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Day: 8 October 2020

Interview: MonacoTech Director Lionel Galfré

by: Cassandra Tanti
08/10/2020

MonacoTech has just brought on board its latest round of start-ups, five groups of entrepreneurs who will use the Monaco brand and the incubator’s expertise to develop, market and monetise their concepts.
It brings the total number of start-ups taken under the wing of Monaco to 20. Within just three years, the first 15 have generated an estimated value of over €100 million and raised more than €15 million in funding.
Lionel Galfré has headed the team at MonacoTech since January this year and says he is passionate about developing values for start-ups and for Monaco.
“Everyone we meet is convinced that their idea is the best in the world,” Lionel Galfré tells Monaco Life. “And we have to make them understand that this idea is only good if there is someone who wants to buy the product.”
It has become increasingly clear, particularly over the past years, how crucial entrepreneurship is in addressing the economic, social and environmental challenges of today. Business incubators are seen as an important support tool for those entrepreneurs.
“We help people with innovative concepts and ideas to create something that is economically viable,” says Lionel Galfré. “More so, we want this innovation to create value, and in value, we have two things: social value – it has to be useful for an entire society; and economic value – it has to create jobs and income for the Principality.”
There were 38 start-ups who put themselves forward during the latest application round. The three-step process began by studying the dossiers and reducing it to 20. Then, video meetings were arranged, from which 12 start-ups were selected and invited to pitch their concepts, in person, to a jury of entrepreneurs based locally and outside of the Principality. They have just 10 minutes to sell their idea to the jury, and 10 minutes to answer questions.
“We have a strong selection process – this is the first means to avoid bad results,” says Lionel.

Photo: MonacoTech by Philippe Fitte

For the lucky few who are selected, MonacoTech offers a shared premises in Monaco for extremely low rent, where start-ups can begin to develop without having to formally establish a company. There is an ecosystem where entrepreneurs can exchange experiences and ideas, and there are professionals to help them seek out funding, build staff, create an accounting system, develop marketing and a trademark … everything that is required to create a viable business.
Outside of the incubator, start-ups can benefit from Monaco’s strong geo-eco-socio system; the Principality is at the centre of Europe and easily accessible via the Nice Côte d’Azur international airport; the government has strong links with all the economic players in the Principality; start-ups can capitalise on the Monaco ‘brand’; and residents here are, for the most part, successful entrepreneurs who have a large network throughout the world.
“Start-ups can benefit from the image of Monaco, the network, the local resources, and the force of a strong State and a strong local network based on entrepreneurs,” says Lionel.
And unlike many start-up investors, MonacoTech will not take a “10%” cut, because “the interest we have is the interest of Monaco – to create jobs and value.”
Photo: MonacoTech by Philippe Fitte

According to research by Social Innovation Monitor (SIM), business incubators began to spring up in Europe in the 1980s, but they really kicked off in 2010. There are now 274 incubators in the UK, and 284 in France.
The Principality has just one and it was only created in 2017 by the Monaco government, together with Monaco Telecom and its owner Xavier Niel.
“I think the absolute necessity was not there before,” says Lionel. “We have a very strong industrial sector, but as all European countries, this sector is decreasing and the government recognises the need to create new jobs, and new value, so this is why the incubator was created.”
There are a number of success stories to have already come out of MonacoTech, among them are Knap, a ‘Smart cart’ shopping app, and Orbital Solutions, creators of Monaco’s first nanosatellite that was just launched into space. These two start-ups have since left MonacoTech.
YouStock, Coraliotech, Surgisafe and O’Sol are also among those doing well, as is Laneva, which recently launched its first, luxury, fully electric boat.
So, what is Lionel Galfré’s advice to entrepreneurs? “You have to believe in your project, but you have to accept that you don’t know everything. Surround yourself with people that can help develop it. If your idea is at the service of an entire community, if you can solve a problem and be useful, then even better.”
 
Top photo: MonacoTech Director Lionel Galfré by Monaco Life
 
 

Photos: Princess Charlene delights kids in Georgia

by: Cassandra Tanti
08/10/2020

HSH Princess Charlene has been in Tbilisi, Georgia, this week with her Foundation, meeting and inspiring young athletes.  
On Wednesday 7th and Thursday 8th October, the Princess, a former Olympic swimmer, visited the capital’s Olympic Village and its sporting facilities with several Georgian authorities.
The Olympic Village hosted the 13th Summer European Youth Olympic Festival in 2015, which brought together more than 3,500 athletes from 50 countries, including five Monegasque athletes. The facility is now used by the national rugby, water polo and gymnastics teams for their daily training.
After meeting and exchanging with Paralympic athletes in fencing and volleyball, Princess Charlene visited the Ai Ia Foundation, a rehabilitation centre for the hearing impaired.
She also handed over the keys for a new bus to the Tbilisi Rugby Club team, which will be used for logistical support while traveling.
Young players from the rugby school will participate in the 10th edition of the Sainte Devote Tournament in Monaco in 2021.
To see the photo gallery, click on the images below © Eric Mathon / Prince’s Palace

Emergency unemployment benefits extended

by: Stephanie Horsman
08/10/2020

The Monegasque government has announced it will be extending Reinforced Total Temporary Unemployment (CTTR) pay-outs until next spring in an effort to ease financial concers through the winter season.

Following up on the announcement made by the Minister of State, Pierre Dartout, at Tuesday’s National Council meeting, Didier Gamerdinger, Minister of Health and Social Affairs, spoke to the press on Wednesday about the government decision to extend CTTR benefits until 31st March 2021.

“The extension of the Reinforced Total Temporary Unemployment until next spring is a strong gesture which has been budgeted at €9 million per month,” said Mr. Gamerdinger. “It meets the expectations of many professionals who fear a rebound in difficulties at the end of the marked summer season, including the cancellation of several major events in September-October.”

The news is a relief for those who have suffered severe downturns in income since the onset of the Covid pandemic. Whilst it covers a vast number of occupations, there are strings attached for some metiers.

Pascale Pallanca, Director of Labour, clarified the terms of the system, stating, “For all activities strongly impacted by the crisis – events, culture, leisure, sport, travel agencies, hotels, restaurants, local shops, transport, nightclubs, etc., no proof will be required. For activities impacted by ricochet, such as wholesale trade, printing or consulting and management companies, it will be necessary to justify a decline of at least 30% of turnover.”

On a similar note, Mr Gamerdinger went on to say that, “Since the CTTR is considered to be support for the return to work, it must be continued in order to continue to benefit from it. Finally, in the event of the implementation of a social plan, the company will be subject to a penalty in obtaining the CTTR, namely that the remainder of wages by the company will increase from 20 to 30 per cent.”

 

Photo: Communication Department © Michael Alesi
 
 
 

E-Rally shifts focus for 2020

by: Stephanie Horsman
08/10/2020

The 5th annual E-Rally Monte Carlo has been cancelled out of respect for the victims of Storm Alex, with the Automobile Club of Monaco instead focused on disaster relief.
It is another event cancelled in this year of cancellations, though this one has a different motivation. Organisers of the annual E-Rally Monte Carlo have announced they will not be following through with the planned event scheduled from 22nd to 25th October as a show of solidarity with the people of the Roya and Vesubie valleys.
In a statement on the Automobile Club of Monaco’s (ACM) website, the event organisers state that, “The distress of the inhabitants, especially of the Vesubie and Roya valleys, could only encourage us to consider the tragedies that have occurred, rather than the interest of a sporting event.”
The ACM and a group of volunteers have instead decided to use their time helping the municipalities affected by the storm. After consultations with the local town halls of Bollène-Vésubie, Breil-sur-Roya and Tende, they are arranging for three convoys loaded with “essential equipment”. These supplies will take into account the early winter conditions already hitting the area that are making an already bad situation worse.
The E-Rally Monte Carlo is a road race reserved for vehicles that are 100% electric or hydrogen-powered. This promotion of new automotive technologies goes hand-in-hand with the Principality’s stance on lessening pollution.
The Automobile Club of Monaco has championed these vehicles for the past 20 years, and the E-Rally is but one way they are demonstrating that eco-friendly does not equal low-performance.
 
Photo taken from E-Rally promotion poster
 
 

ASM gets new performance department and director

by: Stephanie Horsman
08/10/2020

The Red and Whites will now have the benefit of a new Performance Department that synthesises athletic development with medical supervision, as well as a new Departmental Director, James Bunce.
James Bunce, the 34-year-old British native who has signed on as the new head of AS Monaco’s Performance Department, has been around the block despite his youth.
The University of Portsmouth graduate first started at FC Southhampton FC in 2007 where he was in charge of the team’s physical preparation at the Academy before his promotion to Head of Athletic Development.
He then went on to become the Director of the High Performance Department of the US Soccer Federation, overseeing all 21 national teams, including the 2019 Women’s World Cup-winning senior team.
Bunce is the originator of “bio-banding”, a concept which groups together young players according to maturity levels rather than biological age. This pioneering approach caught the eye of the Premiere League in 2014 and he was appointed Head of Elite Performance for the English League. He developed his programme to various clubs around the league, helping them personalise their performance management, data analysis as well as monitoring the well-being of players, including medical, nutritional and psychological aspects.
“I am very pleased and excited to join a club that is focused on performance and innovation in alignment with its high ambitions and the challenges of modern football,” said Bunce in a statement. “My motivation is all the stronger as my arrival comes at a time when the club is constructing an ultra-modern Performance Centre which will massively contribute to the club and staff being able to maximise the training and performance of all the players within the club on a daily basis.”
In Monaco, he will oversee the medical and athletic departments at AS Monaco, the Academy, and offer his experiences with Cercle Brugge. He will report to Sporting Director Paul Mitchell on ways to prevent injury and risk and monitor physical preparations.
“We are very pleased and excited to welcome someone of James Bunce’s pedigree, an individual who has established himself in recent years as a benchmark in the field of high performance,” Mitchell said. “Through James’ arrival, the aim is to give our organisation the intelligence and expertise to grow to challenge the world’s elite in athletic performance. We want to provide the necessary conditions to perform on and off the field using the latest technologies and practices of high level sport. All this work will allow us to optimise the sporting training and physical ability of the players to meet the ever-increasing demands of the game.”
AS Monaco’s focus is also on the community-at-large. They have just announced they will provide four housing units to victims of Storm Alex from Saint-Martin Vesubie. The club has close connections to the village, as they hold annual summer camps there for three of their affiliated teams in pre-season. Sadly, the stadium used by the teams was destroyed by the storm.
 
Photo courtesy AS Monaco