nterprise Minister Miriam Dalli launched a consultation document which will lead to Malta having a specific framework that will introduce sweeping reforms to cut bureaucracy for start-ups and improve the ecosystem which is leading to further diversification of Malta’s economy. The consultation was launched during the third edition of the Start-Up Festival at MFCC in Ta’ Qali.
The framework seeks to design a strategy that caters exclusively for the needs of start-ups, reinforcing the government’s commitment towards start-ups and scale-ups.
The framework is divided into three main thematic areas, being equity simplification, fiscal environment and human capital. Each of these areas will look into a number of components such as share awards and share options, engagement with apprentices and interns to engage more actively with start-ups, support further R&D work, skills development and attraction of talent.
“Over the past three years, Malta Enterprise has approved more than €24 million in support to high-growth start-ups and scale-ups, which in turn will lead to the creation of over 1,000 new quality careers. We also believe that support should not be limited to financial assistance. To drive innovation, any nation needs the right policy and legislative framework in place,” Enterprise Minister Miriam Dalli said.
The Minister explained that the right framework provides innovators and disruptors with a clear direction. “We want a vibrant, socially just and environmentally sustainable country, where the blue and green economies are thriving, providing exciting opportunities for all. Innovation is the key driver of this progress, enabling us to create a brighter, more prosperous future for generations to come.”
CEO Kurt Farrugia reiterated Malta Enterprise’s commitment to keep support the start-up ecosystem. “Our commitment remains unwavering – to partner with start-ups, guide them, and together, unlock the opportunities and resources that Malta and Gozo have to offer,” Mr Farrugia said.
He also expressed confidence that this year’s festival will also yield positive outcomes for the community. “We are excited to continue welcoming more companies who are looking to make Malta their home. The festival is an opportunity for businesses to meet, share knowledge and also sit down with investors.”
This year’s edition of the festival has attracted hundreds of attendees, ranging from investors, start-ups, corporates and exhibitors amongst others. For the first time, the Start-Up Festival is holding the competition ‘Pitch Black’, with start-up founders presenting their projects to compete for a top prize of €110,000. Participants included Mohsen Mousavi, Emmy Award-winning senior VFX supervisor, Rina Onur, Co-Founder and CEO of Spyke Games – a leading mobile gaming company – and Rob Law, the brains behind the iconic Ride-On suitcase that has sold over five million suitcases in over 100 countries, and won over 120 awards.
In its first two editions, the Start-Up Festival hosted some of the best entrepreneurial minds in Malta and has managed to attract local and international businesses operating in FinTech, Digital Gaming, VR/AR, Metaverse, medical cannabis, BioTech, MedTech and the Blue Economy.
The framework document for consultation is accessible here.
