The Ministry for the Economy, Investment and Small Business (MEIB), and the Centre for Entrepreneurship and Business Incubation (CEBI) of the University of Malta, Take Off, have launched the 2015 Take Off Seed Fund Award (TOSFA).

Through the award, €100,000 in seed funding will be allocated to groups of innovators and entrepreneurs, to help them move their promising ideas forward toward commercialisation and creation of high-growth businesses in Malta.

The 2015 edition of TOSFA follows the successful launch of the award last year, during which 30 applications were received and 12 shortlisted teams pitched their ideas to the TOSFA Adjudication Committee.

Nine teams received funding ranging from €5,000 to €18,000. Previous winners, InboundMuse, went on to raise another €20,000 through the MCA Take Off Award and will be launching their first product in the coming months.

DiscountIf, who also received funds through last year’s round, raised almost €300,000 in investment and have reached revenue stage, offering their product in the UK.

Mighty Box Ltd, another TOSFA recipient, raised over $350,000 in crowdfunding to date.

The Take Off Seed Fund Award 2015 will fund two types of initiatives.

University of Malta academic staff may apply for ‘proof of concept’ funds, while entrepreneurs may apply for seed funding to get their independent technology or knowledge-based start-up closer to the first customer or investment.

The deadline for applications is May 28.

www.takeoff.org.mt

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