SPRING And IE Singapore Combine Forces With Merger – Here’s How It Wants To Help Business Owners

In the second half of 2016, two entities officially merged to form a single institution and work towards a common goal.

For the unacquainted, they are the Infocomm Development Authority (IDA) and the Media Development Authority (MDA), and the result was the Info-Communications Media Development Authority (IMDA).

IMDA was created for 3 main goals – developing a competitive and sustainable infocomm media industry, promoting the adoption of infocomm technology as a key enabler for businesses, and finally, building a digitally-inclusive society where lives are enriched by infocomm.

Today, we learn about another one of these mergers – this time, it involves SPRING Singapore and International Enterprise (IE) Singapore.

Welcome, Enterprise Singapore

On 1 April, IE Singapore and SPRING came together to form a single agency, Enterprise Singapore (ESG).

“Enterprise Singapore is the government agency championing enterprise development,” it declares in its About page.

“We will work with your company to capture new market share through upgrading and innovation; adoption of new technologies to improve productivity; facilitate expansion into overseas markets; and strengthen leadership capabilities to build talent pool.”

Here’s an overview of ESG’s main goals:

1. Work with companies to build capabilities, innovate, and internationalise
2. Support the growth of Singapore as a hub for global trading and startups
3. Build trust in Singapore’s products and services in its role as the national standards and accreditation body

Said Minister for Trade and Industry S Iswaran at the launch of ESG today, “[the new body] will adopt an enterprise-centric approach, providing differentiated programmes and support according to a company’s stage of growth, the industry in which it operates, and its overseas markets of interest”.

What this means is that Singapore businesses, regardless of size or industry, will be able to get ‘customised’ support from ESG.

A quick look through their website also shows useful links like information on different industries and countries, links to apply for grants and loans, and even courses for skills development.

How ESG Will Help Startups, SMEs, Large Businesses

Here’s a brief overview of how ESG will help businesses of different sizes:

Startups

• Enhance Startup SG’s programmes and strengthen startup ecosystem in Singapore
• Work with the Economic Development Board (EDB) to expand the Global Innovation Alliance to more innovation nodes overseas
• Singapore startups can plug into the innovation communities overseas to expand their business globally, foreign startups can plug into Singapore’s ecosystem

Micro enterprises and SMEs upgrading for the first time

• Easy access to advice, information and help through the SME Portal. Business advisors at 12 SME Centres islandwide, and an Enterprise Infoline that business owners can call
• Simplified assistance programmes: launch of new Productivity Solutions Grant (PSG) for IT and equipment solutions, Market Readiness Assistance (MRA) Grant for those venturing overseas for the first time, connecting to other agencies’ programmes like Tech Depot and IMDA’s SMEs Go Digital
• Tap into Plug & Play Network for markets like China, India and SEA, which offers in-market advisors, business matching partners and co-working spaces

Small and medium enterprises (SMEs)

• Help SMEs innovate and transform their business through Centres of Innovation, A*STAR’s Research Institutes, Productivity Centres, human capital and leadership development programmes
• Help them globalise through ESG’s 35 Overseas Centres and Plug & Play Network
• Combine Capability Development Grant (CDG) and Global Company Partnership (GCP) Grant into a single Enterprise Development Grant by Oct this year
• Help SMEs tap on various programmes by Ministry of Manpower (MOM), Workforce Singapore (WSG), SkillsFuture Singapore and the unions
• Drive collaborations between enterprises via PACT programme

Large enterprises

• Assist to broaden and deepen global presence by connecting them to overseas contacts and networks, supporting and facilitating efforts in securing new opportunities and projects
• Encourage large enterprises and MNCs to help SMEs upgrade and facilitate internationalisation efforts via PACT programme

Find out more about Enterprise Singapore and all the support that it’s offering on its website here!