Aspiring entrepreneurs will be offered support, advice and space to work from at a new incubation centre at the University.

Called Takeoff, the centre will also offer financial backing through the government’s €100,000 Takeoff Seed Fund.

“It is about time we start building an indigenous industry for the country,” University rector Juanito Camilleri said when he launched both the centre and the fund yesterday.

Unlike other incubation centres Takeoff was located on campus, he said, making it an ideal location for aspiring entrepreneurs.

Members would have access to education and training offered by the new Centre for Entrepreneurship and Business Incubation.

Applicants can be at various stages of business development, ranging from only having a concept to those who would have incorporated their company but lost momentum.

While they do not need to be University students or Maltese, they have to be involved in the technology of knowledge-based industries so their ideas can lead to patentable intellectual property. Creative digital media, software and web-based businesses are some examples.

Education Minister Evarist Bartolo said the centre would lower start-up costs and risks while improving chances of success.

Unfortunately, he added, Malta’s culture still penalised risks and awarded conformity. This had to change.

Investment Minister Chris Cardona said that the seed fund was designed to support early-stage technology and start-up company development. Grants ranging from €2,500 to €20,000 would be awarded to help close the funding gap researchers and entrepreneurs experience in critical early stages.

See www.takeoff.mt for more information on the fund and centre.