A pair of biometrics providers have committed to paying it forward, with a nonprofit established by Trust Stamp working with Malta Enterprise and Plug and Play Switzerland to support tech entrepreneurship in Malta, while Alcatraz AI has been selected for the Endeavor Entrepreneurs program.
Trust Stamp builds Malta’s tech ecosystem acceleration program
U.S.-based Trust Stamp, which already has a subsidiary in Malta, says it will boost innovation and entrepreneurship in the island nation, working with Malta Enterprise, Plug and Play Switzerland and its newly-established Quantum Foundation.
“Trust Stamp has established the Quantum Foundation to support the development of early-stage, leading-edge technology companies in Malta,” says Trust Stamp CEO Gareth Genner. “We believe that a strong innovation ecosystem is important not just for our own company but also for the entire economy.”
This move “reflects our commitment to innovations in data privacy and security,” Genner says. “We look forward to supporting and collaborating with other innovators in the field.”
The three organizations will establish the Malta Acceleration Program to achieve entrepreneurial goals set by Genner. The Quantum Fund, in turn, will launch Quantum Education Limited, a wholly owned subsidiary in Malta, to promote access to education and technological resources.
Trust Stamp established a Malta office in 2020 to support its “largest innovation hub with ongoing advancement of European operations.”
Its involvement with Plug and Play started in 2018 when Trust Stamp participated in the 2018 Plug and Play FinTech program, where it earned the People’s Choice Award. The company also participated in the Plug and Play Abu Dhabi Global Market Fintech program.
Alcatraz AI joins entrepreneur network
Biometric access control provider Alcatraz AI is one of six firms this year to join the Endeavor Entrepreneurs network of tech companies as part of its 25th class.
Every year, Endeavor, an international nonprofit business-accelerator, picks particularly promising small-business owners to get individual mentoring. Simona Nikolova, entrepreneur selection and growth manager at Endeavor, said her organization is ready to support Alcatraz AI’s growth.
The multi-step selection process seeks entrepreneurs who have the potential to create jobs and build large-scale wealth while investing their time and effort into local entrepreneurism.
Alcatraz AI will be supported with, among other opportunities, introductions to local and international business mentors, investors and volunteers from Fortune 500 consulting firms.
Endeavor says its entrepreneurship program has created 3.9 million jobs and a combined revenue of over $28 billion.
“We could not be more proud to join Endeavor and their impressive network of innovators,” said Vince Gaydarzhiev, president and founder of Alcatraz AI. “We look forward to expanding our mission of leveraging facial authentication to make safer spaces possible, now with the support of Endeavor.”