Saturday 29 September 2018

Agreement to support Monaco entrepreneurs

On Monday 24th September, media representatives, business leaders and entrepreneurs gathered to witness the signing of an agreement between MonacoTech business incubator, and Monaco Impact, an organization that promotes the Principality through supporting responsible and social entrepreneurs.

Fabrice Marquet, Director of MonacoTech, welcomed us and gave a brief tour, before he and Peter Kutemann, President and Founder of Monaco Impact, signed the agreement. Mr Kutemann hopes that through this partnership, members of Monaco Impact, who have achieved their own business successes, can give something back to society by mentoring the next generation of entrepreneurs.

After the signing, Mr Marquet gave a short presentation about MonacoTech. He explained that, in line with the Principality's vision and strategy, the enterprise aims to promote entrepreneurs who have strong values. In contrast to "startup factories", MonacoTech does not view entrepreneurs as merely a commodity through which investors can make money. The Monaco model places less emphasis on quantity, preferring to advocate quality by working to make every company profitable. This requires entrepreneurs to be committed equally to a hands-on role within the team and to having a clear understanding of the business's proposition.

Out of an initial selection of 24 ideas, 17 are still in the program. Four successful enterprises gave brief presentations: Coraliotech marine bio-tech company is developing products for cosmetics, pharma and biotech industries; Orbital Solutions Monaco's nano-satellite technology is set to democratise space and is currently looking for a clean manufacturing space in the Principality; Tamanoir has developed a smart canula to detect abnormal tissues and liquid during surgery; ONHYS's crowd simulation technology is helping urban planners to develop human-centric solutions to car pollution.

Following the presentations there was an opportunity to meet more of MonacoTech's entrepreneurs and to network over a cocktail.

The event took place at MonacoTech's premises on the 7th floor of a Fontvieille office building. A floor to ceiling automatic glass entrance door swishes open into a workspace that is sometimes shared with students of the International University of Monaco. In a nod to Silicon Valley there are one or two perspex rocking chairs and beanbags, but this is clearly a place for working, not relaxing.

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