The Europe Startup Nations Alliance (ESNA) conducted a survey across 21 EU countries, ranking Malta as the fourth most favorable destination for innovative startups. This emerged from the first technical analysis conducted by the startup-focused entity established by the European Union, with Malta Enterprise representing the country within ESNA. This document maps the progress and potential of Europe’s startup ecosystem, shedding light on the performance of eight Standards, known as Startup Nations Standards, across 21 participating countries.
Malta's ranking, was only surpassed by larger countries which are Spain, France and Belgium. Moreover, Malta was one of the ten countries that surpassed the average ratings of the analysis. The assessment was based on the Startup Nations Standards, comprising eight benchmarks of excellence in startup support. Spain and France led with a ranking of 87%, followed by Belgium and Malta with 74% and 73%, respectively.
Malta garnered a perfect score of 100% in 3 specific categories:
- the ability to attract and retain new talent
- the utilization of digital tools for communication between startups and government bodies, and
- the expedited process for company registration.
Additionally, Malta compares well on the introduction of innovative laws regulating emerging sectors.
Areas requiring further improvement by Malta include access to finance and employee share options. Aware of this lacuna, Malta Enterprise is currently developing a Startup Framework aimed at refining the legislative landscape for startups and investors.
Malta Enterprise continues to fortify its incentives such as BStart and Startup Finance, which offer assistance of up to €1.5 million. With regard to wider financing options, the Government recently announced the establishment of a €10 million Venture Capital Fund to support innovative startups.
Under the 'StartinMalta' brand, Malta Enterprise collaborates with both governmental and private entities to foster a cohesive ecosystem for startups and unifies the needs of the start-up community. Efforts to enhance the local ecosystem will be amplified through events such as the Startup Festival and, notably, the EU Startups Summit, which is to be hosted in Malta for the first time this year after a decade in another European country.
