Monaco to launch tech startup incubator

Monaco’s government is set to launch a startup incubator next Autumn that will be named MonacoTech.

In an interview to local weekly magazine Monaco Hebdo, Jean Castellini, counsellor for Finance and Economy within the Monegasque government, has unveiled some details about the project.

He said MonacoTech will target at least three businesses : FinTech, HealthTech (new healthcare technologies) and CleanTech (all new technologies related to the energy transition and ecology globally speaking).  Castellini added FinTech could be useful to the Monegasque’s financial ecosystem.

Some 20 to 30 companies will initially be supported by MonacoTech which will also provide financing and accommodation. All will be selected by the end of July 2017. A request for proposals will be launched through social networks then best applications will be selected and assessed by a jury of entrepreneurs.

Castellini said chosen startups will need a robust technical expertise. A requirement to their selection is that they will have to be headquartered in the Principality of Monaco once the seeding period will end.

Furthermore, a partnership with Station F, which will open next summer in Paris and is set to become the world’s largest startup campus, is being discussed as French telecom tycoon Xavier Niel has been involved in both projects.

Xavier Niel’s holding NJJ Capital owns Monaco’s operator Monaco Telecom, to whom the Monegasque government has delegated the management of MonacoTech, and Niel is at the origin of the Station F project.

ABOUT THE AUTHOR
Gary Robinson
Deputy Editor, International Investment and Head of Video at Open Door Media Publishing. A fully qualified journalist and filmmaker with more than 20 years' financial services experience, both as journalist and originally as an IFA.

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