The TAKEOFF Seed Fund Awards has been allocated a substantial sum of €100,000 thanks to a joint initiative between the Ministry for the Economy and the University of Malta. This financial injection, announced by Minister Silvio Schembri is aimed at helping start-ups and researchers develop and commercialise their research. During the media conference, Hon Schembri stated that the Government is committed to continue supporting research and innovation, which are considered as vital for the establishment of a stronger and ever-more resilient economy.
Who is eligible?
This fund, which is aimed at fostering an entrepreneurial spirit amongst researchers and scholars, will mainly finance two types of initiatives. This two-fold approach targets both researchers and budding entrepreneurs alike, who can benefit from a maximum of Euro 25,000 per project.
- Firstly, the University of Malta academic staff may apply for the ‘Proof of Concept’ fund, which aims at commercializing innovation developed through research at the University.
- Secondly, budding entrepreneurs may make use of the ‘Seed’ funding scheme. This scheme assists in taking their innovative products or start-ups to the next level, until ultimately, beneficiaries will be able to secure a solid customer base, or attract investments.
This fund continues to enshrine Malta as an international hub for innovation and research. Despite the uncertainties resulting from the current economic environment, Malta’s economy is expected to return to pre-pandemic levels by not later than next year. With the Maltese economy suffering less than EU average, together with the ever-increasing pool of incentives for innovators and researchers, Malta is being considered as the ideal jurisdiction for investment.
