New €1.5 million scheme to bring innovative projects to market announced

The Malta Council for Science and Technology (MCST), in collaboration with the Malta Development Bank (MDB), has launched Go-To-Market, which is a new €1.5 million scheme to carry out R&I projects.

Go-To-Market forms part of the FUSION national fund, a fund that helps researchers and entrepreneurs carry out research and innovation projects and is administered by MCST.

“With the launch of this scheme and with the agreement that was signed today, we are not only delivering on another promise of the electoral manifesto, but also a measure that was announced in the last budget will be put in place. We are working hard to boost the research and innovation sectors, as well as helping researchers and ultimately our country’s economy,” said Minister for Education, Sport, Youth, Research and Innovation Clifton Grima.

Parliamentary Secretary for Youth, Research and Innovation Keith Azzopardi Tanti said that the Government believes in an economy for the people and through this agreement more investment will be attracted by new and even existing enterprises, with less risk.

Through the Go-To-Market scheme, MCST will offer a comprehensive system of support to inventors to develop and optimise their innovations. This scheme will also serve as a conclusion to the development cycle of new technologies promoted under FUSION.

This support is designed to lead to the ultimate commercial release of these technologies on the global market.

The MDB has been fundamental in the delivery of this scheme, which provides both an existing framework and knowledge to ensure that an appropriate and effective design scheme is created.

MCST chairman Jeffrey Pullicino Orlando said: “We are proud to be launching this new programme, which we have created together with the MDB, to drive Maltese researchers to develop and optimise their innovations. This will allow us to address an existing gap by offering favourable conditions so that the leap towards product or service marketing, which requires considerable investment, is less exposed to risks.”

MDB chairman Prof Josef Bonnici added: “It is gratifying that with this collaboration we will facilitate access to finance in two important niches – start-ups and enterprises operating in a digital and innovative context. This will further boost the Maltese economy’s drive to become more diversified, digital, green and innovative.”

Following the launch of the Go-To-Market scheme, an agreement was signed to ensure that the fruitful partnership between MDB and MCST continues for the benefit of Maltese entrepreneurs.