Yubo and the French Tech
3 minutes read
- Written by Yubo Team
You may have already heard about the French Tech, without really knowing what it stands for or even who is involved. At Yubo, we are proud to be part of the 2023 French Tech promotion, and we'll explain to you why.
What is the French Tech?
The French Tech is a public mission attached to the Ministry for the Digital Economy, which aims to encourage the emergence of French Tech leaders, capable of competing on the world stage with the largest companies in the sector.
To achieve this objective, the French authorities have decided to award an official label to metropolitan clusters recognised for their start-up ecosystem. During the first wave of labelling in 2014, 9 French cities received this label. Today, there are more than 121 entities with the label, including 63 cities abroad such as London, New York or Hong Kong.
When was the French Tech created?
The French initiative was officially launched in November 2013 by Fleur Pellerin, who back then was France's Secretary of State for Digital Affairs.
Why was French Tech created?
When we think of big Tech companies, it's common to think of GAFAM and, by extension, the US (even if things are changing since the rise of TikTok and Alibaba).
But France also has great tech companies, for example, before this article, did you know that Yubo is French?
The French Tech creates an ecosystem of start-ups where entrepreneurs can exchange best practices and successes while being supported in their development. The objective of French Tech is, therefore, twofold. On the one hand, it seeks to promote French expertise by giving greater visibility to its young companies. On the other hand, it supports a dynamic sector constantly looking for new talent and thus creates new jobs.
A mantra drives this initiative: "Do everything to ensure that the next Google is born in France and stays there".
Who can be part of French Tech?
The French Tech is the ecosystem of French start-ups, so there are different actors that make it up. Entrepreneurs, of course, but also investors, decision-makers and community builders. All tech actors can be part of French Tech, there is no application form to submit.
Since its creation, the community has diversified and includes nine thematic networks:
- Health Tech
- Bio Tech, Med Tech, e-health
- IoT Manufacturing
- Ed Tech & Entertainment
- Clean Tech Mobility
- Fin Tech
- Security Privacy
- Food Tech
What are the Next40 and FT120 labels?
In 2019, the French Tech mission created two labels: the Next40 Label and the FT120 Label.
Companies obtaining the Next40 label are considered to have the potential to become major players in the French and global tech market. Each year, the French government shares a list of 40 companies that make it into the ranking. Thanks to this label, French companies automatically gain visibility, as the ranking is shared by many French and international media.
The FT120 Label lists companies that are considered to be scale-ups. The 120 companies on this list are all in the hyper-growth phase and are the potential next unicorns. In 2022, the French tech sector reached a new milestone by reaching a total of 25 unicorns in various fields such as robotics or fintech.
How long has Yubo been part of the French Tech?
Yubo has been part of French Tech since its creation, as it is a French company. However, it is only since 2021 that Yubo has been part of the Next40/FT120 ranking. We are very proud to have been included in this ranking which shows that our community is still growing with more than 60 million users in 140 different countries.
Why is it important for Yubo to be part of French Tech?
The French Tech represents an incredible opportunity for French start-ups, it is a place of exchange and sharing. At Yubo, we are happy to have access to this unique ecosystem, which allows us to learn a lot and pushes us to constantly improve.
By being a member of the French Tech, there is a real recognition of the work we have done and an understanding of the challenges we face as a start-up.
Finally, thanks to the French Tech, we benefit from increased visibility, but above all, we participate in a global movement that puts French innovations at the forefront of the international scene.
Does the French Tech have an impact abroad?
Yes, the French Tech has an impact abroad as many international cities have received the label. These effects are therefore felt on the one hand in France, by fighting against the brain drain, but also internationally, by attracting talent from foreign countries to the French market.
Before the initiatives were put into place by the French Tech, foreign workers found it difficult to settle or work in France. On the one hand because of the language barrier, but also mainly because of the complexity of the French administrative system.
To facilitate this process, the French Tech launched a French Tech visa, allowing people wanting to work for a French Tech company to easily complete all their formalities in just one month.
Are there similar initiatives in other countries?
Tech is a strategic sector in Europe, and therefore there are many other initiatives to support start-ups.
Institutions such as the European Innovation Council (EIC) and the European Investment Bank actively support tech companies. More recently, the European Commission launched Scale-Up Europe. An initiative that brings together more than 300 start-up founders, investors, researchers and companies to support the development of ten tech giants, each valued at over €100 billion.
In addition to these European initiatives, there are also more local initiatives, notably in the following countries
In February 2023, Poland announced that the public fund PFR Ventures had invested €55 million in four venture capital funds, which are committed to supporting Polish start-ups specialising in technologies that address climate challenges and promote the energy transition. This initiative is the first of its kind in Europe.
Bulgaria is one of the latest countries to launch its start-up visa. This allows entrepreneurs to benefit from accelerated immigration procedures if they work in the tech sector. This type of visa has been implemented a lot more over the last few years, you can find the full list of countries that offer it here.
Along with Croatia, North Macedonia is the first Balkan country to deploy a nationwide digital ID. With this document, Macedonian citizens can obtain documents online from public institutions, open a new bank account remotely or obtain a telephone subscription.
Digital IDs are an important step for the pan-European development of start-ups, as they allow companies to obtain documents remotely and also to speed up administrative procedures (and reduce costs).
These initiatives are mainly European, as this is Yubo's home market, but there are similar ones all over the world. So if you are interested, don't hesitate to ask your government or the country you want to move to.