Issue link: https://maltatoday.uberflip.com/i/609762
6 TEODOR RELJIC APART from having access to in- ternational platforms such as Indi- egogo, Maltese entrepreneurs and creatives will now have yet another platform through which to pool in funds for their projects. Like other international crowd- funding platforms – such as Kick- starter, Indiegogo and GoFundMe – ZAAR will offer users the pos- sibility to ask the public for funds towards their personal project – be it of an entrepreneurial or artistic nature. But unlike these platforms, ZAAR will ask for a €250 participation fee from those opting to use its serv- ices – barring the first 10 projects that will be selected following yes- terday's launch, as well as all arts- related projects. Moreover, unlike other platforms, ZAAR will be offering the expertise of the Malta Business Bureau and the University of Malta. ZAAR also 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 giv- ing you the money you need to start your business, successful crowd- funding also gives you the confi- dence you need to preserve and see things through, safe in the knowl- edge that your idea has the neces- sary support," ZAAR manager Karl Grech said during the launch. However, asked to elaborate exact- ly what kind of edge ZAAR would have over other – readily available – crowdfunding platforms, Grech veered away from the hard, statis- tics-based business discourse that characterised most of the confer- ence up to that point, and took a more anecdotal tack. "We think that people would like having a more local equivalent to deal with," Grech told MaltaToday. "We're initiating this project with the collaboration of Grant Thorn- ton" – a corporate accounting and financial services company whose collaboration with ZAAR was de- scribed as being of a "hand-holding" capacity – "and I think local par- ticipants would appreciate hav- ing access to us directly in order to ask questions and deal with any problems they may have," Grech said, pointing out that some of the international crowdfunding plat- forms come with their own barriers – among them the fact that Kick- starter, for instance, requires the applicant to have a US or UK-based account. "But even when it comes to plat- forms that don't have this restric- tion… like Indiegogo… there's a risk that Maltese projects may get lost in the mix. We want to highlight the local aspect to ensure these projects have the best visibility." Asked about the €250 participa- tion fee, Grech justified this imposi- tion by claiming that it would help ZAAR to weed out the serious can- didates from those less ready to get fully behind their project. "We want people who are entirely committed to what they're present- ing, and we think placing this kind of clause will help us determine that…" But surely, previous crowdfunding ventures have shown that lacklustre projects get 'naturally' flushed out through the democratic nature of the whole initiative? "Possibly… guess we'll have to see how it all goes!" Grech said. ZAAR is spearheaded by the Foundation for the Promotion of Entrepreneurial Initiatives (FPEI), which was set up jointly by the Malta Business Bureau and the University of Malta. This initiative is also sup- ported by the Ministry for Economy, Investment and Small Business and the Arts Council Malta. ZAAR will also be running work- shops to help entrepreneurs make use of the platform. More informa- tion will be made available on the website – www.zaar.com.mt – and the initiative's Facebook page: www. facebook.com/zaar.com.mt maltatoday, WEDNESDAY, 2 DECEMBER 2015 News 6 Newly-launched Maltese crowdfunding platform asks for up-front participation fee ZAAR aims to empower local entrepreneurs and creatives by offering a locally-based crowdfunding platform to help them shore up more funding. But the question remains: does this initiative have a real edge over readily- available international alternatives? Zaar Manager Karl Grech launching the crowdfunding platform at St James Cavalier yesterday PHOTOGRAPHY BY RAY ATTARD CONTINUES FROM PAGE 1 Speaking on the Labour Party's television station yesterday evening, Prime Minister Joseph Muscat said the government was in constant talks with the company to ensure that the restructuring would take place with minimal impact. "We will facilitate the company's investment whilst ensuring that those workers who will be made redundant will find an alternative work of place," Muscat said, as he underlined that Malta currently recorded the lowest unemploy- ment ever. While insisting that he's "a sales- man" not only to increase employ- ment but to ensure that the coun- try can face challenges that crop up, Muscat said the company did not cease its operations because of the country's strong economy. Reacting to the news, General Workers' Union (GWU) secretary- general Josef Bugeja confirmed that the company is planning to dismiss 300 workers and said the union was in talks with the company. The union added that it had en- tered into discussions with the government in an effort to mitigate the impact on employees. On its part, the Nationalist Party expressed its concern and called on government to intervene and "save all jobs." The opposition added that at least government should ensure that laid off workers find a new job at the earliest. But the Ministry for the Econo- my reassured it was committed to finding an alternative job oppor- tunity to all those employees who through this restructuring will be adversely affected. The ministry went on "to note with pleasure" De La Rue's expan- sion of operations and the €21 mil- lion investment: "This is the result of discussions with the Govern- ment and Malta Enterprise to se- cure a €21 million investment that will ensure the sustainability of a large number of jobs in the grow- ing Identity and Security Products business." Echoing the government's posi- tivity, Labour said the accelerated economic growth will guarantee that the workers laid off by De La Rue will be absorbed within the country economy. The British company said the centre forms part of its review to optimise its manufacturing foot- print. The restructuring would see the company invest €42.5 million across the group as a whole, with associated restructuring costs of €11.4 million over the next two years. "As a result of the proposed crea- tion of the centre, and subject to consultation, the current banknote printing in Malta would be phased out. This would result in a number of redundancies and a formal con- sultation with the affected employ- ees was now underway," the com- pany said. GWU to resist redundancies Muscat sees 'no reason' to lift Schengen ban as yet MIRIAM DALLI PRIME Minister Joseph Muscat yesterday insisted he did not fore- see an immediate reversal of the Schengen suspension, pointing out that the Paris attacks had the same impact on the world that the 9/11 at- tacks had had. "It was a game changer because suddenly we had European citizens carrying a deadly terror attack," he said in a televised interview on ONE TV. Underlining the importance to temporarily suspend the Schengen regulations as a preventive meas- ure, Muscat denied the decision to retain the suspension till the end of the year was a populist one. "My wish is to lift the suspension as early as possible but we need to take preventive measures," he said, while insisting that there was no intelligence pointing to some sort of threat for Malta. Pointing out ongoing investiga- tions on a racket of fake passports being provided to Syrians, some of whom had tried to reach Malta, Muscat said "I see no reason to lift it as yet." Turning to Malta's neutrality clause, Muscat said this does not stand in the way of the global fight against terrorism. "Malta cannot be neutral when the struggle is between the civilized world and terrorism because we are always against terrorism. We can- not be neutral on such an issue," he said. However, he added, the neutrality clause plays a part in the case that something, for example, happens between Russia and Turkey. "The importance of our neutrality is that we can bring them together. And I imagine you asking how can Malta be the one to do it… why not? Being neutral means that both sides know that we side with no one. Tur- key and Russia are important EU partners and our work is to be the voice of common sense."