More than 50 startups have been awarded a total of €15 million in financial assistance to help grow their operations. These businesses have created around 250 quality jobs, with an average salary of €46,000, while generating four euros in economic return for every euro invested in them.
This was announced by Minister for the Economy, Technology and Strategic Projects Silvio Schembri during the sixth edition of the Startup Festival. He emphasized that these results demonstrate the contribution of startups to an economy built on innovation, productive investment and quality careers.
The Minister explained that these enterprises operate in sectors such as FinTech, EdTech, Life Sciences, semiconductors, digital games, esports, artificial intelligence and Deep Tech.
“Startups are much more than new businesses. They embody new ideas, fresh ambitions and, above all, the confidence to challenge what already exists and build something better. This is the commitment we want to continue encouraging in our country,” said Minister Schembri.
During his address, the Minister recalled that the electoral pledge to ease the costs of setting up a business for young entrepreneurs was implemented within the Government’s first 100 days. This measure forms part of the commitment to ensuring that entrepreneurs receive the support they need at every stage, from developing an idea to expanding beyond our shores.
Minister Schembri also highlighted progress in the semiconductor sector. The first cohort of the incubator program supported 12 chip-design companies, four of which subsequently incorporated their businesses in Malta.
Malta Enterprise CEO George Gregory highlighted the importance of helping startups grow internationally, noting that Startup Festival Malta connects founders, investors and industry leaders to turn entrepreneurial ambition into lasting economic value. By strengthening these relationships and providing the right support, Malta Enterprise aims to help turn entrepreneurial ambition into sustainable growth and shape the next chapter of Malta’s economy.
Photo: METP
