Already for the second year in a row Takeoff business incubator together with the Centre for Entrepreneurship and Business Incubation (CEBI) at the University of Malta and the Ministry for the Economy, Industry and Small Business (MEIB) run a seed fund award contest (TOFSA) for start-ups and innovators in Malta.
TOSFA total fund amounts in EUR 100 000 and it’s usually divided between several winners. The fund is aimed to help entrepreneurs to bridge the gap between idea and market ready product/service. One can apply for the funding to cover proof of concept or/and prototyping expenses.
Take a look on a promo video for the Takeoff Seed Fund award:
Last year (2014) 9 companies in Malta have received seed funding from TOSFA :
DiscountIF (€18,000), Inbound Muse (€18,000), MightyBox Games (€10,000), Sanctuary (€6,000), eSports Unlimited (€5,000), Rib Bridge (€16,000), Ultrawideband Antenna (€14,500), WALNUT (€7,500) & HydroStorageSystem (€5,000).
Some of them managed to launch the product and reach investment ready stage within 1 year after TOFSA.