Almost two in every three startups within the technology sector in Malta immediately target the large innovation markets such as the US and the UK. At 62%, this rate is the 6th highest in the world and puts Malta among the global leaders in terms of market reach, the Global Startup Ecosystem Report 2017 published by Startup Genome has shown.
The report explores and contrasts the performance of 45 leading startup ecosystems, identifying those ecosystems in which an early-stage startup in the technology sector has the best chance of building a global success based on five key factors, namely Performance, Funding, Market Reach, Talent, and Startup Experience.
According to the report, 71% of companies in Malta have foreign clients, well above the global average which stands at 23%.
The country also excels at hosting a cosmopolitan community, having the 4th highest percentage of companies founded by foreign nationals. At 39%, this is only marginally less than Silicon Valley, Berlin and London.
Malta also scored well in terms of talent, with a good availability of experienced software engineers and experienced growth employees. In particular, the report highlights the fact that startups in Malta have the 6th highest percentage (73%, compared to a global average of 60%) of employees in their growth team that previously had at least two years of startup experience, pointing out that leveraging such experience is critical to guide startups from early-stage activity towards scaling up.
Additionally, 30% of startups count at least one founder with experience in a hypergrowth startup or unicorn, a high proportion that is 7% above the global average.
The report also notes that the primary reason startups move to Malta is due to better regulation and policies — the only startup ecosystem where that was the primary reason.