French President Emmanuel Macron announced the objective of having “10 companies worth €100 billion by 2030” in Europe on Tuesday (15 June) after he received the “Scale-Up Europe” collective on Tuesday (15 June), which presented him with its recommendations to encourage the emergence of digital giants in Europe. EURACTIV France reports.
“We need to build a stronger European ecosystem and champions, and entrepreneurs need to push governments to be more efficient,” to stay in the race against the US and China, said French President Emmanuel Macron.
The head of state received a dozen ministers, investors and French and European digital entrepreneurs from the “Scale-Up” collective, to discuss the 21 recommendations featured in their report.
These include, among others, the creation of an “ecosystem favourable to the listing of tech companies on European stock markets,” a “tech worker status for European talent, with a standardised contract and the portability of social rights across the continent” as well as support for the relocation of such talent.
The other recommendations featured in the report included a “standardised framework for patent transfer to accelerate technology transfer out of universities, and between start-ups and large companies” and the implementation of “a tax credit for European companies investing in European start-ups.”
The French president endorsed the goal of “10 companies worth €100 billion by 2030” and called for the creation of a “European tech visa” to attract foreign talent and for more investment from institutional players, along the lines of France’s so-called Tibi initiative – which is based on a report from January last year, in which economist Philippe Tibi urged the state to massively invest in the tech of the future to ensure French sovereignty and prosperity.
With this, France is seeming ever keener to boost its homegrown tech companies.
Just last week, Economy Minister Bruno Le Maire proposed to reach €30 billion for the funds labelled under this initiative by 2022, compared to the €20 billion initially planned.
Besides, the government had already indicated its ambition by 2025 to have 25 French “unicorns” – unlisted startups valued at a minimum of €1 billion. Today, France has 12 with Blablacar, Deezer and Doctolib being among the most notorious.
“I am very optimistic, you can be sure of my commitment,” said Macron.
It is also a real source of jobs and a potential engine of economic growth. French Tech Next40/120 companies – the government label that lists promising French technology companies – generated 163,000 direct and indirect jobs in 2020 and are expected to create 224,000 additional jobs by 2025, an impact study by Roland Berger states.
For every direct job created by these companies, 5.2 indirect jobs are created, compared to the 1.4 average jobs created for the French industry, French professional organisation and lobby, France Industrie has stated.