The TAKEOFF Seed Fund Award (TOSFA) competition has recently distributed €100,000 worth of Government funds across Proof Of Concept applications (40%) and Seed Fund applications (60%).
Simone Cutajar, a student on the Masters in Knowledge Based Entrepreneurship (MEnt) was awarded €22,000 for her business proposal which is based upon the work of Prof. David Mifsud and Mr Mark Scerri. After extensive research and development, Prof. Mifsud developed production processes for cheese-making using a range of microbial 'cocktails' designed to create a variety of cheeses from goat and sheep milk.
“I've been working with Mark Scerri developing some fabulous cheeses over the last few years. I realise now that the technical side of the business, important though it is, has to be matched with excellence in enterprise understanding. It's all about the team, not just the product.”, expressed Prof. David Mifsud.
The (MEnt) programme enables students to secure funding in a very competitive environment. The course is designed to impart knowledge to Science, Technology, Engineering, Arts and Maths (STEAM) graduates, to guide them into becoming successful entrepreneurs and to help launch their own business ventures.
“The TOSFA (Take Off Seed Fund Award) is instrumental for us to take Fromagg to the next level and start commercialising the Intellectual Property and know-how that we have accumulated over the last few years.”, said Ms Cutajar about the MEnt programme.
“None of this would have been possible if I hadn't taken the MEnt programme. And I'm not saying this lightly. I had actually applied for the TOSFA grant a year prior to starting the MEnt. I didn't even make the first cut of the selection.” Not letting this thwart her efforts in achieving her goals, Simone spoke to Joseph Bartolo (the Take Off Incubation Manager) about the application… She admitted that his comment was simple and to the point… “the idea was great, but the business strategy left a lot to be desired”.
With Newspoint, the MEnt student expressed how the programme went beyond teaching her how to refine her pitching skills and into the sustainable budget management of the funding received.
“The MEnt teaches people how to make the best of every opportunity and the comradeship of the alumni, the academics and the members and manager at Take Off is priceless”, concluded Simone.
Prof. Russell Smith, Director of the Centre for Entrepreneurship & Business Incubation at UM said that "The Master in Knowledge-Based Entrepreneurship is unique at the University of Malta in that it equips students with the know-how and tools to plan, fund and launch a new business venture. Raising start-up funding is an important part of that process and CEBI is proud of the achievements of Simone and wishes her venture continued success for the future."
