The ‘Blue Fund’ Digital Recovery Scheme Continues

The Government has decided to extend the Blue Fund scheme, which has helped 700 digital transformation projects since the end of 2020.

More than 700 digital transformation projects co-financed to the tune of 20 million euros, 42.5 million euros worth of transformation contracts initiated, 12% additional turnover declared by the beneficiary companies, potential for 400 job creations in the long term... If we are to believe the official figures, the post-Covid crisis digital economic recovery plan has boosted the country's indicators since its launch at the end of 2020. And that is why - far from disappearing - this system will be made permanent and expanded in 2023 in order to make the Blue Fund "a catalyst for business development and a way to attract entrepreneurs with value-added projects" in Monaco or internationally.

Created in response to the Covid-19 economic crisis, the Blue Fund aims to "promote the digital transformation of Monaco companies, promote an ecosystem favourable to the digital economy and support Monaco-based digital services for companies", according to the government. The State will finance up to 70% of Monaco companies’ IT plans, whether it be a new website, implementing new software, electronic signatures or archiving,  or to create new services on the sovereign Cloud.... Half of this financial aid is awarded at the beginning of the project, and half on completion.

1 euro invested earns 8

“When the Government invests €1 into the Blue Fund, it ultimately brings €8 of declared value, either in the form of additional turnover or as a deduction of charges!” says the Country Chief Officer for Attractiveness and the Digital Transition Frédéric Genta. A virtuous circle according to the Minister of Finance and Economy Jean Castellini: "The public money that we invest benefits Monegasque companies by more than 80%: traditional companies are going digital, digital companies in Monaco are finding new outlets (this financial support is reserved for projects supported by Monaco digital professionals, barring exceptions justified during the request), which creates value for the Monegasque economy”, as he has often said. Not to mention the VAT revenue generated.

The starting point: Extended Monaco for Businesses

To apply for funding, Monaco entrepreneurs need to go through the Extended Monaco platform for businesses, set up to support private companies in the design and implementation of their digital transformation project and give them training. This entry point enables them to test their digital maturity (through a self-diagnosis) and to have free access to an e-learning platform, plus the Digital Workshop cycles developed in partnership with the leaders in this sector (Google , LinkedIn, Facebook, etc). More than 3,500 people have received training since the launch of the EM program in November 2020, according to the government.

EM also offers a directory of around a hundred IT professionals in Monaco, capable of implementing major digital transformation projects in companies: digital strategy, cloud computing, cybersecurity, process optimization, training, etc. “To obtain the Monaco Extended Partner for Businesses label, participating IT professionals have signed a commitment charter, whereby they undertake to study the project leader’s needs free of charge; to respond to all requests from the platform; to provide a detailed estimate in the event that support is required; to redirect project leader to another partner or to the platform if ever they are unable to meet their needs, and to support project leaders in their administrative procedures to obtain financial support from the Blue Fund”, specifies Frédéric Genta. Note that the time taken to process funding files is 4-6 weeks after receipt of the complete application, plus 1 month for referral to committee.