PKF hosted the first blueprint for innovation session, where two key note speakers flew over from Boston and California respectively to learn about the innovation ecosystem in Malta and to present their successful story in their respective fields. This event was supported by PKF Malta, with attendance by Finance Malta and Malta Enterprise.

The session was inaugurated by Silvio Schembri, Parliamentary Secretary for Digital Economy, Financial Services and Innovation, and by executive chairman of the MCST, Jeffery Pullicino Orlando. Both emphasised that innovation is key to creating the best conditions for individuals, businesses, the public sector and civil society.

The audience welcomed the arrival of Stas Gayshan, managing director at the Cambridge Innovation Centre, who purposely flew in from Boston. This prestigious centre houses more than 1,000 companies, 50,000 square metres of premium office and co-working space across eight facilities, including a recent expansion in St Louis, Missouri, Miami, Rotterdam, Warsaw and Sydney. Suffice to mention that Android co-founder Rich Miner built his unique Google Android software at CIC, where one finds a non-profit organisation known as  Venture Cafe Foundation, which provides a forum for venture capitalists to scout and help fund new talent.

Mr Gayshan discussed a number of salient points relating to the roadmap Malta needs to plan to improve its success in attracting new FDI, while as can be expected, existing pillars of the economy need to be supported by new FDI as the former may succumb to external forces in the short to medium term.

He pointed out the essential ingredients to successful attraction of new FDI to include efficacious physical and social infrastructure together with that magical network that bonds the nodes which, in Silicon Valley jargon, is referred to as the ecosystem.

One hopes that both the public and private sector will pull the same rope to increase spent on research and development so as to reach the targets set by the EU. Only thus can the island survive the pressures of competition and embrace globalisation.

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