France has between 10,000 and 20,000 start-up, young innovative companies that still employed 100,000 people before the crisis coronavirus. They still had to hire 25,000 talents in 2020. In order not to break this momentum, 5,000 start-ups have already benefited from 3 billion euros in PGE, government guaranteed loan. Not enough for the government, which has rolled out a new support plan.
€ 500 million extension
The urgency is with young companies who do not have access to EMPs and who are in difficulty: support for their treasury, totaling € 100 million, will be distributed by Bpifrance after study. A contribution is made to three already existing systems: € 80 million more for the French Tech Bridge fund, which aims to finance “financial bridges” between two fundraisers and the launch of a loan offer.
20 start-ups have already had access to € 50 million. Reloading of the PSIM fund, Major Innovation Support Program, for 120 million euros to support new start-ups that have won the World Innovation Competition. Ditto for the extension of the innovation competition (i-Nov) with an additional 20 million euros. And launch of a new wave of artificial intelligence challenges for 15 million euros.
A “French Tech Sovereignty” fund
Another novelty to keep and protect French nuggets. The Government is launching a French Tech Sovereignty fund, managed by Bpifrance, with both an offensive and a defensive vocation, with 150 million euros to support the latter which could be the prey of large foreign players or be overtaken by competitors who manage to better finance themselves.
Depending on needs, the size of this fund can be increased in 2021 to more than 500 million euros. And not to forget the new entrepreneurs who would like to start, 200 million euros will go to three players including SATT (company for the acceleration of technology transfer) with 65 million €.
Recruitment will be supported by half of the French Tech Community Fund 2020 (one million euros) which will finance local initiatives on the theme of careers and opportunities in French Tech.
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