Preparations are beginning for this year's edition of the Startup Festival, which will be the fifth edition, the Ministry for the Economy, Enterprise, and Strategic Projects stated. It added that this year's Startup Festival is set to be held between 23 and 24 October.

The ministry said that Malta has grown significantly in the startup sector in recent years. It continued that this is the second consecutive year in which Malta has maintained the fourth place among the best destinations for innovative startups in Europe, according to a report by the Europe Startup Nations Alliance.

Minister Silvio Schembri spoke during the Spring Meetup, an event hosted by Malta Enterprise. He spoke of how Malta Enterprise is a key entity for the assistance it provides to startups through the schemes it offers. He said that around 190 startups have been supported through various schemes over the past 5 years.

 "The fact that average wages in startups are around €45,000, much higher than the national average, shows the impact and economic potential that startups have," Schembri commented. He continued that the government wants more people to be entrepreneurial, and he added that the government will be there and ready to help with its entities.

The minister said that in addition to Malta Enterprise, there is also synergy with other entities, including MDIA and the opening of dihubmt, which he remarked is a place equipped with all the possible tools that startups need. He also spoke of Gaming Malta and Basecamp, which he said welcome startups in the field of igaming, video game development, and esports. He also said that the Malta Venture Capital Fund has accredited 21 private investors and approved assistance to 4 startups.

Schembri said that the startup ecosystem will continue to be strengthened through an incubation centre in Hal Far. He said that this centre will bring startups closer to manufacturing and established industry. "This €33 million investment will be helping around 50 startups in the fields of renewable energy, MedTech, microelectronics and smart manufacturing. All of this, above all, links to the vision that this country has for the coming years, for the next generation. Through strategic planning, we will continue to invest in families and businesses, encourage innovation and a sense of entrepreneurship to continue to strengthen the Maltese economy and continue to drive innovation."

Malta Enterprise CEO George Gregory said that the Startup Festival has become an essential part of the Maltese entrepreneurial ecosystem. He remarked that Malta Enterprise is proud of what has been achieved so far and looks forward to further success in the coming years.