A total of 40 applications have been submitted to the PwC €1m Fund, which is offering pro bono services to entrepreneurs in order to guide them through the early stages of starting up a new company.
The committee, which includes representatives of sponsors Times of Malta and the University of Malta, has already assessed 28 applications and approved 25 of them, with one still pending further information.
It will be meeting in the coming days to assess the rest.
As expected, the bulk of the applications are from the ICT and e-commerce sector – 23 out of the 40 – although the majority are at the very early stages of the setting up. In fact, 17 are still at the research and development stage, and 18 are either about to set up or have been set up for less than one year.
Coordinator Bonavent Gauci said that the approved applicants had already started meeting PwC experts, who will be guiding them through their business plans.
“At this stage, we see our role as being primarily that of advisers. We get to know them and understand their projects and we are able to use our experience and expertise to guide them through the possible outcomes and nudge them into the right direction to avoid the pitfalls,” Mr Gauci said.
“We are there to help them make their ideas workable and feasible. Once they are on the right track, we can start to help with the administrative, financial and fiscal consultancy services.”
Mr Gauci stressed the importance of getting things right at the early stages of a new venture.
“The age of the applicants ranges from 24 to 56 – which shows that they are not frivolous schoolchild dreams but well thought-through projects. It is clear that months of preparation have gone into the projects already. But entrepreneurship has its inherent risks... So you are looking at people who are either going to invest money – whether their own or borrowed – or who might be giving up their current job in order to pursue their dreams,” he said.
“They are often very passionate about what they are doing. We can add value by being critical,” he said with a smile.
The PwC €1m Fund has attracted considerable interest from other companies who have also come forward to offer subsidised goods and services to the applicants.
Applications are still open for the fund, which is targeting around 50 start-ups. Further information may be obtained on tel. 2124 7000 or onemillioneurofund@mt.pwc.com.