Speaking on CNBC earlier today, French Deputy Minister for Innovation & Digital Affairs Axelle Lemaire promoted the French startup scene. Lemaire mentioned that buses in Shoreditch are not necessary as the “startup scene is booming” and the amount of investment from VCs and funds is on the rise.
Asked what type of ecosystem has been created in France? (especially in light of Brexit)
“It is a progressive, silent change that has been going on throughout the country… it is almost a cultural shift. The culture of entrepreneurship is being taken over by the young people because they want to be empowered, they want to shake up things and they are right to do so. “
Lemaire correctly stated that startups are the economy of the future.
So why do 2/3 of Fintech firms come to London? (not because it is less expensive) They come because it is flexible and there is funding.
Lemaire said that funding is opening up and there is more competition (something she believes is very good). She said they are attracting foreign VCs who are not onlye investing in Paris but all over France.
Watch the video below.