The Malta Council for Science and Technology (MCST) has launched a commercialisation programme, the first of its kind.
The idea behind it is to take technologies that have already been designed and developed with MCST funds and grant participants access to specialist advice that will help them prepare a viable business plan for their technology to attract capital investment.
Engineer Joseph Sammut, director of Euromed ITI, said that such new technologies need to be transposed to the market through a commercialisation process. This project aims to do just that and will simultaneously serve as a form of market research study.
The focus of the commercialisation programme will be centred on four priority areas:
• Technologies that deal with the environment and energy resources
• Information and communications technology
• Technologies related to value-added manufacturing and services
• Health and biotechnology
Companies seeking funding for their commercialisation efforts can apply for anywhere between €25,000 and €75,000. Members of the public and private sectors as well as non-governmental organisations (NGOs) are all eligible for funding and are welcome to apply.
Project duration should be between one and two years for preparation of the whole commercialisation package.
Costs that will be covered by the funding being offered include those associated with technical personnel, project management and travel, among others. Equipment costs will not be covered and are classified as ineligible direct costs within the framework of this programme.
Jeffrey Pullicino Orlando, chairman of the MCST, said that since 2004, the MCST has funded 45 research and innovation (R&I) projects with a contributed government fund of over €4 million.
He explained that the “investigation will result in a package that an investor can understand, and if conditions are right, the investor can help finance the technologies down the commercialisation route.”
He added that “it is important that our society understand the benefits of commercialising local technologies.”
To register, participants must first submit a written proposal. Candidates for funding will be shortlisted, and funding will then be disbursed to those chosen to participate.
Local News — 21 March 2012 — 11:45CEST