On-Way to Disruptive Business Model Transformation with 80% EDG Funding
Updated: Mar 14, 2021
The One-Year Impact
As we near the end of a year since the implementation of the circuit breaker in Singapore, B2B and B2C companies find themselves at new crossroads. During this year, many businesses pivoted their models and strategies to recover from the strong impact of the global pandemic. With new customers and revenue streams in response to changing contexts, businesses face the question of, “Now, what?”
Your Super Aid for Business Transformation
Local businesses can consider themselves fortunate with the Singapore government’s strong support for companies to scale up and transform through the Enterprise Development Grant (EDG), providing up to 80% funding. The EDG aims to help Singapore-based companies grow and transform by upgrading and innovating business strategies as well as expanding overseas.
While you’re still stuck at the crossroads of transformation, our team of experts can help you by innovating your business model strategy, building your brand and accelerating growth. Our Enterprise Singapore recognized Practice Management Consultant, Vivien Koh, is a passionate leader that helps companies reach their Digital Branding, Marketing & Sales goals with the support of the EDG. You focus on your day-to-day operations while our digital business transformation consultants co-create and co-innovate solutions with you to drive revenue and growth. The end-to-end process involves our consultants assessing the current state of your business, processing the grant application, capturing market & customer insights, conducting competitive analysis, taking a design thinking approach for evolving the business strategy (including ideation, positioning, prototyping and testing) and as well as developing capabilities for sustainable success.
Previous projects with end-to-end Business Model Transformation under the Enterprise Development Grant, aided by our consultants, have shown high ROIs for our current clients’ businesses. A B2C healthy snacks provider saw up to a 42.7% boost in revenue during the circuit breaker while seeing a growth of conversions by 75%. The success of these projects in the Singapore market led to the clients engaging us as their extended marketing arm for market expansion in Malaysia and Indonesia as well. Similarly, our team helped a building materials services provider to develop their capabilities with another Business Model Transformation project that gave them more sustainable revenue growth. Our successful EDG-supported projects also included an Integrated Marketing and Branding Execution Project for a HR solutions provider, including overseas expansion to the US.
Can the EDG Help Your Company?
The Enterprise Development Grant is available for SMEs and non-SMEs. The basic requirements for your company to be eligible for the EDG grant application are as follows:
🔹 Be a business entity registered and operating in Singapore
🔹 Have a minimum of 30% local shareholding
🔹 Be in a financially viable position to start and complete the project
If your company is able to meet the criteria above, your company can secure the funding for projects that fall under these three categories:
1. Core Capabilities
For building stronger business foundations in new areas of your business, this category might be best suited for you. Projects involving strategic brand and marketing development, new business development strategies, financial management, human capital development as well as service excellence.
2. Innovation and Productivity
For scaling up your business model innovation initiatives, this category serves to aid projects with workflow automation, redesigned processes as well as product development. The government grant for SMEs and non-SMEs has the potential to provide financial support for companies that are increasing their levels of efficiency and exploring new avenues for growth.
3. Market Access Grant
The enterprise development grant also encourages companies to expand their businesses overseas by reducing costs of mergers and acquisitions, pilot projects and test beddings as well as costs of adapting to international standards.
Your First Step to Transformation
The EDG requires companies to work with certified management consultants that are recognised by Enterprise Singapore. This certification recognises management consultants who possess the right knowledge, competence and ethics to support businesses in their projects and growth strategies. VK Transformation, with our key EDG-certified Practice Management Consultant, aims to aid Singapore-based SMEs and large enterprises in business model transformation with innovative Digital Marketing, Branding and Sales solutions to accelerate growth and drive sales. Our three pillars of Strategic Consulting, 360° Digital Marketing and Training help to guide businesses to go beyond their limits for achieving success.
The scope of our projects include:
🔹 Strategic Brand and Marketing Development
🔹 Business Strategy Development Business Model Transformation
🔹 Achieve Service Excellence
🔹 Test Product/Solution Viability
🔹 Expanding Your Business into International Markets
To find out more about taking your first step to EDG-aided business transformation, contact us here: https://www.vktransformation.com/grant