Start-Up Malta (SUM) Foundation was set up today to allow for a better, more efficient support system for young and maturing startups, Minister for Economy, Investment and Small Businesses Chris Cardona said.
MIMCOL will be acting as administrator.
As explained by Cardona, in the presence of MIMCOL CEO Stanley Mifsud, “new companies are the real job creators in our economy”.
“Startups and scaleups are drivers of economic growth and have the ability to deliver innovative ideas, products, and also to give services that can transform Malta steadily with their innovations.”
The Minister pointed towards Malta’s unprecedented economic growth over the last years, saying that this was down to the “many plucky and innovative entrepreneurs which we have in our jurisdiction”.
“Malta's economy has changed, is changing, and will continue to change mainly because of these changemakers.”
Cardona noted that although local key players and protagonists have today conglomerated at meet-ups where ideas, practices and developments are exchanged quite organically, they are not coordinated or are needlessly overlapping and doing the same task – hence the launching of SUM Foundation.
“The nucleus for startups (the SUM Foundation) will also have a better idea of what is out there - in what areas and sectors we are lacking, and also those that we need to improve upon.”
“We will be in a position to have an analysis with empirical data which will give us the opportunity to know the realities, challenges and difficulties in real time.”
The foundation will be also actively providing advice to the government on the basis of the feedback and the information gathered from the general public from consultation, private-public stakeholders, and also on how to improve the ecosystem, sometimes through legislative changes and other initiatives.
“We know that entrepreneurs must lead the startup community. What we can do as a government is to create a space that empowers our changemakers.”
Speaking at the press conference, Mifsud said that the mission of the foundation will thus primarily be that of enhancing the startup ecosystem that has been developing in recent years, and to coordinate and spearhead initiatives that will help establish Malta as the startup destination of choice for founders and investors alike.
“As the main policy driver in the area, it will aim for a proactive, rather than reactive approach to policymaking.”
“In so doing, the foundation will aim to bring together all key stakeholders in a formal strategy driven forum.”
“Startup Malta will help in consolidation of efforts expended so far on areas such as Blockchain, AI, tech innovation in general and many other areas.”