News
News
Digital innovation such as Artificial Intelligence (AI), Internet of Things (IoT), Big Data, cloud computing and blockchain is giving rise to new possibilities at a rapid pace, further sustaining today’s digital-first economy.
Businesses are set to undergo a transformation incorporating digital solutions and automated processes, resulting in a competitive advantage, an increase in productivity, cost reduction, minimisation of human errors and global connectivity.
Digital Transformation is fostering a culture of innovation throughout the ecosystem. This is not limited only to businesses, but is available also to professionals such as accountants, who need to adapt to the fast-paced digital environment and stand to profit from the use of the most appropriate digitally innovative tools.
The establishment of the Malta Digital Innovation Authority’s (MDIA’s) DiHubMT has been driven by the acknowledgement of the benefits brought about by digital transformation, as well as the challenges to navigate through the vast options and keep up with the pace of innovation. DiHubMT is recognised by the European Commission as Malta’s European Digital Innovation Hub (EDIH). EDIHs are part of a broader European Union initiative to support digital transformation across Europe, with the overall objective to accelerate the adoption of emerging technologies while also ensuring that European businesses remain competitive on a global scale.
Built upon this objective, DiHubMT is a one-stop-shop that enables companies to respond to digital challenges and become more competitive by integrating digital technologies into their operations. However, while some companies have adopted digital innovation, meaning that they can benefit from the deployment of digitally innovative tools, others, including small enterprises, are driving digital innovation through their research and development of new digital solutions.
Navigating the complex landscape of digital transformation and the resulting technical, financial and regulatory compliance considerations poses significant challenges for both these adopters and drivers of digital innovation. Thus, the catalogue of services offered at DiHubMT is tailored to the needs of both.
To successfully speed up the digital transformation of the local ecosystem, the financial investment required must be acknowledged. In fact, one of the services offered at MDIA’s DiHubMT is the provision of Business Development and Funding Support to small and medium enterprises (SMEs), startups and even new entrants who are still exploring the possibility of launching their own startup. DiHubMT assists entities in identifying and applying for relevant grants and funding opportunities, collaborating with other public bodies as necessary.
Start-ups and SMEs developing digitally innovative solutions tend to need assistance and guidance in relation to business aspects, such as the development of a business plan, financial management, Intellectual Property and legal and regulatory compliance. Therefore, DiHubMT is also seeking to bridge the gap between innovative, tech-driven start-ups and SMEs and financial professionals such as accountants who can guide start-ups and SMEs towards sustainable growth. DiHubMT plans to launch a new scheme whereby professionals can offer their expertise in business consultancy to start-ups and SMEs for a number of predefined hours.
DiHubMT shall also be launching an equity-free accelerator programme, which will grant successful applicants an initial sum to support their ventures. The programme will cover key elements essential for start-up success, including value proposition and market definition, to ensure start-ups can clearly define their unique offerings and target markets.
It will also focus on go-to-market strategies to help start-ups define how they will enter the market and sell their products, addressing product launch, pricing and sales channels. Technological aspects such as technology integration and product development will also be addressed to help start-ups build scalable products. Workshops on finance, funding options, business registration and Intellectual Property will guide start-ups through budgeting, financial elements and legal compliance, to secure a sustainable future. The accelerator will also support start-ups with developing the skills necessary to deliver impactful pitches. The programme culminates in a pitch competition, where the best-performing start-up wins a final award.
The rapid pace of digital innovation can be overwhelming, with businesses facing a multitude of options, especially considering the various technical options businesses available. Without a clear understanding of what is possible and a digital strategy, navigating these challenges can be daunting.
DiHubMT helps address this pain point in two ways. First, it leverages the use of the Digital Maturity Assessment (DMA) developed by the European Commission and made available solely to the EDIHs. The DMA is designed to help businesses evaluate their digital transformation readiness. The tool assesses various aspects of a company’s digital capabilities, including digital business strategy, digital readiness, human-centric digitalisation, data governance, AI and green digitalisation. By identifying strengths and areas for improvement, the DMA tool provides companies with insights to better integrate digital technologies into their operations, improving productivity and competitiveness. The result can be used by the start-up or SME as an initial step towards developing its digital strategy, highlighting key priority areas. DiHubMT recommends that financial professionals encourage their clients to undertake this complimentary DMA.
Second, DiHubMT supports the organisation of workshops that demonstrate how emerging technologies may be leveraged effectively, providing practical insights and guidance on implementation. These sessions aim to highlight what different technological developments can mean to businesses and how they can improve their operations.
Upskilling and reskilling Malta’s workforce, especially in areas such as AI, virtual environments, and cybersecurity, is essential to remain competitive in today’s rapidly evolving digital economy. These technologies are driving transformation across industries, creating both opportunities and challenges.
DiHubMT shall be organising a series of short-term training courses to support the reskilling and upskilling of the Maltese workforce. Businesses are encouraged to benefit from these training courses to ensure that their employees can adapt to new tools, secure digital environments, and leverage AI for innovation. This will not only boost individual employability, but also enhance organisational resilience and growth, making businesses more agile in the face of technological disruption.
Financial professionals such as accountants are invited to join DiHubMT’s community (https://dihubmt.eu/community/) to benefit from the assistance that DiHubMT offers to all professionals, ensuring they can keep up with the speed of digital innovation. It also helps drive forward DiHubMT’s objective to support the uptake and development of new digital solutions by local start-ups in a financially sustainable manner.
DiHubMT is a project funded by the European Union. Views and opinions expressed are, however, those of the author(s) only and do not necessarily reflect those of the European Union or the European Commission. Neither the European Union nor the granting Authority may be held responsible.
Author: Dr Jean-Marie Mifsud – Chief Innovative Technology Officer