Monaco has underlined its ambitions as an innovation leader with the creation of MonacoTech, a startup incubator and accelerator to boost Monegasque growth.
Led by research scientist Fabrice Marquet, MonacoTech has been established by the Monegasque Government in partnership with Monaco Telecom and its entrepreneurial owner Xavier Niel. It has several objectives: to support innovative start-up projects in Monaco, to develop and promote successful companies, to diversify activity by positioning itself as a credible, renowned capital of innovation, and to generate indirect economic benefits.
Monaco is firmly focused on developing its Information and Communication Technology and Digital sector, drawing on a wealth of local knowledge and specialist infrastructure including world-leading high-speed internet coverage.
A panel of professionals will review local and international projects in any technology-related field (fintech, healthtech, smart city, connected devices, etc) for suitability. Successful start-ups will receive advice, support, encouragement and funding during the initial stages of their development, taking up residence in an 820 sqm open plan premises. Designed to host up to 20 start-ups with 60 workstations, a semi-public area and a co-working space, it will be made available for 150-300 euros per workstation. Its MonacoLab programme will work as a tech validation fast track, allowing for the swift testing of new technologies at large scale. An ‘entrepreneur-friendly’ network will encourage meetings with potential investors, customers and partners.
The first 10 startups selected for the programme range from biotech companies and medical device developers, to the developer of a more sustainable form of cement, a company designing and manufacturing electric boats, and an online platform for booking yachting needs. One example, biotech company Coraliotech, aims to produce, develop and valorize active substances from the marine world, particularly corals. The company will be closely associated with the Centre Scientifique de Monaco, a world expert in the study of coral organisms.