Malta has retained its position in an annual report gauging countries’ attractiveness for startups, ranking fourth place.

The country achieved full marks for attracting and retaining talent and for the availability of digital government services in the 2024 Startup Nations Standard by the Europe Startup Nations Alliance (ESNA).

While Malta maintained its position in fourth place, the report highlighted the need for improved access to finance, optimised stock option policies and greater diversity within startups, however.

In a statement Saturday, the economy ministry said Malta’s startups had seen “significant growth,” with 66 projects approved since 2020, creating over 145 “high-quality” jobs in financial and medical technology industries and in robotics.

Salaries in those startups averaged €45,000 with a quarter of employees earning over €60,000, the ministry said, adding that the highest-paying startups offered annual wages of over €70,000.

It said the results had been achieved by projects such as DiHubMT – a new digital innovation hub Mrieħel from the Malta Digital Innovation Authority (MDIA) that will welcome a new high-performance computer later this year. 

The computer is billed as offering computational power that researchers currently need to seek abroad.

Economy Minister Silvio Schembri said the government wanted Malta to be the “ideal destination for startups and entrepreneurs” and planned to expand the support schemes available to startups through Malta Enterprise, which will offer funding of up to €1.5 million per venture.

A new “incubation centre” in Ħal Far’s industrial zone aimed at encouraging young entrepreneurs is also planned, the ministry said.

Headquartered in Lisbon, ESNA aims to promote startup-friendly policies across Europe.