Industry Transformation Maps (ITMs) were launched by the Singaporean Government in 2016 to enable companies, particularly SMEs, to stay ahead of the curve and navigate the evolving business environment. ITMs address specific challenges faced by each industry and connect businesses with the appropriate partners to enhance their capabilities. This article explores how SMEs can leverage ITMs to gain a competitive edge (including accessing Singapore government grants for SMEs). 

What are ITMs?

ITMs are frameworks set in place by the Future Economy Council (FEC) to bring together industry stakeholders to implement transformation roadmaps for the 23 industries in Singapore. ITMs aim to address issues within each industry and deepen partnerships between stakeholders such as the Government, trade associations and chambers (TAC), economic agencies, firms, etc.

FEC’s vision is to integrate four key transformation strategies into each of the 23 industries in Singapore:

  1. Building enterprise capabilities: To increase SMEs’ adoption of digitalisation by connecting them with partners (such as IMDA, banks and telecommunications providers) that will help upgrade their digital capabilities. SMEs can also utilise the available self-help tools, easy-to-adopt solutions and grants. Selected enterprises will be nurtured under the Scale-up SG programme to help them become potential industry leaders through customised guidance by public and private sector partners
  2. Developing human capital: To strengthen the pool of leaders and grow the talent pipeline for Singapore enterprises (through providing grants for internships, etc.). To provide support for employer-led training to ensure that workers are equipped with skills needed for new or redesigned jobs
  3. Enhancing enterprise ecosystems: To strengthen enterprise ecosystem within industries, inter-enterprise, cross-industry and in the area of innovations. FEC is currently working with Governmental agencies to make the regulatory and compliance landscape more business-friendly.
  4. Establishing strong networks and partnerships: To expand SME centre networks to include overseas nodes, form strategic partnerships and expand in-market partner networks to facilitate market entry.

The Benefits of Industry Transformation Maps for SMEs

ITMs offer a multitude of advantages for SMEs in Singapore, including:

  • Access to funding: ITMs connect SMEs and startups with various funding options, and can even help these businesses secure government grants. These grants can provide crucial financial support for critical initiatives like innovation, technology adoption and skills upgrading. This can significantly reduce the financial burden on SMEs and accelerate their growth.
  • Partnerships and collaboration: ITMs foster collaboration between SMEs, industry stakeholders and research institutions. This fosters knowledge sharing, facilitates the development of new technologies and creates a more supportive business ecosystem. Collaboration with established players and research institutions can provide SMEs with valuable expertise and resources they might not have access to independently.

By leveraging funding and collaboration opportunities, SMEs can unlock significant growth potential. Let’s explore how ITMs can be translated into concrete actions for your business in the next section.

How will Industry Transformation Maps help grow your business?

ITMs are designed to empower SMEs in Singapore with the tools and resources they need to thrive. Each ITM serves as a roadmap, outlining key trends, challenges and opportunities specific to your industry.

The table below details the 23 industries, their lead agencies and hyperlinks to their respective ITMs. By exploring your industry’s ITM, you can gain a competitive edge through:

  • Making informed business decisions based on industry trends and challenges.
  • Identifying potential growth areas specific to your industry.
  • Accessing government support such as grants and programs aligned with your industry’s ITM roadmap.
Cluster Industry Lead Agency
Manufacturing 1. Energy & Chemicals EDB
2. Precision Engineering
3. Marine & Offshore
4. Aerospace
5. Electronics
Built Environment 6. Construction (Incl. Archi & Engineering) BCA
7. Real Estate CEA
8. Environmental Services (previously termed as Cleaning) NEA
9. Security MHA
Trade & Connectivity 10. Logistics EDB
11. Air Transport CAAS
12. Sea Transport MPA
13. Land Transport (Incl. Public Transport) LTA
14. Wholesale Trade IES
Essential Domestic Services 15. Healthcare MOH
16. Education (Early Childhood & Private Education) MOE
Modern Services 17. Professional Services EDB
18. ICT and Media MCI
19. Financial Services MAS
Lifestyle 20. Food Services ENTERPRISE SINGAPORE
21. Retail ENTERPRISE SINGAPORE
22. Hotels STB
23. Food Manufacturing ENTERPRISE SINGAPORE


What should your SME do next?

With ITMs, your SME can gain valuable insights to navigate the evolving business landscape and identify growth opportunities. However, these opportunities may require additional funding. We suggest exploring platforms like Funding Societies which provide alternative financing solutions to SMEs in Singapore.

Ready to take action? Explore your industry’s ITM (refer to the table above) to identify potential growth areas and financing needs. For specific information on available government grants and funding programs,  explore the resources provided by the lead agency for your industry (also listed in the table).

Looking for more in-depth guidance on succeeding as an SME? Check out our blog section for a treasure trove of articles packed with valuable tips and insights on various business topics. From navigating regulations to optimising marketing strategies, our blog empowers SMEs to thrive in today’s competitive landscape

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Lynn
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