% of the pre-scoped strategic marketing project is subsidised upfront for eligible businesses.
SCOPE OF STRATEGIC MARKETING ADVANCEMENT PROJECT
The fixed-scope project lasts 4 months and covers 4 main areas:
- Market Research & Analysis
- Strategic Planning
- Content Development
- Marketing Plan
Objectives of DIGS projects include:
- Increase Brand Equity
- Build Authority & Trust in the Market
- Increase Leads, Sales & Revenue
- Grow Your Business
FEES & SUBSIDY
The fees for the Strategic Marketing Advancement project are SGD50,000/ MYR150,000 and the Digital Growth Subsidy supports up to 50% of the costs upfront for eligible businesses.
- The Digital Growth Subsidy project has a fixed scope that was designed to fit the needs of most businesses for post-pandemic growth in the digital economy.
- For Singapore SMEs that require a full-scope customised branding or business strategy development project, they can consider the Enterprise Development Grant (EDG) funded through Enterprise Singapore. Learn more here.
COMPARING THE Enterprise Development Grant and Digital Growth Subsidy
In our comprehensive article on digital marketing grants in Singapore, we discuss several grants that can be leveraged for digital marketing.
One of the most popular grants to tap on is the Enterprise Development Grant (EDG), disbursed by Enterprise Singapore.
Some might wonder that if the EDG is available, why is there a need for DIGS.
While both may serve the same purpose of supporting SMEs in business growth, there are a few key similarities and differences:
Both Projects are Comprehensive and Focus on Long-term Results
Both EDG and DIGS projects are comprehensive and focus on long-term results that are designed to help transform a business and benefit it in the long run.
However, EDG is completely customised project which are typically larger and entail a higher project fee. DIGS is a fixed-scope project that covers all the essential aspects that most businesses will need.
EDG is a Reimbursement Grant, DIGS is an Upfront Subsidy
Both projects fund up to 50% of qualifying marketing costs.
However, EDG requires the project to be completed and fully paid for. Only after the project is closed and auditors have audited the accounts, can a claim submission be made to receive the 50% reimbursement grant.
DIGS is an upfront subsidy and funds up to 50% of the project.
EDG Takes a Much Longer Time to Process and Complete
The nature of EDG is that it is a more involved project that typically lasts at least 4 – 6 months. In addition, the application and processing time can take up to 8 – 12 weeks. The claims submission takes about 4 weeks to process. Therefore, a 6-month project can take up to a total of about 9 months to complete, not counting the time to plan the project and appoint a certified management consultant.
DIGS takes 2 working days to process and since it is an upfront subsidy, there is no claim submission process. DIGS projects are a standard 4 months long.
DIGS is Available to Both to Singapore and Malaysia Companies
While EDG is only available to Singapore companies, DIGS is open to both Singapore and Malaysia businesses.
If you are a Malaysian SME, you can also have a look at available government grants in Malaysia here.
Both the EDG and DIGS offer different levels of support and have different criteria for eligibility. However, both types of funding can help SMEs grow in different ways in the digital economy.
Small & medium businesses should take advantage of the schemes to save money and improve their marketing processes.
For more information or to apply for DIGS, click HERE.
For more information on the EDG, click HERE.