ME advances benchmarking, visibility of local startup ecosystem
Malta Enterprise, shall be advancing its efforts to promote the local startup and scaleup ecosystem via a collaboration with Startup Genome – who publish the yearly 2024 Global Startup Ecosystem Report (GSER).
The 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network was launched today at London Tech Week. The GSER, powered by the world’s most quality-controlled dataset on startup ecosystems, analyzes data from over 4.5 million companies across 300+ entrepreneurial innovation ecosystems.
Malta shall start featuring in the report as from next year after talks between Malta Enterprise and Startup Genome.
In a preview of the Malta startup ecosystem, the 2024 report focused on the work done by Malta Enterprise alongside other public & private partners through Start in Malta – an initiative with the aim of harnessing the local ecosystem and attracting startups to co-locate.
The GSER reported how Malta’s Ecosystem Value, the total economic impact of startup exits and valuations spanning the last 30 months, increased 39% compared to last year.
Malta is dedicated to foster innovation, transparency and minimize bureaucracy
GSER 2024 mentioned iinitiatives like the Startup Festival, the launch of a national $10.7 million venture capital fund and non-dilutive financial aid packages of up to $1.6M available to innovative business ventures, demonstrate Malta’s dedication to spurring innovation.
Furthermore, the article explained how Malta wants minimize bureaucracy and enhance its proposition through its Startup Framework – a roadmap that fosters transparency and caters to startups needs by engaging with the community.
Malta’s diverse talent pool which contributes to a vibrant, collaborative, and creative startup environment was also highlighted. The preview article referred to Malta’s focus on cutting-edge sectors such as Life Sciences, Fintech, and digital technologies. Startup founders and key employees are also being attracted via initiatives including the Malta Startup Residence Programme.
GSER 2024 also pointed out how Malta successfully hosted the 10th edition of EU-Startups Summit in 2024, which served as a platform for local and international startups to connect. Malta is also home to the Startup Festival Malta.
“With an exclusive combination of strategic location, government support, and a transparent approach toward commerce, Malta is continuing to become an attractive destination for startups seeking to scale in a cosmopolitan environment.”
Commenting upon the announcement of GSER’s coverage of Malta, Stephan Kuester, Managing Partner at Startup Genome said that “Whilst small in absolute terms, Malta with an Ecosystem Value increase of 39% compared to the GSER 2023, has positioned itself as an incredibly dynamic ecosystem. Startup Genome is thrilled to partner with Malta Enterprise, who are committed to developing policies that foster startup activity and drive economic growth. Malta’s often pioneering regulatory initiatives and robust support framework are key to its burgeoning startup scene, and we look forward to witnessing its continued success.”
Kurt Farrugia CEO at Malta Enterprise added that “This partnership between Malta and Start Up Genome will see Malta being benchmarked against some of the best countries on the global start up stage. We look forward to having more Start Ups approaching Malta and choosing to co-locate here. Malta will continue to be the natural home for Start Ups who want to build their protoypes with a backdrop of the good quality of life that Malta can provide and then venture to expand globally.”
The Report is driven by a consortium of representatives from 40+ countries and looks at the current state of startup activity and related investment, providing insights and guidance to public and private leaders on how to foster thriving startup communities — the #1 engine of job creation and economic growth. Contributions from expert thought leaders and local key players further enrich the report’s extensive, evidence-based findings, which are the product of over a decade of Startup Genome’s independent research and policy work.
View the full report here – https://startupgenome.com/gser2024
ABOUT STARTUP GENOME
Startup Genome is the world-leading innovation ecosystem development organization, having worked with more than 160 economic and innovation ministries and public/private agencies in over 55 countries. We work to catalyze startup success and ecosystem growth and ensure that all cities and countries capture their fair share of the new economy. Our evidence-based ecosystem research, advisory, and scaleup programs are rooted in global experience with the world’s largest AI-curated startup dataset and proprietary instruments developed from over a decade of primary research.
ABOUT MALTA ENTERPRISE
Malta Enterprise is the country’s economic development agency, tasked with attracting new foreign direct investment as well as facilitating the growth of existing operations. In 2021 it launche the ‘Start in Malta’ initiative aimed to supercharge the Maltese startup ecosystem in order to be the birthplace of many more startup success stories to come.
