A foundation has been set up to help business start-ups and propose policies for this sector.
The foundation was launched by Economy Minister Chris Cardona, who said the role of Start-Up Malta Foundation (SUM) is to establish a better and more efficient support system for young and maturing start-ups.
“The SUM Foundation will be a major policy driver in the implementation of the national start-up strategy, as part of the government’s vision to position Malta as an ideal location for the creation of start-ups, entrepreneurship and innovative ideas,” he said.
“Malta’s economy has changed and will continue to change thanks to our hard-working entrepreneurs who create jobs, contribute significantly to economic growth and boost innovation. Fostering entrepreneurship must become a visible part of the government’s economic policy,” he added.
The foundation will promote, research and analyse start-ups, and invest in the creation of an entrepreneurial culture.
Through feedback and information gathered from the public, private and public stakeholders, the foundation will advise the government on ways to promote and support the sector.
“We are confident that this will allow for sounder policy-making and improve Malta’s standing as an attractive place to set-up and grow a business,” Dr Cardona said.
The SUM Foundation is a public organisation run by a board of administrators, where the government is represented by MIMCOL as a founder of the foundation.