In order to be able to take advantage of the European entrepreneurial potential, adequate access to finance is required. In view of this, the EU has now set its eyes on this important sector and is encouraging its member states to enhance the spirit of entrepreneurship among SMEs. For this reason, a whole series of activities has been organised across the EU-27.
SMEs, despite their size, have the potential to come up with the brightest of ideas. In order for the European economy to remain among the most competitive, the possibility and availability of more financial aid to the SME sector is, and will be, the most important investment to be undertaken in the future. This year’s SME Week will be held between 6 and 14 May.
In Malta the programme of activities will be coordinated by the Finance, Economy and Investment Ministry, and will also involve the participation of MEUSAC. A series of activities has in fact been lined up, which will culminate in a national conference scheduled for 19 May. Interested parties can also visit the Business Convention which will be set up in Freedom Square, Valletta.
On 7 May, MEUSAC and Koperattivi Malta will be organising a briefing on the pilot project Erasmus for Young Entrepreneurs. Following the success of the Erasmus Programme – a programme offering university students the opportunity to spend some weeks furthering their studies at a university in another EU state – the European Union has launched a pilot project for entrepreneurs, particularly those who have been in business for fewer than three years.
Young entrepreneurs would be able to spend up to six months in another EU country to gain the relevant know-how through the success and experiences of other established entrepreneurs. This would help them be more effective, as well as more knowledgeable in the administration of the operation and finances that, eventually, would enable them to develop the potential for innovation in the production of goods and services. The participation of Maltese SMEs in such a network would certainly be of great benefit.
Erasmus for Young Entrepreneurs also targets older people who have been in this sector for fewer than three years as well as established entrepreneurs who would be willing to host a young entrepreneur from another EU state. During the period 2009-2010, the European Commission will be financing around 870 such visits – a number which it intends to increase in the coming years. This activity should be of particular interest to new entrepreneurs who wish to go abroad to learn from experienced entrepreneurs; experienced entrepreneurs who wish to host new entrepreneurs; providers of business-related services who support entrepreneurs and the development of entrepreneurship; MCAST and Tourism Studies students, as well as representatives of constituted bodies and cooperatives.
Another activity, which is being organised by MEUSAC and the Malta Council for Science and Technology (MCST) on 6 May will provide information on EU programmes and financial assistance, as well as initiatives targeting small businesses which undertake research. It will also include a discussion on the advantages of having the private sector collaborating with the academic world and speakers will include Carmela di Santo, an official from the European Commission’s DG Research. This activity targets, in particular, members of the business community, SMEs interested in innovation and research, professional and constituted bodies, as well as academics.
Interested parties who would like to participate in these activities, both of which are free of charge, can register by contacting MEUSAC offices on 2200-3300 or email [email protected]
Brenda Azzopardi is Research Analyst at MEUSAC