Malta Business Review
Venture Capital Malta
VENTURE CAPITAL MALTA LAUNCHED
by George Carol
The Minister for the Economy, Investment and Small Business, Chris Cardona has today launched Venture Capital Malta (VC – MT), an initiative that the Government, through Malta Investment Management Company Limited (MIMCOL) and Malta Enterprise, is developing in collaboration with finance and advisory specialists from the private sector
“The main objective of VC – MT is to develop Malta as an oasis for new business opportunities, welcoming new ventures with the support of finance in the guise of private equity or venture capital” said Minister Cardona. Minister Cardona stated that Malta has been successful in developing a vibrant financial services sector underpinned by a strong banking sector and that this initiative would help bridge the gap in the provision and availability of funding for start-ups. Dr. Cardona said that this would continue to enhance the currently available bank financing and other schemes and incentives supported by the government, some of which have been further extended under the current administration. VC – MT will help create a platform focused at assisting those start-ups that may not always be in a position to access the kind of financing they require. “The government is well aware that the next stage in our economic strategy for improved competitiveness is the creation of a stronger framework for the funding of creative industries and other industries with significant IP; VC-MT is our response” said Minister Cardona. Minister Cardona stated that the role of Government was to provide the framework and resources for specialised firms to work hand in hand to create the environment required to attract venture capital to our island rather than playing the role of the Venture Capitalist, as was done in previous attempts by previous administrations which failed. Both MIMCOL and Malta Enterprise will provide funding and resources, and will work with financial services providers reaching out to the leading cities hosting Venture Capital
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and Private Equity. “The mission is to get these people to consider Malta as an ideal jurisdiction for a new venture set-up in Europe” said Minister Cardona. Adrian Said, Chairman, Malta Investment Management Company Limited said that all interested professional firms are invited to join this initiative, which is itself in the start up phases. In his introductory comments, Dr. Mario Vella, Chairman of Malta Enterprise, emphasised that the Government needs to be careful in not repeating the same mistakes of the past and that this initiative is being built on that premise. Lord Marland, Chairman of the Common Wealth Business Council, said that he is glad to see that government will not be a direct investor but an enabler. “Governments may be good at many things but taking investment decisions is not necessarily one of them. The enabling role is indeed the best role government can take” stated Lord Marland. Lord Marland concluded by stating that he is honoured to have been invited
for the launch of this initiative and to be in a position to assist with the development of such a platform. Stanley Mifsud (Manager, Malta Investment Management Company Limited) gave a brief overview of VC-MT and new Budgetary measures during the launch. MBR