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Ing Joseph P. Sammut
Head Technology Development and Innovation, Malta Enterprise.
Many economies face the challenge of developing into knowledge-based economies in order to remain competitive. Advanced countries are well on their way to developing knowledge-based industries which are intensive in technology and human capital. Other countries have made progress in developing sectors based on information and communication technologies (ICT), including semiconductors, computers, electronics and communications equipment and services. Other sectors now receiving attention include aerospace, biotechnology and environmental equipment and services.
Malta Enteprise has recently launched a support program to support innovative start-ups. The program encapsulates two schemes branded as START and STARTPLUS. Both schemes provide matching funds to cover half the costs of general training and consultancy provided by a professional Start-up Coach. This assistance is designed to help the innovative entrepreneur with his/ her business planning in readiness for the next crucial stage of financing. The STARTPLUS scheme has been specially developed for knowledge-based start-ups and provides a matching fund of Lm1000 per accepted enterprise. The selected start-ups would also have access to a loan guarantee of 50% (75% for first time entrepreneurs) of the total loan up to a maximum of Lm50,000 for up to 10 years. The program also includes training support and industry secondments.
The START plus also provides the option for select start-ups to join the Kordin Business Incubation Centre (KBIC) where as a resident, along with the other 26 companies already at the KBIC, they would have access to a variety of assistance schemes including the use of a secure facility complete with broadband internet, phone as well as other business assistance services. KBIC has now also launched a KBIC Affiliate program where start-ups can access the full service without them having to pay the full service charge. Affiliates would have access to a “hot desk” which is a shared desk in an open plan office environment. This model has proven to be very popular with science parks and incubators overseas.
Along with other efforts, Malta Enteprise recognises the Innovative Start-ups programme as one way of addressing the national commitment to assist entrepreneurship and to further reduce the bureaucracy associated with starting-up a company. These are clear objectives detailed in the EU Commission’s Lisbon Agenda. Malta Enterprise recognises that local indigenous start-ups, along with Foreign Direct Investment, have a strong potential to eventually contribute to the local economy.
Further information on the START and STARTPLUS is available on HYPERLINK "http://www.maltaenterprise.com" www.maltaenterprise.com/start or by e-mailing HYPERLINK "mailto:info@maltaenterprise.com" start@maltaenterprise.com
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