Today, Mr. Damato gave a talk about his experience in the ICT sector and the importance of Innovation, Creativity and Skills related to industry requirements. The session emphasised on how individuals use their creative skills as a means to foster ICT innovation. During his talk he gave his suggestions to think off before starting your own business. These suggestions include:

  1. You want a healthy business that will not suffocate or die, it needs cash to grow, but firstly cash must come in
  2. What is your idea?, you will be producing products or services, how will you sell, what competition exists?
  3. What capital do you need, what set up expenses? Do I have enough money.
  4. Will I be taking a wage from this business or do I have another source of income? I need to re-invest most of the earnings in the business
  5. Do I have any income at the moment?
  6. Think of a business plan but first you need a model…

Mr. Damato also mentioned that currently the Government of Malta is supporting Innovation through MITA as soon they will open an Innovation Centre at SmartCity Malta which will act as a hub to synergise the effort of various parties aimed towards ICT-themed R&D, idea-generation, incubation and open-innovation. Also MIC will be serving as a show-case for locally developed ICT products and services.

Furthermore, the Government is simulating R&I investment through policies directed to support the specialisation areas identified in the National Research and Innovation Strategy 2020. Also support will be provided to local ICT players to increase their participation in pan-European and international R&I funding frameworks. Finally the government will cultivate a widespread entrepreneurial mind-set and launch more ICT start-ups and young high-growth ventures exploiting ICT.

Happy learning 🙂

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