Do the startups have to belong to a specific field?
The startups do not have to belong to a specific field. However, we highly encourage entrepreneurs to emphasize and focus on innovation regarding their project as it is the main aspect of the program.
What are the selection criteria?
The most important criterion is the team. Complementarity and internal technical skills are of the essence. Besides that, the jury will look closely at your concept (which has to be innovative), business model and market. Finally, MonacoTech is looking for startups that have intention to establish their activity in Monaco.
What are the costs to enter the Incubator?
MonacoTech is offering two different programs. The incubator will provide a follow-up to young entrepreneurs through creating and developing their startup. Desk price for that program is 150€ per month. The accelerator will help already-existing startups boosting their growth and increasing their international presence.
What type of investment will the startups receive ?
They can already raise funds by themselves. However, thanks to its network, MonacoTech can put startups in touch with a whole range of private investors. On the other hand, a public investment offer is currently being elaborated.
When does the incubation finish?
Incubation time will be determined depending on each startup’s needs. MonacoTech isn’t setting a precise incubation time, it’ll hold between 12 and 18 months. The objective is to help the startups grow as much as they need it.
In terms of communication, what help will the startups be provided with ?
MonacoTech will be offering consulting regarding the creation of a visual identity, the positioning and finally setting up a digital strategy.
Practically speaking, how will startups be supported?
The main goal of the incubator is to bring consulting by various ways. Conferences will be held by experienced entrepreneurs, in order for young CEOs to get tips about managing and developing a company. In addition to that, MonacoTech has a partnership with The International University of Monaco. This will give startups a punctual formation, as they will be allowed to follow Entrepreneurship and Management courses.
How many people can be involved in the startup?
As said previously, we are looking for team chemistry and we are considering teams of 2 or 3 co-founders on average. As a general rule, we will not consider one-man bands. MonacoTech will be able to welcome larger teams, however, this will have to be justified.
Other questions, comments, or concerns?
Didn’t find the answer you were looking for? Send us an email at firstname.lastname@example.org
and we’ll get back to you shortly!