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SINGAPORE: Companies under the Scale-up SG program, which aims to turn local high-growth companies into global leaders, will receive more support in terms of participation costs, from 70% to 80%, for one year until September from 2021..
This was announced by Trade and Industry Minister Chan Chun Sing on Monday (September 14), who said that the “unique” boost in support will ease cash flow pressures from participating companies during the current recession fueled for the pandemic.
It is also part of a “general set of specific measures” for successful companies, he added.
“Amid these difficult circumstances, we are not going to slow down to help our promising companies conquer global markets. In fact, we are going to accelerate our pace, ”he said after a tour of semiconductor and electronics industry solutions provider AEM Holdings on Monday morning with Human Resources Minister Josephine Teo and Minister of State for Cheers, Koh Poh Koon.
READ: Nearly 1,500 opportunities offered in the precision engineering sector under the SGUnited: MOM program
First announced during Budget 2019, the Scale-up SG program aims to help companies with a proven track record and strong growth ambitions to scale quickly. It started last July with 25 participants and announced a second batch of 18 local businesses in December 2019.
It consists of three phases over two and a half years, in which companies work with partners from McKinsey & Company and PwC Singapore, and also learn from each other to strategize and execute business acceleration plans.
Currently, Enterprise Singapore pays up to 70% of these costs, with companies paying the rest of the bill.
READ: Program Launched to Help Promising Singapore Companies Grow Rapidly
Chan also said that the program aims to help 50 more companies over the next two years.
“Our promise to all of our promising companies is that, provided they have the ambition (and) the momentum, we will find the means to help them realize their dreams of penetrating global markets and growing bigger and bigger,” he added. .
“We will find the resources to help our companies grow so that they can create more and better jobs for our Singapore colleagues.”
Citing AEM as an example, Chan said the firm has been able to increase its capabilities and global presence. Through that process, it has helped incorporate and build an “ecosystem of capabilities (and) precision engineering providers” that involves many other small and medium-sized local businesses, he added.
“This is how we see ourselves growing together as a community,” said the minister.
As part of the program, participating companies have formed associations and engaged in knowledge sharing. They have also been creating jobs as they continue to grow despite the current crisis.
Mr. Chan mentioned the example of childcare provider EtonHouse International, which offers more than 100 positions to recently laid off staff from the Singapore Airlines Group (SIA).
Q&M Dental Group, another participant, also partnered with Workforce Singapore to implement a Place-and-Train program for mid-career dental surgery assistants in July.
Said Mr Chan: “This is how we intend to help each other at this very difficult time, with the Government associating our companies, and also our companies associating the unions to see how we can locate the displaced workers of a company or a sector. to… adjacent sectors so they can continue to preserve the hard-earned capabilities they’ve built over the years. “
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