Issue link: https://maltatoday.uberflip.com/i/310131
maltatoday, SUNDAY, 11 MAY 2014 Opinion XV How much money can a newbie entrepreneur fork out? Steven Cilia is the founder and manager of www.kiribiss.com, which is a wholly Maltese owned online rentals business. He explains why he got into a new business in addition to a full-time job that he has been doing professionally for over 20 years. "I required another income source as I do not think that pensions are sustainable, at least not in their present form. After much research and trial and error, I opted to create an online directory for rental services in Malta. I decided on an online business for its convenience as I can work from home as well as for its low start-up capital." He says that creating a new marketplace online was the biggest challenge he has ever faced. "At a time when friends have started to think about early retirement, I decided to start a business. Around 90% of our business is online. The rest is networking via phone or personally meeting clients. "Most of our marketing is via Facebook and our e-newsletter. Customer feedback is via the website itself, social media and e-mail. It's a lot of work. I do this in my spare time and I now have no spare time to speak of," he jokes. Starting out on a shoestring, Steven looked around for grants and alternative sources of funding, "In order to be able to complete kiribiss. com and have enough funds to launch it, I resorted to applying for the BOV Jeremie scheme. Through this scheme, a start-up business can obtain a loan at reduced commercial interest rates and with less collateral. "This has been a pivotal aspect in sustaining my idea. How much money can a newbie entrepreneur fork out as initial capital, when the reason he starts a business is to make some money he doesn't have in the first place?" Steven says that this is absolutely the right time to start and sustain a new business. "This is being aided by the exponential growth of the capabilities of modern smartphones in accessing the web. The fact that security systems and online transactions are safer is also helping. I really do feel that the wind is behind me at the moment, blowing me along." Steven is always eager to create something from scratch, "Even in larger, more industrialised nations like the US, SMEs are still considered as the backbone of the economy. Not only because of the revenue generated, but also for the opportunities these small businesses create and the innovation they bring to the market. "All great companies started as small realities and unknown entities, but the idea they supported was the main driver for them to thrive. The EU should keep supportung SMEs as they lead to healthier competition, creativity and fulfilment not usually found elsewhere." Steven's unbridled enthusiasm is tempered by a local business culture nurtured in isolation for too long and subject to little external scrutiny, "I think that copyright protection needs to be updated, for example. It needs to meet the realities of modern marketing. Having your brand trademarked and copyrighted gives a sense of protection, especially in areas where replication of the trademark or copyrighted material is easier." Steven also has a few things on his mind with regards to the looming European elections, "I want my MEP to ensure that regulations are standardised across the borders, and that online purchasing is kept protected from online malice. I would like to believe that all MEPs will work in the interest of Malta, so who I will vote for will boil down to his/her credibility and principles." PHOTOGRAPHY BY RAY ATTARD Steven Cilia started a business in addition to his full-time career