Enterprise Innovation Scheme: A Game-Changer for Companies Looking to Innovate?

In today’s fast-paced and ever-evolving business landscape, innovation is the key to staying ahead of the competition. Companies that fail to innovate risk becoming obsolete in the face of disruptive technologies and changing customer demands.

Recognizing the critical role of innovation, governments around the world have introduced various initiatives to support businesses in their innovation journey. One such initiative is the Enterprise Innovation Scheme (EIS), which has proven to be a game-changer for companies looking to innovate.

What is the Enterprise Innovation Scheme (EIS)?

The Enterprise Innovation Scheme (EIS) is a government initiative launched to encourage and support innovation among businesses in Singapore. Administered by Enterprise Singapore, EIS provides funding and resources to companies to help them develop and commercialize innovative products, services, and processes. The scheme aims to enhance the competitiveness of Singapore’s enterprises by promoting innovation as a key driver of growth.

How does the Enterprise Innovation Scheme work?

Under the Enterprise Innovation Scheme, eligible companies can receive financial support for their innovation projects. The scheme offers funding for two categories of innovation projects: Proof of Concept (POC) and Proof of Value (POV).

Proof of Concept (POC) projects involve the development of innovative ideas and concepts into tangible prototypes or models. This stage allows companies to test the feasibility and viability of their innovative solutions. Through the EIS, businesses can receive funding of up to 70% of qualifying costs, capped at SGD 250,000 per project.

Proof of Value (POV) projects focus on the commercialization of innovative solutions that have already undergone successful proof-of-concept testing. This stage helps companies refine their prototypes and bring them closer to market readiness. The EIS provides funding of up to 70% of qualifying costs, capped at SGD 500,000 per project.

In addition to funding, the EIS also offers various support services to help companies throughout their innovation journey. These services include capability development programs, mentorship opportunities, and access to industry networks, which can greatly enhance a company’s ability to innovate successfully.

Why is the Enterprise Innovation Scheme a game-changer?

The Enterprise Innovation Scheme has emerged as a game-changer for companies looking to innovate due to several key factors:

Financial Support: The EIS provides substantial financial support for innovation projects, significantly reducing the financial burden on companies. This funding can be instrumental in driving research and development activities, prototyping, and market validation.

Risk Mitigation: Innovating can be risky, especially for small and medium-sized enterprises (SMEs) with limited resources. The EIS helps mitigate this risk by providing financial support and guidance throughout the innovation process, increasing the likelihood of successful outcomes.

Competitive Advantage: Companies that embrace innovation gain a competitive edge in the market. By supporting innovation projects, the EIS enables companies to develop cutting-edge products and services, positioning them as leaders in their respective industries.

Collaboration and Networking: The EIS facilitates collaboration and networking opportunities among companies, research institutions, and industry experts. This fosters knowledge exchange and partnerships, leading to innovative ideas and solutions that may not have been possible otherwise.

Enhanced Capabilities: Through the EIS, companies gain access to capability development programs and mentorship opportunities, which help enhance their innovation capabilities. This support enables companies to build a culture of innovation and develop the necessary skills and knowledge to drive their growth.

The Enterprise Innovation Scheme (EIS) has emerged as a game-changer for companies looking to innovate in Singapore. By providing financial support, resources, and networking opportunities, the EIS empowers businesses to develop and commercialize innovative solutions. In an increasingly competitive business environment, embracing innovation is no longer a choice but a necessity.