Here’s an interesting idea: What if the University of Malta were to help people with great ideas to bring to market, and be rewarded for its efforts by getting equity in the successful company?

This is one of the concepts behind Takeoff, a start-up deve-lopment space that helps innov-ators and aspiring entrepreneurs to create successful technology and knowledge-based ventures – taking them from idea to investment and to ‘take off’.

The equity model is just one of the formats that will be used, but the possibilities are as endless as the ideas that are coming forward.

Takeoff manager Ben McClure, who worked for an investment bank before coming to Malta last year, believes that there are a lot of rich people out there looking for the right investment opportunities.

“I know that this has been talked about in Malta for some time, but I believe they exist and they should be brought together as a network,” he said.

There are already incubation centres for start-ups, such as the Corradino Business Incubation Centre run by Malta Enterprise and the Microsoft Innovation Centre at SkyParks. The one at university will complement them by providing budding entrepreneurs – “I prefer to think of them as team members rather than as tenants” – with an entire network of support.

Mr McClure sees the two storeys at the former ICT Faculty at the university as a “community”, rather than just as an incubation space.

He spent his first year in Malta compiling a list of mentors, stressing that while start-ups need space and low overheads, it is just as important for them to get support from experienced people. He has also reached out to professional service providers, ranging from lawyers and marketers to IT firms, who could advise and support the start-ups, who after all might one day become their clients.

The entrepreneur(s) will first discuss their idea with Takeoff and then formally apply to a panel who will vet the application – which will be compiled with Mr McClure’s help.

There are already a handful of potential members showing interest in Takeoff

“This is not a business plan, but more of a development plan,” he said.

The applicants can be at various stages, ranging from the concept stage to ones who have already incorporated their company but stalled there. And they do not need to be university students or Maltese. Or young, for all that matter.

They will, however, need to be involved in the technology of knowledge-based industries.

“What we are looking at is technology which will lead to intellectual property which can be patented,” he said, giving as examples creative digital media, software, web-based businesses and so on.

The members will pay a nominal monthly fee of €35 each (€25 for students), and in return the university could take equity in the company, depending on the level of time and support given – although some firms might already have found external funding.

“It is a flexible approach and we welcome negotiation,” Mr McClure said.

The university wants to be seen as a champion of entrepreneurship. Takeoff will be coordinating with the Centre for Entrepreneurship and Business Studies run by Saviour Zammit, as well as the Knowledge Transfer Office run by Anton Bartolo, which looks after patenting and the university’s own intellectual property.

“The university funds a lot of research and the IP could generate important revenue for the university,” Mr McClure explained.

The centre will be launched officially next weekend, but there are already a handful of potential members showing interest. Mr McClure is confident that the university could finalise the processing of seven or eight applications within just a few months, who would then be able to use the rooms on the first floor or the 40 hot-desk places upstairs. They will normally be allowed to stay for up to three years, but he is confident that for most, 18 months will be enough.

“There is an expression: It takes a village to raise a child. That is how I see Takeoff. We should be a village of people with different skills and backgrounds, from different generations, all of whom have something to contribute... And those children can then grow to become part of the village.”