PKF is to have the pleasure and privilege of introducing Stas Gayshan, MD of the Boston-based Cambridge Innovation Centre and a sister organisation of the Massachusetts Institute of Technology (MIT).
Mr Gayshan is to visit Malta and give a keynote speech at an event to be held at the Microsoft Innovation Centre, SkyParks Business Centre, Luqa. An extended morning session will showcase an expert line-up of speakers. As well as Stas Gayshan, these include Gor Sargsyan, President, Qbiticlogic International, Silicon Valley, USA; Joe Woods, Director, Creolabs; Kenneth Farrugia, FinanceMalta chairman; Ing Joe Sammut, CEO LifeSciences Park. We are awaiting confirmation of speakers from MCAST and the University and the Prime Minister, Dr Joseph Muscat, who is responsible for innovation has also been invited.
Interested parties are welcome to attend the Blueprint for Innovation session, which is planned to take place at Microsoft Innovation Centre on 28 June. For details, contact Marouska Camilleri on [email protected] or 2148 4373.
The good news is that both political parties promised in their manifesto to substantially increase investment in innovation and consequently PKF believes that its efforts to attract a world class organisation in this field does not come a moment too soon. Alas, the dream of having an innovation and business accelerator centre of calibre will prove to be a true catalyst to anchor the existing manufacturing community and attract new ones.
This roadmap is an ambitious one, as European governments are in competition to attract international companies and start-ups - particularly in fintech and blockchain technologies. This brings us to the main topic of this article. It starts with a recount of a pioneering trip last year by a delegation from PKF which visited the MIT in Boston, to explore links to promote Malta as a potential business accelerator and/or life sciences hub for innovators, inventors and entrepreneurs. This visit was undertaken with the blessing and patronage of the Minister responsible for the economy and start-ups, Chris Cardona, who offered the services of a technical representative from Malta Enterprise based in New York to join in the discussions.
It is interesting to note that MIT - a private research university in Cambridge, Massachusetts, founded in 1861 - was established in response to the increasing industrialisation of the United States. The uniqueness of MIT is in its appetite for problem-solving - especially intractable technical problems, the solution of which makes a tangible difference. With its supportive campus environment, MIT houses an incredible number of talented students and, as part of its diversity and its intensely creative atmosphere, both the arts and sciences flourish in all their forms.
MIT is no stranger to accolades - rated as the world's best university for chemistry, economics, linguistics, materials sciences, nanotechnology and astronomy. This impressive learning institute is the pride of American intelligentsia and, since the 1960s, other advanced countries (such as Singapore) have regularly invested in its development to partake of its overflowing chalice of innovation and cutting-edge research.
Another interesting landmark was the Boston-based Cambridge Innovation Center (CIC). This houses more than 1,000 companies in around 50,000 square metres of premium office and co-working space across eight facilities, including its expansion in St Louis, Missouri, Miami, Rotterdam, Warsaw and Sydney. A number of high-profile companies had their baptism at CIC - including HubSpot, which now employs over 1,100 people and raised $125 million through its IPO last year, and Greatpoint Energy, which - several years ago - announced a $1.25 billion deal to build reactors in China.
In addition, Android co-founder Rich Miner built his unique Google Android software and established Google's New England headquarters there. CIC also has a non-profit sister, the Venture Cafe Foundation, which provides a forum for venture capitalists to scout and help fund new talent. What is so special about CIC is that, as an innovation hub, it has succeeded in attracting world-class start-ups which have proved very supportive for the US economy through the generation of premium jobs and high value-added inventions.
Another keynote speaker is the President of Qbitlogic International, Atlanta, Gor Sargsyan. This US-based company specialises in building multi-purpose approaches and tools that synergise the power of artificial intelligence and quantum computing to help humans build and protect software systems across various industries. Gor is currently based in Palo Alto, California, which is the forerunner of Silicon Valley innovation stunts.
Mr Sargsyan acted as a financial consultant for a number of US firms in the Boston area and also provided consulting services to multinational oil and gas companies related to financial analysis, forensic accounting investigations and litigation. One cannot ignore the immense contribution that researchers based in Silicon Valley have made to cutting-edge technology. Many multinational companies have located their base in Silicon Valley, where companies scout for the best talent. For example, Samsung launched its business accelerator four years ago in Palo Alto's University Avenue and acts as an incubator for software start-ups.
Inventors mingle with start-ups - which form an integral part of the Samsung Accelerator, discussing projects with venture capitalists and others from the Silicon Valley tech. community. This is called an active ecosystem and basically is what glues together innovation and design talents to create high value-added products such as smartphones, robotics, TVs and advanced nanotechnology.
Back to Malta, those attending the Blueprint for Innovation session can discuss and network with experts on formulating a future concept for a Centre of Excellence that can be funded by the government as part of the new ITS campus. This will be reinforced by Barts Medical School, MCAST, the University, AUM and other colleges, all acting in unison to attract talent and can be the birthplace of a nexus of superior minds in the Mediterranean. Paradoxically, it is a dream which began 10 years ago with the launch of the Smart City complex and now - with some imagination and sophisticated political foresight - it can be re-engineered to house a body of talented graduates operating in a congenial atmosphere, supported by venture capital.
In its last budget, the government allocated over €75 million to build a new ITS campus in Smart City and this may be an ideal location for an innovation centre. Only thus can we attract international business to exploit top-end R&D and - with government incentive legislation - attract talent. It is not an easy journey, as many countries want to emulate the commercial success of Boston, New York and Silicon Valley.
Readers are welcome to this unique event to share a taste of Silicon Valley with the organisers hoping to inculcate a blueprint for bolstering R&D. This will shine a light to guide us along the shadowy tunnel at the end of which we can underpin GDP growth and improve our competitiveness level.
George M. Mangion
[email protected] or 2149 3041