Issue link: https://maltatoday.uberflip.com/i/1360420
Miriam Dalli 13 maltatoday | SUNDAY • 11 APRIL 2021 OPINION Malta, a start-up hub THE history of successful Maltese com- panies is characterised by ambitious and courageous entrepreneurs who opened their own businesses and held on to their dream. Many a times, these businesses kicked off from small garages, and hard work and perseverance made them grow. The reality is that the Maltese entre- preneurial history, like everywhere else, is a mixture of failures and success- es. The successful ones see a story of growth: from one generation to anoth- er, these businesses flourished. Against all odds, they have managed to shape, preserve and develop the backbone of our economy. These businesses reflect the different sectors of our economy: from manu- facturing to accommodation to retail, from professional services to artisans and technology entrepreneurs. The latter sector might be the most celebrated vertical in the business world today. For myself and for this Govern- ment, it is the totality of the entrepre- neurial spirit that is crucial. Diversifi- cation has been central to the Maltese economy. The pandemic has made this crystal clear. Therefore, we need to ensure that diversification remains the ethos in our efforts to support start-ups. Yes, Malta is open for start-ups. By ensuring diversification we are not only speaking about sectors but actually focusing our energy to develop special- ised niches. The development of the Maltese econ- omy and the efforts of so many before us has attracted many investors that saw that Malta offered an environment that bodes well for business and trade. Our geographical position, way of do- ing business and quality of life has ren- dered Malta attractive to many. The aim of consecutive governments has always been that of consolidating and nurturing these bonds. The aim was al- ways to create a sustainable economy that translates into prosperity not on- ly to the entrepreneurs but also to em- ployees. Prosperity is not only wealth but it en- compasses skills, the wits, the brains, the smarts of Maltese entrepreneurs mixed and complemented with that of foreign investors. Such innovation can create not only profits but also a better quality of life. Always, if developed sus- tainably. This is the message that we are con- stantly sending out, even in our dia- logues with stakeholders: Malta as a space for entrepreneurship, ideas, skills, collaboration and sustainable growth. Malta as a start-up hub. Some consider that we already are a start-up hub – others contest this and doubt that Malta can compete with oth- er jurisdictions. The administration I represent howev- er believes that we are further down the road than many might attest. We are al- so determined to crack those proverbial issues that have stopped us from reach- ing our full potential in nurturing more indigenous successes - and attracting more start-ups from around the world to grow from our shores. We want to promote the concept of collaboration between our start-ups, be it indigenous or foreign. This blend can actually spur our start-up eco-system to new heights. The recent launch of the startinmalta. com, the strengthened schemes by Mal- ta Enterprise to support start-ups and the agreement signed between Malta Enterprise and the University of Malta are bold efforts to synergise all partners, not to replicate and create fragmenta- tion. We want to use our energy to find solutions to issues which, if unblocked, can really turn Malta into a formidable player in the start-up world. Through assistance provided by Mal- ta Enterprise, new businesses can ben- efit from financial assistance of up to €200,000, under the BStart 2021 scheme. Complementing this is the Start-Up Fi- nance, through which innovative en- terprises can receive up to €800,000 in assistance. The third scheme is that of Business Development. A company that is transforming or consolidating its op- eration can benefit from tax credit aid or cash grants of up to €200,000. This means that, in total, innovative start-ups can benefit from up to €1.2 million in incentives from Malta Enter- prise. Malta already hosts a number of ex- citing start-up companies from various fields including manufacturing, avia- tion, life sciences, technology and crea- tivity. We invite others to discover Mal- ta. Our message is simple – Malta is the perfect place for start-ups. Malta provides competitive advantag- es for doing business. English as a main business language, connectivity to the world, helpful government entities, and innovative regulatory frameworks. As Minister for Enterprise, I call on our local ecosystem to continue dream- ing, creating and re-trying (even if one fails at first) and I appeal to start-ups who today are taking their first glimpse at Malta to look closer at what might very well be their next home. Miriam Dalli is minister for energy, enterprise and sustainable development The development of the Maltese economy and the efforts of so many before us has attracted many investors that saw that Malta offered an environment that bodes well for business and trade