Singapore Budget 2021
24 Billion to Transform Business and Workers over Next Three Years
The government has a S$24 billion plan to help firms and workers adapt to a post-COVID-19 world, and it includes raising grants and extending training initiatives.
- 24 billion set aside to enable firms and workers to emerge stronger from the crisis
Over the next three years, $24 billion will be allocated to firms and workers, allowing them to emerge stronger from the pandemic. This build on the momentum of the transformation push started five years ago when Singapore launched the Industry Transformation Maps.
To remain competitive, businesses need to innovate and collaborate on a global scale. There will be three main enhancements:
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Corporate Venture Launchpad will provide co-funding for companies to build new ventures through collaborative venture studios. The main aim is to rekindle a start-up mindset.
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Open Innovation Platform (OIP) matches the problems faced by companies and agencies to solutions.
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Global Innovation Alliance (GIA) is tasked to catalyse cross-border collaboration between Singapore and major hubs globally. It will be expanded to more than 25 cities across the globe over the next five years. It will also be enhanced through the Co-innovation Programme which will support up to 70% qualifying costs for cross-innovation and partnership projects.
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- For high-growth enterprises, including startups, the Government will ensure access to financial capital by enhancing the enterprise financing scheme debt enhancing programme. Support from the Government include:
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Continued support by increasing the Venture Debt Programme cap on loan quantum supported from $5 million to $8 million dollars. The Government also will co-fund adoption of digital solutions and new technologies.
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The new Emerging Technology Programme will co-fund the cost of adopting frontier technologies.
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The CTO-as-a-Service will provide access to professional IT consultancies, to help companies identify and adopt digital solutions
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A new Digital Leaders Programme will support companies to hire a core digital team to help in developing and implementing a digital transformation roadmap
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The Government will also extend the enhanced support levels of up to 80% for existing enterprise schemes (such as Scale-up SG programme and Productivity Solutions Grant), to end March 2022.
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