MBB President Mario Spiteri and University of Malta Rector Juanito Camilleri signed a collaboration agreement to work on making crowdfunding a reality for hundreds of individuals and entrepreneurs that have innovative and feasible ideas for projects and businesses, but lack the finances to make them happen.
Mr Spiteri stated that “the Malta Business Bureau has been keen to introduce crowdfunding to Malta ever since it was recommended in a report published on market gaps in access to finance in Malta. The outcome of that report showed that the Maltese credit market needs a diversification of financial instruments – especially for start-ups.”
Professor Camilleri, excited to see all of this come to fruition, added that the project “will complement the University’s efforts to encourage entrepreneurship among students, following the successes of the Masters in Knowledge-Based Entrepreneurship and the TAKEOFF Business Incubator.” He then continued, “Crowdfunding will surely boost innovation and entrepreneurship, particularly if the local as well as international community are encouraged to participate actively.”
Both the Ministry for Economy, Investment and Small Business, and the Malta Council for Culture and Arts, seeing the potential in introducing crowdfunding to Malta, are partially sponsoring the setting-up and running of the platform in its early stages.