“Monaco is a land of innovation”
The Government Counselor – Minister of Finance and the Economy shared with us his view of the place that the Principality gives to innovation and gave an update on the various aids granted to start-ups.
A small territory, but big ideas. When we ask Jean Castellini, Government Counselor – Minister of Finance and the Economy, to share his vision of innovation with us, the answer is simple: “ a formidable vehicle in terms of image and communication to combat certain received ideas about Monaco. »
Because if the international scene often considers the Principality as a purely tourist destination, Monaco has, in reality, much more to show. This is evidenced by the many State measures which, for several decades, have supported various companies, thus granting innovation a place which is essential, to say the least, and this at all levels.
Three major devices
In Monaco, we want to see more than just financial aid. The objective: to accompany entrepreneurs step by step – Monegasque or not – who wish to embark on the adventure. This is why three schemes have been created: MonacoTech, Monaco Boost and Monaco Innovation Runway.
MonacoTech, the incubator
For five years now, MonacoTech, “ business accelerator incubator », helps the incubated start-ups to realize their projects, thus encouraging the carriers of these projects to innovate. ” When MonacoTech was launched, we did not exclude any “Tech”. I think this is what makes the most sense in Monaco, even if the last five years have brought us to favor certain sectors rather than others, such as health (MedTech), or the environment (GreenTech) “says Jean Castellini.
And for good reason: incubated companies benefit from a space where they can exchange with each other, create synergies, but also benefit from valuable aid, such as a financial grant to make their first expenses or obtain certain services for free, thanks to partnerships. with the Order of Chartered Accountants or with Monaco Telecom, the “spearhead” company for most innovation initiatives in the Principality.
Today, MonacoTech lists no less than 45 incubated projects in total, including twenty that are still at MonacoTech.
READ ALSO: E-signature and digital safe: Pineappli simplifies the life of companies
Innovation made in Monaco crosses borders
Monaco Boost, the nursery
On this same stage: Monaco Boost. Created two years ago, this device is defined rather as a ” incubator for Monegasque entrepreneurs “, according to Jean Castellini. ” At MonacoTech, on a more assertive technological bias. At Monaco Boost, we welcome innovative companies, mainly defended by compatriots “, he summarizes. In just two years, 39 activities have already been hosted there and Monaco Boost now has 27 employees and 17 work-study students.
” As Monaco Boost is on the same platform as Monaco Tech, this creation of synergies between companies. Monaco Boost sometimes welcomes companies “excubated” from MonacoTech: it would be a shame to help incubated companies, to finance them, to allow them to develop and then to lose them. Each benefits the other, not in terms of commercial products, but rather in “mentoring” and sharing experience. It is very enriching that people can talk to each other and exchange », explains Jean Castellini.
READ ALSO: MEDTECH. Infineis: new hope in the fight against brain tumors
Monaco Innovation Runway, the showcase
The latest of these schemes, Monaco Innovation Runway, launched last July, which aims to serve as a showroom for companies that have succeeded in developing their projects.
” The idea was to be a place for demonstrating, promoting and highlighting innovation. Five years ago, we had no people to put forward. Today, this is the case, in a wide variety of projects, such as health, eco-responsibility, marine technology… All deserved to have a showroom, a showcase to put them forward. “, details Jean Castellini, who specifies that for the moment, it is still too early to establish an assessment of this operation.
But the Government Counselor – Minister remains confident. Because the Principality can congratulate itself on the success of MonacoTech and Monaco Boost: “ around a hundred permanent jobs, in Monaco or abroad, have been created by start-ups. The Monegasque economic fabric benefits directly and innovation made in Monaco crosses borders “, he rejoices.
Solid financial aid
Of course, all these measures are accompanied by significant financial support, which again proves the degree of involvement of the Principality in terms of innovation, even on the international scene.
Led by François-Xavier Leclerc, the Department of Economic Expansion is thus at the origin of the Monegasque innovation fund – a lever that has existed for 25 years – and of the Monegasque fund Eurekacreated in 2005 and which provides support for cooperative innovation projects.
This second system also maintains a very active collaboration with the public investment bank Bpifrance and its local teams, on the basis of agreements. ” This testifies to an initiative that goes beyond our borders, and which involves local teams who are very familiar with the ecosystem favorable to the emergence, growth and development of businesses. adds Jean Castellini.
Finally, last but not least : Horizon Europe. Since 2019, this system has offered Monegasque entities the possibility of participating in calls for Research and Development projects launched by the European Commission: “ once again, we see this close relationship that Monaco maintains with France but also with the European Union. »
Held up due to the pandemic, Horizon Europe is now being launched. The first projects must be submitted to the European Commission by the end of the year. Three Monegasque companies are also approached to receive the financial support necessary to launch their project.
A constantly evolving legislative framework
Last axis, and not the least, to cement everything: the legislative framework, which tries to adapt regularly to the needs of companies. “ The legislative and regulatory framework in Monaco today allows innovation to thrive. 20 MonacoTech startups, out of the 40, have already created a company, of which 4 have created a Société Anonyme Monégasque (SAM).
These are heavier societal forms that require more involvement in terms of capital. It is a source of satisfaction for us to see that these companies have been able to be created and that they have been able to grow in Monaco, by projecting themselves into their future with certain assurances, guaranteed in particular by the constitution of a SAM. These companies have behind them a history, a claim “says Jean Castellini.
On a territory of two square kilometers, we can create innovative companies
A bill on company law is also due to be submitted to the National Council shortly. A project that plans to clean up existing systems, particularly for SAMs and which will undoubtedly introduce new societal forms, such as the Simplified Joint-Stock Company, often used and favored by business creators and start-ups. »
For Jean Castellini, the improvements must also relate to a simplification of certain procedures in terms of business creation, but also to an update of the logic of business financing by the Government, following the health crisis. ” One of the revolutions that we all experienced was teleworking. We have seen how compatible it is with an activity such as business incubation. (…) We have seen that for almost two years, a business incubation structure has been able to live with entrepreneurs who were not there every day, or even not there at all. It must push us to think about how we accompany them, how we help them, from a financial or intellectual point of view. »
The ability to adapt
And here again, the Government Counselor – Minister is sure: Monaco has many assets to promote to encourage businesses. ” I think that we find in the field of innovation the characteristics that make the Monegasque economy develop regularly and sometimes in sectors that we do not spontaneously associate with the Principality. Monaco is more than a tourist destination: finance and real estate are two other pillars, but here again innovation is linked to them. We can see this with the offshore extension project, which benefits from innovation – particularly in terms of ecology.
In Monaco, we find a great flexibility, we can do tailor-made. The premises that we mobilized for Monaco Boost and MonacoTech were historic industrial premises in Fontvieille, in buildings that are around fifty years old. They have been completely transformed into trays suitable for the 2020s to allow the development of innovation. The adaptation is permanent since Monaco Innovation Runway, involves the use of certain surfaces, which we did not previously have as being able to serve as a showroom for innovation, and which were finally mobilized. This adaptability is an asset for entrepreneurs and project leaders. »
And for Jean Castellini, Monaco Telecom remains the best example of the place given to innovation in the Principality: “ it is one of our flagships in terms of innovation. When 5G is introduced, or the 10GB fiber network, it is because we have this company in the Principality, which is spearheading innovation in its field. (…) Monaco is a land of innovation. It is certainly this initiative, which is part of a more global approach, which contributes to changing the image, to adapting the perception that some have. On a territory of two square kilometers, we can create innovative companies. This was the case fifty years ago, it is still the case today with different means but with state support that does not weaken. »