{"id":39236,"date":"2020-09-30T13:41:12","date_gmt":"2020-09-30T11:41:12","guid":{"rendered":"https:\/\/www.monaco-tribune.com\/2020\/09\/monacotech-a-fairy-godmother-for-monacos-start-ups\/"},"modified":"2020-09-30T13:46:46","modified_gmt":"2020-09-30T11:46:46","slug":"monacotech-a-fairy-godmother-for-monacos-start-ups","status":"publish","type":"post","link":"https:\/\/www.monaco-tribune.com\/en\/2020\/09\/monacotech-a-fairy-godmother-for-monacos-start-ups\/","title":{"rendered":"MonacoTech: a fairy godmother for Monaco’s start-ups"},"content":{"rendered":"\n

Five new start-ups have taken up headquarters at MonacoTech, bringing the total number of innovative projects working at MonacoTech up to 20. A self-professed \u201cselective start-up incubator\u201d, MonacoTech turns emerging businesses into fully-fledged economic players. <\/strong><\/p><\/p>\n\n\n\n

The Cambridge Dictionary defines an incubator as \u201can organisation that helps people to start new companies, especially ones involved with advanced technology\u201d. MonacoTech\u2019s purpose couldn\u2019t have been put better. \u201cInnovative projects are provided with offices, premises and a support programme to help them bring their innovative ideas to life and develop a sustainable business,\u201d explains Lionel Galfr\u00e9, head of the organisation, which was founded in 2017.<\/p><\/p>\n\n\n\n

Businesses in tune with the world<\/h2>\n\n\n\n

To select start-ups, the incubator first runs a call for projects. To be considered, projects have to be involved in one of five areas: yachting, sustainability (energy saving, water recycling, reduction of electricity consumption), MedTech (research and health services), FinTech and digital.<\/p> \n

“We\u2019re looking for innovative projects. We take into consideration the project\u2019s viability but also whether it makes sense for it to be carried out in Monaco and whether it is compatible with Monaco’s values. Yachting makes sense, and so does FinTech and technology, but oil less so,” explains Lionel Galfr\u00e9.<\/p><\/p>\n\n\n\n

\"MonacoTech:
Lionel Galfr\u00e9, head of MonacoTech @ Philippe Fitte<\/figcaption><\/figure><\/div>\n\n\n\n

From Monaco to Dubai\u2019s World Expo<\/h2>\n\n\n\n

After sifting through applications, MonacoTech settles on an initial shortlist. A video meeting is then held to decide on a second, smaller shortlist. Following the meeting, finalists are presented to a panel of judges made up of Monaco-based professionals and entrepreneurs who decide which projects will make the final cut. Once selected, projects join the business incubator, which provides full support to the projects until the start-up can become its own company with independent premises.<\/p><\/p>\n\n\n\n

“We offer start-ups the opportunity to begin an economic activity without having to create a company. We accompany them through the whole process with specially appointed coaches who challenge our entrepreneurs. They help them outline the project\u2019s targets, how to finance them, how to trademark their company… In short, we walk them through all the stages of the creation of an innovative company,\u201d explains Lionel Galfr\u00e9.<\/p> \n

MonacoTech also offers its entrepreneurs a large network. \u201cMonaco is a little country, there are strong bonds between all economic players, as well as with the government,\u201d says Mr. Galfr\u00e9. \u00a0<\/p> \n

MonacoTech’s start-ups will be part of the Monegasque pavilion at the Dubai Universal Exhibition, initially scheduled for 2020 and now postponed to next year, from 1 October 2021 to 31 March 2022.<\/p> \n

Yet, MonacoTech is not an organisation that thinks in terms of profit. Financed by the state, the incubator’s sole objective is to support companies so that they can grow, draw profit, and create wealth in Monaco. The collaboration between MonacoTech and its prot\u00e9g\u00e9s is one based above all on a human factor. “Supporting our businesses on an economic level is good, but supporting them on a human level, that\u2019s even better,\u201d says Lionel Galfr\u00e9.<\/p><\/p>\n\n\n\n

\u201cMonaco is a little country, there are strong bonds between all economic players, as well as with the government\u201d<\/p><\/p><\/blockquote>\n\n\n\n

MonacoTech\u2019s newest recruits<\/strong><\/a>:<\/p><\/p>\n\n\n\n