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The “ lue Fund” Digital Recovery Scheme Continues by Milena Radoman

he Government has decided to e tend the lue Fund scheme, which has helped digital
transformation pro ects since the end of .

More than 700 digital transformation projects promote an ecosystem favourable to the digital IT professionals in Monaco, capable of

co-financed to the tune of 20 million euros, 42.5 economy and support Monaco-based digital implementing major digital transformation
million euros worth of transformation contracts services for companies”, according to the projects in companies: digital strategy, cloud

initiated, 12% additional turnover declared by government. The State will finance up to 70% computing, cybersecurity, process optimization,
the beneficiary companies, potential for 400 of Monaco companies’ IT plans, whether it be training, etc. “To obtain the Monaco Extended

job creations in the long term... If we are to a new website, implementing new software, Partner for Businesses label, participating

believe the official figures, the post-Covid crisis electronic signatures or archiving, or to create IT professionals have signed a commitment

digital economic recovery plan has boosted the new services on the sovereign Cloud.... Half of charter, whereby they undertake to study the
country’s indicators since its launch at the end this financial aid is awarded at the beginning project leader’s needs free of charge; to respond

of 2020. And that is why - far from disappearing of the project, and half on completion. to all requests from the platform; to provide a
- this system will be made permanent and detailed estimate in the event that support is
expanded in 2023 in order to make the Blue 1 euro invested earns 8 required; to redirect project leader to another
Fund “a catalyst for business development and “When the Government invests €1 into the partner or to the platform if ever they are unable
a way to attract entrepreneurs with value-added Blue Fund, it ultimately brings €8 of declared to meet their needs, and to support project
projects” in Monaco or internationally. value, either in the form of additional turnover leaders in their administrative procedures to
Created in response to the Covid-19 economic or as a deduction of charges!” says the Country obtain financial support from the Blue Fund”,

crisis, the Blue Fund aims to “promote the Chief Officer for Attractiveness and the Digital specifies Frédéric Genta. Note that the time
digital transformation of Monaco companies, Transition Frédéric Genta. A virtuous circle taken to process funding fi les is 4-6 weeks
according to the Minister of Finance and after receipt of the complete application, plus
Economy Jean Castellini: “The public money 1 month for referral to committee.
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
justifi ed during the request), which creates
value for the Monegasque economy”, as he
has often said. Not to mention the VAT revenue
generated.

he starting point: tended Monaco for
usinesses
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 © Depositphotos / HayDmitriy
government.
EM also offers a directory of around a hundred

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