Tribune Les Echos | Pierre-Arnaud Coquelin
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Deeptech in France: success or mirage?
The report from France's Direction Générale des Entreprises has just been released, and France is congratulating itself on its performance in deeptech. The report states that we lead the European Union in terms of fund-raising, with 4.1 billion euros financed in 2023. Wonderful on paper, except that since then we've already dropped 30% in 2024.
American model vs. French exception
Pierre-Arnaud Coquelin highlights the fact that the United States relies on a virtuous, self-sustaining venture capital cycle, whereas France still relies heavily on top-down funding orchestrated by public authorities. In his view, this structural difference hampers the ability of our ecosystem to regenerate itself, and raises questions about the relevance of trying to copy a model that doesn't suit us.
" France has always cultivated its exceptionalism, notably with its social protection system, which is the envy of many countries. Why should we want to copy the USA when it comes to managing the financing of innovation?"
What choices for tomorrow?
According to the author, there are two possible scenarios:
First hypothesis: the drop in funding in 2024 is just a blip.
Second hypothesis: we've gone down the wrong road.
Read the article on Les Echos to find out more.
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