In recent years, our country has grown significantly in the startup sector. This is as, for the second consecutive year, Malta maintained fourth place among the best destinations for innovative startups in Europe, according to a report by the Europe Startup Nations Alliance (ESNA).
This was stated by the Minister for the Economy, Enterprise and Strategic Projects, Silvio Schembri, during the Spring Meetup – an event hosted by Malta Enterprise during which preparations for the fifth edition of the Startup Festival, which will be held in October, were launched.
Minister Schembri thanked Malta Enterprise for remaining a key entity for the assistance it provides to startups, through, among others, the schemes it offers. Over the past five years, around 190 startups have been assisted through various schemes including: B-Start and Startup Finance. “The fact that average wages in startups are around €45,000, much higher than the national average, shows the impact and economic potential that startups have. We want more people to approach this entrepreneurial spirit and we will be there behind them with our entities ready to help them,” said Minister Schembri.
In addition to Malta Enterprise within the Ministry of the Economy, there is synergy with other entities including MDIA and the opening of dihubmt – a place equipped with all the possible tools that startups need, Gaming Malta and Basecamp – a place that welcomes startups in the field of igaming, video game development and esports and above all the Malta Venture Capital Fund, the first venture capital in our country, which today, a year later, has accredited 21 private investors and approved assistance to four startups.
“The startup ecosystem will continue to be strengthened through an incubation centre in Ħal Far, a building in a strategic location that will bring startups closer to manufacturing and established industry. This €33 million investment will be helping around 50 startups in the fields of renewable energy, MedTech, microelectronics and smart manufacturing. All of this, above all, links to the vision that this country has for the coming years, for the next generation. Through strategic planning, we will continue to invest in families and businesses, encourage innovation and a sense of entrepreneurship to continue to strengthen the Maltese economy and continue to drive innovation,” said Minister Schembri.
For his part, George Gregory, Chief Executive Officer of Malta Enterprise, said that the Startup Festival has become an essential part of the entrepreneurial ecosystem in our country, serving as a catalyst for innovation, including by helping startups connect with investors and continue to grow. “We are proud of everything we have achieved so far and look forward to more success stories in the years to come.”
This year’s Startup Festival will be held between the 23rd and 24th of October.
Photo: MEEP
