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Q & A

The start-up’s requirements

How much does it cost to participate in the MonacoTech incubator?

Startups can join the program for a monthly fee of €300 per office space (desk).

What are the criteria for applicants?

People of all ages and from all backgrounds are welcome to apply, as long as they are ready to champion their ideas passionately and confidently, but also pragmatically. There is just one condition: to be eligible for the program, you must have an existing team in place, united around an innovative project.

How many people can be part of my startup?

Today, our startups are mostly made up of two to three people. As a general rule, each startup is allocated a maximum of four office spaces (desks) within our premises. If you have a larger team, you can still apply. Should your application be accepted, in this case you will only be allocated a limited number of desks. In fact, not all of your team members necessarily need to be based in MonacoTech; part of your staff can work from other premises in Monaco.

Does the company’s registered office need to be in Monaco?

Our primary aim for the startups that we support is that they achieve success and establish at least a part of their business in the Principality. While your startup doesn’t necessarily need to be registered in Monaco when joining MonacoTech, we do hope that this will be the case in the future. It is also possible to establish the registered office of your company at the incubator’s premises.

Does my startup need to operate in a specific sector in order to be eligible for the program?

The incubator program is open to all ideas. As such, companies do not need to operate in a particular sector, provided the business project is innovative. However, we may invite applications from entrepreneurs and businesses in a particular sector at some point in the future.

What are the main selection criteria?

In the long run, our aim is that the startups that follow our program flourish and create jobs in Monaco. The panel will therefore give importance to the project’s potential positive impact for the Principality. Of course, the co-founders’ attitude and mindset will also be taken into account, along with the project’s potential for success.

What rules apply at the incubator?

As in any organisation, there are rules to be followed for the benefit of all. One rule, in particular, is of paramount importance for us: we require that at least one of the co-founders or managing directors be based full-time at our premises. If this rule is not respected, the collaboration between MonacoTech and the startup in question will be ended.

How long can I stay at MonacoTech? How long is the incubation period?

The “incubation period” is tailored to the start-up’s requirements. We do not set a fixed period, as we prefer to provide maximum support to startups for as long as they need it.

This said, review panels will take place every six months to assess the progress of projects. Startups that have not met their obligations will be removed from the program.

What added value does MonacoTech provide thanks to its location?

It is important to bear in mind that Monaco offers a rich and fertile business ecosystem. The Principality covers two square kilometres and is home to 38,000 inhabitants, over 130 nationalities, 6,000 companies, and a diverse range of different entrepreneurial profiles…

MonacoTech fits perfectly into that dynamic environment. Thanks to its extensive network, the incubator can put startups in contact with a variety of different parties both up and downstream from the entrepreneurial project, including private investors, mentors, contributors, service providers, and institutions.

What type of support does MonacoTech provide to startups? Is training available? What does the program include?

Startups are guided and supported throughout their time at MonacoTech.

The program is structured around:

  • – a weekly meeting every Monday with the Director
  • – workshops each month set up by the Program Director
  • – coaching and mentoring sessions

Experts, professionals from the business world and service providers will also be presenting business topics in the form of conferences or individual meetings with the startups, depending on the project’s state of progress and current needs.

Conferences are also held to provide information and advice on the incubation process. In addition, as part of MonacoTech’s partnership with the International University of Monaco (IUM), our startups get access to entrepreneurship and management courses, allowing them to build up their knowledge and skills whilst developing their project.

Startups receive a wealth of support to deal with all of the difficulties they might encounter, and are never left to face challenges alone!

Does MonacoTech help with administrative formalities?

Absolutely. We have everything needed to help simplify your administrative procedures, and have a direct relationship with the Principality’s Business Development Agency.

When will the next applications open?

No date has been fixed at this point. We recommend following us on our social networks to stay informed.

For reference, our last round of applications was launched in late January and ended in early March of last year. From then on, various stages of the selection process took place, and the selection panel identified the most convincing projects. The selected startups moved into our premises at the end of May 2019.

When is the incubator open?

The incubator is open 24/7. You may come and go freely using the provided electronic badge.

How to reach MonacoTech

Ideally located in Monaco’s Fontvieille district, MonacoTech can be reached easily by car, bus or train. There are two car parks within 200 metres of the premises, the Stade Louis-II and Saint Antoine car parks. Bus n°100 from Menton or Nice stops at Places d’Armes, which is just five minutes’ walk from the incubator. Monaco train station is abount a ten minute walk away.

 

Do you have other questions, concerns or comments?  If you didn’t find what you were looking for, feel free to email us at contact@monacotech.mc and we’ll get back to you asap!

 

Q&A