Minister for the Economy, Enterprise, and Strategic Projects, Silvio Schembri, delivered a speech at the Spring Meet-up event organised by Malta Enterprise, underscoring Malta’s unwavering commitment to nurturing its vibrant startup ecosystem and propelling Malta towards a future driven by innovation and entrepreneurship.
Throughout the event, the government’s steadfast support for startups and innovative enterprises was highlighted. The collaborative efforts of various government entities within the Economy Ministry were also underlined.
Malta Enterprise has been working via the dedicated StartinMalta brand to articulate a clear vision for fostering a culture of innovation. Key achievements were also evident from Malta Enterprise’s support scheme statistics shared at the event. Between 2021 and 2023, over 70 beneficiaries received assistance under the B Start Scheme, totalling over €2 million, while the Startup Finance scheme committed over €20 million to support innovation in Malta during the same period.
Furthermore, Malta’s recognition as the 4th best destination for innovative startups in the EU by ESNA further validates the efficacy of the country’s collective efforts.
Acknowledging the ongoing challenges, Minister Silvio Schembri said that the continuous refinement of the Startup Framework is important to streamline operations, reduce bureaucracy, and broaden the reach of initiatives like StartinMalta to engage local communities and younger generations. “Startups are not just risky businesses; they are solutions to today’s challenges and catalysts for future growth,” concluded Minister Schembri.
During the event, CEO of Malta Enterprise Kurt Farrugia announced that the Start-up Festival will be held again in Malta later this year at the MFCC. Farrugia also highlighted the changes to the main Malta Enterprise startup support scheme, Startup Finance.
“We’ve revisited the scheme in order to make it even more effective. We are after the really innovative, advanced startups and scaleups. For those who can demonstrate this innovation, there is an entry-point opportunity of a €500,000 repayable advance, but according to a number of other criteria, the assistance can go up to even €1.5 million per company,” Mr Farrugia said.
