There were 28 applications from entrepreneurs interested in the PwC €1 million fund, an offer by the consultancy firm to provide pro bono services in order to encourage start-ups.

The fund was started in mid-June, in partnership with Times of Malta and the University of Malta. It also dovetails with PwC’s collaboration with the Microsoft Innovation Centre at Skyparks.

Bonavent Gauci, the PwC coordinator for this project, said that the committee had vetted the applications and found that two were not elig-ible as they were already established firms, but 18 were approved on the spot.

The committee will be meeting seven of the applicants in the coming days to assess their applications further, while another is submitting further information.

Two other companies were referred to the programme from Microsoft.

“We are thrilled with the response, and particularly with the fact that all the ideas submitted were feasible, showing the excellent level of creativity and entrepreneurial spirit on the islands,” Mr Gauci said.

Seventeen of the projects – most of which were still at the conceptual or development stage – were technology-related, but there are also projects relating to health and agriculture, among other sectors.

The average age of the applicants is 35.

“Most of the applicants have great ideas and want our help with drawing up a business plan so that they can assess whether they are feasible to take forward. The business plan will also help them should they need to approach the banks for financing. They also want general company formation advice and financing advice, all of which falls within the remit of the fund,” he said.

PwC intends to split the fund among 50 companies, so a second wave of applications is now being invited. Those interested may get more information from http://www.pwc.com/mt/en/1-million-euro-fund/index.jhtml or call Mr Gauci on 2124 7000.