Here is an overview of the facts and dynamics EY found relevant.
Who are the French innovative entrepreneurs?
Most of them are both highly educated (92% have at least a master degree) and experienced (46% are serial entrepreneurs). They are 42 years-old on average and only 6% are women.
What do their start-ups achieve?
Because they innovate, take risks and go global, they create value. In one year, they have managed to increase their revenue by 43%. The revenue generated abroad, which now accounts for 39% of total revenues, has doubled!
Because they create value, they also create jobs: 1376 in 2013, which represents a raise of 22% in the number of employees. They create lasting and stable jobs (91% are permanent contracts) for the younger generation (the average age of their employees is 32).
How do they manage to do it?
They get funded. More and more investors are putting their money in inspiring French start-ups. 24% of respondents already have a foreign venture capitalist investing in their firm.
They get subsidized. 77% use French Research & Development Tax Credit, and 54% have the “Young Innovative Company” status.
They are not focused on short-term profit. This is why 96% never distributed dividends.
They manage to assemble dedicated teams. Start-up managers are passionate about their work: 89% of them are also founders of their own companies. In order to make their team care as much as they do, they share value by using equity instruments (90% do) and reward their co-workers with desirable wages (the average ratio between management and staff salaries is 2).
Let’s hope these amazing men and women will thrive and inspire others!
We will provide the full EY survey as soon as we get it!