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What is the Blue Fund?

What is the Blue Fund?

By Cassandra Tanti - January 12, 2021

Businesses in Monaco looking for a digital overhaul will have up to 70% of the project paid for by the government in an economic recovery package designed to help companies reach their full digital potential.

The initiative forms part of the Extended Monaco programme and is supported through the Blue Fund, which is aimed at promoting economic recovery in the Principality via digital technology.

Any Monegasque company is eligible for the subsidy.

“We are not just talking about e-commerce here,” Georges Gambarini, Smart City Programme Manager, tells Monaco Life. “Perhaps you employ 25 people and need someone to help you deploy an accounting software; maybe you need to create a safe and secure website; or you are a lawyer looking to use digital signatures… There are a lot of possibilities.”

There is a very simple criteria that needs to be met. Companies must be registered in the Principality, be able to prove that they operate genuine business in Monaco, and that they have carried out a ‘digital maturity self-assessment’ on the EME platform.

“The EME platform allows you to assess your situation and to identify areas that you need to work on,” says Mr Gambarini. “Then you put in a proposal for your project. The idea is to subsidise between 30% and 70% of the total project, while the company fills in the gap so they are involved in the project, which is important.”

To be accepted, the digital project must serve a clear purpose: to improve the customer experience, improve productivity, or to launch new economic models like a local marketplace platform or service on the sovereign cloud.

“We need to create a cluster of competence and knowledge in Monaco,” says Mr Gambarini. “We need to help companies in their digital transition, but we also need to support local companies who provide digital services, so they can grow and become more robust, and Monaco can in turn grow its ecosystem.”

The Design Centre is one such company in Monaco that the government has recruited for the programme.

“There are so many ways a business can benefit from digital improvements,” Managing Director Jean-Paul Goodwin tells Monaco Life, “from a new website or email marketing, to remote working tools and training on digital platforms. This initiative opens the possibility to implement a more complete digital offering for some clients who may have been hesitant to make the change in fear of cost or knowledge.”

The government is expected to launch online webinars to help explain the initiative and the potential of digital.

For more information on the Blue Fund initiative, click here.

 

 

Photo source: Pixabay

 

 

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