Monaco Economie 109

14 Leader integrated into the existing set-up but this must also be able to evolve, in accordance with the new economic order. There are a number of measures being studied at the moment and I personally believe that nothing is impossible. We will be working with a bank in order to create an investment fund that is aimed, in part, at the Monaco economy and, specifically, at these new companies. I am keen to be able to put this next step in the Principality’s economic and financial development in place. Nowadays, we are looking at engaging institutions as well as individual clients in the financing of innovation within Monaco. We also envisage finalising the white paper on the modernisation of companies, by creating simplified joint-stock companies: these exist in France but not in the Principality of Monaco and they are very popular amongst innovative businesses. Also, in addition to this, even though I don’t yet have the results of the final report, I believe that there is nothing in the law to stop us issuing stock options. At this moment in time, they are almost non-existent in Monaco (even totally ignored), despite the fact that all start-ups tell us they need them, in order to be able to secure key personnel in the medium- and long-term, in the same way that they need to be able to raise funds and local financing quickly. It always amazes me that something so common elsewhere does not exist here. Obviously, we would have to supervise it, taking into account all the legal, social and fiscal issues. We live in a very competitive world and France is, in this respect, a country that is still very attractive for start-ups, particularly in our neighbouring region. This is why we, here in Monaco, must also be imaginative and creative, whilst at the same time respecting the particularities of the Monaco economy and administration, including administrative authorisation. Monaco’s digital transition has already started and things seem to be moving very quickly. Is the intention for Monaco to become a showroom for digital innovations? That goes back to what I was saying about guiding the start-ups of MonacoTech, where the idea is to find one or two companies that can become iconic in very precise domains. In this sense, one could call it a “showroom” and the word could also be used to describe tangible and visible innovations, such as a smart city or a smart country. This is one of the essential missions of Frédéric Genta, Chief Digital Officer for the Principality of Monaco. More ambitious policies and bigger investments in the medium- to long- term should also allow Monaco to become a showcase and a laboratory for innovative technology in areas such as mobility, noise control and pollution – and also to showcase things not seen elsewhere. What has the impact of the digital transition been on Monaco’s budget? If you look only at the budgetary impact, the digital transition is costing € 32.6 million, equivalent to 2.5% of the state budget. It is still a significant sum but it could not be considered to be excessive and, for me, it represents an investment rather than an expense. The policies we put in place are, by definition, interdisciplinary and for some companies there are rapid, visible results, whilst others will see results over several years. Digital will, for example, allow our administration to work more efficiently, with staff being re-deployed and used differently. That is another interesting thing about this transition. Investments relating to making Monaco a smart city or smart country should also bring in financial benefits for © Direction de la Communication