This morning, the Young Economical Chamber (JCI) has organized an event to outline the various funds proposed by the Principality to support Innovative projects and entrepreneurship. The two main speakers were Mr Jean Castellini, Minister of the Economy, and Mr Serge Pierryves, Director of the Economic Expansion.
It was first introduced the SACDE, a fund in which the Government holds 100% of the shares in this venture capital firm, known as “Société d’Aide à la Création et au Développement d’Entreprise” (SACDE). The aim of which is to support innovative Monegasque companies.
Those with innovative projects (under development) can contact the Government, that studies opportunities for financial support – contributing to the share capital of the entity to be created in the Principality, additional loans, etc.
The second fund finances collaborative European projects, know as Eurêka. This fund offers support to Monegasque companies for technological projects that are innovative (involving real technological progress or the introduction of an innovative product to the market) and collaborative (obligatory partnership with at least one other partner belonging to one of the 38 EUREKA member countries), through of repayable loans or subsidies.
Mr Pierryves was underlining the fact that no project has been supplied by the Principality since 2016, and that the government is keen on receiving substantial and inventive projects. The government to remind their active support to compatriots of other nationalities willing to work and participate to the growth of the economy in Monaco through their innovational and creative mindset.
In regards to this fund, the project must result in a technologically innovative project and show real commercial potential. Companies in the industrial sector, tertiary industry and those providing services to industry are eligible for support from this fund.
This fund offers support to Monegasque companies for inventive technological projects (involving real technological advances or the introduction of an innovative product to the market), through repayable loans or subsidies. The project must result in a technologically innovative project and show real commercial potential.
At last, Mr Pierryves remind the importance for MonacoTech – startup builder – in Monaco, and has unveil the possible next call early 2020 for new start ups to join.
Article JMA – Photo Wealth Monaco