In order to propel innovative projects with high growth potential and significant social impact, Monaco’s startup incubation program MonacoTech has invited start-up companies from all over Europe, dealing with products and services in ecology, biotechnology, maritime industry, and financial (“fintech”) apps and artificial intelligence, to apply for their call for projects until October 25 at midnight.
The selection process takes place in three stages: an individual, a team, or a startup company fills out an online application in English. Then they may be invited to a 20-minute online interview via one of the video conferencing apps. If successful, the project will finally be presented in front of an expert jury in Monte Carlo. Projects will be evaluated according to their potential for growth, the level of product or service development (the startup must have at least a prototype), the team’s professional qualities and values, and the coherence between the project and Monaco’s economic activity in Monte Carlo, i.e. their technological strategy – so, 5G.
Selected startups will receive all possible assistance from the Principality of Monaco, from educational workshops (how to hire the best engineer, everything you need to know about charming investors, etc.), access to Monaco’s international business ecosystem, participation in specially organized networking events, access to the FabLab, where they can conduct experiments and develop prototypes, and, of course, funding.
The MonacoTech startup incubator does not have a stake in the company that will enter the program but insists that at least one member of the startup team (company) come to work at Monte Carlo in order to facilitate communication with others involved in the program and take full advantage of the benefits. Of course, if a startup can move more people to Monte Carlo – even better. Each company that passes the tender will be supervised for the first six months by an independent team of experts who will assess the progress of the project. Last but not least, MonacoTech will terminate any collaboration with a team if it proves useless. MonacoTech was founded in 2017 and has so far helped about thirty startup companies on a number of projects. You can find out more about the program here.