French Tech New York, the French entrepreneurial community in New York, is the first to get the label “French Tech Hub”, as announced by Axelle Lemaire, the Minister of State for Digital Affairs, and Emmanuel Macron, the Minister for the Economy, Industry and Digital Affairs.
The French Tech Hubs: building bridges to international ecosystems
A French Tech Hub is a bridge built between a major international cities and France. It aims at facilitating and accelerating growth for startups from France and at facilitating access to France for startups, investors and talented individuals. This program is operated by a community of French entrepreneurs and investors already installed in that location and supported by the French government.
A French Tech Hub has 4 goals:
- To structure and combine the efforts of the French tech diaspora in a metropolitan area under the French Tech banner and to create virtuous synergies with the French ecosystem (by facilitating funding, mentoring, networking and recruitment and to increase the visibility of the tech diasporas).
- To provide a simplified entry point for French startups who want to develop their business overseas by bringing together the details of all the ecosystem actors and all support programs on a web portal.
- To accelerate the growth of French startups in a particular location thanks to entrepreneur-mentors capable of advising entrepreneurs and pointing them in the right direction.
- Make local actors (investors, entrepreneurs, companies, the media, talented individuals) aware of French Tech and showing them the many opportunities which are available in France (recruiting top talent, investment opportunities, opportunities for setting up in business, sourcing startups and the latest news on French Tech).
French Tech New York: a bridge for startups between New York and France
There are now more than a hundred French-run startups located in New York City, mainly specialized in AdTech, eCommerce, Media and SaaS. A number of these startups have achieved great success in the United States, such as Critéo, which was first listed on the Stock Exchange in 2014, or more recently Sunrise, a calendar for mobile phones created in New York at the beginning of 2013 by a Frenchman, Pierre Valade, and a Belgian, Jérémy Le Van, and acquired by Microsoft for 100 million dollars.
Three-quarters of these “French-American” startups are based on a common model, namely, having their R&D activities in France and the rest of their activities (commercial development, marketing) in New York.
Whether they are planning to set up in New York or are already there, French entrepreneurs regularly express their need for the existing network to be more structured, and in particular they want to be able to take advantage of an entry point which will enable them to discover the New York ecosystem and to have an exchange with other French nationals about their transatlantic experience.
Meanwhile, France, as an investment location and a historic partner for the United States, is increasingly attracting the interest of New York actors. For example, Union Square Ventures very recently made only its second investment in the whole of Europe in the company La Ruche qui dit oui. The increasing number of high-growth startups in France is a source of new opportunities in Europe for New York entrepreneurs, investors and talent.
The actors of the French Tech New York project
A network of around 80 entrepreneurs, investors, engineers, company heads and major French Tech enterprises gathered around a core of “entrepreneur ambassadors”: Frédéric Montagnon, CEO of Secret Media, Jonathan Benhamou, CEO of People Doc, Alban Denoyel, CEO of Sketchfab, Loïc Moissand, CEO of Synthesio, Matthieu Nouzareth, CEO of FreshPlanet, Fabrice Sergent, CEO of Bandsintown and Mathieu Valoatto, CEO of Curioos.
All the French public actors already in place to accelerate the development of French startups: the French Consulate-General, Foreign Trade Advisers, the Regional Economic Service, the Office for Science and Technology and the cultural sections of the Embassy, Bpifrance and Business France.
All the private initiatives being conducted by the diaspora in support of the local growth of French Tech: Frenchfounders, Spark Labs, Les Pépites Tech.
To date, 6 other projects have been prepared by entrepreneurs and are currently under study: Cape Town, Santiago, Barcelona, Hong Kong, Taiwan and Tokyo.