Issue link: https://maltatoday.uberflip.com/i/1516278
8 OPINION 22.2.2024 PKF joins US experts to accelerate local innovation George Mangion Miriam Sultana is Director of Advisory at PKF Malta, an audit and consultancy firm F or many years, Malta Enterprise has focused on attracting leading start- ups and investors to Malta, while engaging with a wider group of innovators through promotion. Following two long years of Covid 19, it is now opportune for government is accelerate support for but- tressing the local innovation ecosystem by implementing policies that attract foreign investors and entrepreneurs and intensify- ing R&D to continue the wealth of local I.P. e startup ecosystem in Malta is attrac- tive to both local and foreign entrepre- neurs for a wide range of reasons: simple incorporation, low costs for startups, an appealing tax regime, assisted factory pro- grams, skilled workers, and the possibility of developing indigenous tech sectors. e ecosystem in Europe, developed at a fast pace in recent years, due to a series of government incentives and support, plus a safe and reliable business climate. Introducing CIC as a world-wide innova- tor consisting of captains of industry is a wise move by PKF. Founded 25 years ago in Kendall Square, Cambridge, CIC now operates more than 100,000 SM of shared workspace, wet labs, and event space in the US, Europe and Asia and convenes a worldwide community of approximately 650,000 innovators. Since inception, over 10,000 companies have called CIC home, collectively raising more than $17billion in venture capital funding. Its innovation campus is typically a large, high-end facility at the heart of an innovation district. e campus acts as a centre of gravity, driv- ing innovation and building community through curated activation and a trusted circle of foreign entrepreneurs. ese drive venture and idea creation to build extraordinary innovation environ- ments in cities around the world. eir high-touch services aid disruptive think- ing, instil an innovative mindset, develop strategy, and deliver high-impact activities. Over the years in several countries CIC's team of thinkers and innovation builders fostered collaborative and future-focused outcomes. Captain's is the professional services arm of CIC (Cambridge Innova- tion Centre), a leading creator of dense, impactful innovation ecosystems in cities around the world. CIC's mission is to gen- erate new opportunities through innova- tion by developing multi-faceted commu- nities that support change-makers on their business journeys. What is different in CIC's hubs that differ from ones already in operation in Malta. Such dedicated hubs are the an- chors of innovation campuses, provide shared resources for innovators, facilitate intense interactions, and co-locate spe- cialized amenities. e hubs act as key concentrators and catalysts within the innovation ecosystem. Why did similar hubs in Malta fail to reach international standards? e answer is mixed. PKF has actually visited such hubs in Boston, USA and Rotterdam, Netherlands. In the case of the new Rotterdam hub, PKF was honoured to be accompanied by the minister of economy, Silvio Schembri and a high official at the ministry. Both were impressed by the success and business opportunities which Malta could avail itself. e motto of such success is that CIC believes its hubs to be seen as neu- tral and apolitical, not associated with any one State corporation. is builds a big tent where a variety of entrepreneurs and organizations feel welcome. Orchestrated properly, the leading players in the indus- try will lean in as partners, with funding and presence at globally-relevant hubs. A strategic, activated innovation hub cre- ates a powerful engine that concentrates activity. is becomes the foundation for the innovation ecosystem because proximity and connection are essential for trust and collaboration, and sharing space with other strong entrepreneurs creates a powerful environment that at- tracts inward investment. Recently, PKF officials approached Malta Enterprise to encourage it to further develop Malta's innovation ecosystem by activating PKF's new Academy space and launching a CIC targeted hub in Malta. PKF hopes this will help Malta Enterprise's stated goals of attracting foreign direct investment and facilitating the growth of high-tech com- panies in three phases. Phase 1: Vision Setting (3-6 months) • Visioning Workshop(s) for Strate- gic Actions: Facilitated workshops with curated leadership to coalesce around a vision for Malta's innovation ecosystem and define strategic focus areas for an in- dustry hub. • Strategic Planning and Ecosystem Mapping: An assessment phase culmi- nating in an ecosystem map to under- stand key stakeholders (e.g. public and private partners, tenants) in the ecosys- tem, build partnerships, and identify gaps. is will act as the foundation for new investor development and co-loca- tion within Malta. Phase 2: Framework Development (6 months) • Playbook Creation: We can develop a bespoke guide to build the industry hub, launch a successful operating platform, and identify key leaders. • Partnership Development: With a focus on identifying partners to provide foreign direct investment, this work will centre around international partnership development, stakeholder engagement, and recruitment (utilizing the ecosystem map created in Phase 1, coupled with tar- geted workshops and outreach). Phase 3: Accelerating Stakeholder Engagement (3-6 months) Launch of Industry Hub and Convening of All Partners: A headline event to launch the industry hub and bring together na- tional and international partners with brainstorming sessions that centre on core goals for the innovation ecosystem and industry hub. is event will act as both an opportunity to announce the in- dustry hub and new innovation campus while bringing existing and new business angels to Malta. Captains will work with government stakeholders to align their involvement with the hub in a way that optimizes future success. In the vision- ing phase, CIC will scaffold concepts and opportunities based on scale and scope. is can include services related to building an innovation hub to attract innovators and investors to Malta, acti- vating PKF Malta's new startup Academy. Captains proposes a facilitated workshop with key stakeholders to establish a range of ideas for this goal. is 2-day workshop ideally would have 7-15 participants, and can be modified to meet the needs of specific stakeholders. e participants would include Malta Enterprise, PKF Malta, Chamber of SME, Chamber of Commerce, IFSP, University FEMA, and other select partners that are identified. External experts will plug into the engagement and, along with staff, guide the stakeholders throughout, cre- ating continuity along with opportunities for additional conversations and educa- tion. Before the end of the workshop, the facilitator will work with the stakeholders to develop near-term action items to en- sure that the ideas that have been gener- ated by the workshop can take root and grow. Finally, this workshop will serve multiple functions, and it's optimal that this event occurs before more detailed mapping and partner engagement. By aligning the targeted stakeholder team around ideas and visions, future events can focus on greater network alignment and generate far-reaching attention around Malta.