Malta Ranks 4th Best Place In Europe For Innovative Startups For Second Consecutive Year
Malta has once again been recognised as a top destination for innovative startups, retaining its fourth-place ranking in Europe for the second consecutive year.
This recognition, highlighted in the 2024 Startup Nations Standard (SNS) Report by the Europe Startup Nations Alliance (ESNA), which evaluates 24 EU countries, underscores Malta’s commitment to fostering a dynamic and entrepreneur-friendly ecosystem.
The report showcases Malta’s strong performance in key areas such as talent attraction, digital transformation, and regulatory innovation—essential pillars for a thriving startup environment. Notably, Malta achieved a perfect 100% score in two critical categories:
Talent Attraction & Retention – Through strategic programmes, Malta draws top talent, particularly in the tech sector, encouraging them to relocate and establish themselves in Malta.
Digital Transformation – With all government services available online, Malta stands out in digital public administration, offering seamless interactions for startups and businesses.
Malta’s startup ecosystem has seen significant growth, with 66 projects approved under the Start-up Finance Scheme since 2020, receiving €30 million in funds. These startups, spanning sectors like FinTech, MedTech, and robotics, have created over 145 high-quality jobs.
The average wage in these startups is €45,000, double the national average, with a quarter of employees earning over €60,000, contributing more to government revenue. The highest-paying startups offer an average wage of €71,248, with significant contributions to the local economy through job creation and knowledge transfer.
Minister for the Economy, Enterprise, and Strategic Projects, Silvio Schembri, emphasised Malta’s commitment to further strengthening its startup ecosystem, “Our vision is clear – we want Malta to be the ideal destination for startups and entrepreneurs. By continuously refining our support structures and attracting international businesses, we are laying the groundwork for long-term economic growth. Malta Enterprise plays a crucial role in these efforts, ensuring that Malta remains a top contender for innovation and investment.”
This achievement is the result of sustained efforts and strategic initiatives. Key projects such as DiHubMT, by the Malta Digital Innovation Authority (MDIA), have played an essential role in supporting startups and SMEs by providing mentorship, pre-accelerator and incubator services, access to physical workspace, and cutting-edge equipment. In 2025, the introduction of a High-Performance Computer (HPC) will further enhance research capabilities, enabling businesses to conduct advanced studies locally without the need for costly overseas travel.
Additionally, the Startup Festival has been instrumental in the country’s startup ecosystem, bringing together established startups and aspiring entrepreneurs under one roof, offering networking opportunities, and serving as a platform for collaboration and growth.
Beyond these achievements, Malta has strengthened its regulatory environment by adapting legislation to support emerging industries, reinforcing its pro-business policies and forward-thinking approach.
Malta Enterprise CEO George Gregory highlighted this achievement “Maintaining our 4th place position in the 2024 SNS Report is a testament to Malta Enterprise’s ongoing efforts to create a supportive and competitive startup ecosystem. We are particularly proud of our leadership in talent attraction and digital services, and we remain committed to further strengthening our startup environment.”
Looking ahead, the Government remains committed to building on Malta Enterprise’s efforts, including support schemes of up to €1.5 million per startup, new initiatives will further strengthen the ecosystem. These include establishing a new framework for startups, incorporating a one-stop-shop for all startup-related needs, and the new incubation centre in Ħal Far’s industrial zone, to encourage more young entrepreneurs to launch their startups.
Malta’s startup ecosystem is a key pillar of Malta Vision 2050, a long-term strategic framework designed to guide the country toward a sustainable, inclusive, and prosperous future. By fostering a dynamic startup environment, Malta is laying the foundation for a resilient economy driven by technology, sustainability, and entrepreneurship. Startups will play a crucial role in this vision, creating new industries, high-value jobs, and ensuring that Malta remains at the forefront of global innovation.
While Malta maintains its strong 4th place ranking, the SNS Report highlights areas for growth, including improved access to finance, optimised stock option policies, and greater social inclusion and diversity within the startup ecosystem. Its business-friendly environment, digital-first approach, and commitment to ongoing improvements make it an attractive destination for startups looking to thrive in the European market.
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