Aspiring entrepreneurs in Malta can finally crowdfund their business ideas through the island’s first crowdfunding platform ZAAR.
The website, launched today, 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.
“ZAAR is the perfect platform for people with good ideas. Besides giving you the money you need to start your business, successful crowdfunding also gives you the confidence you need to persevere and see things through, safe in the knowledge that your idea has the necessary support,” said ZAAR manager Karl Grech.
He added that crowdfunding had become highly popular abroad thanks to sites like Kickstarter, Indiegogo and GoFundMe. However, it was only now through ZAAR that local business owners have the opportunity to tap into the local crowdfunding market.
“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.
Crowdfunding allows ideas to take flight by raising small contributions from a large group of people. Budding business owners also get to retain 100% of their equity instead of selling off parts of their enterprise to larger investors. This is because people who contribute to a crowdfunding campaign receive rewards rather than shares.
ZAAR is a project spearheaded by the Foundation for the Promotion of Entrepreneurial Initiatives (FPEI), which was set up jointly by the Malta Business Bureau (MBB) and the University of Malta (UoM). This initiative is also supported by the Ministry for Economy, Investment & Small Business and the Arts Council Malta.
For more information contact Karl Grech via email email@example.com or call 23403982.