Sponsoring Agency: University of Malta
Type of Fund: Seed Money
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/13/2021
Size of the Fund: Less than USD $50,000
The TAKEOFF Seed Fund Award is a joint initiative between the Ministry for the Economy and Industry (MEI) and the University of Malta, supported by the Knowledge Transfer Office, Center for Entrepreneurship and Business Incubation and the TAKEOFF Business Incubator.
The programme provides the initial funds necessary to bridge the gap between an innovative early-stage idea/technology and its market development. It provides support to researchers and entrepreneurs when they need it most to increase the likelihood of success. The TAKEOFF Seed Fund Award is intended to support the development of any Business Innovation suitable for commercial exploitation by Maltese trading entities, ultimately to benefit the economy through increased investment and better job opportunities.
The TAKEOFF Business Incubator and the Knowledge Transfer Office at the University of Malta support entrepreneurs and academics to convert good ideas into successful commercial ventures, based around innovative products and services. Through the TOSFA, the most promising applicants will receive funding to enable a step-change along their development path towards the first investor or commercial partner.
Funding Information
The TAKEOFF Seed Fund Award has a total allocation of €100,000 to be awarded in 2021. Grants between €2,500 and €25,000 will be awarded to the selected projects.
Eligibility Criteria
• The TOSFA will support applications in the areas of Science, Technology, Engineering and Creative Media.
• The Award will fund two types of initiatives:
o University of Malta academic staff may apply for Proof of Concept funds, which will enable a stepchange in taking an innovation developed through research at the University closer to being commercialised. If students have generated work in the course of their studies which would benefit from Proof of Concept Funds, they may apply through their supervisor. Beneficiaries must clearly demonstrate the project milestones which should lead to a tangible or potentially commercialisable artefact within the 3 years from receipt of funding. If, during the 3-year period, it transpires that this will not be possible, the beneficiary must provide sound justification for the lack of progress;
o Entrepreneurs involved in a start-up, as well as students currently enrolled in the Master in Knowledge Based Entrepreneurship course offered by the Centre for Entrepreneurship and Business Incubation (CEBI), may apply for Seed Funds, which will enable a step-change in taking their independent technology or knowledge-based start-up closer to the first customer or investment. In order to receive their award, TAKEOFF Seed Fund beneficiaries shall be required to be or to become TAKEOFF members. Seed fund beneficiaries must be both registered (if applicable) and operational in Malta.
• New applicants shall be given preference over previous beneficiaries of the TOSFA. Potential applicants who may have a potential conflict of interest or any relation with members of the Adjudication Team must bring this up with the Management Committee and may be excluded from participating.
More information at: https://takeoff.org.mt/seedfundawards/tosfa-2021/
