THE BLUE FUND MONACO

As part of the Extended Monaco program  and with the aim of boosting the economic recovery of the Principality of Monaco, the Monegasque Government has come up with an effective action plan to boost digital revenues in Monaco.

This ambitious plan is based on the establishment of a support fund, called the “Blue Fund,” in order to further economic efforts in the digital sector.

This Blue Fund has three objectives:

• Develop the digital maturity of Monaco-based companies
• Promote an ecosystem favorable to the digital economy
• Support Monaco-based companies providing digital business services

In this context and on a co-financing basis, the Blue Fund will support (from January 2021) digital projects initiated by Monegasque companies.

To fulfill its digital project, a business must be supported by a Monegasque Digital Services Business (“Entreprise de Services Numériques” – ESN) such as Baccana Digital Consulting, more particularly for projects in eCommerce, marketplace, virtual reality or business application development.

ELIGIBILITY FOR THE BLUE FUND

CRITERIA RELATING TO YOUR COMPANY

• Have an active RCI from the Principality, or provide a ministerial authorization from Monaco
• Prove a real activity
• Be registered on the Government Platform (available in December 2020, Baccana Monaco can help you in your application) and have carried out its digital maturity self-test, whereby our digital experts can assist you, too.

YOUR DIGITAL TRANSFORMATION PROJECT

Your project, whatever its nature, is only admissible if it is part of a digital transformation plan that meets one of the following three purposes:

• Improving 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.)
• Improving productivity (for example: use of digital HR, financial and purchasing management solutions, setting up electronic signatures, dematerialization of processes, etc.)
• 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.)

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, a process in which Baccana Monaco will support you:

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 digital transformation project, and to send supporting documents, including 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 Monegasque 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 in Ecommerce, Marketplace, Virtual Reality, Web and mobile apps or website redesign, contact Bacana Digital Consulting to build a rock-solid business case and take advantage of the Blue Fund right now.