Since April 1, 2015, the list of claimable services under the Market Readiness Assistance (MRA) grant from International Enterprise (IE) Singapore have been expanded. Companies are able to leverage on the MRA grants to fund their overseas market activities like business matching and market research using their preferred third-party vendor. This has empowered many SMEs to grow their businesses internationally.
Through the practical approach adopted by IE Singapore, these forms of financial assistance are made accessible to benefit SMEs. Many of our clients have utilized the MRA programs to enter hard to reach countries like the Middle East, China or even proximate ones like Myanmar and the Philippines.
Over the last 12 months, at least 20 of our clients have benefited from IE Singapore through the diverse utilization of the grant.
Successful utilization of the MRA grant
Brands like Maki-San, Arteastiq and The Paper Stone have benefited from the use of MRA to secure their trademarks and draft franchise agreements for new territories of interest like Australia, Philippines, Sri Lankan and the Middle East.
Ivan Teo of Arteastiq said: “Being able to work with our partners to secure these important IPs have been very important to our growth, this grant has help us speed up our process of getting our brand into the Middle East and Sri Lankan”.
The most successful grant utilized by Astreem’s clients is the Business Matching Program. Brands like Pezzo, Han’s and Pet Lovers Centre have signed up to be marketed in specific countries. For Pezzo, they needed partners who could match their rapid expansion plans. Working with partners with strong local reach, we secured our first ‘HOT’ lead within the first month and have since signed the Master Franchise agreement for Pezzo in the Middle East. Energies are now focused on securing 8 other leads from the rest of the Middle East.
Another brand, Pet Lovers Centre (PLC), have been passionately promoted in the Philippines, a fast developing market where the per capita income is rapidly increasing. A partner of PLC is a partner that is fitted to become the category market leader. As such, we targeted potential partners who have vast retail experience with the ability to scale. With our partners, we worked with the press to showcase PLC, securing over 500,000 views.
Accelerate your business growth today!
When properly utilized, the IE Singapore MRA program are initiatives that have indeed benefited companies. Business owners are encouraged to be open to the various schemes available.
It is vital that with the financial grants and assistance, you are engaging the right partner that shares your vision and sets out to achieve the overall intent of these initiatives, which is to grow Singapore brands beyond our shores, onto the world stage.
Time to accelerate your business growth.
Find out how you can utilize these grants here.