Paris, A Startup Capital?
Over the last two years, France has experienced a boom in the tech startup community. In Startup Genome’s Report of startup hubs, Paris ranked 11th ahead of Seattle, Berlin, Boston and Austin. Similarly, Wired named Paris one of Europe's hottest startup capitals. This surprising result echoed the feelings of many in Europe. While Paris’s entrepreneurial culture has historically been lacking, the groundwork for innovation is largely in place.
The education of founders, especially those with technical backgrounds, is arguably unparalleled. The French education system promotes scientific values above most others and has developed a very a rigid and mathematically based culture. This lends itself well to product conceptualization and construction, making these aspects the backbone of many French startups. In our ecosystem, we can point to companies like our own including qunb, DocTrackr, Whale Street and the former startup, Criteo.
Another element that France has veritably mastered is design. A plethora of rigorous design schools in France has contributed to a dynamic visual presence for French startups – even some that are largely based on design elements. Design and presentation have been and continue to be, important aspects of the French society. Even public events and publications have well thought-out design elements. Some of the companies that we love that have made a splash with their designs include Onefeat and Babble Planet.
Funding is another key factor in a startup’s success. In French, venture capital translates to capital risque, or capital at risk. While this is an exaggeration of the investment environment, it is symbolic of how the French perceive investments in startups. This is slowly changing. France has been doted with a strong financial system and investments in small companies are becoming more and more common, led largely by local funds.
No ecosystem however, is without its scarcities. In France, business and marketing components that are complementary to product and design are rare. As an example, communication in English is key to a startup, but it is seldom done well or even at all. A startup also requires vision and leadership. Few cofounders think beyond their first steps or about the multiple scenarios that can arise from one decision, but with a heavy influence from the American innovation system, young founders are beginning to adopt a new way of thinking about their strategies and long-term business sustainability.
At Infinit, we are lucky enough to have the talent and support needed to make a successful company, and even more importantly, a useful and simple product. Each of the essential components of a startup has been addressed within our team and we intend to contribute further to the development and growth of Paris as a startup hub.
