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The Innovation and Technology Commission launched on 1st of April, 2020 enhancement measures for the Technology Voucher Programme (TVP) to further assist enterprises and organisations in making use of technology to improve their business operations and enhance their competitiveness.
The Government’s funding ratio for each TVP project will be raised from two-thirds to three-quarters. The funding ceiling per applicant will be increased from $400,000 to $600,000 and the maximum number of approved projects will also be increased from four to six.
Under the Innovation and Technology Fund, the TVP aims to subsidise local enterprises and organisations to use technological services and solutions to improve productivity, or upgrade or transform their business processes.
TVP aims to subsidise non-listed local enterprises in using technological services and solutions to improve productivity, or upgrade or transform their business processes.
Since 1 April 2020, the Government has further enhanced the TVP. The Government’s funding ratio in each approved project has been raised from two-thirds to three-quarters. The funding ceiling per applicant has been increased from $400,000 to $600,000 and the maximum number of approved projects has also been increased from four to six.
Local entities (except listed enterprises) fulfilling the following requirements are eligible to apply for funding under the TVP:
* Details are available on the TVP website.
TVP supports projects in the form of technological services and solutions which could improve productivity, or upgrade or transform the business processes of the applicant. A list of typical technological services and/or solutions covered by TVP is at Annex B of the Guidance Notes for Applications.
The approved funding from TVP can be used to cover the following:
Normal business operating costs will not be funded under TVP.
Funding up to $600,000 for each eligible applicant will be provided on a 3 (Government):1 (enterprise) matching basis. The applicant must contribute no less than one quarter of the total approved project cost in cash. In other words, funding of no more than three-quarters of the actual project cost will be provided to an applicant.
Subject to the cumulative funding ceiling of $600,000, up to six projects from an applicant may be approved. To ensure proper focus on project implementation, an applicant is not allowed to undertake more than one TVP project at the same time. Expenditure items under an approved TVP project shall not receive funding support from other local public funding sources.
Each project should normally be completed within 12 months.
Upon receipt of an application, ITC will check its eligibility and conduct a preliminary screening. ITC may also seek clarification or supplementary information from the applicant if necessary. Eligible applications will be considered by the TVP Committee while ineligible applications will be returned to the applicant. Applications supported by the Committee will be submitted to the Commissioner for Innovation and Technology (CIT) for approval of funding.
Each eligible application will be assessed based on individual merits and considered on a case-by-case basis. The assessment criteria include
An entity should register as a user and submit its application through the Technology Voucher Programme Funding Administrative System. If you would like to apply for a Subsidy, we can guide you through the application process.
If you would like to apply for funding, we can guide you through the application process. Talk to our experts today.
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