Announced during the first of four Budgets, the Enterprise Leadership for Transformation (ELT) Programme aims to support SME business leaders in their next phase of growth. This was part of a broader spectrum of programmes aimed towards transforming Singapore’s economy and spearheading digital adoption.
While majority of the government support has been aimed at employees – in helping businesses continue paying salaries as well as heavily subsidising training to upskill employees, the Enterprise Leadership for Transformation or ELT is aimed at business leaders. More specifically, 900 promising SME business leaders to achieve their growth with training and mentorship over three years.
At the end of the day, the success of Singapore and any transformation drive will require the buy-in as well as the strength of leadership of Singapore companies and its business owners.
What Is The Enterprise Leadership for Transformation (ELT) Programme?
The ELT is a one-year programme that encourages leaders of SMEs to develop growth plans for transforming and expanding their businesses. The ELT will be administered by a network with institutes of higher learning, financial institutions and industry experts. Eligible enterprises qualify for up to 90% funding of programme fees.
How Do Business Owners Benefit From The ELT Programme?
The ELT programme is divided into 3 parts: Executive Learning, Business Growth Plan Development and Market Immersion.
|Executive Learning||Each cohort will start with a practical and modular executive learning programme to be completed in about six months. You can benefit from:|
– Shaping your perspectives to drive continued organisational change, especially in the areas of productivity and innovation
– Strengthening and adapting your business strategy for long-term growth
– Learning to identify, assess and develop new market segments to enhance competitiveness in a globalised world
– Fortifying your foundation on financial metrics to better evaluate business performance
– Boosting talent management strategies to attract, retain and uplift workforce
– Identifying strategies to go digital as a key asset for future growth
|Business Growth Plan Development||Over the subsequent months, experienced private-sector business advisors and industry experts will guide you through developing a customised business growth plan, catered to your enterprise’s unique needs and challenges.|
|Market Immersion||You will have the opportunity to go on a market immersion trip to discover regional opportunities, interact with other SMEs and explore potential collaborations. This will be conducted within the one-year programme.|
Source: Enterprise Singapore (ESG)
With a business growth plan in hand, business leaders will continue to receive mentorship and support from ELT partners to implement this plan. SME business owners will also be able to tap on an extensive alumni network even after completing the ELT, giving them valuable access to industry resources.
As of 20 August 2020, the alumni programme managers are: NUS Business School, Singapore Management University (SMU), and Singapore University of Social Sciences (SUSS). This list is not conclusive and more managers may be added in subsequent months. As for industry resources, the current programme partners – as of 9 September 2020 – are UOB and HSBC.
Who Can Apply For The ELT?
The ELT is suitable for SME business owners or successors who have grown their business revenue to beyond $5 million. They must be committed to bring their business to the next stage of growth, and have the time and resources to dedicate to the programme.
Business owners can also enroll one other member of the core management team into the programme. As listed on the ELT website, here is the criteria for joining the programme.
- Local business entity and shareholding of at least 30%
- Latest fiscal year revenue of $5 million or more
- At least one participant to be a Founder/Owner or Successor (FOS) of the business
While both Singaporeans and PRs and non-Singaporeans can apply for the ELT programme, subsidies only apply to Singaporeans.
How Much Does The ELT Programme Cost?
While the ELT programme costs approximately $30,000 before subsidies, Singaporeans and PRs will pay about $930 – after 90% course fee subsidies and a further 90% subsidy for your out-of-pocket expenses from the SkillsFuture Enterprise Credit (SFEC).
|FUNDING||SINGAPORE CITIZENS (SC) /SINGAPORE PRS||NON-SINGAPOREANS|
|Full Course Fee||$30,000 + $2,100 (GST)||$30,000 + $2,100 (GST)|
|Nett Course Fee Payable at point of admission|
(90% course fee funding for eligible SMEs)
|$30,000 + $2,100 (GST)|
|Final Course Fee after SkillsFuture Enterprise Credits (SFEC) |
(For companies that qualify for additional SFEC subsidies, to be reimbursed after the one-year programme is completed)
Source: Enterprise Singapore (ESG)
Applications for the November 2020-run of the course has closed on 5 October 2020. To apply for future runs of the ELT, keep up to date with information on the website or email them. For now, Only the NUS programme has detailed that its next run to commence on 4 March 2021.
Need Financing Support During This Period?
From now till 31 March 2021, SMEs can enjoy extra financing support of up to $5 million through the Temporary Bridging Loan Programme.
Join The DollarsAndSense Business Community
For more content that helps entrepreneurs, freelancers, and self-employed individuals and learn to build better businesses, join the DollarsAndSense Business Community on Facebook.