THE NEW KID ON THE BLOCK
In this 'new normal' COVID-19 tech world, how has Tech.mt coped during the pandemic? Dayna Camilleri Clarke finds out.
In the wake of the pandemic, Tech.mt quickly realised the need to support companies and revised its strategy as an entity to help them transition to the digital world. If there were ever a strong need for the entity, it's precisely now. COVID-19 has undoubtedly put many entities in a difficult position, and it has strained many businesses in terms of consumer and investor demand. But it has also encouraged change, and, fortunately, Malta can boast of resilient infrastructure and solid management styles within the tech sector and beyond. Considering its wide array of responsibilities and the multiple projects it coordinates, Tech.mt has genuinely covered all facets of society. From stimulating businesses to go digital and pushing for more women in digital job-related employment to bridging the digital divide and ensuring children are safe online, Tech.mt has managed to stay fully abreast of the pandemic. This has enabled Tech.mt to embark on an aggressive campaign helping companies move online, with the guidance given on how to create online stores, as well as revamp operations to incorporate digital processes in deliveries, logistics and management systems.
What exactly has Tech.mt been doing?
• Tech.mt have successfully signposted several businesses in the right direction when it comes to grants and incentives to be able to take their business online / digitalise their processes.
• They have assisted firms in optimising their outlook so that they can attract a wider variety of consumers, including those abroad. In this way, they have immediately embarked on putting Malta on the digital map for new technology.
• Tech.mt have also proactively engaged in generating a new era of enhanced collaboration and shared agendas on both a local and international platform.
• Tech.mt has firmly pledged its commitment to ensuring that those left behind continue to receive opportunities to be able to cope with the digital transformation COVID-19 has brought to bear. This can be seen through several initiatives which are in the pipeline, targeting various segments of society such as the elderly, vulnerable girls and young women, lower-income families, and local businesses.
• Tech.mt also believes in limiting the divergence between tech-savvy companies and small businesses which struggle to cope with offering their services online. To this end, Tech.mt has proactively encouraged firms from all sectors of the economy to adopt the process of digitisation by organising informative webinars and providing advice and support to all businesses.
• While many conferences and large gatherings have been cancelled due to COVID-19, nurturing local growth and attracting FDI remained top of the list for Tech.mt through regular participation in online seminars, summits and webinars. This allowed local tech companies to showcase their work and provide them with a platform to celebrate their successes.
What's next for Tech.mt?
Tech.mt is the official face of Malta's digital efforts and the much-needed guide and mentor to help founders, innovators, technologists and investors land on solid ground within the Maltese ecosystem. They remain committed to ensuring that technology is used as a tool to empower digital innovation and establish Malta as a European model for the deployment and promotion of emerging technologies.
Tech.mt pledge to drive technology transformations in the most resilient, inclusive, and effective manner possible, the entity strongly believes that through digital skill building, there is enormous potential in boosting the contribution digitally skilled workers can contribute to Malta's economy.
Another core pillar for Tech.mt is limiting the divergence between tech-savvy businesses and small businesses which struggle to cope with offering their services online. Tech.mt will continue to assist companies from all sectors of the economy to adopt the process of digitisation. Looking at Malta's key players behind its shift towards a digital economy, there is a clear opportunity for enhanced collaboration in which various elements may be addressed. Tech.mt strives to give significant impetus to convergence and cooperation.
There's no doubt Malta's tech sector displayed strong resilience during 2020 both in infrastructure and in gross value-added terms. It is one of the three industries locally that has still experienced growth during this turbulent year, given that investment in innovation and R&D did not halt during the pandemic. Undoubtedly, there is hope and expectation that 2021 will be a rebound year. The shift to digital transformation will continue in earnest.
"Malta's tech sector displayed strong resilience during 2020 both in infrastructure and in gross value-added terms"
Change in behaviours such as remote working herald the importance of having digitally connected societies that will stimulate the demand for tech-powered economies. Although the sector did not sit on its laurels, Malta has further untapped potential which can be attained through further collaboration with stakeholders and the push for diversification of our other economic pillars. This, together with the launch of the National Digital Strategy and the various financial support measures rolled out, will allow Malta to rebound at an accelerated pace.
COVID-19 has accelerated our transition into the future; the digital economy is going to be the most significant opportunity ahead of us. We need to strengthen our ecosystem whilst preparing for future technologies such as virtual reality. The future is here, and it is in our power to start welcoming it today. Tech.mt will be bringing together all the stakeholders to ensure that Malta can reach its full potential on the global virtual reality and augmented reality scene.
Investment opportunities are shifting, and businesses can no longer rely on just the traditional banks to supply the liquidity necessary for change. At Tech.mt, we recognise that it is essential to broaden the range of financing instruments available to SMEs and entrepreneurs, to enable them to continue to play their role in investment, growth, innovation and employment. Tech.mt will strive to broaden the understanding of the full range of alternative funding instruments such as virtual asset listings and venture capital and to encourage discussion among stakeholders about new approaches and innovative policies for financing.
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