On October 28, the Enterprise Leadership for Transformation programme, or ELT, which was announced during the Budget 2020, was finally launched. As part of the new initiative, leaders from small to medium-sized enterprises will learn how to drive growth and changes to their businesses.
Although most of the government support has been intended for employees, the ELT is directed at business leaders. It helps leaders build business growth strategies which will take their companies to the next level. Partakers in the first run come from various industries, including information and communications technology, manufacturing, and lifestyle and consumer sectors. Here is what you need to know about the Enterprise Leadership for Transformation programme or ELT.
What is ELT?
The Enterprise Leadership for Transformation is a three-year pilot programme which supports business leaders of hopeful SMEs in accomplishing their desired next growth stage. It employs the cumulative expertise of financial institutions, knowledge partners, and experienced industry partners to hone the participating SME leaders’ leadership business development prowess and their business transformation endeavours. It is provided in cooperation with institutes of higher learning that will work with private-sector partners like financial institutions.
The Singapore Management University and the National University of Singapore are collaborating with the Enterprise Singapore for the first run, whereas the Singapore University of Social Sciences will join the group during the first quarter of 2021.
The programme is suitable for business leaders or owners who have grown their companies exceeding SGD 5 million, with the commitment and enthusiasm to take their businesses to the next step and tide the programme over. Enterprise Singapore strives to onboard nine hundred SME business leaders over the next three years.
How Does The ELT Works?
The programme consists of the following key elements:
- Practical-centered modular training: This focus on utilising case studies and frameworks to deal with actual business issues.
- Business coaching: Industry practitioners and business advisors will do the coaching and guide business leaders in their business growth strategy’s development.
- Alumni engagements and networking operations: This part of the programme allows peer collaboration and learning.
- Implementation support: The programme will support their business growth strategies’ implementation depending on the enterprises’ individual needs.
Every programme cycle will last around one year, reaching a pinnacle in the business growth plan’s development by the business leaders who take part in it. Apart from the executive training, business leaders can access other activities, which include market immersion opportunities and hearthside chats with thriving entrepreneurs, enabling them to grow their regional networks and foster a growth mindset.
Business leaders who wish to transform their business and join the programme must meet the following eligibility criteria:
- The participant must be the founder, owner, or the successor of the business. The leader can choose to register one other key member of the core management team.
- The business entity must be registered and physically present in the country, with a shareholding of at least 30%.
- Participants’ businesses’ latest fiscal year revenue should be at least SGD 5 million.
The programme managers, who are appointed by the Enterprise Singapore, will contact the shortlisted business leaders. Depending on the programme manager, the course fee for every participant is around SGD 30,000 (before subsidy).
Local enterprises that join the programme can get up to 90% co-funding support by the SkillsFuture Singapore and Enterprise Singapore. Apart from satisfying the eligibility criteria for the programme, the participant must be a Singaporean or Singapore Permanent Residents to qualify for the co-funding support.
Benefits of the ELT Programme
In addition to learning the fundamentals in leadership and business, participants of the ELT programme can get access to a broad range of perspectives through peer training and engagement with industry experts and prosperous entrepreneurs. The programme also gives participants the necessary exposure they need for potential collaboration opportunities, both in Singapore and across the region. The collaborative effort is required to help companies move forward and get accustomed to the new environment after COVID-19.
Moreover, the programme would help promote a deeper and pervasive business transformation to make sure businesses are more resilient and are capable of seizing opportunities.
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