The Enterprise Development Grant (EDG), also known as the EDG Grant among many entrepreneurs here, is not an unfamiliar government financial assistance scheme in Singapore. Formerly known as the CDG (Capability Development Grant), the grant has since evolved to build capabilities in more specific areas for long-term business growth. Today, it continues to help many companies springboard their businesses in various aspects —namely Core Capabilities, Innovation and Productivity and Market Access.
The global economic outlook of the endemic
Since the onset of COVID-19 in early 2020, businesses were forced to adopt digital solutions and ramp up their digital presence. In turn, branding and marketing solutions have become highly sought after services — and for good reason. With more brands vying for the same share of the pie, only the most memorable ones win the race. Plus, with the demand for traditional ads fizzling out, social media marketing becomes the go-to strategy to improve branded interaction with desired audiences.
Businesses have also taken a closer look into possible automation practices and process redesign to streamline work processes and improve efficiency. The effects are aplenty — reduced manpower costs, improved productivity giving room to channel budget and resources to foster business opportunities. With the Omicron variant putting countries on high alert for a possible recession, the global economic outlook remains volatile but help is there for the taking.
As a 360 digital marketing and creative solutions provider, we’re thrilled to share how the EDG can help your business defray costs in engaging crucial services that will benefit your business — particularly in the branding and marketing segment.
Here’s what we will cover in this article
- What is the Enterprise Development Grant(EDG)?
- EDG Eligibility
- Branding and Marketing Solutions under the EDG
- The Benefits of Good Branding and Marketing Strategy for the Long Haul
- Choosing the right vendor
What is the Enterprise Development Grant(EDG)?
The Enterprise Development Grant (“EDG Grant”) is a grant support programme that helps companies based in Singapore undertake deeper transformation in business upgrading, innovation and internationalisation. The EDG Grant particularly helps businesses seize new opportunities for the short and long term under three core pillars, namely: Core Capabilities, Innovation and Productivity and Market Access.
From these broad categories, the grant support covers business strategy development, market expansion, financial management, human capital development, service excellence, strategic brand and marketing development, and more. Depending on the nature of your business, your immediate needs and plans for the future, the EDG Grant can serve your business well.
What is the maximum level of support?
Enterprise Singapore (previously known as SPRING Singapore) supports businesses via the EDG grant with an enhanced maximum support level of up to 80%, on qualifying costs, from 30 September 2021 to 31 March 2022 — as announced in the Budget 2021, early this year. If the EDG is approved after 31st March 2022, the maximum support level will revert to 70%, unless otherwise decided in the coming months ahead. In terms of the total project value, of what is considered as “qualifying costs”, there are guidelines governing them.
Nonetheless, businesses looking to digitalise and enhance business practices to stay relevant should highly consider and leverage the EDG Grant to cut through the noise. However, this grant is on a reimbursement basis only which means payments have to be done to the chosen vendors of choice before claiming for the grant reimbursement. Check out the details on how to apply and the application process.
If you’re an SME, here are the 3 key criteria to qualify you:
- Your business needs to be registered and operating in Singapore
- Minimum local shareholding of 30%
- Business is strategically and financially viable with a proven track record to start and complete the project
If you are from a larger organisation, not classified under the SME categorisation, you need to ensure the following:
- Group sales turnover is less than or equal to S$100 million
- Group employment size is less than or equal to 200 employees.
Need more details? Check out the EDG Checklist here.
Branding Solutions under the EDG Grant
The branding process has quite become synonymous with logo changes. But unsurprising to many— that’s not all to it! Despite the terminology of rebranding being associated with the change in a brand’s “look and feel”, brand identity transcends the visual aspect of the brand. It covers the overall strategy, tangible and non-tangible aspects to make the overall brand wholesome, cohesive and coherent across the different communication touchpoints. This includes the brand’s tone of voice, visual identity (colours, art style, typography, fonts, photography, iconography etc).
More importantly, good branding is the success of brands being consistent in keeping up with the branding systems and identity created.
At I Connect, our branding specialists harness the strength of our digital marketing prowess to achieve an optimised output for the brand. Best part of all, the scope of work qualifies under the “qualifying costs” that can be supported by the EDG Grant. As a branding-focused digital marketing agency, we seek to create meaningful, memorable brands that last. By looking at the branding from a digital-first perspective, we create brands that are equipped to survive the endemic. Our offerings include, but are not limited to:
- Brand Gap Analysis/Brand Audit which covers competitive benchmarking against your direct and indirect competitors, thorough SWOT analysis to see how to progress the brand forward
- Conducting primary/secondary research on the market and competitive landscape
- A comprehensive brand strategy that covers creating or enhancing the brand narrative, identification of brand archetypes, brand goals and more. This can include planning your digital marketing campaigns and setting the groundwork for you to take execute even in our absence.
- A Brand/Corporate Identity guide where required to set in place the branding guidelines that govern all communication materials from Offline to Online mediums. This includes establishing brand values, promises and more.
- General branding consultancy matters
The Benefits of Good Branding and Marketing Strategy for the Long Haul
Firstly, what is branding? In laymen terms, you can consider branding to be how you want your brand’s personality and outlook to be. How can good branding impact you, you might ask? A good branding strategy allows your brand to be top-of-mind at the mere mention of the industry or topic. There can be different elements that stand out — whether visually, beliefs or values.
Let’s take Ninja Van for example. What comes to mind when you mention the brand? For us, these strikes us fast — Bright crimson red colours with a symbolic brand icon of a ninja to “represent” the fastidiousness of the logistics service. Graphical illustrations, modern and we daresay — cute. In terms of delivering their brand promise, they have proven to be trustworthy, straightforward and reliable service with no-frills messaging. More importantly, they’ve managed to sustain the brand narrative and identity well throughout the years since their inception. By staying authentic to their brand promise, Ninja Van has become a household brand that embodies the brand values consistently across all their communication platforms as part of their brand strategy.
What can we learn?
- The importance of creating brand impact via strong brand identity
- Embodying the brand values by delivering the brand promise (basically, walking the talk)
- Establishing branded interactions across communication platforms
- Constantly innovating to keep your brand fresh in the minds of consumers. (Plan a marketing strategy that covers key milestones, events etc)
- Maintaining positive Public Relations to carry the same brand narrative that it sets its sights for
- A brand strategy with foresight saves costs and resources— avoiding multiple rebrands throughout the years
Choosing the right branding and marketing vendor
Choosing the right digital and branding agency works just like finding the right business partner. If you find that your goals (and stars) align, learn more to find out how you can team up to create memorable branded interactions and leverage the EDG Grant to springboard and catapult your brand akin to that of the brand giants. Speak to our brand strategists or consultants today before making your EDG application.