BUSINESS
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DESIGN
THE NEW BEGINNINGS EDITION ISSUE 71
COVER STORY
MONEYBASE: MALTA’S FIRST DIGITAL PAYMENTS APP Alan Cuschieri (14)
FIGHTING FOR TRUTH & JUSTICE Roberta Metsola (10)
A LAWMAKER IN THE MAKING
Joe Giglio (16)
TWO’S COMPANY; THIRTY’S A CROWDFUND
Karolina Rostkowska & Nicole Borg (20)
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WELCOME
Editor’s letter — We’re in the third month of the
just had Elon Musk buying Twitter – what’s
COVER
Ukraine-Russia conflict, and sadly it shows no
the reason behind that? Is it part of a larger
Alan Cuschieri
signs of abating. Every day we read about more
scheme? The latest buzzword to be bandied
Read the full story on P.14
horrific actions coming out of that region –
about is the metaverse. Theo Dix believes that
mass graves uncovered, women being used as
it’s a paradigm shift in the technological
discards of the war, and cities being bombed.
world and could change our lives just as the internet and smartphones did, as he explains
You’ll read quite a lot about this ongoing
in his article.
conflict from different angles and viewpoints in this issue. First, EU President Roberta
And when one puts Malta and technology
Metsola explains the actions of the EU briefly
together, the result is undoubtedly fintech. Of
in the context of this humanitarian crisis. At
course, Malta’s relationship and dependence
the same time, Jordan Portelli delves into
on financial services remain strong. Still, it
the economic impact of the war and the
realised that it needed to reignite the spark
repercussions that the ongoing fighting is
and add something extra to keep it alive,
likely to have (and to be fair, we are already
especially after the greylisting fiasco’s
experiencing it) on the European market and
beating. Technology seemed to fit the bill
the prices that we as consumers must bear.
as fintech is alive and kicking on the island,
Furthermore, Giorgio Saronne and Daniel
with many people trying to stake a claim on
Galea explain everything between Europe and
this innovative and exciting sector. As far
E D I T O R Anthony P. Bernard
the United States to reduce and eventually
as the merging of sectors goes, finance and
[anthony@moneymag.me]
eliminate Europe’s reliance on Russian gas.
technology make a lot of sense together – it can lead to greater efficiency, more
D E S I G N BloomCreative
It’s a sad state of affairs that Europe finds itself
transparency, and increased reliability. Still,
[bloomcreative.com.mt]
in. While regular people on the street are doing
one thinks back to the not-at-all distant past
their utmost to gather resources for displaced
and questions: Is this going to be another
Ukrainians, much more needs to be done at
Blockchain Island scenario?
the higher levels of the people who have some
P R I N T I N G Print It D I S T R I B U T I O N JD Distributors
semblance of power. Of course, we will do
One hopes not because innovation is the
what we can and gather clothing, blankets,
crux of many exciting projects and new
and uniforms; help people find jobs and
developments that allow people to be curious,
accommodation; be altruistic European people
creative and try something new. We see a vivid
MONEY is hand-delivered to businesses in Malta,
who come together to help their fellow people.
example of this through the crowdfunding
including all managers and directors of the TOP 300
But ultimately, that is just applying a plaster to
article whereby an EU project allows youth
the wound and not tackling the source, which
to dream and be their boss. Furthermore, JP
is what we need our country leaders to do.
Fabri looks at the start-up ecosystem in Malta
and rooms (where allowed), embassies and Maltese
– one that is flourishing and could provide
embassies abroad (UK, Rome, Brussels and Moscow);
companies; iGaming, yachting and boating businesses, marinas, all 5-star hotels and boutique guesthouses including their business centres, executive lounges
all government ministries and entities.
The tech world is constantly moving along
a tremendous economic and creative boost
at a rate that no one can keep up with. We’ve
– while Adrian Galea tackles the individual
For information regarding promotion and advertising:
behind the start-up – the passionate, risk-
(+356) 2134 2155 · [hello@moneymag.me]
taking entrepreneur. Some amazingly talented people in Malta have what it takes to set up a successful business, so providing them with the proper infrastructure is conducive to their growth and success and, ultimately, a triumph for
Money is published by Be Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754
FACEBOOK-SQUARE LINKEDIN · [becommunications.com]
the island. All rights reserved. Reproduction in whole or in part
Finally, a happy 20th Anniversary to you and us, our loyal readers and supporters, for helping us achieve this milestone through
is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor
your encouragement and patronage. Here’s to
and publishers cannot be held responsible for errors
many more!
or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.
06
ISSUE 71
MONEY
A new destination to elevate Malta's urban landscape.
mercury.com.mt
CONTENTS
10
20
34
Fighting for truth and justice
Two’s company; thirty’s a crowdfund
Creating entrepreneurs by deliberately seeking uncertainty
Crowdfunding can be a disruptive and powerful instrument for starting a social innovation project, collecting funds, and engaging citizens. Giselle Borg Olivier delves into an EU project that aims to help young people make their voices heard through the medium of crowdfunding.
EU President Roberta Metsola has had her plate full since her election. Giselle Borg Olivier asks her about the EU’s stance on the Ukrainian war, the EU’s green policy, and what is the EU doing for Malta.
14
26 Tonya’s serendipity
COVER STORY
16 A lawmaker in the making Widely recognised as one of the country’s top criminal lawyers, Joe Giglio entered the political arena with a landslide win in the recent elections. Speaking to Lea Hogg, he shared his views on a range of topics and the motivation to eschew the dignified environs of the law in favour of the murkier waters of politics.
08
40 The metaverse: tech’s next frontier
When Tonya Lehtinan talks to Victor Paul Borg about how she ended up in Malta, Gozo, she’s doing something that would be offbeat in a big city, let alone Gozo.
Malta’s first digital payments app, leading the way in the local fintech sector
MONEY speaks to Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase, to learn more about the new brand and platform’s offering.
What makes an entrepreneur? Adrian Galea considers the world of entrepreneurship as he seeks the root cause of what differentiates an entrepreneur from a regular worker.
30 Never say never, Jason Zammit Earlier this year, our radio waves fell silent to the bright and bubbly XFM breakfast show with Jason Zammit and Corrine Muscat. Were they on strike? Had they both quit in a dramatic showdown? Were they work victims of the pandemic? Whilst the rumour mill is still in full swing, Dayna Camilleri Clarke caught up with the popular presenter and station manager Jason Zammit to find out more.
ISSUE 71
The paradigm shifts that technological innovation brings are much more disruptive and transformative. They take place at a slower pace but, when they do, we often look back and contemplate how different our lives would be otherwise. In Theo Dix’s lifetime, two such innovation paradigms are front of mind: the mainstreaming of the internet and, later, smartphones and social media. Yet we may be on the cusp of a new one: the metaverse.
44 Start-up ecosystems: the key to the future The concept of Malta serving as a proofof-concept or beta island has long been mentioned, and JP Fabri believes that we have the right ingredients to do so.
MONEY
CONTENTS
52 Ukraine’s war economic impacts The ongoing tragic events unfolding in Ukraine, suffering solely because of the sovereignty’s right to progress, have shocked the global economy. Moreover, as Jordan Portelli points out, its repercussions might have severe prolonged implications.
54 Cutting the cord As part of an initiative referred to as REPowerEU, the principal objective of the Task Force for Energy Security is to diversify LNG supplies per climate objectives, ultimately reducing demand for natural gas. Giorgio Saronne and Daniel Galea explain.
56 Time to reevaluate your communications for Millennials and Gen Z
Giselle is a marketing professional, and independent writer and proofreader. She runs
and adding to her fridge magnet collection. R A D I O P.30
Content for Success. P O L I T I C S P.10 | C R O W D F U N D I N G P.20
Theo Dix is a senior manager leading EYParthenon, the global strategy consulting arm
There was a time when marketing was very firmly divided. If you wanted to market to consumers, you had a free reign to do anything. But the minute you tried to market to businesses, you had to be sober. Richard Muscat Azzopardi explains.
Lea produces and hosts a popular current affairs TV show. She provides multi
Mr Cool
assessment reporting for a number of
MONEY
JP is a founding partner at Seed,
international corporates.
a multi-disciplinary advisory practice.
N E W B E G I N N I N G S P.16
E C O S Y S T E M S P.44
Jordan is an economist and CIO / portfolio
with more than two million words and
manager for a local financial services
hundreds of pictures to his name, in books,
company.
magazines, and newspapers in every corner
E C O N O M Y P.52
of the world. U P C Y C L I N G P.26
Richard is the CEO of Switch — Digital & Brand, a marketing agency that forms
Dayna is a senior speech therapist by day
Summer is all about investing in the right fabrics. MONEY showcases a summer wardrobe.
M E TAV E R S E P.40
media content, analysis, forecasting and
Victor is an investigative journalist
64
of EY in Malta.
part of ICOM, the world’s largest network of
and feature writer by night. When she’s not
independent agencies.
busy fixing words, she is travelling the world
M A R K E T I N G P.56
THE NEW BEGINNINGS EDITION
09
POLITICS
FIGHTING FOR TRUTH & JUSTICE EU President Roberta Metsola has had her plate full since her election. Giselle Borg Olivier asks her about the EU’s stance on the Ukrainian war, the EU’s green policy, and what is the EU doing for Malta.
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MONEY
POLITICS
You are the first EU president to deal with a war in Europe - and only a few weeks after your election. How has this affected the more typical responsibilities associated with the role? I was prepared to assume all responsibilities of being President of the European Parliament, but of course, the outbreak of the war in Ukraine has not made it any easier. A few months ago, we thought a world pandemic was the worst thing that could happen to us, but now we are again facing the horrors of war on our continent. The scenes we had hoped would forever be confined to the pages of our history books have returned to Europe. The important thing now is to put all our efforts into helping all the people who have been affected by this brutal, senseless invasion. This means that we must continue to isolate Putin and his allies with massive sanctions, provide military equipment to Ukraine and help all those forced to flee their homes. That is the focus of all our efforts now. The task is enormous, but it
developed a bilingual EP/RADA web space to give Ukraine’s
is real and necessary.
democratic voice an online presence. Hope is what Ukraine needs to sustain. Belief in Europe. Belief in pushing back
How is the EU aiding in the humanitarian crisis that
against Putin’s massive war machine.
affects Ukraine and other Eastern European countries Where do the relations between the EU and Russia
due to the war?
stand currently? And how do you think they will evolve? Since the start of the war, over 4.3 million women, men and children have been forced to leave Ukraine, with a further
Putin and his allies continue to launch brutal and senseless
6.5 million Ukrainians being internally displaced. I am proud
military attacks on a neighbouring sovereign state, distort
that the European Union has already done so much by
all democratic principles, and disregard international
welcoming millions of Ukrainians into our countries, homes
law. This is not what the EU stands for. Now, EU member
and hearts. It has been the best of Europe on display.
states largely depend on Russian gas, but this must stop.
The European Union is committed to doing everything
We simply cannot continue funding - directly or indirectly
to help Ukraine, including granting displaced Ukrainians
- Putin’s war machine. We need to become independent
emergency protection within our Union. Moreover, the EU
through the self-sufficiency that investing in renewable
has allocated €95 million for humanitarian aid programmes
energy can bring. Therefore, we must urgently work to
to help civilians affected by the war in Ukraine. This
diversify our energy sources away from Russia. Our long-
includes €85 million for Ukraine and €8 million for Moldova,
term target must be zero gas from the Kremlin.
the latter of which is hosting hundreds of thousands of fleeing Ukrainians. The European Parliament has also given
Recently, there was the European Council Summit?
part of its premises to the Ukrainian Civil Society Hub and
What tangible outcomes will result from it? We exchanged views with the President of the United States on transatlantic cooperation in the Russian military aggression against Ukraine in security, defence, and energy. This is a global challenge that necessitates a global response. The European Union is committed to ensuring continuous and uninterrupted electricity and gas flows to Ukraine. We will continue to provide coordinated political, »
Our long-term target must be zero gas from the Kremlin. MONEY
THE NEW BEGINNINGS EDITION
11
POLITICS
Press freedom plays a crucial role (in a democracy), and neither I nor Malta will ever forget the assassination of investigative journalist Daphne Caruana Galizia. The European Parliament will always seek to protect and defend the pillars of our democracy.
financial, material and humanitarian support to Ukraine
sustainable and clean energy sources. This is important to
and its people. The EU has adopted significant sanctions
attain our climate goals but also in terms of security. The
that have a massive impact on Putin and his allies, and it
Green Deal is our main roadmap regarding green policies,
remains ready to move quickly with further coordinated
including economic sanctions for those Member States
robust sanctions.
that will not achieve the European goals set on this matter.
How is the EU implementing a green policy among
On a local level, how can the European parliament
member states? And what are the consequences
protect Maltese democracy?
for those countries that don’t reach the necessary results?
One of our Union’s great strengths is that its influence cuts across all strata of political life, from the local level to the
12
We must remember that energy is and always has been
highest world leaders, spreading democratic values to the
political in this crisis. Therefore, one of our aims is to
farthest corners of the world. Regarding democracy, press
increase the share of low carbon and renewable energy
freedom plays a crucial role, and, on this matter, neither I
in our energy mix by implementing the Fit for 55 package
nor Malta will ever forget the assassination of investigative
faster. The European Parliament has been a strong
journalist Daphne Caruana Galizia. We remember what
proponent of renewable energy objectives, increasing
she stood for, what she died exposing and reaffirm our
interconnections between the Member States, stepping
commitment to media freedom everywhere in Europe. The
up our storage capacity and reducing reliance on single
European Parliament will always seek to protect and defend
suppliers. We must move away from fossil fuels to more
the pillars of our democracy.
ISSUE 71
MONEY
YOUR HOME YOUR WAY
Get in touch | bov.com/homeloan |
@bovofficial
All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Issued by Bank of Valletta p.l.c. 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is regulated by the MFSA and licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta). | COM 2635
COVER STORY
MALTA’S FIRST DIGITAL PAYMENTS APP, LEADING THE WAY IN THE LOCAL FINTECH SECTOR MONEY speaks to Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase, to learn more about the new brand and platform’s offering.
As consumer demand for digital services continues to rise, financial
and order a physical one. At the same time, you can freeze, unfreeze or
institutions have made efforts to reduce the need for individuals to visit
cancel it whenever you want, and set up customised permissions, such
their local banking branches. However, Fintechs have emerged as the
as restricting ATM withdrawals, Internet or Swipe payments. You can
ultimate challenger, bringing innovation and disruptive technology to
also view your PIN. With Moneybase, you can send and receive money to
the table.
friends quickly and instantly at no cost, whereas customers also save when spending across the globe thanks to our competitive currency rates.
A pioneer of the local financial services industry and innovation has always been at the heart of the Group. Calamatta Cuschieri is trailblazing Malta’s fintech sector as it unveils Moneybase, the island’s
On the other hand, our investing app, previously known as CCTrader,
first neobank.
has become Moneybase Invest. It forms part of the same ecosystem and continues to provide access to 20,000 investments across 40
What is Moneybase all about?
exchanges, including top-rated stocks, ETFs, funds and bonds, and
Moneybase is Malta’s first Digital Payments App. We are focused on
investments on the Malta Stock Exchange.
making finance easier and are on a mission to redefine how you grow and manage your money. As a new robust platform for all things finance,
When did Moneybase become part of your vision?
we offer a multitude of services, including SEPA payments, instant
My vision for Moneybase started over a decade ago with CCTrader.
payments, physical and virtual cards, and access to over 20,000
I wanted to create a platform that made investing online easy and
investments all under the same ecosystem.
cost-effective whilst providing a wide choice of investments across all devices. Since then, CCTrader has won awards, becoming a market
With SEPA payments, you can send and receive payments in 34
leader and a household name. However, it eventually became clear that
countries using your Moneybase IBAN. With cards available directly
we could take this to the next level and offer an experience that would
in-app, you can create a virtual Mastercard the minute you onboard
result in something unique when combined with our existing investment offering. From a vision to becoming a reality, Moneybase results from years of development of our next-generation core banking system that we made possible thanks to a dedicated and talented team passionate about what we do. Who can make use of Moneybase’s offering? Moneybase is currently offered to individuals of any nationality over 18, and primarily our service is offered to EU residents. You can download the app from Google Play for Android and the App Store for IOS. You can generally open a Moneybase account in just a few minutes. Doing so is free of charge, while the onboarding process is simple, easy and fast, allowing new customers to get up and running in just a few minutes.
14
ISSUE 71
MONEY
COVER STORY
At the very core of our values lies our strong belief that managing your finances should be simple, easy and straightforward. With this in mind, Moneybase was born.
Is there a fee to use Moneybase?
to our clients’ finances. Moneybase is also community-driven, and
Moneybase is free to use with no monthly fee. Currently, users get
everyone is invited to be part of the journey. Our public roadmap
free deposits, complimentary transfers to their bank accounts, free
is available for everyone to see and contribute. People are
instant person to person payments, a free virtual card, free investment
suggesting features, expressing their ideas, and shaping the next-
research and great FX rates.
generation financial platform. Our clients have been responsive and supportive via our ever-growing Facebook community and
In the not-so-distant future, we aim to offer three different plans, each
Trello page.
with its unique perks. Once launched, users will be able to pick the plan that suits their needs and upgrade instantly with a just few taps
Moneybase is a proprietary system that gives us tremendous
on their phone.
flexibility in what we can do. Although the most challenging part was building the system and integrating the Swift Payments and
How is Moneybase different from other offerings out there?
card components, we now have a solid foundation to scale and
One of the unique things about Moneybase is that whilst we provide a
build new features faster. In the shorter term, we will be adding new
100% digital experience, we also offer ISO certified phone support seven
features such as person to person payments, new advantageous
days a week. We are the only Digital Payments App internationally to
plans and facilities for businesses to accept payments more
offer an ISO9001 customer service combined with a one-stop shop for
efficiently. Our ambitions for Moneybase are pan-European. We
payments and over 20,000 investment opportunities.
are also interested in the areas of open banking and also providing some forms of credit facilities.
Our customers also benefit from the best security features available today, including encryption and 3DS2, which provides a seamless and
Finally, as we grow, we continue to look for talented people who
easy way to approve payments in-app when shopping online by sending
have the passion and drive to challenge the status quo and make
a push notification to the mobile app.
money simple.
Where do you see Moneybase heading into the future?
We invite you to join the ever-growing community at
We are constantly pushing forward to develop ingenious solutions
www.moneybase.com. Together, we can make money simple.
MONEY
THE NEW BEGINNINGS EDITION
15
NEW BEGINNINGS
16
ISSUE 71
MONEY
NEW BEGINNINGS
A LAWMAKER IN THE MAKING
Widely recognised as one of the country’s top criminal lawyers, Joe Giglio entered the political arena with a landslide win in the recent elections. Speaking to Lea Hogg, he shared his views on a range of topics and the motivation to eschew the dignified environs of the law in favour of the murkier waters of politics.
Joe Giglio is vociferous when condemning the government’s failure to address rampant political corruption, myopia, and self-interest, contributing to Malta’s greylisting. In addition, he criticises government incompetence, arrogance, a sense of entitlement and the cronyism that led to weakened institutions resulting from crucial appointments based on allegiance rather than merit. Giglio’s legal credentials, professionalism, work ethic and integrity are undisputed. With three decades of experience ensuring the law is upheld and cases dealt with in a fair and non-discriminatory manner, he believes his political involvement will bring about positive change. Still, will these attributes serve him well in a realm where trade-offs and compromise are like currency? “As a criminal law specialist, you always must remain clinical, whatever the case,” says Dr Giglio. He contends that remaining dispassionate and objective will enable him to promote his Party’s agenda. Over the past year, he contributed to creating a far-reaching Nationalist Party programme that encompasses “every aspect of society, economy, environment, and institutions” and promises an “alternative Malta, resilient, united and forward-looking”. “We have testing problems that must be addressed, from the environment and urban sprawl to the general neglect of public services. The government has constantly been firefighting one scandal after another. Thus, Malta’s reputation has been tarnished internationally by a government mired in corruption.” Correcting the malaise starts, Joe Giglio believes with responsible leadership that can be trusted to make decisions in the public’s interest and not those “of a chosen few”. »
MONEY
THE NEW BEGINNINGS EDITION
17
NEW BEGINNINGS
Buoyed by his resounding election victory, Giglio’s mission
avoid it. He is an ardent Juventus and Sliema Wanderers
is to provide his constituents, and the people of Malta with
supporter and enjoys spending quality time with family
good governance focused on creating the right policies and
and holidaying at his favourite destinations in Italy and
environment in which society and the economy can thrive.
beyond. Giglio acknowledges that his downtime and privacy
In addition, he aims to build resilience and future proof
will be severely affected. He will be subjected to greater
the economy by developing the infrastructure and skills
scrutiny, accepting that it is one of the most challenging
needed to negotiate green and digital transformation.
considerations when entering politics.
A man with a deep sense of family, Giglio expresses his
Giglio is free from personal or family business interests.
personal views on the contentious issue of abortion,
With an impeccable ethics record, he invites the spotlight
asserting that he is “pro-life” and arguing that “we should
as it serves his objective of effecting meaningful and
enhance the availability of the M-A-P and provide free
sustainable change for good. Despite such towering
contraception.” He believes a more realistic sex-education
ambitions, Joe Giglio vigorously denies his aspirations to
policy is needed, “advocating abstention is not in sync with
take on a leadership role. Instead, he has repeatedly stated
modern-day realities”.
that the Party can and ought to bring about the muchneeded changes without another leadership campaign. He
His views on the environment are no less unambiguous.
intends to drive those changes by creating new economic
Dismayed at the ravaging of Malta’s built and natural
sectors working with the private sector to consolidate
The Party can and ought to bring about the much-needed changes without another leadership campaign.
environment, he wants urgent action taken to redress the
strengths and tap into new opportunities. Simultaneously
damage done to a country he can now barely recognise.
he plans to address policy and system anomalies within
Similarly, concerning Malta’s cultural heritage, he intends
existing sectors. In terms of a manifesto, he spurns
to ensure that the government, stakeholders, and society
ideologies, deeming them irrelevant. Instead, he argues
works harder to reclaim and preserve it.
that “there should be one clear direction - how can we improve people’s lives?”
Malta has been a significant recipient of EU funding, but some argue that the enforcement of EU law has been
So, what else can we expect from Dr Giglio MP? Given his
too great a price to pay. Dr Giglio’s views are that joining
pedigree, we can anticipate a laser focus on controversial
the EU has advantages and disadvantages. However, he
legal incongruities. Malta and Bulgaria are the last
contends that the pros outweigh the cons believing that
remaining countries in the EU that sell citizenship in
while “EU law may seem too pedantic and cumbersome,
return for cash. While the government has suspended its
implementing EU directives and transposing them into our
cash-for-passports scheme for Russians, they remain
legislation is beneficial in the long run.”
the primary purchasers of Maltese citizenship. Perhaps his legal expertise will determine whether operating an
18
Renowned for taking on a heavy caseload and
investor citizenship scheme violates EU law. The inevitable
responsibilities, we can expect no less when Giglio enters
legal wrangling surrounding the possible imposition of EU
the political fray. He accepts that it is inevitable that it
sanctions on Russians and their businesses domiciled in
will impact his family life, no matter how much he tries to
Malta will be possibly more problematic.
ISSUE 71
MONEY
CROWDFUNDING
TWO’S COMPANY; THIRTY’S A CROWDFUND Crowdfunding can be a disruptive and powerful instrument for starting a social innovation project, collecting funds, and engaging citizens. Giselle Borg Olivier delves into an EU project that aims to help young people make their voices heard through the medium of crowdfunding.
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ISSUE 71
MONEY
CROWDFUNDING
Erasmus+ is an EU programme for education, training, youth and sport – it is synonymous with student life and embodies the essence of opportunity. You probably know someone (or yourself!) who has participated in an international exchange programme for a semester during their university days; however, Erasmus+ programmes aren’t limited solely to students, as the scope of this setup provides opportunities to various cohorts. A currently-running Erasmus+ EU Project called InCrowd (Inclusion through Crowdfunding) by the Foundation for the Promotion of Entrepreneurial Initiatives (FPEI) is giving young people between the ages of 18 and 30 the chance to get their ideas off the ground through a new and innovative form of self-expression and economic determination: crowdfunding. Participants receive training on crowdfunding and entrepreneurship at a local level. They network and enhance their learning at an international crowdfunding academy and run their crowdfunding campaign locally to raise capital to launch their idea. Through InCrowd, four applicants will be taking a fully-funded trip to an international crowdfunding academy in Brussels, Belgium, from 13-15 May, for workshops alongside other young entrepreneurs from Belgium, Italy and Croatia. Their projects will launch on Zaar, Malta’s only rewardbased crowdfunding platform, receiving expert support and external resources to build their campaign. Two entrepreneurial women took up the challenge to benefit from
Karolina Rostkowska (by Justine Ellul)
this fantastic opportunity to learn from experts at the crowdfunding academy, network with like-minded people from other countries, and support women and children, and members of the LGBTIQ+ community
turn their idea into reality.
to feel safer in Malta’s streets. Nicole Borg, a former journalist and activist with various local VOs and NGOs, launched Sikura, a line of devices for women in Malta to use in
Nicole’s passion for activism was a significant motivating factor in
abusive or life-threatening moments of crisis.
the success of her campaign, and her involvement in the InCrowd project will allow her to showcase her efforts to a broader audience and
As she explains in her crowdfunding campaign, the project followed yet
potentially gain more traction for her project.
another assassination of an innocent woman in Malta’s streets. Another entrepreneur who discovered the excitement and thrill tied to “The killing of Paulina Dembska, and shortly after that of Rita Ellul,
a crowdfunding campaign is Karolina Rostkowska, a Polish-born but
has seen an uproar in Malta with many people demanding action to be
Malta-based creative who set up her artisanal shop il-Lokal in Valletta,
taken and insisting things should change. I wanted to say something
providing an outlet for other creatives to distribute their art.
too; however, from my experience working with several NGOs on several relevant causes, I found that change doesn’t come from saying that it
Karolina realised that, due to its popularity, il-Lokal was outgrowing its
should happen. Change starts with those people who stand up and do
location, and she sought a new place, always within the capital city, that
something about it and through the support of those who believe in
could house her growing enterprise. She found the ideal location, but
what they do. No person is too small to make the world a better place or
the space needed some work to make it accessible and required some
at least their immediate surroundings. So that is why I decided to start
renovations, so Karolina sought help from the public.
working on a project that would help women feel safer in the street until we take the proper time to educate society, including our men, that
“For us, moving to the larger space feels like a dream, but it comes
killing or harming women just because they are women is not ok.”
with a reality check: we cannot open a new creative hub in the heart of Valletta without help,” she said.
The Sikura project aims to create a line of trendy and subtle devices for women that find themselves in an abusive or life-threatening crisis. The
“Our mission is to elevate and promote the work of amazing designers,
brand will aim to offer as many devices and services as possible that
artists and makers whose talent and passion make Malta a happier »
MONEY
THE NEW BEGINNINGS EDITION
21
CROWDFUNDING
Change starts with those people who stand up and do something about it and through the support of those who believe in what they do.
Nicole Borg
and more colourful place. Through the Zaar campaign, we can support the local creative community with the help of the Maltese public to provide a comfortable space to meet, exchange ideas and share skills with others. As a result, we will not be just a gift shop anymore – we will finally have the space to host creative workshops, book launches, talks, and many other exciting activities!” Through a very artistic and heavily-promoted campaign, she successfully raised the funds required to start the renovations, and her dream project is now a reality. The InCrowd experience helped Karolina fully appreciate the ability of a crowdfunding campaign, and she is looking forward to meeting other
knowledge and advice to help project owners reach their funding goals
like-minded people at the academy to share experiences and learning
and engage support from the Maltese and international markets.
outcomes. InCrowd will be opening a second call for participants to embark on “It was a fantastic learning experience, too, and I will be recommending
this educational and engaging experience in mid-2022. Applicants
crowdfunding to all my collaborators as I think it can work especially
will attend a training programme, and four successful candidates
well with art and craft projects,” she said.
will be chosen to attend a crowdfunding academy in Padova, Italy, in November.
Having introduced crowdfunding to Malta through Zaar, the FPEI makes accessing funding to start and scale-up easier for local entrepreneurs.
Established by the Malta Business Bureau (MBB) and the University of
Crowdfunding offers an alternative means of financing projects from
Malta, the FPEI aims to promote all forms of entrepreneurship in Malta
different backgrounds with donations from their target audience,
through collaborating with local and international partners to create
or ‘crowd’. Campaigns launched on Zaar also benefit from specialist
initiatives and provide the tools to succeed.
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PROMO
A hospitable approach to business Robert Debono, CEO at db Group, speaks to MONEY on how the business kickstarted the different sectors of operations and the Group’s hospitality franchises, including a recently opened boutique hotel.
Your father, Silvio, started the business
Your appointment as Group CEO was not
new positions. In terms of new initiatives,
from nothing. Tell us a bit about the birth of
just a run of the mill succession planning
we are already well on the way to expanding
the db Group.
exercise. Your three siblings also took on
abroad.
critical roles in the Group. Under its wing, the Group now has some
From a humble background, my father started working at 14, collecting glass bottles from
Our parents always left us free to choose our
of the best known global hospitality
Ghadira Bay. He then became a bartender and,
life paths. But as luck would have it, each
franchises. Can you walk me through the
aged 18, started his first business - taking over
found one which converged with the others
business strategy here?
that same bar. His next venture was a small
at the right time and the right place. I studied
guesthouse, and he has not looked back since.
business management and became the CEO.
We strive for excellence in everything we offer,
My father has a knack for anticipating where
David is a lawyer, the Group’s chief legal officer,
from the moderately priced services to the
the market is heading. So, when he introduced
and oversees the HR Department. Alan studied
more upmarket ones. We have already proved
the all-inclusive hotel concept to Malta, few
accountancy and is the chief procurement
our mettle by making a success of global
believed it would work. Not only was he proven
and accounting officer, and Victoria went for
brands like Hard Rock Café and Starbucks. In
right, but the success he made found few local
marketing and is now the brands’ manager.
parallel, we are also striving to create equally
competitors. It was a masterclass: creating
So, our parents created the Group’s next-
high-end brands. The all-inclusive db hotel
something new is only half the story. Staying
generation, literally. Also, as luck would have
and resorts chain, for instance, is recognised
at the top of the game is the other half.
it, the succession was perfectly in line with our
as one of the best in Europe by multiple
father’s vision. So, naturally, we transitioned
global client review sites like Trip Advisor and
Hospitality remains the beating heart of
to our respective posts prudently, giving
tour operators. Likewise, our contemporary
the db Group. Yet you have branched out to
ourselves enough time to learn the ropes.
Japanese restaurant, Aki, strives to be one of the best in Malta and beyond.
other, even unrelated, sectors. So, what’s the thought here? We primarily branched out to contract catering
Should we expect any changes in the Group’s direction following this
Going somewhat granular, the Group is
succession?
expanding the range of its restaurants and cuisines at a faster rate than before. Which
for airlines, homes and other public and
market trends are you responding to?
private institutions, property development
We strongly believe that our people at all levels
and healthcare services. Not placing all the
make the Group what it is with their drive,
eggs in one basket is fundamental to a prudent
creativity, and team spirit. But, crucially, they
We closely monitor evolving palates, cuisines
business expansion. The choice paid off,
treat the company as their own, and we are
and niche tastes worldwide to identify real-
notably as it coincided with the onset of the
constantly on the lookout for such men and
time trends. Today, diners are constantly
pandemic. When tourism went belly up, we
women as the Group expands. We are also
seeking novel ideas and new cross-cultural
could cushion the blow through our operations
redefining our corporate structure to make it
combinations. Japanese cuisine, for instance,
in other sectors, particularly healthcare which
more agile and sturdy to sustain this growth.
is still robust, but a lot of experimentation with
came into its own during the pandemic.
Concretely, this is leading to the opening of
unrelated flavours is also on the move. This
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PROMO
passionate search for the new has led us, for
the post-pandemic future of tourism and
instance, to open a South American-themed
hospitality in Malta?
that captures your Group’s raison d’etre? I don’t think I can put it better than our mission
restaurant at the end of April. The bottom line is that today travel is an
statement.
Recently, you inaugurated Melior, an 18-
integral part of people’s lives more than
room boutique hotel on Republic Street,
ever, and post-pandemic, most will seek
There is…
Valletta. Quite a difference from your
it even more. We have already witnessed
One word which captures the essence of
much larger operations in this sector.
this. Whenever restrictions were reduced,
success in our business. One word which
What’s the logic?
bookings flooded in. The future for us? So far,
always reminds us of how we got here. One
2022 will be very close to 2019, which was the
word which has guided us for three decades.
best one ever.
One word which inspires all our new
This project started with an idea and ended up
ventures. One word which distinguishes us
as a different yet better one. Initially, we were looking for a site to house the first Starbucks
I understand that you are also bolstering
from others. One word which explains our
Reserve outlet in Malta. So, we opted for
your Corporate Social Responsibility.
staying power. One word which defines who we are. One word which is our future.
Valletta and made a beeline to Republic Street. We found a relatively large house with a ground
We have had a solid and diversified CSR
floor that fit the bill. But what were we to
programme for some time now. Now we are
do with the top floors? And thus, the Melior
taking it a notch higher. For instance, through
Boutique Hotel was born, with walls that pay
Starbucks Global, we will be allocating funds to
tribute to Maltese art.
local NGOs, and we have more in the pipeline.
What do you see in the crystal ball about
Which would you say is the word or phrase
Excellence. Where will the db Group be in five years? We want to be as global as much as we are local.
From left to right: David Debono, Chief Legal Officer; Robert Debono, Chief Executive Officer; Victoria Debono, Brands Manager and Alan Debono, Chief Procurement & Accounting Officer
MONEY
THE NEW BEGINNINGS EDITION
25
UPCYCLING
TONYA’S SERENDIPITY When Tonya Lehtinan talks to Victor Paul Borg about how she ended up in Malta, Gozo, she’s doing something that would be offbeat in a big city, let alone Gozo. She talks matter-of-factly to the point of sounding enigmatic by understatement.
Tonya originally came in 1992 on a sailing boat
much of a plan. So, for some time, she worked
a vintage shop,” she says. “I have cheap and
– “and never forgot the charm of Valletta” –
as a kitchen hand in a café-restaurant.
luxury stuff, but vintage is part of my style.”
and came years later to watch the Middle Sea
Eventually, she found her project: a shop
Race. She later bought a place and stayed,
of “curated” second-hand clothes, ranging
The way she found her project is much like
letting out various reasons she wanted out
from vintage to more commonplace stuff,
how she ended up in Malta – serendipity.
of South Africa. Her children lived in different
including clothes that would be hard to locate
But not random serendipity, more like
countries in Europe, and Tonya sought to
elsewhere. Yet most styles in the shop are
serendipitous encounters with events that
be somewhere in Europe but not in frigid
retro.
resonate with her ethos.
“I want to make my collection accessible to
It all started when she began to do clothes
all sorts of people, so I did not just want to do
swaps to raise funds for the environmental
northern climes. That was four years ago, and she didn’t have
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UPCYCLING
NGO Flimkien Ghal Ambjent Ahjar. This effort
It is the serendipity at play again, and it
then evolved into the shop.
extends to where she chose to live and open
concept have moved in.
her shop. She lives in Rabat, Gozo, in an old
Tonya’s concept is a lot more than curated
“There was no culture of second-hand
townhouse in the old part of town. And the
second-hand clothes. Instead, the drive is on
clothes aside from charity shops, which
shop is a five-minute walk away on Palm
upcycling, which in this case is reinventing or
have a stigma attached to them,” Tonya said
Street, a small, funky corner shop with a long
reimagining old clothes to create clothes of
when discussing why she decided to open
history of hosting offbeat, stylish concepts.
higher value than the old item.
the shop. “But it was not clothes and fashion
Decades ago, it was a shop of musical
per se that I wanted to do. It was more of
instruments – for many years the only such
Tonya is cagey about the sources of her
an attraction to doing something in the
shop in Gozo – and more recently, it was a
clothes, possibly to avoid letting the
community.”
gallery of offbeat art. Now Tonya and her
competition know her sources and »
MONEY
THE NEW BEGINNINGS EDITION
27
UPCYCLING
methodology. She would only say that she
Was doing the fan a kind of statement or
doesn’t “import anything” and that the
a form of provocative marketing? Would
clothes “come my way”.
anyone buy it? “I had those fans in my garage and found them very aesthetic,” she said.
She also says that she is very selective. “The
“I wanted them to make a statement about
amount of stuff that I get in versus what I put
waste and upcycling – part of my fashion
in the shop are two different things – I do a
show – I call them Fan Bags.”
lot of curating. So, it’s quite an effort to give She added that it’s something that “would sell
away the clothes I pass.”
in Europe, but it would be difficult to sell here.” The shop’s name is in keeping with the
Yet there are plenty of funky, alluring clothes
upcycling concept: Vogue Xchange.
in her shop – never mind the Fan Bag. Tonya herself is a walking example of what can be done with well-chosen second-hand clothes.
Of late, she has been putting effort into organising workshops. She has started doing a range of them on upcycling and other
She said: “I have not bought new clothes for
skill-sets (including workshops for MCAST
20 years.”
I have not bought new clothes for 20 years.
students). She also writes a regular blog for APS Bank’s sustainability forum, and she is a member of Fashion Revolution Malta. Last March, she took part in a fashion show at Klabb Hawaj, an arts hub and cultural community centre in San Gwann. The theme was sustainable fashion. “I had to make it count,” Tonya said. “And I thought that I could not separate the concept from inclusion and gender issues. So, I selected people of colour to be my models. I had guys in skirts and girls in suits. I wanted to make a statement.” It was well-received, and there were curiosities or oddities among the well-chosen models’ costumes or wear. One of them was a bag made from the frame of a fan.
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bloom@bloomcreative.com.mt The design studio behind MONEY and some of Malta’s biggest brands.
bloomcreative.com.mt
New beginnings have never looked better.
RADIO
NEVER SAY NEVER, JASON ZAMMIT
Earlier this year, our radio waves fell silent to the bright and bubbly XFM breakfast show with Jason Zammit and Corrine Muscat. Were they on strike? Had they both quit in a dramatic showdown? Were they work victims of the pandemic? Whilst the rumour mill is still in full swing, Dayna Camilleri Clarke caught up with the popular presenter and station manager Jason Zammit to find out more.
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RADIO
“It was the right moment to take a break and recharge our batteries. Whilst taking some time out, we both decided to move on. It’s as simple as that,” begins Zammit. “Things have been very amicable. It’s just time to begin a new chapter”. Zammit has been a mainstay on local radio stations for over thirty years, twenty of which have been spent at the popular English speaking station XFM. He’s also crafted a highly successful dual career in voice-over work, voicing commercials for the largest network in the UAE, Radio 1 in Abu Dhabi and Dubai, so what lies ahead for Zammit? “Right now, I am working for Untangled Media, specialising in E-commerce consultancy. It’s a refreshing change but a welcome one. I must admit it’s taken me a little while to get used to not having to get up for the breakfast show! However, it’s been utterly fantastic to be able to do the little things in life that mean the
It’s just time to begin a new chapter.
world to me, such as taking the kids to school and being able to pick them up. More family time has been awesome and a real positive for me.” After decades in the radio sector, one would assume it would be difficult to step away from it completely. But, Zammit replies, “Never say never. Maybe I’ll work on some podcasts; who knows? But, of course, radio is in my blood; I can’t rule out involvement in the radio sphere to some degree entirely. It will always be a passion of mine”. That’s not forgetting the hordes of loyal fans who religiously followed
been very vocal about the duo’s departure.
start of the pandemic had nothing to do
the daily breakfast show. “We had built a
“Promoting local talent has always been
with money or his mental health. It was
real community, and the audience made it a
integral to our success at XFM; for me, artists
just a business decision, and he has his
success. All the side jokes, the characters and
shouldn’t be relegated to specific timeslot
own company that he needs to focus on. To
daily snippets wouldn’t be anything without
but always be pushed on the airwaves. We
this day, we are still great friends,” Zammit
our fans. We have kept up the momentum
have an incredible amount of local talent, and
explained.
with our Facebook page, and we don’t plan on
it’s great to have played a part in kickstarting
letting that go just yet. We hope to drop some
several artists’ careers by giving them the
As for Corinne, Zammit added, she too
fun events on there and keep the sense of
exposure they deserve”. Zammit also adds
has decided to take a step back from radio
togetherness going. So, watch this space!”.
that many of these artists have also become
presenting for the time being and focus
great friends over the years.
on personal projects. Fellow presenter comedian Steve Hili has also gone to
Zammit still speaks with a heavy Toronto accent despite living in Malta for decades. “I
The pandemic brought about much change
Australia to pursue his comedy career with
guess I have managed to keep that by working
at the station; with the departure of David
his wife and baby. XFM remains present on
in English. However, I speak Maltese, and
Ozi Borg in 2020, veteran presenter and radio
the airways but with no presenters delivering
sometimes people are amazed to hear that. I
host Corrine Muscat stepped in to fill the role
daily shows. What the future holds for the
can’t say I am perfect when speaking Maltese,
of breakfast show host with Jason Zammit.
much-loved station remains to be seen.
“As COVID-19 did to so many companies,
If anyone wishes to reach out and discuss
we took a knock, particularly with our
e-commerce, you can contact Jason at
Not just an army of fans are missing the daily
advertising revenue. However, I can
jason@untangledmedia.com or join the Jay
show, but the artists themselves have also
guarantee you that Oz’s departure at the
and Cor Facebook group.
it’s not an easy language by any means, but I always strive to be better”.
MONEY
THE NEW BEGINNINGS EDITION
31
PROMO
eBIZNIFY
Upskilling for success in eCommerce The rapidly-evolving eCommerce space
training programme takes participants step-
Each module also includes access to
is as brimming with opportunities as it is
by-step through eCommerce essentials, with
resources, including an online library and
with competition. For businesses to remain
seven carefully structured modules. This
interviews with industry leaders sharing
relevant, they must continue to invest in
makes it possible for anyone to follow the
best practices and local expertise. Starting
eCommerce and their digital knowledge base.
course, including individuals with no prior
from the basics and adopting a practical
Likewise, business professionals themselves
experience or training in online selling.
approach, the course introduces students to
need to be equipped with the digital knowhow and skills to compete in the job market, generate success for their business, and remain valid in ever-evolving digital trends. Considering these realities, the Malta Communications Authority (MCA) has been facilitating the shift towards a digital society and supporting individuals in acquiring the necessary online skills. Over the past few years, a cornerstone initiative has been eBiznify – an online eCommerce learning platform offered by the MCA in partnership with the eSkills Malta Foundation. Fully funded by both entities, eBiznify offers comprehensive, hands-on training to equip individuals with in-demand digital skills, helping them become proficient in eCommerce. No one is impervious to the advantages – or more so today, to the necessity - of having an eCommerce front. The reality is that now consumers instinctively turn to online channels to browse and compare information and often purchase directly from them. The COVID-19 pandemic has prompted even the most reluctant of businesses to set up an online presence, with many going that extra step and investing in fully-fledged eCommerce platforms or channels. Despite facets of the pre-Covid reality slowly re-emerging, the digital shift has certainly irrevocably shaped the business landscape. This has resulted in several eBiznify participants registering for the programme with the intent to become more adept in eCommerce practices due to their business operations shifting online. In helping individuals learn how to manage online commerce activity successfully, the eBiznify
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eCommerce’s key concepts and fundamentals to help them better understand online market dynamics and lay the foundations for the subsequent modules. The course puts an acute focus on digital marketing, going into detail about how businesses can drive customer traffic to their website, search engine optimisation (SEO), social media promotion, affiliate marketing and a variety of other digital media channels. The programme also tackles the process of product delivery and customer experience, addressing the complexities of logistics and distribution, integrated sales channels and
customer relationship management. Other
for Application Administration at another
topics addressed include Content Design and
banking institution - commented that “the
Development, Cross-border eCommerce, and
course was professionally delivered and the
Data Analytics.
content featured is relevant in today’s highly competitive business market. Moreover,
After following the course, students acquire
the insights provided by the entrepreneurs
more confidence. Thus, they are more likely
featured in the video content, who share
to succeed in the digital space, whether
what works and what does not, add real value
competing in an increasingly digitally-oriented
to the course.”
job market, proposing practical suggestions for pushing online sales, or even embarking on
Individuals can choose between an MFHEA
their eCommerce endeavours.
accredited course – eBiznify Certified - to open for registrations towards the end of
Feedback on eBiznify has been encouragingly
the year and a more flexible unaccredited
positive, with students commenting on the
course, eBiznify Lite, which is available all year
practicality of the course content and how
around. While both courses follow the same
they have could put the knowledge acquired
modules, eBiznify Lite is ideal for working
into practise and apply their newfound skills
professionals who require a more flexible
to real-life business cases. For example, one
learning schedule. It has no fixed timetable for
participant, Noemi Cavallaro, Team Head of
tutorials, assignments or deadlines, allowing
Corporate Banking at a local bank, shares how
participants to study entirely at their own
she has been “able to assist [her] circle with
pace, with a certificate awarded following
their businesses, giving recommendations
completion of the modules.
on their websites or SEO/SEM campaigns after completing the course. Thus, I can
Individuals interested in eBiznify are
contribute to the marketing strategy adopted
encouraged to register for free or learn more
more effectively, especially when it comes
on www.ebiznify.com.
to data management, customer relationship management, translating the sales requirements into marketing material and strengthening the online presence.” Another participant, Kevin Cutajar - Manager
MONEY
THE NEW BEGINNINGS EDITION
33
ENTREPRENEURSHIP
CREATING ENTREPRENEURS BY DELIBERATELY SEEKING UNCERTAINTY
What makes an entrepreneur? Adrian Galea considers the world of entrepreneurship as he seeks the root cause of what differentiates an entrepreneur from a regular worker – wanting to discover what makes an entrepreneur tick and gaining insight into the mindset of those who opt for the risky and unpredictable path.
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ENTREPRENEURSHIP
Profit through uncertainty
uncertainty and produce a clear competitive
Individual characteristics of entrepreneurs
Early explorers may have had no way to
edge. Finally, it must brave the uncertainty to
In the broadest economic sense,
predict what was across the ocean, but once
build a company.
entrepreneurs buy inputs low, transform them through risk, and sell them high. The
they sailed there, they knew. But if you’re like most people, you aren’t going out looking for
When Steve Jobs was raising venture capital
key is having significant challenges to solve1.
uncertainty, per se. Instead, you are looking
for Apple Computer, Neuman explains that
Underdeveloped or expanding economic
at an idea you like and figuring out why no
he envisioned every household in America
regions present significant challenges in
one else has tackled it. You’ll either find that
would own a personal computer. But, even in a
education, health, finances, agriculture
they haven’t because it’s a bad idea or some
probabilistic way, there was no way to know if
and the environment. These challenges,
significant uncertainty preventing them from
this goal was achievable. Moreover, he couldn’t
rather than problems, are opportunities for
knowing whether it’s a good idea. If it’s the
even know if the problem, “who will own a
entrepreneurs. Technology adoption provides
Entrepreneurship becomes a positive addiction, one in which the venture junkie likes to get others hooked as well.
latter, great! Now figure out how to overcome
the natural habitat for tech companies to
the uncertainty.
emerge, finding their way by providing access to convenience or better services in core
According to Jerry Neuman, entrepreneurship
economic sectors. No one is better qualified
lecturer at Columbia University, novelty
to find a solution than the individuals who live
uncertainty is when there are things you
amongst the problems.
don’t know, even after doing all your research and thinking things through to their logical
The individual characteristics of
conclusions. It is common when someone
entrepreneurs are considered a significant
does something for the first time. Doing the
factor affecting start-ups success, which is
thing creates the knowledge, so this kind of
closely related to the entrepreneurial process
uncertainty is mitigated through doing things.
and output. For example, an academic journal discussing “Nature or Nurture”2
This is how you mitigate uncertainty by
said that self-esteem and a proactive
creating new knowledge. This may include
personality, combined with either a family
observation, deduction, and induction but
entrepreneurial background or a healthy
often has at its core the generation of new
personal computer?” made sense because
attitude towards entrepreneurship education,
facts through trial and error. You do it and see
the industry was still defining what a personal
create entrepreneurial intention. That is
what will happen. If it is about how to reach a
computer was.
the intrinsic willingness to challenge the
desirable state of the world, you try different
adversity of entrepreneurial endeavour. Yet,
things and see if they get you closer to it. If
An entrepreneur is a person who is continually
the entrepreneurial ecosystem that those
they don’t, you try something else.
pursuing economic value through growth
individuals are surrounded by is what spurs
and, thus, is constantly dissatisfied with the
them into entrepreneurial behaviour.
The uncertainty should be about something
status quo. Entrepreneurship is aspirational,
that would benefit the company or its
and risk-taking is intrinsically contrarian. Risk
Entrepreneurial ecosystems
customers if it resolves in a certain way. A
is intrinsic to entrepreneurship because an
The typical problem with entrepreneurs in
start-up takes on uncertainty but must then
entrepreneur engages in an activity that will
fragile ecosystems say, “I do this business
manage to eventually dispense with the
only generate value, if any, later.
alone, and I don’t know about other start- »
MONEY
THE NEW BEGINNINGS EDITION
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ENTREPRENEURSHIP
ups in town”. “I don’t know investors here,
and the SME teams in the banks won’t lend to
entrepreneurship occurs in “fertile soil” –
and there is only old money from family
them because they can’t provide sufficient
economic and social environments conducive
corporations, so I go to London to find an
collateral. So, start-ups typically become
to entrepreneurial activity. And in some places,
investor”. The investors themselves say:
service providers rather than bolt onto new
these environments – or ecosystems – are
‘I don’t find any prospective start-ups in this
technologies and scale globally.
much better at generating and supporting entrepreneurial activity than others.
region, so I go to London to find companies to invest in’. Weak entrepreneurial ecosystems
To establish a market, which is essential
are characterised by high entropy, the
for sustained involvement by the finance
Yet, the real world is messy. The diversity of
infamous “silo” effect, where lack of teamwork
providers, the deal flow quality must undergo a
entrepreneurs and their changing needs on
among the public, academic and private
natural selection mechanism where the market
the entrepreneurial journey means that there
entities prevails.
distinguishes between the deserving and the
also must be a diversity of support available
Success stories inspire new generations and make society more tolerant of risk, failure, and wealth creation.
From the entrepreneurial “supply side,” there
undeserving. The policy objective should not
for these ecosystems to be effective. Local
are many talented people eager, in principle, to
be to have a high venture survival rate but to
funds struggle to reach critical mass. Although
try out exciting ideas in the marketplace but
have high potential ventures survive and low
they are the best positioned to support the
who don’t have the resources or knowledge
potential ventures fail. The sooner, the better.
entrepreneurs, especially in the earlier stages, many do not have enough capital to allocate to
base. When you dig deeper3, they invariably
several financing rounds.
complain that they need seed financing (or
The geography of entrepreneurship 4 is “spiky”,
human resources or customers), and no one
meaning that from region to region, there are
is willing to give them time, let alone finance
significant variations in rates of start-ups and,
Development banks and government players
them. The private investors are nervous
in particular, “scale-ups” – new businesses
will need to help develop the venture industry.
or make rapacious demands, getting small
that are evolving into larger enterprises. This
In South America5, multilateral institutions
government grants or loans takes forever,
can be explained by the fact that successful
such as the regional development bank took on a strategic role by establishing an investment fund to start investing in seed/early-stage ventures back in the 90s. The objective was to support first-time fund managers in building a successful track record and jointly developing a local venture industry for companies without access to conventional financial services. In Israel,6” Yozma” leveraged public money to attract private investment, transforming the country into a global research and development hub. Between 1993 and 1998, the government offered to provide 40% of the money offered by private investors in combined funds, supporting more than 40 companies. The value of Yozma increased from $100 million in 1993 to $250 million by 1996, and the project is regarded as a rare example
36
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ENTREPRENEURSHIP
of government venture capital success.
Lighthouses
entrepreneurship “addicts” become angel
Eventually, the government was out with a $50
Successful entrepreneurs become leaders or
investors, advisors, venture capitalists, board
million gain.
lighthouses11. These leaders create and shape
members, or likely a combination, feeding
the various cultural, social and material factors
back their experience and wealth to generate
In Europe7, approximately €1 out of every €3
that make up an ecosystem. Their example
more entrepreneurship. They become public
comes from government agencies. Therefore,
helps entrepreneurs find a route through the
speakers or guest lecturers, inspiring others to
the key to growing the industry in Southern
dangerous waters of business venturing and
follow in their footsteps.
Europe and the MENA region is to have the big
make their start-up successful. Moreover, their
family offices, pension funds, and insurance
success radiates beyond a region to attract
Successful entrepreneurship thus has
companies allocate a portion to venture
additional resources and human capital. If you
broad spillover effects on the economy,
capital. The industry would have incredible
have one case in the media that people talk
strengthening all its domains. Human capital
growth in the region if pension funds and
about that influences, motivates people, and
is upgraded through training and experience.
insurance companies allocated a minimum of
inspires people to do the same.
Success stories inspire new generations and make society more tolerant of risk, failure, and
1–2% of AUM to venture capital. This supports the idea that legitimacy
wealth creation.
Entrepreneurial cohorts
is contagious and that the legitimacy of
Social Capital amongst entrepreneurs is a
successful start-ups can foster that of their
“When we started in 2008, as we described
critical element8. Entrepreneurs arrive at
affiliates. Among entrepreneurial cohorts,
the business model of Altaro to the industry,
the resources through the relationships and
leaders will emerge. These are then in an ideal
we were met with the mindset that innovation
interactions of their networks. However,
position to help the emergence of other start-
is something that happens somewhere else.
what matters more for entrepreneurs is the
ups like the lighthouses they helped create.
Most companies were service providers
density of connection within the mass of
Lighthouses also strengthen and reinforce
and resellers of imported products, with
entrepreneurs9. These interactions created an
organisations that have helped them, such as
one notable exception: for us, a significant
environment in which they not only could learn
incubators and academic institutions, creating
lighthouse was GFI. I’m not sure what would
from their peers but also support each other
ideal conditions for start-ups with a similar
have happened had such global software
emotionally through the rough and uncertain
focus to flourish.
companies not existed locally in the first place, but there’s a good chance we would have been
journey they, as entrepreneurs, were facing. Creating an ecosystem means constantly
According to Daniel Isenberg,
too apprehensive about taking the plunge.
talking to new people about your project,
entrepreneurship researcher, lighthouses play
Nevertheless, I’m sure (and hopeful) that
making them understand your ambition well
a role in building a reputation for what makes
Altaro is now acting as a lighthouse to others,
before needing their help or services.
a good investment. Based on this reputation,
so in a way, I feel indebted and obliged to
investors focusing on related business
support others that are in the early stages by
An entrepreneurship ecosystem should
models are attracted to the region. The most
sharing the highs and lows of my experiences
present a mixture of budding and
significant spillovers stem from the numerous
in the hope of increasing their chances of
experienced entrepreneurs. Secondly, it
successful entrepreneurs who like to create
success.” said Julian Pace Ross, co-founder of
must foster interaction between the cohort
more entrepreneurship. Entrepreneurship12,
Altaro Software.
of entrepreneurs. Entrepreneurs learn from
it turns out, when successful, becomes like a
other entrepreneurs and mentors who have
hobby or sport which entrepreneurs pursue for
The existence of one tangible, local, visible
entrepreneurial experience10.
a mix of motives, often for the challenge or the
success can be a robust root cause. In most
adrenaline rush long after their material needs
societies where there is a step-change in
The policy implication is that any public
are taken care of many times over. It becomes
entrepreneurship, you will find one or two
venture funds should distribute smaller prizes
a positive addiction, one in which the venture
successes that ignited the imagination of a
so that a group of entrepreneurs can become a
junkie likes to get others hooked as well. So,
generation of entrepreneurs.
cohort and learn from one another. This should then be supported by a host of activities, meetups, fairs and conferences focused on
[1] medium.com/included-vc/a-story-of-resilience-how-has-the-latam-venture-capital-ecosystem-grown-
entrepreneurial events to encourage cohort
d83d610ca98 [2] https://francis-press.com/papers/4196 - Nature or Nurture: Factors of Entrepreneurial
interaction. Quality resources will then
Behaviour by Peijian Wua, Hanhui Chen, Dong Yang, Deliang Sun [3] Principles for Cultivating Entrepreneurship
become concentrated locally and attract
by Dr Daniel Isenberg, Babson Global [4] It Takes an Ecosystem to Raise a Successful Start-up by Colin Mason,
each other: human, capital, information, and
Michaela Hruskova, Adam Smith Business School, University of Glasgow [5] medium.com/included-vc/a-
markets will gravitate toward one another. In
story-of-resilience-how-has-the-latam-venture-capital-ecosystem-grown-d83d610ca98 [6] apolitical.
addition, the signal effects are more potent
co/solution-articles/en/government-venture-capital-fund-boosted-israels-start-economy [7] PitchBook
when they are proximal, and the spillovers into
AnalystNote: VC in southern Europe [8] Colombelli et al. (2019) [9] Creating Social Value Through Collaboration
the broader economy are also more robust. At
and Co-creation by Jokin Cearra, María Saiz-Santos and Jon Barrutia [10] Building Your Ecosystem Should
the seed stage, investors would increase their
Be an Entrepreneurs Priority by Patrick Joubert [11] The Lighthouse Effect: How Successful Entrepreneurs
expected return by broadly indexing into every
Influence Entrepreneurial Ecosystems by Sarah Tiba, Frank J. van Rijnsoever, Marko P. Hekkert [12] Principles for
credible deal within a cohort.
Cultivating Entrepreneurship by Dr Daniel Isenberg, Prof Babson Global
MONEY
THE NEW BEGINNINGS EDITION
37
PROMO
METAVERSE IN EDUCATION
PROMO
Metaverse is an avatar-guided virtual reality.
know that we’re most likely to remember
immersive learning experience using the
The avatar, guided by a human, can shop,
something we’ve learnt by doing.
metaverse in education. Its immersive virtual reality technology can catapult you
work, play and - most importantly - learn in a virtual world. These virtual spaces are
The current use: the gaming industry
anywhere and in any time-space. Imagine
either immersive virtual realities or three-
Today, the metaverse is widespread, mainly
being projected, through your avatar, in a
dimensional worlds, and in education, the
in the gaming industry. However, some
two-thousand-year-old scenario in ancient
metaverse can actively involve the student
companies are already using metaverse in
Greece. You could walk amidst the most
in the learning process. In other words, the
their workforce, especially in medical and
famous monuments in the polis, see how
metaverse might become the revolutionary
military training. It is believed that soon other
they’re being built (extremely useful for
turning point in education. Besides, we all
industries will use meta, and it won’t take long
architecture students) or listen to a lecture
until it arrives in the education sector.
by Plato. Imagine glancing at the planets and zooming in to discover the rings of Saturn or
What is essential is the exponential growth
assisting a virtual assemblage of a car engine,
of several important factors contributing to
or even assisting in heart surgery.
the metaverse technology. The latter include NFTs, cryptocurrency, blockchain and reality
About the immersive virtual learning
simulation software. For example, games such
experience
as Fortnite include events and even music
The behaviour of the medium follows
concerts in its games, or Minecraft, which is all
standard practices and models that are
about building.
conventional. Besides, the education industry has not always favoured virtual spaces, and
What is interesting is that digital ownership
the education crisis during the COVID-19
is something people spend their money on.
proved this. And since video calling platforms
For example, people buy accessories for and
are limited, the first immersive virtual learning
characterise the features of their avatars by
spaces will make up for these limitations.
paying for them in bitcoin. Moreover, in this
Indeed, they will presumably be done during
virtual reality, people also purchase digital
on-campus activities and class lectures
assets such as real estate, music, etc. Finally,
through practical three-dimensional tasks.
people have arrived at the point of buying actual moments or experiences such as NBA
Learning by doing is the best way to learn new
hotshots.
things, and since technology is constantly changing and improving, there is but one
Using metaverse in education
thing left. That is for the staff and students
Of course, you must remember when a new
to adapt to this new method of teaching
practice enters a medium, it copies the old one.
and learning. Of course, it is individual, but
Like the movie industry, when the first films
the team should be trained and prepared
were made, they used to copy the previous
to deliver metaverse lessons. While gaming
ones until directors began to edit movies.
might have already introduced the young
Likewise, everyone created web pages until
generation to the metaverse, it would be
people realised that the web could be dynamic,
appropriate for all students to receive the
and the so-called web 2.0 was created.
proper training.
For instance, the pandemic forced teachers
ACS ASOMI College of Sciences is
and educators to use Zoom or similar
continuously updating its metaverse courses.
platforms, enabling them to video chat with
It is already delivering online or blended
their students online. Even though institutions
lessons using the latest and the most avant-
might have encountered difficulties initially,
garde technological and digital tools.
online streaming lessons will unavoidably be the future of education. The COVID-19
If you are interested in receiving more
pandemic did nothing more than accelerate
information on available courses, call [+356]
this process, shifting education from physical
9913 8113 or email info@acs-college.com.
classrooms to virtual ones. Zoom and other similar platforms are now missing the opportunity of interacting outside of a mere video call. We’re lucky to be moving towards a more authentic and undoubtedly
M E TAV E R S E
THE METAVERSE: TECH’S NEXT FRONTIER The paradigm shifts that technological innovation brings are much more disruptive and transformative. They take place at a slower pace and are often on the point of going mainstream for a while. But when they do, we often look back and contemplate how different our lives would be otherwise. In Theo Dix’s lifetime, two such innovation paradigms are front of mind: the mainstreaming of the internet and, later, smartphones and social media. Yet we may be on the cusp of a new one: the metaverse.
Facebook’s quest for the metaverse started in 2014, when it bought Oculus (now Meta) for $2 billion
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MONEY
M E TAV E R S E
The metaverse will also transform learning — why read about the Colosseum when you could visit it?
come with certain benefits or IP
Often, a paradigm shift occurs in how we
Lens. Facebook acquired Oculus in 2014 and
live our lives that fundamentally reengineer
rebranded as Meta late in 2021. Microsoft will
industries, economies, and societies.
roll out Microsoft Mesh in 2022, a mixed reality
used in their ecosystem to acquire items
Sometimes these are unforeseen — an example
platform that allows people to appear at an
such as skins, garments, pets, land and the
being the COVID-19 pandemic, which brought
event via ‘holoportation’, where 3D capture
like and where you can encompass games
a massive change in the way we lived, worked
technology ‘sends’ a lifelike image to the
within the metaverse
and learned almost overnight. Yet despite all
event. While EPIC games purchased Serbia
the debate over how the post-COVID-19 world
based 3Lateral in 2019, a studio is developing
Tech companies are not the only ones
will never be the same, many of us have gone
innovative technologies that enable the
venturing into this space. Various fashion
back to living our lives in a similar fashion to
digitisation of human appearance and motion
and consumer brands, including Adidas,
before, with hybrid working for white-collar
at an unprecedented level of realism for
Gucci, Dolce & Gabbana and Coca-Cola, have
professionals likely to be one of the few lasting
incorporation into games, movies or other
launched digital NFT collections recently. But
changes.
virtual worlds.
the possibilities that the metaverse presents
Touted as the successor to the internet, the
The metaverse economy has skyrocketed over
metaverse refers to a shared, persistent,
the last year, reaching $350b in 2021, and it
The metaverse presents an enormous
three-dimensional virtual realm where people
is forecasted to increase to $800b in just two
opportunity for the tourism industry. Potential
interact with objects, the environment and
more years. It can be broadly classified into
visitors can have a truly immersive tourism
each other through digital representations of
three areas:
experience before setting foot in their
•
Gaming: Video games that allow NFTs to be
are boundless and go well beyond collectables.
destination or hotel, taking the try before you
themselves or avatars. Persistent Ecosystems: An immersive
buy concept to a new level. Imagine being able
The metaverse is not a new concept and has
space in a shared virtual universe, where
to walk the streets of a virtual Valletta, view St
featured prominently across sci-fi books,
users’ avatars can interact and construct
John’s co-cathedral or even purchase a piece
movies, and series for decades. Early versions
experiences, where assets (represented by
of virtual land and create a business selling
already exist across various video games, and
non-fungible tokens or ‘NFTs’ in short — see
items to virtual visitors.
the large technology companies have been
explainer) are virtual objects and land
The same technologies will allow for far
Collectables: Digital collectables, such as
more engaging virtual meetings – Bill Gates
art, images, music, video or other objects,
believes that within 2 to 3 years, most will
where NFT assets are usually unique, rare
move from the current 2D camera image grid
Google was one of the early ones to
or limited-edition copies of a virtual or
to a 3D space with digital avatars and virtual
experiment with Google Glass and now Google
physical item and often (but not always)
whiteboards. »
•
making significant investments in metaverse hardware and software tools in recent years.
MONEY
•
THE NEW BEGINNINGS EDITION
41
M E TAV E R S E
Adidas earn $23 million from its Metaverse NFT series
Some of the most useful applications will be in
new product and service development,
Although the opportunities are endless,
the induction and training of employees. Many
virtualisation could enable the faster creation
companies often scratch their heads on where
people can join a giant virtual training room
of better customer outcomes and experiences,
to start. At EY, we work with multiple clients
or multiple interactive training rooms to learn
yet with less real-world resource consumption.
on metaverse related projects across various
more quickly and efficiently. The metaverse will
Substituting resource-intensive physical
sectors, assisting with ideation through
also transform learning — why read about the
goods and real-world experiences with digital
strategy, design and development. The
Colosseum when you could visit it?
and virtual alternatives in the metaverse could
journey’s starting point is usually the same,
drive substantial sustainability benefits while
kicking off with identifying use-cases (setting
also breaking down barriers to market entry.
out a specific situation in which a product
From testing to assembly and dismantling,
The metaverse economy has reached $350b in 2021, and it is forecasted to increase to $800b in just two years.
42
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MONEY
M E TAV E R S E
or service could potentially be used) and assessing why and how they can add value.
What are non-fungible tokens (NFTs)?
The next step is typically the co-development
NFTs are best defined as certificates of
of a robust business case, identifying what
ownership that exist on a blockchain.
financial (revenue / EBITDA) or other benefits
Characterised by their non-fungible
(new customers registered, site impressions,
nature, they are 100% unique,
engagement, cross-selling) can be delivered.
irreplaceable and non-interchangeable.
Once these are defined, a prioritisation process
They are created when a digital file
would assess where to focus before concept
is ‘minted’ with unique identification
validation, development, operational set-up,
codes and metadata recorded in
testing and launch. With a simple NFT driven
a blockchain ledger, representing
concept, this whole process, from ideation to
the ownership and authenticity of
launch, can be undertaken in as little as eight
an associated unique tangible or
weeks and with limited resources.
intangible asset. Almost anything can be represented by an NFT – genuine
While still in its infancy, the sector is developing
artworks, actual property titles, houses,
rapidly, and businesses, governments, and
cars, bottles of wine, and digital assets
society are exploring how to take advantage
such as images, documents, videos,
of the unique opportunities. However,
or virtual representations of those
The men’s Glass Suit, one of five pieces
successful experiences in the metaverse will
above. The rights and legal protections
that also is a physical creation, designed
be contingent on the ability to understand and
afforded by NFTs vary, and potential
and executed by Dolce & Gabbana, with
adapt to changing customer behaviours and
acquirers of digital assets should look
virtual iterations by UNXD
expectations and ensure a suitable framework
into these aspects carefully.
and ecosystem to underpin it.
REGISTER YOUR DESIGN BEFORE YOU MAKE IT PUBLIC
MONEY
THE NEW BEGINNINGS EDITION
43
ECOSYSTEMS
START-UP ECOSYSTEMS the key to the future
The concept of Malta serving as a proof-of-concept or beta island has long been mentioned, and JP Fabri believes that we have the right ingredients to do so.
Undoubtedly, start-ups are vital ingredients
other start-ups that surround them. This is
for research, innovation, and future
what we refer to as a start-up ecosystem.
economic growth. Moreover, start-
Start-up ecosystems are springing up in
ups worldwide contribute to economic
all corners of the world, and Malta needs
development and are founded on solving
to develop a start-up ecosystem based on
society’s challenges and can therefore be
innovation, research, and development.
critical for a community or country.
The concept of Malta serving as a proofof-concept or beta island has long been
Start-ups do not and cannot exist in
mentioned, and I believe that we have the
a vacuum. They are born in a specific
right ingredients to do so.
context as parts of an entity – a network,
44
a system – much larger than themselves.
Of course, there is no recipe for exactly
Entrepreneurs are supported by a
what should go into the pot when building
community of people, organisations and
a start-up ecosystem. However, there
ISSUE 71
MONEY
ECOSYSTEMS
are a few key ingredients that each local
Funding providers
ecosystem needs to thrive.
If talent is the most crucial resource for start-ups, money is a close second. Few
Start-ups
start-ups survive for long without an investor
Start-ups themselves, of course, are
or a financial institution to back them – which
an indispensable part of any start-up
is why they’re an essential pillar of every
ecosystem. They determine the face of the
start-up ecosystem. It is critical for financing
local ecosystem and play an essential role
mechanisms through the Malta Development
in economic growth, too. Moreover, a high
Bank and for venture capital to thrive in
concentration of start-ups can also impact
the country, ensuring that start-ups can
the cities where they set up shop. Therefore,
continue to grow. The ecosystem requires
governments should incentivise start-ups
the availability of patient finance, which can
ups in industries like biotech and robotics,
as these can become critical economic
significantly support riskier investments
they can be their most important partners.
determinants. Through Malta Enterprise, the
and support start-ups since the financial
But research organisations can also affect the
government has launched several schemes
institutions are reducing their risk appetite.
start-up ecosystem by providing the insight
supporting start-ups and entities like Tech.mt
Unfortunately, the venture capital ecosystem
needed to spot trends, address challenges and
and Gaming Malta, provide focused attention
is not present, and the market size might be a
focus on strengths.
on crucial sectors.
structural issue for this ecosystem to kick off. Hence, the Malta Development Bank or other
Talent
Educational institutions
state-guaranteed funds need to address this
Start-up ecosystems are great talent magnets.
It would be hard to argue with the stance
market failure.
As start-up hubs mature, they bring the best, and the brightest business minds, developers,
that schools provide one of the most critical resources for start-up ecosystems around the
Incubators and accelerators
designers, investors…the list goes on. Cities
world: talent. Colleges, universities, and other
Incubators and accelerators are programmes
benefit enormously from this influx: highly-
education institutions play a fundamental
that help start-ups succeed by providing
skilled workers soon change projects, cross-
role in nurturing talent and setting the next
them with mentorship, guidance, training,
pollinate organisations, and start-up up their
generation of entrepreneurs and start-up
strategy, partnerships, R&D and funding.
own companies. It becomes a virtuous circle
employees on their paths. In the age of
They’re instrumental in getting start-ups,
– innovation and the economy booms. For this
accelerated technological development,
especially early-stage ones, off the ground.
reason, a start-up VISA should be considered
environmental threats, and tumultuous global
Having access to an accelerator’s resources
especially building on the success of the
politics, it is more important than ever before
and network can make or break a start-up that
digital nomad VISA.
for institutions to be forward-thinking and
hasn’t cemented itself within the ecosystem.
equip their students for the challenges of the
Gaming Malta last year launched one such
Regulatory frameworks
modern world. Start-ups will take on many of
incubator, which is attracting several start-
Start-ups are usually the pioneers of
those challenges – and they will be launched
ups, and government needs to model more
innovation, and therefore regulation needs
by students studying at these institutions
of these incubators that are thematic and
to provide the necessary support and ability
today. Although the university and MCAST
focused. In parallel, access to an international
for this to happen. Therefore, governments
have their start-up incubator, diverting more
accelerator will surely help.
must provide sound and robust regulatory frameworks that do not stifle innovation
resources to these entities will support the commercialisation of research projects. Here
Research organisations
or make it hard for start-ups to operate.
the MCST has also launched some excellent
Research organisations contribute to the
Regulatory sandboxes can be a crucial
schemes which have supported such projects.
start-up ecosystem in many ways. For start-
component, and Malta already has experience in this segment.
Focused efforts on improving access to funding and reducing bureaucracy need to be given priority in line with infrastructural investments.
Start-ups are critical for any country and its future growth trajectory. This is even more so in a post-pandemic world. Start-ups do not happen automatically but need an ecosystem that supports their growth and allows them to thrive and flourish. Malta is already on the path to creating an enabling environment, and additional initiatives can genuinely transform it into a regional start-up ecosystem. However, there is no room for complacency. Focused efforts on improving access to funding and reducing bureaucracy need to be given priority in line with infrastructural investments.
MONEY
THE NEW BEGINNINGS EDITION
45
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TROUSERS VS SKIRTS RECYCLING YOUR LOOK
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Winning the Rolex Middle Sea Race
NOVEMBER 2007 - ISSUE 126
JUNE 2007 - ISSUE 123
May 2017
May 2018 / Issue 06
ISSUE 8 - MAY 2015
REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP
Renzo Grottesi – a sailor’s life
the Malta team
PRINTS AND ACCESSORIES
AND THE GUEST WORE...
ISSUE 31 - DECEMBER 12
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GETTING A SPRING COMPLEXION
BACK TO THE 1990s
ISSUE 27 - DEC 11
// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //
VOLVO OCEAN RACE BARCELONA WORLD RACE
// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //
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18
ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN
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TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED
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CONTAGIOUS CAMPAIGNS
HARLEQUIN DESIGN, DUNCAN BONE, NOMAD
GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat
YEARS
July 2016 / Issue 02
MAY 2009 – ISSUE 137
December 2016 / Issue 03
JUNE 2008 - ISSUE 131
OFFICE DESIGN
Chefs with tattoos / The cocktail hour cometh / Recipes for success
ISSUE 9 - AUGUST 2015
JUNE 2016
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BUSINESS
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INTERVIEW:
KEN READ
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HOLIDAY WARDROBE
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POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)
WHAT YOUR HAIR COLOUR SAYS ABOUT YOU
TIFFANY PISANI
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CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT
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Esimit Europa 2 takes line honours
NEW YEAR FASHION RESOLUTIONS
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HISTORY
BUILD
Sir Francis Chichester
IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012
TROUSERS VS SKIRTS
Lupo Di Mare
INTERVIEW
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Patrick Pollacco
Yachts and Powerboats
RECYCLING YOUR LOOK
MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE
CHRISTMAS IN PURPLE
Winning the Rolex Middle Sea Race
NOVEMBER 2007 - ISSUE 126
JUNE 2007 - ISSUE 123
May 2017
May 2018 / Issue 06
ISSUE 8 - MAY 2015
REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP
Renzo Grottesi – a sailor’s life
the Malta team
PRINTS AND ACCESSORIES
AND THE GUEST WORE...
ISSUE 27 - DEC 11
ISSUE 31 - DECEMBER 12
14
GETTING A SPRING COMPLEXION
BACK TO THE 1990s
/ Festive Twists Alex Mattei / p.10 // Unwrapped Victor Paul Borg / p.22 // // Say Cheese! Chef Dario / p.40 // I Can Feel It Ramen...Fat Louis’s / p.46 //
ISSUe 08
ISSUE 30 - OCTOBER 12
ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE
Eat rEligiously
ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES
FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM
OCTOBER 2010. ISSUE 1 4 8. FMLIFEST Y LE.COM
ISSUE 3 - OCTOBER 2013
// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //
VOLVO OCEAN RACE BARCELONA WORLD RACE
// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //
April 2016 / Issue 01
18
ISSUE 2 - AUGUST 2013
THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014
OFFICE DESIGN
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TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED
START-UPS INTERVIEWS:
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HARLEQUIN DESIGN, DUNCAN BONE, NOMAD
Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44
ISSUE 12
Chefs with tattoos / The cocktail hour cometh / Recipes for success
GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat
July 2016 / Issue 02
MAY 2009 – ISSUE 137
December 2016 / Issue 03
JUNE 2008 - ISSUE 131
BUSINESS | LIFESTYLE | DESIGN
Winter 2019 / Issue 12
ISSUE 9 - AUGUST 2015
181
Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food
JUNE 2016
FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE Special Cannes review
BEACH FASHION
REVIEWS:
SEALINE F530 AND JEANNEAU 54
CITADEL KEELBOAT SPRING SERIES INTERVIEW:
KEN READ VOLVO OCEAN RACE:
A SPECTACULAR FINISH
HOLIDAY WARDROBE MAY 2008 - ISSUE 130
JUNE 2006 - ISSUE 115
MAY 2007 - ISSUE 122
FEMME MAGAZINE
THE ECO AND IT ISSUE
COOL OFFICE WEAR
ROLEX FASTNET RACE
June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM
Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka
October 2019 / Issue 11
SUMMER COLOURS
FMLIFEST YLE.COM
MALTA FASHION AWARDS OFFICIAL MAGAZINE
MAY 2010. ISSUE 1 4 5. FMLIFES T YLE.COM
FEMME MAGAZINE
Winter 2020 / Issue 14
Trying out new recipes? BUY YOUR GROCERIES ONLINE AT
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Issue 08 July/August 2011
|
LIFEST YLE
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THE FINANCE EDITION ISSUE 69
COVER STORY
A WEALTH OF EXPERIENCE Alistair Muscat
(1 6)
POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)
APRIL 2015
July 2019 / Issue 10
WHAT YOUR HAIR COLOUR SAYS ABOUT YOU WINTER WARMERS
RUFFLES HER FEATHERS
ROCK THE BAROQUE LOOK
BERLIN FASHION WEEK
5
reasons why you should SHOP on myfood.mt
Easy to use
WIN A CANON FULL HD CAMCORDER
Next day delivery
€3 Voucher when spending €50
Free delivery over €75
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ISSUE 14
ISSUE 11
177
CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT
The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45
TIFFANY PISANI
Normal Delivery Service Charge Monday to Sunday €5.00
1970s: THE DECADE OF FASHION LOVE
0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3
09/10/2020 15:41
ISSUE 6 - JULY 2014
ISSUE 3 - OCTOBER 2013
ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE
SPECIAL MIDDLE SEA RACE FEATURE
CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS
NOVEMBER 2010. ISSUE 1 4 9. FMLIFES T Y LE.COM
ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES
The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24
FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM
KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS
LOVE TIFFinterview with the
Exclusive Next Top Model winner of Britain’s
OCTOBER 2010. ISSUE 14 8. FMLIFES T Y LE.COM
OCTOBER 2007 - ISSUE 125
FM Issue 177 - 1
BACK TO THE 1990s AND THE GUEST WORE...
ISSUE 27 - DEC 11
ISSUE 30 - OCTOBER 12
May 2017
14
FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM
Esimit Europa 2 takes line honours ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION
NEW YEAR FASHION RESOLUTIONS HISTORY Sir Francis Chichester INTERVIEW Patrick Pollacco
BUILD
TROUSERS VS SKIRTS
Lupo Di Mare
THIS MONTH'S TOP 10 Yachts and Powerboats
RECYCLING YOUR LOOK CHRISTMAS IN PURPLE
MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE
IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012 the Malta team
Winning the Rolex Middle Sea Race
NOVEMBER 2007 - ISSUE 126
JUNE 2007 - ISSUE 123
ISSUE 31 - DECEMBER 12
May 2018 / Issue 06
ISSUE 8 - MAY 2015
Renzo Grottesi – a sailor’s life // Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 // // Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //
REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP
VOLVO OCEAN RACE BARCELONA WORLD RACE
GETTING A SPRING COMPLEXION
PRINTS AND ACCESSORIES
Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45
PROMO
UNDERSTANDING INSURANCE-BASED INVESTMENT PRODUCTS The Malta Financial Services Authority has launched a consumer education campaign on Insurance Based Investment Products (IBIPs), providing information on how these products work and what consumers should look out for before purchasing them. Choosing the right insurance and investment products can be daunting and often prevents or delays financial decisions. Traditional financial instruments, like mutual funds, help you grow or create wealth. In contrast, an insurance policy would ordinarily offer you protection against predefined unforeseen eventualities. IBIPs are products which combine an element of insurance cover with long-term investment in the financial market. When you buy an IBIP, you obtain life cover while investing your money in financial instruments. Therefore, an IBIP’s value is exposed to market fluctuations. For this reason, the amount of money you get at
products. ‘With-Profit’ products allocate
necessary, such as switching or changing the
maturity, or if you surrender the policy before
your contribution to an investment made
financial instruments to which your policy is
maturity, may not be guaranteed and will
by the insurance company in a ‘with-profits
linked.
depend on market conditions.
fund’ and may provide you with annual and, possibly, terminal bonuses calculated on your
With Single Premium IBIPs, premia can be
There are various IBIPs available for
investment value and based on the fund’s
made through a lump sum before the policy
purchase, each with their own set of risks and
performance. In addition, the initial amount
starts (you may be allowed to top up your
opportunities. Therefore, distributors must
invested may be guaranteed. The same applies
investment during the policy term). On the
provide buyers with a standardised, consumer-
to bonuses. However, the amount of these will
other hand, in Regular Premium IBIPs, the
friendly Key Information Document (KID) in
depend on the performance of the underlying
client may elect to make regular periodical
good time before purchasing the product
with-profits fund. Such guarantees will usually
payments, usually on a monthly or annual
to help them make informed decisions and
be subject to certain terms and conditions,
basis.
easily compare products offered by different
which should be clearly outlined in the policy
providers.
and explained before purchasing the product.
The KID provides details on the product’s
‘Unit-Linked’ products invest your money
contained in the KID is central to selecting
features. For example, it includes a risk
directly in financial instruments offered by
the most appropriate product. Lastly, before
indicator from 1 to 7, with 1 being the lowest
third parties. You can choose among different
committing yourself to purchasing an IBIP,
and 7 being the highest risk level, the total
investment instruments whose value depends
make sure you fully understand its features.
costs you pay, their impact on the return and
directly on their market performance. In Unit-
If in doubt, you may wish to obtain advice on
the recommended holding period.
Linked products, your premium (investment)
whether such a product is suitable for you.
Before committing to an IBIP, consider the pros and cons of available options. The information
is not guaranteed. Therefore, monitoring the IBIPs are mainly classified into two types:
value of the funds linked to your insurance
For more information, visit the MFSA’s
‘With-Profit’ products and Unit-Linked
policy is essential to take any action
consumer portal at www.mfsa.mt/consumers.
MONEY
THE NEW BEGINNINGS EDITION
47
PROMO
SERVICING THE PENSION SCHEMES GROWING SECTOR The prudent concept of saving and putting
Malta’s framework incorporates the first and
The Bank has positioned itself as a genuinely
money aside for rainy days has never been
third pillars.
independent Custodian. Accordingly, it does not intend to act as a Retirement Scheme
as necessary as today. However, while we go about life, thinking of the present, the
Due to an ageing population (straining first
Administrator or Investment Manager in terms
tendency for one to delay saving for retirement
pillar pension pay-outs due to a significant
of the RPA. Hence, the Bank minimises any
is very prevalent, especially where this
increase in the economic old-age dependency
conflicts of interest, focusing on safekeeping
concept is still relatively new and burdensome
ratio) and further encouraging private saving,
of assets, record keeping, monitoring and
as it is not yet adequately institutionalised and
in 2014, the Government of Malta introduced
reporting.
the culture is still lacking.
incentives to enhance the appeal of a third pillar pension scheme. The scheme provides
Currently, the Bank offers its services as
Initiatives locally are becoming visible to
the opportunity to save for a pension through
Custodian to:
develop a culture around protecting and
private pension packages offered by financial
providing for retirement. Thus, we see
institutions, including banks and life insurance
legislation, products, and services emerge
companies. It is formally referred to as the
that will hopefully contribute to the maturity
Personal Retirement Scheme, supplemented
this sector deserves. This is important as
by the option of an Individual Savings Account.
i.
Occupational Retirement Schemes that are defined contribution schemes in terms of the RPA;
ii. Personal Retirement Schemes that are defined contribution schemes in terms of
retirement (unless properly planned) may have
the RPA.
a server impact on income generation at a time
In 2017, incentives were also introduced to
when, ironically, one has more time to spend
encourage voluntary occupational pension
on leisurely activity. Hence, enjoying this time
schemes by employees and employers. This
Like the functions the Bank undertakes as a
could prove to be an expensive event.
is where Sparkasse Bank Malta plc recently
Depositary to Collective Investment Schemes;
identified an opportunity in servicing the
obligations of a Custodian of Retirement
Pensions are generally categorised into three
market in so far as acting as Custodian to such
Schemes include:
pillars, and the World Bank describes these as
schemes. Under this system, funds are put
follows:
aside in an expense account by the employer,
•
which is tax-free. Furthermore, tax credits
•
1. A mandatory first pillar - links contributions to varying earnings to replace some portion
borrowing restrictions;
such schemes.
are typically financed on a pay-as-you-go
The Bank sees the development of retirement
basis.
schemes in Malta as an area of potential
•
Timely settlement;
•
Verifying income and, most importantly, cash flow monitoring.
growth. The Bank can deploy its expertise and
an individual savings account, a defined
resources and complement the current Custody
Therefore, the Bank can rely on its existing
contribution plan, with a broad set
and Depositary Services under the Bank’s
adequate infrastructure to extend its
of design options, including active or
Investment Services and Depositary Licences.
dedicated suite of services already offered to its niche customers. The efficient banking and
passive investment management, choice parameters for selecting investments and
In 2021, Sparkasse Bank Malta plc recognised a
investments infrastructure, including systems,
investment managers, and options for the
supplementary niche service, custody services
custody network and an experienced team
withdrawal phase.
to occupational pension schemes, which it
of professionals, enables the Bank to offer
could provide to benefit a growing area of
solutions to the needs of its customers and
contributions can take many forms, such as
interest and need within the financial services
has established it as the Bank of choice within
individual savings for retirement, disability
market. Thus, the Bank obtained authorisation
the local market.
or death; employer-sponsored; defined
from the Malta Financial Services Authority to
benefit or defined contribution; and is
act as Custodian of Retirement Schemes under
essentially flexible and discretionary to
the Retirement Pensions Act (Chapter 514 of
For more info, contact Sparkasse Bank at
complement the first pillar pension.
the Laws of Malta) (‘RPA’).
info@sparkasse-bank-malta.com.
3. A voluntary third pillar - pension
48
Undertaking an oversight function that involves monitoring investment and
apply to employers and employees opting for
of lifetime pre-retirement income. These
2. A mandatory second pillar - is typically
The duty of safekeeping assets;
ISSUE 71
MONEY
PROMO
CHANGING FACTORS AND DISRUPTORS IN HIGHER EDUCATION Higher education institutes must consider
from local farmers for school canteen meals
website, and it is not just about digital
many different factors, such as climate
would reduce their carbon footprint. ASOMI
libraries. But, for instance, textbooks could
change, technology, and other disruptors in
College of Sciences respects the environment
be digital, and a possible solution is to
today’s modern world.
and adapts ways to reduce its impact on
move into ERP systems or use cloud-based
nature. In addition, we believe the educational
structures. Server farms, for example, have a
Sustainable solutions, for instance, is a critical
community should play a key role in tackling
lower environmental impact than the average
factor that all institutions must consider in the
climate change.
systems used for storing data in a university or college. This makes the technological
educational industry. For instance, universities could introduce resources such as solar panels
Technology plays a vital role in our everyday
option the best one for everyone. ACS
for renewable energy or keep their recycling
lives and higher education. Technology is
Asomi College of Sciences uses innovative
rate high. For example, ordering raw produce
not only about having a college or university
technological means to provide the best possible service for its users and the environment. The closure of universities and colleges due to the Coronavirus pandemic has enabled big multinational companies such as Google and Microsoft to become essential for higher education. ASOMI College of Sciences provides online lessons that can be followed everywhere and at any time without the need to cope with lockdowns or similar restrictions. Colleges and universities worldwide have been using web platforms belonging to big online realities companies to cope with the world pandemics. Higher education institutes must consider multiple factors, including climate change and technology. For example, the coronavirus pandemic has it that they must collaborate with big multinational companies such as Google or Microsoft to continue providing lessons to their students or for internal communication. If you are interested in receiving more information on available courses, call [+356] 9913 8113, email info@acs-college.com or visit acs-college.com.
MONEY
THE NEW BEGINNINGS EDITION
49
NETWORKING
THE POWER of NETWORKING Seasoned business advisor Luke Cann needs no introduction within the local business sector. In 2021, he joined consulting firm NOUV, purposely to head its corporate finance arm, 36N Capital. Recently he was appointed chief business networking officer. Together with his growing team, Luke assists business owners in mergers and acquisitions, raising finance, and complex re-financing projects.
“Most of what I do at NOUV consists of
also get exposed to many fresh ideas which
“I have built my career on the notion of
supporting our clients through the strong
in turn, help you think outside the box and
networking and by leveraging its many
networking proposition we bring. Experience
approach situations differently.”
advantages. The most crucial aspect has been being able to curate a reputation built
keeps showing me that the advantages that you can obtain from engaging in regular
“Besides making it easier to advance in one’s
on trust, so when I need to bring people
networking are not only many but also
career, meaningful networking also helps you
together, both sides know that their business
extremely beneficial. Networking constantly
raise your profile within different professional
relationship is already about to start from a
helps me take my business relationships to the
circles. Hence, growing your reputation as
trustworthy point of reference. And as we all
next level.”
knowledgeable, reliable, and supportive,
know, trust in business is everything.”
especially when you can offer useful Luke points out that networking is a ‘give and
information to your contacts.”
“Reputation built on trust is crucial, and we depend on it. So, when, for instance, a client
take’ question. Luke believes that businesses not only trust
needs some help with his banking matters
“There is a lot of giving, of course; you share
his ‘good judgement’, but they see value in his
– and we all know how challenging dealing
business contacts, help open doors, facilitate
strategic consultancy because it goes beyond
with banks has become – they know that
new contacts, and lend your experience.
the business deals.
we can facilitate the communication line,” adds Luke.
However, beyond the element of giving, experience keeps showing me that networking
“My work is based on creating a safe place of
is also very much an exercise in ‘taking’.”
mutual trust, understanding and a developed
“Banks know us, and they know what we
close relationship. I like to describe myself as
stand for. So, when we refer a client to them,
“You do open doors for others, but you also
a builder of networks,” says Luke, whose team
we do it because we vouch for our client’s
open new doors for yourself through the new
at NOUV’s 36N Capital is about to employ more
trustworthiness. However, banks also know
contacts you make. Through networking, you
consultants.
that they can trust our clients because we
50
ISSUE 71
MONEY
NETWORKING
Networking... helps to understand what a client might want and pre-empt what their expectations could be.
are referring them. All this took years of hard
“Nowadays, we have become too dependent
work, reputation building, and networking,” he
on social media, tending to rely exclusively
added.
on it for most of our interactions. However, networking is not only to develop and
One of the best advantages of networking is
nurture professional relationships but
that one gets to know people more personally.
also to build some of the strongest and
This helps to understand what a client might
most long-standing friendships from work
want and pre-empt what their expectations
connections – because where there is true
could be.
friendship, there is mutual trust. Effective networking with long-lasting benefits can
“When I see an opportunity for a client seeking
never be possible only through simple online
a business partner, I would have already
interactions. It needs to be as human and
thought of a match. Because I would know
engaging as possible.”
them both well enough to know there will be good synergy between them. I would also
“I concede that my networking style might
already know that bringing the two sides
have helped me advance my career. But this
around the same table to discuss business
was only a means to an end because my
will be easy and the outcomes, potentially
ultimate focus remains on my clients. I build
positive.”
and nurture my networks because I love seeing people come together around a table and
Luke highlights the importance of human
succeed in turning their ideas into successful
interactions in networking which he believes
business outcomes. My job is so much more
are crucial.
than a job. It is a passion.” concluded Luke.
MONEY
THE NEW BEGINNINGS EDITION
51
ECONOMY
UKRAINE’S WAR EC Discussing the war’s impact on the global economy in 2022 is something that we all thought would be only read in history books rather than being experienced in what should be a civilised world. However, the ongoing tragic events unfolding in Ukraine – suffering solely because of the sovereignty’s right to progress and protect its nation, have shocked the global economy. Moreover, as Jordan Portelli points out, its repercussions might have severe prolonged implications.
and designed to reduce harmful emissions for engines running on petroleum – has, on a year-to-date basis, shot up by more than 60% amid concerns over supply disruptions from Russia, the metal’s top producer. At one point, Palladium futures traded at an all-time high of around $3000 an ounce. Russia accounts for 40% of the global production, and the metal is always transported by planes. However, airspace is closed for Russian planes in many countries due to the sanctions. Aluminium, notwithstanding a correction to around $3,550 per tonne as investors unwound some long positions following a massive rally
The issue with supply disruptions and thus supply-demand
from a record level of $4,100, remains above historical averages
imbalances within commodity markets isn’t merely an idea we’ve
amid solid fundamentals, which continue to be supported by fears
just been faced with. The unprecedented coronavirus pandemic,
of further supply-chain disruptions and low inventories. The world’s
which took the world by storm, also put us through something similar.
most significant shipping lines suspended cargo shipments to and
However, at that time, an increasing level of demand accompanied
from Russia in response to Western sanctions.
it spurred on by predominantly China (the first to recover from the pandemic owing to its zero-tolerance stance) and its moves toward a
Nickel, used in stainless steel and electric-vehicle batteries, traded
return to normality and revitalisation of its economy.
briefly above the $100,000 mark for the first time and almost tripled in value as Western sanctions sparked concerns over supplies from
The spike in energy prices following the invasion has already
Russia. Indeed, the surge in the said commodity prices has black-
triggered uncertainty about the implications the global economy
shadowed the recovery brought about by the pandemic, and thus
might face. Undoubtedly, this was inevitable, given that Russia is a
negative economic implications are inevitable.
crucial supplier of energy, metals, and agriculture and has proven itself as a commodities powerhouse over the years. Thus, the global
Apart from the spike seen in commodity prices, the contribution of
reliance on Russia, especially in Europe, poses unique risks, namely
both Russia and Ukraine in other sectors is significant. For example,
in the region. Currently, Russia supplies 25% of Europe’s crude oil
Russia and Ukraine are essential exporters of grains and sunflower
and 40% of the bloc’s gas, with Germany, Italy, and several central
oil, accounting for about 30% of the global wheat trade. Since it
European countries particularly reliant.
invaded its neighbour in February, Russia has continued shipping wheat, but sanctions have complicated payments, leading to supply
Moreover, the invasion will inevitably delay what many countries
uncertainties. This had its toll on the global food process, which
plan to achieve in the green energy transition. The price of industrial
has soared at the fastest monthly rate over the past 14 years. For
metals key to the green energy transition, used amongst others in
example, looking at March, the food price index from the UN Food
producing battery electric vehicles, solar panels, and wind turbines,
and Agricultural Organization rose to its third record high in a row,
has since such geopolitical tensions rose and surged. Practically
jumping by 34% from last year, after the war shut down supply lines
speaking, the price of Palladium – used in vehicle catalytic converters
between Ukraine and Russia.
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CONOMIC IMPACTS Unfortunately, what is more of a concern is that the war will
How people plan to spend their lower disposable income
undoubtedly also cause socio implications apart from the economic
Source: Momentive
implications. In many poorer countries, which have been struggling given the impact of Covid-19 and who highly rely on both Ukraine and
cancel a monthly subscription
cut back on driving
Russia for their grain and vegetable oils, the rise in prices, specifically food inflation, has helped spur protests in several countries. Most
borrow money or take on credit card debt
delay buying a car
50%
notably is Sri Lanka, where the issue has helped create a severe economic and political crisis. Moreover, a more extended socioeconomic shot would be that a prolonged period of higher food prices
25%
will shift from the middle to the low class and eventually push people into poverty. 0
52% cut back on dining out
The crux of it all is the segregation of classes and the quantum of how
42%
40%
36%
cancel a trip or vacation
32% switch to a generic product
26%
20%
16%
delay buying a home
12% skip paying my bills
the current situation will impact each class. Each will have its weight on the pace of negative implications in the global economy. Surely the lesser pinched at this point will be the high-class, while the middle-class and its sensitivity to the economy will have a higher weight on economic
income taxes have been deducted. This will inevitably impact consumer
implications. Practically speaking, the rise in basic needs, namely food
discretionary spending, given that disposable income has been pinched
prices, will condition disposable income, i.e. the available income after all
by the higher prices experienced in the consumer staples space. Moreover, the current uncertain situation will also have a psychological impact on how people plan to spend their lower disposable income. For
Food Price Index
example, a fascinating online survey held in early April in the U.S. by
Source: FAO
Momentive showed that people would reduce their budget on nonnecessities which can easily be delayed.
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Although we seem to be all emphatic, we still discuss the implications
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we face from a situation we are not complacent with. On a human
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level, the situation in Ukraine is so brutal and grievous that discussing
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the economic impact might be egoistic. However, not being in their
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shoes deviates our discussion from what matters. At times, being more
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emphatic and more forceful in pushing toward not accepting any form
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of the regime should supersede any challenging economic situation. So
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economic implications apart, let’s pray and hope that the situation can
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be resolved very soon and that common-sense reigns for the ultimate benefit of the people in Ukraine.
THE NEW BEGINNINGS EDITION
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ENERGY
CUTTING the CORD As a result of the extensive impact of the Russia-Ukraine turmoil on the entire economy, in March 2022, the European Union and the United States agreed to the supply of liquefied natural gas (LNG) to reduce Europe’s reliance on Russian energy, following concerns over the security of supply and Russian President Vladimir Putin’s order to switch gas contract payments to rouble denomination. U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a joint task force to steer clear of a supply squeeze and even higher gas prices. As part of an initiative referred to as REPowerEU, the principal objective of the Task Force for Energy Security is to diversify LNG supplies per climate objectives, ultimately reducing demand for natural gas. Giorgio Saronne and Daniel Galea explain.
As things stand, Russia supplies Europe with around 40% of its gas.
European Gas Storage Capacity
However, the EU plans to cut its dependence on Russia by two-thirds
Source: Gas Infrastructure Europe
this year (equating to around 100 billion cubic meters of natural gas per year) and end all Russian fossil fuel imports by 2027. Thus, the
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% full
U.S. and a handful of other countries will be supplying Europe with an additional 15 billion cubic meters of LNG per year, over and above the 22 billion cubic meters of gas supplied last year. The newly combined total of import supplies will represent approximately 24% of the gas currently imported from Russia, with the eventual aim for the U.S.
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and international partners to deliver 50 billion cubic meters per year 2022
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Russia is not the only objective. By 2030, the EU envisions that it
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However, under the REPowerEU initiative, minimising reliance on
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to the EU.
will be able to save some 170 billion cubic meters through efforts targeted at adopting more significant renewable energy sources and enhancing the functionality of energy efficiency methods.
perspective, last summer, European storage sites were filled at 77%
Developments on the wind and solar front will push towards a
of their capacity, but are now down to 25.6% as of the 21st of March,
reduction of a further 20 billion cubic meters. At the same time,
approximately 25% below average (see Figure 1).
concerning superior efficiency, the Biden administration believes immediate reductions may be achieved via smart thermostats and
However, this requirement has come under heavy criticism. It
heat pumps – effectively replacing 15.5 billion cubic meters by the
essentially implies that market participants engaged in the utilities
end of the year. This would very much depend on the adoption rate of
and storage operation sectors are obligated to buy gas over the
consumers regarding installing the new heating sources, which could
summer, regardless of market price, to avoid a spike over the winter.
typically cost twice as much as a conventional boiler.
Analysts believe this factor to be one of the many overly ambitious assumptions the goals of this initiative are flawed with, fearing
Under the new scheme, gas storage sites in the Eurozone must
that the aim of this partnership will not materialise as expected.
be filled at 80% of their total capacity by the 1st of November this
Firstly, the U.S. can only do so much in terms of its supply, and it is
year, subsequently rising to 90% in preceding years. To put this into
worth noting that Europe will also be competing with several other
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countries for imported LNG cargo. As things stand, Algeria and Qatar
Renewable Energy Required
have heavily been competing for their share of LNG supplies, which
Investment Rates vs Current Rates ($billion)
has also been pushing up prices.
Source: BloombergNEF, Schroders — March 2022
Furthermore, as the name suggests, liquefied natural gas is delivered in liquid form, meaning that it would need to be transformed into gas – a process known as regasification. The issue lies in that Europe has minimal spare regasification capacity left, and LNG supplies will only be increasing over time. Compared to Q1 2021, European LNG imports have doubled by the end of February 2022 and are now close to their
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theoretical capacity. Therefore, Europe will undoubtedly be looking
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to increase its LNG supply via existing pipelines, which could be very
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difficult without further field development. Currently, the only known
0
expansion project under construction is that of operator Sonatrach’s Tinhert project. No other major gas field expansions are planned, and it would typically take two to three years to build a production facility
Clean energy generation
Transmission and distribution
Required annual run-rate to 2050
Batteries and storage
Energy efficiency
Clean mobility
Current annual run-rate
from scratch. Therefore, Europe may have no choice but to re-direct existing supplies rather than increase capacity. Using a seven-year fuel-hedging agreement with Azerbaijan’s stateWhile moving toward wind and solar energy is a step in the right
owned oil and gas company Socar, which supplied gas to Malta via
direction, the REPowerEU’s objective of replacing 20 billion cubic
Electrogas’ LNG power station, the country was able to fix its gas price
meters of gas with renewable energy sources is an additional
at €9.40 per unit. Following the agreement’s expiry in March, the local
milestone which may not be reached instantly. Capital expenditure
government has announced that they plan to freeze prices this year.
and its associated investment relative to the generation of renewable
However, the road ahead remains unclear, specifically since the island
The issue lies in that Europe has minimal spare regasification capacity left, and LNG supplies will only be increasing over time.
power sources is significantly below what is required to meet existing
will need to step up its efforts to reduce its dependency on natural
2030/2050 targets (see Figure 2).
gas. In 2021, Malta was the EU Member State with the highest reliance on natural gas imports, ranking first in terms of the most significant
Moreover, while financing is undoubtedly an obstacle, the bigger
increase in the dependency rate on natural gas compared to 2020.
picture shows that the main issue lies in the logistical aspect of the project, particularly the transportation of equipment from the
Overall, it is increasingly evident that Europe is heavily reliant on
factory to the project site. Adding to the headache surrounding
imported LNG volumes to meet its energy requirements. The EU-U.S.
supply chain bottlenecks, the re-emergence of Covid-19 in China
action plan will aid in speeding up the motion in the direction of new
has meant that many Chinese cities have been placed on lockdown,
suppliers of lower risk. Since the U.S. has substantial resources based
significantly hindering the supply of raw materials. On the other end
out of the Texas, Permian and Appalachian regions, it is poised to
of the spectrum, more than half of the world’s neon, a critical element
emerge as a leading exporter of natural gas, much of which is likely to
used in the production of semiconductors, is produced by a handful
feed into Europe. However, this will be no easy task for U.S. President
of companies in Ukraine. With chip shortage issues already prevailing
Joe Biden. He will need to strike the right balance between evolving
for months, this hurdle will only act as a further headwind for the
into a critical player in the natural gas market while upholding his clean
construction industry.
energy agenda and ensuring that conflicts are kept to a minimum. Since penning this article, futures prices for natural gas contracts
From a local perspective, Malta gets approximately 17% of its power
have risen from under $1.82 two years ago to $6.95. Long-term pricing
from the European grid through the Malta-Sicily interconnector. Power
may trend upwards as the U.S. increases its significance as a critical
plants and renewable sources make up 73% and 10%, respectively.
global gas supplier.
MONEY
THE NEW BEGINNINGS EDITION
55
MARKETING
TIME TO REEVALUATE YOUR COMMUNICATIONS FOR MILLENNIALS AND GEN Z
There was a time when marketing was very firmly divided. If you wanted to market to consumers, you had a free reign to do anything. You could be serious; you could be emotional; you could use humour or tug on heartstrings - everything was on the table. Richard Muscat Azzopardi explains. But the minute you tried to market to businesses, you had to be sober. You had to be as humourless as possible, leaving your humanity at the door before you checked into work.
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You can still do all the above for direct to
communications, but that time is gone. You
several channels in different phases of their
consumer marketing, but you’re not limited
should write for businesses just like anyone
workday (and their lives). So, think like a
to being boring for B2B communications,
else because, ultimately, it’s a human at the
B2C marketer and apply your message to
especially if you run an SMB. A Trustradius
other end of the screen (or page). (You can
as many channels as you can reasonably
study from 2019 showed that millennials
read more about this on our site)
maintain. For example, speak to them on Instagram with the aspect of your business
make up 59% of B2B buyers, and Gen Z is Radical candour
that’s the most aesthetically pleasing,
Be as honest as possible with these
use stories for behind the scenes content,
As misguided as it was, the concept is
audiences. They’ll see through your
put out thought leadership on LinkedIn
probably a product of a younger generation
attempts at deception, erm, I meant they’ll
and write in-depth articles on your blog.
of marketers (millennials at the time) who
call your bullshit when they see it. So, be
This approach will give you an element of
were planning campaigns for older people,
honest (well, we’d advise being honest
certainty, which is excellent, but it will also
baby boomers, and Gen X buyers. People
always), don’t sugarcoat stuff. But, on the
help you seem far more relatable.
they looked up to as their seniors, people
other hand, please don’t pretend that your
who generally saw business to business
offering is perfect. It isn’t. So, the best way
communications as serious business. And
to win over millennials and Gen X B2B buyers
this is true. There is a certain kind of B2B
are by helping them make an informed
communications that should remain serious.
choice, even if it means sending them
Some subject matter can’t be joked about,
over to your competition. If you
you can’t trivialise it, and it can’t be made
win their trust by sending them
conversational.
over to your competitor when
filling in a significant chunk of the rest.
their offer is better at doing I don’t want to read about the latest
something that you don’t
breakthrough in heart replacement valve
excel at, they’ll be back
technology in the tone of voice that’s more
for your services when
suited to an Australian beer brand. But it’s
they need something
not black and white. It’s not even 50 shades
that you can offer
of grey. It’s a continuum, and there are so
them.
many ways of communicating with B2B audiences that you can’t just go out with an
Cut the crap and be
“it’s B2B, so it’s serious and detached”.
yourself Like the point above,
B2B is human
younger generations
Our first and entirely predictable piece of
don’t take kindly to
advice is to keep an element of humanity
discovering that they
in your B2B communications. There was
were treated differently
a long period when you’d be expected to
when being marketed to.
sanitise any element of humanity for B2B
Don’t pretend that your offering is perfect. It isn’t.
It’s better to not close a sale because of a potential culture mismatch before you get them than to lose a client after you’ve started working with them. Be as transparent as possible with your communications, and wear your heart on your sleeve. It will reduce the number of
The same goes for the channels in which
enquiries you generate, but it will increase
you accept to do business. Don’t build
your closing rate.
barriers because of preconceived notions of a process that suits your administration
MONEY
Think like a B2C marketer
team. For example, if your customers want
B2B marketing, especially for SMBs, can
to speak to you on Instagram or Messenger,
sometimes feel like a single-channel affair.
then offer those as proper channels for
Still, your customers are, most likely, using
doing business.
THE NEW BEGINNINGS EDITION
57
Photography
Styling
Models
Marvin Grech
Peter Carbonaro
Ben & Michael
Shot on location at Mercury Towers by Zaha Hadid Architects mercury.com.mt
All items by Dan John.
Left: T-shirt by Charles & Ron, trousers by Dan John. Right: Shirt by Charles & Ron, trousers by Dan John.
Left: All items by Charles & Ron Right: All items by Dan John
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THE NEW BEGINNINGS EDITION
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NEWS
THE CAWNPORE CUP Polo is one of the fastest ball games and boasts of being a royal sport of sheer adrenaline, excitement, team player skills and precision. It is exhilarating to play and beautiful to watch. Malta Polo Club is home to a professional polo academy, prestigious seasonal tournaments, social events, and corporate activities that bring polo enthusiasts and passionate spectators together to enjoy this genuinely royal sport’s experience, excitement, and beauty. Founded in 1868, the Malta Polo Club is the second oldest club worldwide behind the Calcutta Polo Club of India, founded only six years previously. Polo was first introduced in Malta through the British Army officers stationed on the island and by officers who were either on their way to or returning home from India. Together with the Royal Navy’s Mediterranean fleet officers, the Cavalry regiments were the first teams to play on the island. One of the many famous past presidents of the Malta Polo Club was Prince Louis von Battenberg, who served in Malta in the Royal Navy. His son, Earl Mountbatten of Burma, was also a keen supporter of the sport and, later, also became president of the Malta Polo Club. The Earl introduced several Maltese players to the game of polo and personally taught the game to many who were interested in this novel
the Royal Navy and British Army teams, winning the Cawnpore Cup
sport. It was during this period that the Maltese Cats team was formed.
for seven consecutive seasons. The Cawnpore Cup is still the most
‘The Maltese Cats’ were a solid team that regularly played against
prestigious match of the year, decades later. Several members of the British royal family have played polo in Malta, too, with Edward VIII – while he was still the Prince of Wales – the Duke of Edinburgh and Prince Charles among them. King Alfonso of Spain was also a famous player at the Malta Polo Club and, in 1928, presented the club with the King of Spain Cup, which is still played today. Polo is officially played between October and June on Wednesdays and Saturdays. However, the club offers tuition and Club Chukkas 365 days a year. Thirteen Cups are played annually to qualify for the Cawnpore Cup, which is contested by the eight highest handicapped players and has (except for the war years) been held in June of each year since 1901. The Cawnpore Cup is one of the oldest trophies globally, manufactured in India in 1901. The annual Cawnpore Cup event is held in aid of The Malta Community Chest Fund Foundation under the patronage of the president of Malta and will be held on 11th June at Marsa Racecourse. For more info visit the Malta Polo Club’s Facebook page (@maltapoloclub) and website (www.maltapoloclub.com).
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