11 new Covid cases on 25 Jan. brings total to 1,368: 44 hospitalised: 27 resident + 10 in ICU: 4 resident, 145 home monitored, 1,140 recoveries, 9 deaths
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
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The Monaco Economic Board hosted its first ever economic e-mission with Russian entrepreneurs this month, paving the way for future business opportunities with the country.
Employees in Monaco will be able to have their hours reduced while maintaining full financial support from the State in the government’s latest bid to avoid layoffs due to the Covid crisis.
Villa Unda Maris, situated just metres from the Oceanographic Museum on the Rock, has gone under the gavel and achieved an eye-watering sale price of €75,300,000.
Women made up 41% of the workforce in large companies in 2019 and the majority were French. These are just some of the findings to come out of the latest report by IMSEE.
As a resurgence of the Covid pandemic brings continued uncertainty for the coming months, organisers of Sportel Winter have given up trying to pursue their February event at the Grimaldi Forum.
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[caption id="attachment_19479" align="alignnone" width="1280"] Enzo Marchetti is an Associate at Enness International[/caption]
Enzo Marchetti, an Associate at Enness International, has commented on the re-emerging attraction of top-end properties in the South of France.
“It’s not new to say that France, and especially the French Riviera, is a major hub in the luxury housing market of Europe.
“France has just emerged from a challenging five years, with major economic and political problems, but, thanks to recent election results, the time to look ahead has come and the future looks bright.”
With extensive tensions and worries in England with Brexit, HNWIs and UHNWIs have an increasingly strong interest in buying in the South of France as the London property market’s future appears less strong over a long-term basis due to diminishing yields and capital growth.
“The significant change in the political situation in France has had a resounding impact on the property market, Mr Marchetti stated. “Macron has brought a ‘fresher’ image to the country and residents feel increasingly confident in investing considerably more money in property.”
Economically speaking, Mr Marchetti says that France is forecast to enjoy a strong 1.7 percent GDP growth in the coming quarters, which once again shows how the newly-elected president has positively impacted the global country’s situation. “That being said, many European investors do consider France’s future as being the brightest in the EU.”
Mr Marchetti, added that from St-Tropez to Cap-Martin, passing by Cannes, St Jean Cap-Ferrat and Monaco, such places have always attracted the ‘super-rich’ and historically low rates have enticed them even more.
“In terms of mortgages, France is currently very competitive, structuring them in a way to optimise their wealth tax exposure. Low interest rates mean money is cheap and HNWs will not miss the opportunity to get it if they can.
Mr Marchetti stresses that international banks have also lowered their margins to attract further foreign investment and countries such as England are taking advantage of it.
“Buying a secondary or tertiary home in the Riviera is not just a very safe way of placing your money, but also a good opportunity to generate income. Taking Cannes as an example, the city offers a full-year event diary attracting celebrities and investors from all over the world.
“Incumbent countries such as Russia or the UAE have already settled down in the Riviera, so the million euro questions is, who are going to be the next big buyers of the South of France? And how are the banks going satisfy their financing needs best?”
Enness International is the specialist, high-end lending division of Enness, who last month hosted a party at Thirty Nine that celebrated both the company’s ten-year anniversary and the recent launch of their office in Monaco.
Erness caters for clients looking to acquire or refinance overseas property, specifically those located in France, Monaco, The Balearics and Switzerland. (Homepage image: Flickr Michael Gwyther-Jones)
Antonio Cecere will be one of the star Monaco-based speakers at the upcoming Monaco Wealth Forum next month. Cecere Monaco specialises in alternative investment in colourless and fancy colour diamonds, precious gemstones, vintage watches and antique jewellery, with strategic access to the supply chain and control of off-market reservoirs.
Antonio Cecere is the Founder and Vice-President of Monaco Diamond Exchange. He has experience of the luxury sector at its highest levels as he held senior roles for the Richemont Group, Swarovski Group, Babette Wasserman, Burberry and Bally. He has also served as a professor at the International University of Monaco (INSEEC). Cecere Monaco is a trusted member of the Chambre Monegasque Horlogerie et Joaillerie and of the Monaco Diamond Exchange.
Among the company’s activities is the selection of vintage watches and antique jewellery to diversify investment portfolios and give wealth managers clear solutions. The company's catalogue of High Quality Vintage Watches is pieced together for the experienced collector and consists of extremely rare and rare items, prototypes, numbered production models, discontinued models, limited editions and iconic pieces.
Mr Cecere’s insights into the acquisition of rare timepieces are unequalled.
The Monaco Wealth Forum takes place on March 15 at the Salon Bellevue of the Cafe de Paris, in the heart of Monte-Carlo, in association with Monaco Life.