- Bpifrance "funded 1,000 start-ups in 2013, we are on a rate of 4,000 per year since 2017. This leads to making France one of the leading countries: we are first, or very close to the first in Europe", announces its executive director Paul-François Fournier.
- CES Las Vegas is "a visibility tool" for French start-ups. "It allows you to speak to very mainstream media," he continues.
Executive Director of Innovation at Bpifrance (Public Investment Bank), the armed wing of the State in financing start-ups, Paul-François Fournier sees French digital companies developing with interest in recent months. On the eve of CES in Las Vegas, he paints a portrait of French Tech for 20 minutes .
How are French start-ups doing?
Pretty good. They have grown a lot in recent years. There were two movements. One of volume, with a strong cultural change. Creating a start-up has become a natural outing for students of grandes écoles and universities. 25 to 30% of the promotions of engineering and business schools are in reflection around start-ups. We funded 1,000 in 2013, we are on a rate of 4,000 per year since 2017. This leads to making France one of the leading countries: we are first, or very close to the first in Europe. There is also growth in venture capital, investment funds capable of supporting these companies internationally. We went from one billion in 2013 to four billion in 2018 and five this year. This shows the attractiveness of France for foreign investors.
In which areas are the French most successful?
Biotech and health, artificial intelligence, everything related to B to B, mobility and green tech. There are lots of great companies that are developing in these areas.
Which ones for example?
We have Doctolib, which currently employs 800 people and will become a very large healthcare company. Ynsect has just raised 150 million euros: it manufactures animal proteins and will build a factory in Amiens. EasyMile builds autonomous shuttles. Backmarket is growing very quickly [site for the sale of refurbished electronic devices], the Devialet speakers, the Manomano site to buy gardening and DIY equipment, Younited-credit for online consumer credit… These companies are becoming more and more more important. It is estimated that they will directly recruit 25,000 people in 2020, and this figure is increasing.
How does Bpifrance choose to finance these companies?
We have several activities. We finance these companies on a daily basis, through around fifty regional offices. We also operate in funds of funds, which consists of investing in investment funds which themselves invest in start-ups. Directly, Bpifrance invests alongside these funds, but it is less than 10% of the total French venture capital. Our goal is then to support these companies towards investment funds that can take over. We do not finance a business that does not otherwise find private funds. We streamline the system, without being the only ones to decide the fate of a company.
How important is CES for French start-ups?
It is a visibility tool, it allows you to speak to very mainstream media. It is an opportunity to show the world a number of very beautiful companies, and to find contacts. This year, there will be fewer than last year: 300 instead of 400. It is also a form of maturity.
What are your goals ?
Let France be the tech leader in Europe within four or five years. I am optimistic. Behind, there is the desire to make Europe a real pole of tech. We're late, but we're catching up. We have potential that is starting to show, and France is attracting more and more American or Israeli investors.
What are the points of improvement to achieve this objective?
Increasingly important means to deal with large fundraisers. For fundraising over 20 million, we went from three in 2013 to 47 in 2018, and 40 in the first half of 2019 alone. The fight now is raising more than 100 million euros. We're working on it. It also lacks a European tech stock market, it's a sea serpent. There are several, in Zürich, Frankfurt or Paris, that should be federated in order to attract more capital. Finally, we need increasingly strong international skills, and profiles of a different nature, such as Silicon Valley. The French ecosystem lacks attractiveness for these experienced talents. The French tech visa of the government is important, because innovation is made up of different perspectives, different cultures and diversity.
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