PwC has already received dozens of applications from entrepreneurs interested in taking up its offer of pro-bono consultancy services.
The firm announced recently that it would be giving €1 million worth of services a year, guiding around 50 entrepreneurs through the process of setting up their company, preparing a business plan, getting bank finance and applying for grants, and creating the right accounting and IT systems.
Territory senior partner Kevin Valenzia cannot conceal his excitement at the positive response.
“Of course there is a business motive. If these companies survive, then we would hope that some of them will continue to use our services. But that is only a tiny part of why we are doing this. The energy you get from these young people is just so invigorating... We underestimate them. So many of them have great ideas. All they need is to be mentored so that they can develop a corporate culture,” he said, scrolling through some of the applications submitted.
“The educational system does not really prepare people for the business world.”
He would be the first to tell you that having a good idea is not enough: The failure rate for new businesses is very high – particularly in the second, third and fourth years – but he is adamant that a bit of “hand-holding” could help entrepreneurs survive these crucial years.
“Getting it right from the start is important. There are so many options that entrepreneurs should consider, such as the form of the company, what financing model to choose, whether to buy or lease assets... that is where we can help,” he said.
PwC is adopting a flexible approach towards the project, and has not imposed any rules about how long each company can be mentored, for example. Mr Valenzia explained that the applications will be vetted by a panel which includes representatives of its partners in this project – Times of Malta and the University – and one of the PwC managers will be appointed as mentor, providing up to €20,000 worth of services a year free of charge.
Another entity involved in the project is Microsoft Malta, and entrepreneurs in the ICT sector who use the resources at the Microsoft Innovation Centre will also be receiving training and guidance.
However, it is not only the level of interest from applicants that has made Mr Valenzia beam. It is also the other companies that have come forward interested in providing other services and products.
“The stars are aligning! Let’s raise the level. Let’s help to promote the entrepreneurship culture!” he said.