For the fourth year running, the sum of €100,000 will be
allocated to entrepreneurs and researchers through the University
of Malta's TAKEOFF Seed Fund Award (TOSFA) to help move their
innovative ideas and technologies closer to commercialisation.
The Ministry for the Economy, Investment and Small Business and
the University of Malta have launched the 2017 edition of TOSFA,
with the support of the University's Knowledge Transfer Office,
TAKEOFF Business Incubator, and Centre for Entrepreneurship and
Business Incubation (CEBI).
Entrepreneurs and start-ups working on ideas for innovative
products and services are encouraged to apply for up to
€20,000 in seed funds, intended to take them a step closer to
their first customer or investment and ultimately allowing
them to successfully do business in Malta. Researchers working on
innovations developed through University R&D may apply for
proof of concept funds to take their technology closer to
commercialisation. Award winners will also receive mentoring and
support for their endeavours through TAKEOFF and the Knowledge
This year's round of funding aims to build on the successes
of the previous editions, which have attracted over 100 applicants
and have seen over 25 projects getting funded. Teams behind some of
the successful projects presented their progress during the TOSFA
Launch Event. Researcher Prof. Tonio Sant, who is working on
technology for offshore wind energy storage, explained that their
award enabled them to collaborate with MedServ Plc and obtain
additional funding through the MCST Fusion Programme. They will be
deploying a scaled-down version of their technology in the Grand
Harbour this summer for testing and demonstration purposes, with
the aim of attracting further private investment.
The injection of TOSFA seed funds into the BumALift application
allowed Incredible Web to grow their carpooling software into
Malta's number one carpooling platform, with thousands of
active users and almost a hundred daily carpools. This has enabled
the Incredible Web team to grow to six full-time employees to meet
the increasing demand for high-quality software development
requested by clients all over the world. TOSFA funding has also
enabled Freshy to bring a top international design studio on board
to work on their mobile and web user interface. They have also
successfully participated in a number of international start-up
competitions and were ranked one of the top-10 start-ups in the
world by CNBC.
Minister Cardona noted that Malta's economy is performing
strongly, and a strong and sustainable economic future will depend,
to a large extent, on the talent nurtured today. The Ministry for
the Economy, Investment and Small Business is committed to creating
opportunities for start-ups to thrive so that their research and
ideas might be turned into a commercial reality.
The deadline for the submission of written applications for
TOSFA is Tuesday 23rd May at noon. TAKEOFF will be organising a
workshop for interested applicants on Saturday, 29th April 2017.
For further details visit TAKEOFF's website.
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