If your business is looking to upgrade, innovate or venture overseas, the EDG grant helps to fund for such projects. It covers up to 80% of your business venture costs, including third party consultancy fees, software and equipment as well as costs incurred from internal manpower. Qualifying projects are categorised into 3 pillars: Core Capabilities, Innovation and Productivity and Market Access.
1. Development of Core Capabilities
Projects under Core Capabilities are those that would lead to the growth and transformation of businesses beyond their basic functions of sales and accounting. These include the formulation of strategic roadmaps, frameworks or policies to leverage on opportunities and enhance competitiveness of your business. It also involves the development of plans to optimise your finances, assessment of risks and mitigation of tax liabilities. Strengthening your company’s Human Resource (HR) capabilities as part of your business growth strategies is also another area of consideration. For service-oriented businesses, key project areas are likely that of customer diagnostics and service innovation. Strategic brand and marketing development initiatives targeted to optimise marketing resources and reinforce brand differentiation are supported under this category too.
2. Innovation and Productivity
Businesses can explore creative solutions and enhance their productivity to increase workflow efficiencies. These include the usage of automation and sophisticated hardware or software solutions. Prior to automation, businesses may also consider reviewing and refining their current work processes to minimise redundancies. If your end goal is to commercialise your business, developing product roadmaps, prototypes and demonstrating market validation are things to work on for your projects.
3. Market Access
Businesses looking to expand overseas are also supported under this grant. These involve mergers and acquisitions, establishing an overseas presence, piloting test projects and adopting internationally recognised standards and certifications.
Businesses must meet the following criteria to qualify for the EDG grant: