Monaco, traditionally known for its finance and tourism sectors, is now making waves in the tech industry. The principality’s strategic location on the French Riviera, coupled with its commitment to fostering innovation, has laid the foundation for a burgeoning tech ecosystem. The government’s initiatives to attract tech talent and support startups have catalyzed this transformation.
At BSS Monaco, we understand the importance of innovation and promoting entrepreneurship. Our digital services are designed for startups, as well as more established companies, in Monaco and internationally.
MonacoTech: The first startup incubator in the Principality
MonacoTech is the Principality of Monaco’s flagship startup incubator, launched with a vision to propel innovation within this glamorous locale. Since its inception on November 8, 2017, it has distinguished itself as a nurturing ground for startups with high growth potential, innovative solutions, and social impact. With a backing from the Prince’s Government, Monaco Telecom, and entrepreneur Xavier Niel, MonacoTech has attracted over 300 applications from approximately 30 countries, supporting a diverse array of projects across sectors like cleantech, fintech, and medtech. The incubator is celebrated for its tailored program, offering one-on-one coaching, workshops, and networking opportunities with investors, government entities, and other key players in the entrepreneurial ecosystem. This strategic support aims to help startups gain traction, scale, and establish a solid foundation in Monaco, fostering a community of ambitious and game-changing enterprises within the microstate.
Carlo’s Impact on Monaco’s Payment Landscape
The Carlo App is an innovative payment application developed in Monaco that rewards users for shopping locally, aiming to boost the local economy and support local merchants. Carlo is designed to encourage spending within the community by offering cashback rewards for purchases made at participating local businesses. The app has been instrumental in injecting millions of euros into Monaco’s local economy, with thousands of users and hundreds of businesses participating.
Carlo operates on a simple yet effective model: for each purchase, a percentage is given back to the customer as cashback, another portion goes to the person who referred the customer, and the remaining funds support the startup itself. This system not only benefits consumers but also helps local businesses by increasing their visibility and customer base. The Princely Government of Monaco has also shown support for Carlo, using it to distribute bonuses to public service employees, thereby ensuring that the money is spent locally and benefits the principality’s economy.
The app’s success is evident in its widespread adoption, with nearly 350 businesses in Monaco using Carlo. This represents a significant portion of all local businesses, with new retailers joining each week. Carlo’s goal is to onboard even more businesses, further solidifying its role as a key player in supporting the local economy, especially during challenging times such as the holiday season when government bonuses boost local spending significantly.
Monaco’s innovative startup ecosystem showcases companies like Soca, designed to streamline procurement for food and beverage businesses through a seamless order management SaaS platform. Soca facilitates easy connections and transactions between buyers and suppliers, aiming to push the F&B industry towards digitalization and sustainability. InnoDeep excels in utilizing AI for early cancer detection, while Venturi is at the forefront of electric vehicle innovation, demonstrating Monaco’s leadership in health tech and sustainable transportation.
Monaco’s tech startup ecosystem is a testament to the principality’s adaptability and commitment to progress. The convergence of innovation, government support, and a collaborative community has positioned Monaco as a rising star in the tech world. As the startup scene continues to evolve, Monaco’s reputation is expanding beyond its traditional sectors, embracing a future where technology and entrepreneurship play a central role.
At BSS Monaco, we’re excited to witness and contribute to Monaco’s tech transformation. Our digital services are tailored to amplify the voices of startups, ensuring they reach a global audience. Explore our portfolio to see how we’ve partnered with businesses, much like the dynamic tech startups reshaping Monaco’s business landscape. As the principality embarks on this exciting journey of innovation, we’re here to support and celebrate the success of Monaco’s tech pioneers.