In the latest boost to local research and innovation, a total of €150,000 of funding through the TAKEOFF Seed Fund has been distributed among a number of start-up and academics, in order to support them in developing their innovative ideas and bringing them to market.
The TAKEOFF Seed Fund Award (TOSFA) is the first programme in Malta to fund early-stage technology and startup development.
The grants range from €2,500 to €25,000 per project. These projects will continue to advance the country's innovative economy and foster growth in advanced sectors.
The certificate award ceremony took place on Monday 14 October 2024 at the Malta Digital Innovation Authority’s offices in Birkirkara.
This was a joint initiative between the Ministry for the Economy, Enterprises, and Strategic Projects, in collaboration with the Malta Digital Innovation Authority (MDIA) and the University of Malta. It is designed to facilitate the commercialisation of innovative ideas and advance the necessary research to bring them to market.
During the certificate award ceremony, the Minister for the Economy, Enterprises, and Strategic Projects, Hon. Silvio Schembri, emphasised the Government's commitment to fostering innovation, particularly in the field of Artificial Intelligence. “These funds are not just an investment in you and your project, but in our country, so that we continue advancing in advanced technologies. Through initiatives like the TAKEOFF Seed Fund and the collaboration between institutions, in this case, the MDIA and the University of Malta, we ensure that Malta remains a beacon of progress and opportunity,” said Minister Schembri.
Rector of the University of Malta, Professor Alfred J. Vella, commented on the challenges that individuals or groups may face when trying to realise their vision, a path often filled with difficulties and uncertainties, but one that teaches the importance of relentless determination and solid dedication. “We are grateful for the support we have received from the Ministry and the MDIA, as this assistance allows high-caliber projects to reach the appropriate audience. Therefore, this is a very valuable opportunity for researchers and entrepreneurs from the University,” said Prof. Vella.
The University's Corporate Research & Knowledge Transfer Office supports entrepreneurs and academics to convert their ideas into successful commercial ventures throughout the academic year, with TOSFA being one of the initiatives they work on.
The CEO of the MDIA, Kenneth Brincat, remarked that “when we look back at the projects funded in past years, we see start-ups that have grown into sustainable businesses, and their research has evolved into revolutionary discoveries. It’s also important to highlight that this is not simply about funding but is a sign of trust in the potential of innovators and researchers, in the growth of their innovations and ideas.”
The TAKEOFF Seed Fund Award is part of the Ministry's initiatives to promote innovation, as this month is dedicated to innovation.
As part of the month dedicated to innovation, the iStartUp Festival and TechXpo will be held at the MFCC between 17 and 19 October, Playcon between 24 and 27 October also at the MFCC, and the Global Innovation Forum in Valletta between 28 and 30 October.
