Digital transformationDigital transformation
Digital transformationDigital transformation
THE BLUE FUND in Monaco
The Monégasque Government, as part of the Extended Monaco program, aims at boosting digital revenues in Monaco and has devised an effective action plan.
Moreover, the foundation of this plan rests on establishing a support fund, named the “Blue Fund,” to further economic efforts in the digital sector.
Additionally, This Blue Fund encompasses three objectives:
- Firstly, it strives to develop the digital maturity of Monaco-based companies
- Secondly, it endeavors to promote an ecosystem that favors the digital economy
- Lastly, it focuses on supporting Monaco-based companies that provide digital business services.
In this context and on a co-financing basis, the Blue Fund will actively support digital projects initiated by Monegasque companies starting from January 2021.
To accomplish their digital project, businesses must receive support from a Monegasque Digital Services Business (“Entreprise de Services Numériques” – ESN) such as Baccana Digital Consulting.
Furthermore, it is especially applicable to projects concerning E-commerce websites or marketplaces, virtual reality concepts, or mobile & web apps.
Case Study: BLUE FUND IN MONACO
Blue Fund Financing for a Yachting E-commerce Marketplace in Monaco
The Monégasque startup Yachtneeds gained financial support from the Monaco Blue Fund with Baccana Digital Consulting, to qiucken the launch of its custom e-commerce marketplace, and secure €1.25 million in funding in just a few months.
Eligibility for the blue fund
Criteria relating to your company
In order to qualify, your company must meet the following criteria:
- Firstly, it should have an active RCI from the Principality or provide a ministerial authorization from Monaco;
- Additionally, it must demonstrate a real activity and be registered on the Government Platform, which will be available in December 2020;
If needed, Baccana can provide assistance with your application process.
Moreover, your company should have completed its digital maturity self-test on the Government Platform, and our digital experts can also provide assistance in this regard.
Your digital transformation project
To be considered, your project, regardless of its nature, must be part of a digital transformation plan that serves one of the following three purposes:
- Firstly, it should imrove your customer experience and your sales (for example: increase in visibility through SEO or Social Marketing, new sales channels on Amazon or Google Shopping, redesign of the customer front-office website, switch to eCommerce, etc.)
- Secondly, it should improve productivity (for example: use of digital HR, financial and purchasing management solutions, setting up electronic signatures, dematerialization of processes, etc.)
- Lastly, it should involve the launch of new economic models based on digital technology (for example: creation of local platforms such as “Marketplace”, creation of services on the sovereign Cloud, etc.)
Forward-thinking projects prioritized by the Blue Fund
Focus on innovative digital transformation initiatives
The Blue Fund of Monaco, a governmental initiative, is strongly committed to supporting innovative projects for the digital future of the principality.
As such, the Blue Fund is particularly seeking to support cutting-edge digital transformation projects related to:
- Hosting on Monaco Cloud
- Cybersecurity and Sensitive Data protection
- Digitalization of internal processes
- Artificial intelligence
- Data integration and automation processes
- Web 3 initiatives (Virtual Reality (VR), Augmented Reality (AR), Blockchain…)
By favouring these strategic areas, the Principality aims to enhance competitiveness within Monaco and beyond, to stimulate top-grade technological innovation, and to ensure a successful transition towards a resilient digital economy.
Furthermore, it also encourages collaborative projects between the public and private sectors that offer unique opportunities for development and growth for Monaco-based businesses.
Finally, the Blue Fund embodies Monaco’s commitment to become a leading digital hub at both regional and global levels.
Procedure to follow with baccana monaco
After creating your company account on the Blue Fund Platform and having completed the digital maturity test with our assistance, your company is invited to follow the following steps:
Submitting the request on the dedicated tele-service
A dedicated teleservice will be accessible via the Blue Fund Platform and via Monaco’s Enterprise Public Service website.
Your request must be made by filling out an online form that we will help you complete.
With your collaboration, we will be invited to communicate information specific to your company and your project, and to send supporting documents, that include the following:
- Result of the digital maturity diagnostic test obtained from the Blue Fund platform
- Well-argued description of your digital transformation project detailing the context, methodology and expected added value. Baccana Monaco will help you to develop effectively this part of the request.
- A recent (dated less than a month) and detailed quote issued by Baccana Digital Consulting Monaco.
- Supporting documents establishing actual business in Monaco
- A bank identity statement (dated less than six months)
If your file is incomplete, it will not be processed, which is why we will assist you in making all arrangements for admissibility.
The competent department of the Blue Fund reserves the right to contact the project leader when a clarification or additional information is necessary.
follow-up and payment of state aid
Response from the competent service of the blue fund
The competent service of the Blue Fund will respond to your request as soon as possible, provided your file is complete with all the required information.
If accepted, you will be informed of the decision relating to the requested funding (including the proportion of co-funding, which will be between 1/3 and 2/3 of the budget presented).
The decision – based on the analysis of the supporting documents provided – will be communicated by email.
This is why Baccana Digital Consulting will ensure that your file is complete and in line with the digital evolution encouraged by the Principality.
The Monégasque Government reserves the right to refuse any project that does not meet the stated criteria.
In this case, the project leader will be informed of this decision by email.
Payment of assistance from the blue fund
If your project and our estimate are accepted, the aid payment method is as follows:
- 50% at the launch of the project, on presentation of the order form established by Baccana Digital Consulting.
- 50% after finalization of the project, on presentation of the related invoices and a document establishing its proper execution
So to put your company on the right track of a successful digital transition, and meet your needs, contact Baccana Digital Consulting to build a rock-solid business case, and take advantage of the Blue Fund right now.
Ask for a FREE QUOTE. Our experienced team of experts will collaborate with you and will carry out research to understand your needs and goals.