Malta Enterprise lays plans for second incubation centre
In his comments to Business Today, Malta Enterprise Executive Chairman Alan Camilleri said that preparations are underway to create a new incubation centre worth €2 million.
He pointed out that the current economic situation may end up favouring some of the small businesses tenanted at the Kordin Business Incubation Centre, although this would depend on the type of product or service they offer.
“In times of recession, large companies usually reduce their overheads by outsourcing services which would have been previously carried out in-house. In such circumstances, new opportunities are created for companies operating at the Kordin Business Incubation Centre (KBIC), if they are able to satisfy such needs,” he said. “To this aim, over the past few months we met with a number of professionals employed in large enterprises to start up their own enterprise aimed at offering services outsourced by their employers or other industrial firms.
“Hence, even if a crisis brings with it cashflow difficulties, there may be a good opportunity for start-up businesses to exploit or for persons to start up their own business.”
Since 2001, KBIC assisted 53 companies, 46 of which succeeded the incubation phase and are now working independently. Seven companies did not make it. There are currently 16 companies operating from KBIC.
Asked whether there have been any changes in KBIC since his appointment as Executive Chairman and what are the plans for the future of the centre, Camilleri replied: “There haven’t been any changes. However, we are focusing on trying to attract more innovative enterprises. There are also plans to build another incubation centre which would specialise in biotechnology and human sciences, while the one in Kordin would focus more on engineering-based projects, the maritime sector and ICT. This project will cost €2 million.”
KBIC’s funding for the centre’s operation comes from a yearly budget granted by Malta Enterprise.
“KBIC’s aim is not to make profit but to serve as a support to developing enterprises needing consultatancy services,” he said.