Aspiring entrepreneurs can finally crowdfund their business ideas through ZAAR – the island’s first designated crowdfunding platform. Crowdfunding allows ideas to take flight by raising small contributions from a large group of people.
The ZAAR website seeks to address the fact that 30% of local enterprises find it difficult to access the finance they need to develop their products, according to a 2013 study by the Malta Business Bureau. Crowdfunding allows ideas to take flight by raising small contributions from a large group of people.
“Our platform is designed to address a particular niche for causes that strike a chord within our local community and which perhaps would not necessarily pitch well internationally,” said Chairman George Vella.
Since its introduction, ZAAR has attracted a number of projects with Pet Cabin being the first fully-funded campaign to reach its goal of €13,000 within days of its launch.
ZAAR is a project spearheaded by the Foundation for the Promotion of Entrepreneurial Initiatives, which was set up jointly by the Malta Business Bureau and the University of Malta. This initiative is also supported by the Ministry for Economy, Investment & Small Business and the Arts Council Malta.