The University of Malta and the Ministry for the Economy, Industry and Small Business fund awards give start-ups cash for step change.
The second €100,000 Takeoff Seed Fund Award will benefit eight researchers and entrepreneurs to help them take their innovative ideas to the next stage of commercialisation.
The ceremony, attended by Minister Chris Cardona, University of Malta rector Juanito Camilleri, Takeoff manager Andy Linnas and Go Beyond operations manager Jean Paul Barthet, was conducted at the Takeoff Business Incubator at the University.
The Takeoff Seed Fund Award received 49 applications and 11 shortlisted teams had to ‘pitch’ their ideas to the award programme selection committee.
In the proof of concept category, the winners were: Commercialisation of a Flight Optimisation Tool, which will allow airlines estimated savings of up to 75kg of fuel per flight; Micro-CHP, which proposes a domestic combined heat and power generating system with an efficiency greater than 85 per cent; and Fluorescent Molecular Probes for Sensing pH and pE in Living Cells.
Under the seed fund category, the winners were: Thought3D to commercialise their Magigoo product, which helps printing compounds adhere to base plates of 3D printers; Studio Fondue for their choice-based, pay-to-play adventure game The Adventures of Scottie; and Bum-a-Lift for their lift-sharing app, which is supported by Transport Malta.
Other winners were Wormiculture, to develop their sustainable and commercially viable vermicompost process, and LawSwot.com, to continue work on their student social network and talenttracking tool.
Go Beyond also presented an award for the Participant with Most Cross-Border Potential, which was won by Thought3D.
“This reward aims to emphasise that start-ups in today’s economy, regardless of location, are exposed to international markets and economies. Maltese start-ups need to realise this, thus conceiving ideas and building companies that embrace the reality that they will compete on the international playing field.