Budding entrepreneurs will be given a boost to materialise their dreams through a €1 million start-up fund launched yesterday by consultancy firm PwC Malta.
The company will be dedicating €1 million of pro bono services over a year towards new businesses. These services will include business plan preparation, assistance in the raising of bank finance, tax advice, computer software selection and support with financial management.
The fund is open to all aspiring entrepreneurs that have innovative ideas or the prospect of growing.
Kevin Valenzia, territory senior partner at PwC Malta, said the company would be making its experience accessible to innovative and creative entrepreneurs who may need initial support to make their dream come true.
“This will hopefully not only contribute to the creation of more solid businesses, but also lead to a more innovative economy,” he said.
He added that the start-up fund was being launched in collaboration with Times of Malta which will be promoting the initiative through its media as well as the University of Malta that serves as an incubator to ideas and creativity.
Applications for the fund will be reviewed by a committee made up of representatives from PwC, Times of Malta and the University of Malta.
Adrian Hillman, the managing director of Allied Group which owns Times of Malta, said many would find the link between the news organisation and entrepreneurship to be “odd”.
However, he said, this lay perfectly within the company’s ethos and mission – “that of assisting to push the boundaries of innovation, towards the betterment of society”.
University Rector Juanito Camilleri spoke about the recently launched Entrepreneurship and Business Incubation centre that aims to put knowledge-intensive entrepreneurship at the top of the university’s outreach agenda.
He called on the Government to support such initiatives through funding and tax incentives among other things.
Prime Minister Joseph Muscat, who was present for the event, said the Government was committed to supporting budding businesses and was exploring various options.
As various European countries battled with youth unemployment, he said, not enough attention was being given to the option of self-employment as a solution to the problem.
More information about the fund can be obtained from www.pwc.com/mt/onemillioneurofund.