Defining the 21st-century entrepreneur

Entrepreneurs see opportunity amid disruption. They champion agility and can navigate through the many challenges to come. Today, entrepreneurs are making a difference and inspiring us all as we go through unexpected and difficult times.

They exist the world over, but you might be astonished to discover the impressive amount our small island has produced and the almost immeasurable impact they have had. Moreover, being an entrepreneur is challenging enough as it is, adding Malta’s limited market size does not make things any easier. Nevertheless, the rise of the digital economy has brought the world’s markets to our doorstep and truly driven entrepreneurs always find a way.

Many local entrepreneurial stories are yet to be uncovered, shared and even celebrated on a national level. EY launched the EY Malta Entrepreneur of the Year awards in 2017 – the only local award with a truly global dimension, which sees the winner travel to Monaco to compete with over 50 entrepreneurial powerhouses from all over the world, as they compete for the title of the EY World Entrepreneur of the Year.

The event is a spectacular affair, but its culmination is not the only reason we set up the award. It was launched to promote entrepreneurship across the Maltese islands and to empower entrepreneurs to grow their businesses both locally and around the world. They get the chance to meet inspiring game-changers who are disrupting industries, discover how they are leading in uncertain times and develop innovative ideas to expand their business.

Their journeys may be immeasurably different, but entrepreneurs have one thing in common: they don’t get distracted by short-term pressures. Instead, they have a long-term strategic vision and then they follow through.

Take last year’s winner Mark Bajada as an example. With the well-established brand starting in 1989 and beginning the sustainable revolution in Malta, Bajada Investments Limited has grown into a leading sustainable energy supplier for both domestic and commercial sectors. Recently diversifying into elderly care, technology, engineering and hospitality, the company’s positive effects are only set to grow.

Previous winners are all renowned for their impact on the Maltese business world, including Alfred Pisani of Corinthia Group in 2017, Angelo Xuereb of AX Holdings Ltd in 2018, David Darmanin of Hotjar in 2019 and Nazzareno Vassallo of Vassallo group in 2020.

The award programme is open for ambitious young entrepreneurs too. The EY Rising Star Award will be presented to a contender running a high-growth business that is generating excitement in the market. Previous winners include John Winfield of Dr Juice, David Vella of Altaro Software, Shane Hunter of AquaBioTech Group, Ben Remfrey of Praedium Consulting Malta Ltd and Krystle Penza of Mvintage.

The best entrepreneurs are long-term thinkers, so it’s no surprise they are helping lead us into the future. In a world of short-term pressures, 24-hour news cycles, uncertain geopolitics and disruptive technology, entrepreneurs offer important lessons for us all.

But they also deserve to be recognised for their hard work, struggles and incredible achievements. Who knows? Maybe, their stories will inspire the next generation of talented Maltese entrepreneurs that will help strengthen the economic future for us all.

The nominations for the EY Entrepreneur of the Year award are now open and the award will be judged by an independent panel made up of key figures from the business community. The awards are supported by the Malta Chamber of Commerce, Enterprise and Industry.

For more information and to submit a nomination visit https://www.ey.com/en_mt/ey-entrepreneur-of-the-year-malta-2023.

Kevin Mallia is EY Malta’s Consulting Lead and Partner.