Startup turning students into entrepreneurs

Startup Malta, a non-profit project aimed at 'bringing the entrepreneur to the student and the entrepreneur out of the student', is to launch a foundation early next year to promote entrepreneurship in Malta.

"Startup Malta's long-term dream is to see widespread effects of its activities," said Erika Caruana, a co-project manager of the voluntary, all-girl project team.

She said the Startup Malta Foundation for Entrepreneurship would work in different ways, mainly among young people, with the underlying aim being to help push forward the island's economic development.

Startup's main activity at present is its Business Plan Competition. With prize money of Lm1,000 for the best plan and other cash prizes and incentives, the competition has this year attracted 15 teams each composed of three to five people aged between 18 and 25, the majority of them students.

The project was launched two years ago by a group of young entrepreneur students who wanted to raise entrepreneurial awareness in Malta.

The competition consists of three stages. In the first, called Concept Creation, participants have to submit a brief paper about their business idea. This year's contestants did so last Friday and the results will be out on January 7.

The teams with the best papers then proceed to the second stage, Business Planning, in which they attend workshops that teach them how to come up with a fully-fledged business plan.

About five or six teams will make it through to the finals based on their plans. On April 25, 2003, they will sell their ideas to a panel of local and foreign judges in a 10-minute presentation. The panel is composed of lawyers, economists, managers, lecturers and other experts.

The plans are judged on innovation and originality, value added to customers, the financial and marketing plans and the management team, among other elements.

Besides its cash prize, the winning team will be offered help to take their idea a step further, by actually setting up their own company. A one-year 'Startup Package' will provide them with free office space, discounted rates for web design and legal consultation.

This year the competition sees the introduction of two new features "both aimed at helping the participants to leave the competition with a more or less perfect business plan", said Ms Caruana.

In stage two a mentor programme will match teams to a professional businessman or woman who will be available to help them and answer any questions. The mentors are offering their help voluntarily.

A guidebook called 'Startup in 10 minutes' has also been put together to help make venture creation "a fun and quick thing". A short read, it takes its readers through the various steps involved in setting up a company and points them to more authoritative sources.

"A business plan competition is the perfect scenario to encourage venture creation among young entrepreneurs," said Ms Caruana. "This is because the participants are offered assistance that no entrepreneur would get in ordinary circumstances.

"Startup Malta offers those taking part in the competition a once-in-a-lifetime opportunity to really learn by doing something practical. Although classes at the University of Malta offer a lot of theoretical knowledge, very few cater for practical knowledge.

"The workshops also pass on business planning skills that as yet are given very little importance in the business-related courses.

"The other priceless opportunity given is that of networking with some of the finest business figures both in Malta and overseas. Startup Malta's network, which is growing larger every year, is an excellent opportunity for those interested in seeking opportunities for employment. For all those who then settle down into business life is the opportunity to gain valuable business skills at a relatively young age."

She said Startup Malta had been set up with a number of missions: "To encourage people to learn by doing; to show people that the best way to predict their future is to create it; and to bring the entrepreneur to the student - and the entrepreneur out of the student!"

The management team is made up of university students who share a common vision - that of passing on valuable skills and knowledge to all those who take up the Startup Malta challenge.

It is led by two co-project managers, Ms Caruana and Odette Vella. By coincidence, the rest of the team is also made up of women: Charlene Vella in charge of team management, Greta Camilleri in charge of logistics and event coordination, Brenda Xuereb responsible for adjudication and Caroline Muscat as PRO.

"Although it may seem strange to see a bunch of girls involved in this field, it should encourage more women to become entrepreneurs," said Ms Caruana.

Besides being part of the Global Network of Business Plan Competitions, the team is working to cooperate with a number of entities around the world to not only promote Startup but also Malta "as a nation that breeds the finest entrepreneurs worldwide".

Startup is also planning a conference on corporate social responsibility next March.

Being a non-profit project, Startup Malta depends on the funding it obtains from a number of entities. It also seeks to partner companies and entities who have a "fun" and dynamic aspect to them, "companies that are willing to pass on their energy to tomorrow's entrepreneurs".

This year the Employment Training Corporation is Startup Malta's main partner. The other partners are KBIC, iWG, Start Marketing Limited and PriceWaterhouse Coopers.

www.StartupMalta.com