French Tech
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These are the most promising French startups according to the French government
The French government and the government-backed initiative La French Tech unveiled the new indexes that identify the most promising French startups. The 40 top-performing startups are called the Next40, and the top 120 startups are grouped into the French Tech 120.
The Next40 and French Tech 120 are somewhat new as this is only the second version of those indexes. Out of the 120 startups that were in last year’s French Tech 120, 90 of them are still in this year’s index — 30 are newcomers as there were 123 startups in last year’s French Tech 120.
Combined, they generate close to €9 billion in revenue and provide a job to 37,500 people. Revenue in particular is up 55% compared to last year’s French Tech 120.
Here’s a list of the French Tech 120 — the red logos are part of the Next40:
Image Credits: La French Tech
There are two ways to get accepted in the Next40:
- You have raised more than €100 million over the past three years ($120 million at today’s rate) or you are a unicorn, which means your company’s valuation has reached $1 billion or more.
- You generate more than €5 million in revenue with a year-over-year growth rate of 30% or more for the past three years.
As for the remaining 80 startups in the French Tech 120:
- 40 of them have raised more than €20 million in a funding round over the past three years.
- 40 of them are selected based on the annual turnover and growth rate.
Of course, those indexes are limited to private French companies. For the French Tech 120, there are at least two startups per administrative region.
Based on those metrics, only a handful of the startups in the French Tech 120 have a female CEO and the French government thinks tech startups should do more when it comes to diversity and inclusion. That’s why a small group of people are going to work on a roadmap and some recommendations to improve those numbers.
Representatives of six different startups in the French Tech 120, as well as people from Sista, Tech Your Place and Future Positive Capital, will get together to work on those topics.
In addition to a cool logo for your website, being part of the French Tech 120 comes with some perks. Those companies can access a network of French Tech representatives in different public administrations.
For instance, it’s easier for your company if you want to get visas for foreign employees, obtain a certification or a patent, if you want to sell your product to a public administration, etc.
There are two new additions to the French Tech network. Someone from the Conseil d’État can help you when it comes to legal compliance. The government has also signed a partnership with Euronext to educate entrepreneurs about going public.
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Accenture announces intent to buy French cloud consulting firm
As Google Cloud Next opened today in San Francisco, Accenture announced its intent to acquire Cirruseo, a French cloud consulting firm that specializes in Google Cloud intelligence services. The companies did not share the terms of the deal.
Accenture says that Cirruseo’s strength and deep experience in Google’s cloud-based artificial intelligence solutions should help as Accenture expands its own AI practice. Google TensorFlow and other intelligence solutions are a popular approach to AI and machine learning, and the purchase should help give Accenture a leg up in this area, especially in the French market.
“The addition of Cirruseo would be a significant step forward in our growth strategy in France, bringing a strong team of Google Cloud specialists to Accenture,” Olivier Girard, Accenture’s geographic unit managing director for France and Benelux said in a statement.
With the acquisition, should it pass French regulatory muster, the company would add a team of 100 specialists trained in Google Cloud and G Suite to the an existing team of 2,600 Google specialists worldwide.
The company sees this as a way to enhance its artificial intelligence and machine learning expertise in general, while giving it a much stronger market placement in France in particular and the EU in general.
As the company stated, there are some hurdles before the deal becomes official. “The acquisition requires prior consultation with the relevant works councils and would be subject to customary closing conditions,” Accenture indicated in a statement. Should all that come to pass, then Cirruseo will become part of Accenture.
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France overhauls its special visa for tech talent
The French government has unveiled a complete overhaul of the French Tech Visa for employees working for a tech company. And France is taking a contrarian stance by making it easier to come work in France.
Let’s start with the big number. According to French Tech Mission director Kat Borlongan, there are more than 10,000 startups that meet the requirements to access the French Tech Visa and hire foreign employees more easily. (And if you live in the European Union, you don’t need a visa, of course.)
I asked Borlongan why it was important to overhaul the French Tech Visa. “Because our startups needed it,” she told me. “There are two dimensions to that. There’s the economic supply-demand part — all the high-growth startups we interviewed pretty unanimously said that hiring was their number one priority and that they were looking for profiles that weren’t readily available in France.”
“The second is cultural. As strong an ecosystem as the French Tech is becoming, it’s still perceived as overwhelmingly French. To succeed globally, we need to become global ourselves, in terms of team composition, mindset, markets, etc.”
Unlike many American visas, you don’t need to prove that you’ve been looking for candidates in France. You don’t need to pay crazy-high immigration lawyer fees — the French Tech Visa costs €368 in administrative fees. Future employees don’t need to meet any diploma requirement.
The previous version of the visa was limited to roughly 100 companies that were selected as part of the Pass French Tech program. Employees also had to graduate with a master’s degree. So it’s a huge change.
And it’s a pretty sweet deal for foreign employees as well. Your visa is valid for four years and renewable after that. You don’t have to stay in the same company — you can work for another company and keep your visa. Your family also gets visas so they can come with you.
If your startup has raised money from a VC fund, has been part of an accelerator, has received state funding or has the JEI status, then you’re eligible.
La French Tech and the French government have created various lists of VC funds, accelerators, grants, etc. If you meet one of those conditions, you can apply to the visa program. You’ll find most VC funds and accelerators based in France (but not all of them), as well as a few foreign companies (Y Combinator, 500 Startups, Techstars, Entrepreneur First, Plug and Play, Startupbootcamp). Those lists will be updated multiple times per year.
Startups that want to take advantage of the French Tech Visa need to complete an online form first — the full list of VC funds and accelerators is embedded in the form. Future employees can then get their visa from their home country at the French Consulate.
The French tech ecosystem has been growing rapidly. And many French startups have chosen to work in English and hire foreign talent. Tech talent is becoming a global talent pool, so this visa scheme is essential for the future of the French tech ecosystem.
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