Government sets new targets for French Tech. After the Minister of the Economy, Bruno Le Maire, who expressed the wish to see VivaTech 10 startups valued at over 10 billion dollars in 2030, of which five from 2025, it is up to Jean-Noël Barrot, minister delegate for digital, to revise upwards the ambitions of the executive. Cédric O’s successor wants the tricolor ecosystem to send 10 unicorns to the Paris Stock Exchange by 2025, two of which are valued at at least 5 billion euros.
This is a logical step for French Tech, Believe and OVHcloud who have recently shown the way. In September 2021, Cédric O set the goal of bringing a French start-up to the CAC 40 by 2025. It is in this sense that the government has launched the Forward 40its index of the most promising young shoots, whose name refers directly to the CAC 40. Furthermore, the ecosystem is maturing, with 11.6 billion euros lifted by French start-ups in 2021; some unicorns reach valuations that allow an IPO to be considered, like doctolib (5.8 billion euros), Back market (5.1 billion) or even Qonto (4.4 billion).
Make the CAC 40 as attractive as the Nasdaq?
In this context, all the ingredients seem to be in place for an increasing number of French start-ups to try their luck on the Paris Stock Exchange, despite a difficult context for technology stocks. “The goal of 25 unicorns in 2025 has been exceeded, now we need to prepare the rest of this growth trajectory, even if we are in a phase of uncertainty”said Jean-Noël Barrot al echoes. “Now is the time to start the construction site. We need to be ready for the day when the conjecture will again be favourable”He added.
Despite the good will of the government and the financial incentives implemented in this sense by Bpifrance and Caisse des dépôts, some Italian nuggets may prefer the Nasdaq to the CAC 40. This is the case ofAirline callcloud-based business telephony specialist, which wants to be listed on Wall Street by 2024. Indeed, the Nasdaq seems to be a natural destination for the company, which now generates 30% of its turnover in the United States, compared to 15% in France.
Aircall would thus follow in the footsteps of other French companies, such as Criteo, which have already succumbed to the sirens of the American stock exchange. However, things could change in the future, with the potential adoption in the European Union of a Listing Act aimed at making the stock exchanges of the Old Continent more attractive for technological nuggets and investors. The challenge is enormous for Europe, but it must be won if it wants to compete with the United States in a few years.