The seed fund is a joint initiative between the Ministry for The Economy, Investment and Small Businesses (MEIB) and the University of Malta supported by the University’s Knowledge Transfer Office (KTO), TAKEOFF Business Incubator and the Centre for Entrepreneurship and Business Incubation (CEBI).
Minister for the Economy, Dr Chris Cardona, commented that 'as in previous years, the Ministry is supporting innovative ideas and technologies so that the visions of researchers and up-and-coming entrepreneurs may be turned into a commercial reality, taking these ideas closer to market. We are seeing some interesting success stories originating from TOSFA coming to fruition and are keen to continue supporting this process.'
University of Malta Rector, Prof. Alfred J. Vella commented that 'the University has always been at the forefront in supporting entrepreneurship and research commercialisation, both academically as well as through active hands-on assistance available at the TAKEOFF Business Incubator and the Knowledge Transfer Office. The past five cycles of the TAKEOFF Seed Fund Award have aided 25 start-ups and 15 proof of concept projects and we are proud that a fair number of these have developed into successful ventures.'
Entrepreneurs and start-ups working on ideas for innovative products and services shall be eligible for Seed Funds to assist them in taking a step closer to their first customer or investment. Researchers working on innovations developed through University R&D shall be eligible for Proof of Concept funds to assist in taking their technology closer to commercialisation. A maximum of €20,000 in funds shall be awarded to successful applicants. Award winners will also receive mentoring and support for their endeavours through TAKEOFF and the Knowledge Transfer Office.
Workshops to explain the application process and provide the skills and tools necessary to create a competitive proposal will be held on the 2 May for University researchers (Proof of Concept funds) and the 24 April for entrepreneurs (Seed Funds). These workshops are mandatory for all interested applicants, and the final application form will only be accepted if applicants or their representatives register and attend the respective TOSFA workshop.
The deadline for submission of written applications for the 2019 edition of TOSFA is Monday 27 May at noon. For further details visit www.takeoff.org.mt