Mounir Mahjoubi, French Secretary of State for the Digital, and Pascal Cagni, President of Business France, at VIVATECH 2018
Four main axes are now prioritized to boost startup creation in France: simplifying the life of startupers ; financing growth ; helping recruitment ; boosting international scaling up. The government is also advancing sector-specific measures, including Fintech, Medtech, and Greentech, all sectors in which Nordic startups excel.
Swedish startups specifically are at the forefront of innovation, especially in the sector of healthcare, for instance with Doktrin and Kry, two startups boosting the digitalisation of health services, and in the sector of finance, with the international success of iZettle, a solution democratizing card payment. For such Nordic stars, reaching French market is now being made easier.
When Nordic startups wish to settle in France, they often don’t know who to address. With the creation of the “startup correspondents” within each French ministry, they will benefit from a tailor-made service to help them navigate through the French ecosystem.
The new measures are also facilitating the funding and growth of innovative projects. A new funding tool, the “venture loans”, will be settled by Bpifrance to increase fund raising for long term loans, up to 100 million euros. The blockchain will also be used to secure those loans and build trust between startupers and investors. The threshold of public takeovers will also be raised from 25 000 euros up to 100 000 euros (on a 3-year basis). More generally, threshold effects will be offset, so that startups can continue to grow peacefully.
The measures will also boost the internationalisation of startups. With the extended conditions of the French Tech Visa, startups will be able to recruit more foreign specialists, and with the creation of the “scale up tours”, they will be encouraged to reach new markets abroad.
To further increase the recognition of startups in France, the government is also creating a new index, “Next 40”, rewarding and promoting the top 40 most successful and innovative startups.
France is significantly gaining ground on the global Tech landscape, and is more than ever a land of opportunities for Nordic startups looking to build up their technologies in a stimulating and supportive ecosystem.