A fund aimed at researchers and entrepreneurs to put forward their innovative ideas and develop them further through the financial assistance provided, was launched on Wednesday.

Launching the fund, known as Takeoff, Economy Minister Silvio Schembri said the fund was being allocated €100,000 and, through a competitive call, researchers and entrepreneurs can benefit from a maximum of €25,000 to develop their ideas. 

Schembri said that it was in times of great adversity that the need for revolutionary entrepreneurship and research became imperative to a country’s survival or otherwise.

Beyond the current COVID-19 situation, a fast-paced and time-sensitive challenge, the government immediately anticipated the need for innovation, the ultimate tool for the country’s present and future wellbeing. 

University rector Alfred J. Vella said all ventures required support to kickstart their development and obtain market validation.

Research grants or personal funding might take them a long way however, in many cases, this was not enough.

The seed fund is a joint initiative between the Economy Ministry and the University of Malta supported by the University’s Knowledge Transfer Office, Takeoff Business Incubator and the Centre for Entrepreneurship and Business Incubation.

Workshops to explain the application process and provide the skills and tools necessary to create a competitive proposal will be held on May 11 at 2pm. These are mandatory for interested applicants. 

Should applicants be unable to attend, alternative meetings must be held directly with the Knowledge Transfer Office.