Coronavirus: the State releases a fund to help French startups coveted abroad

by bold-lichterman

The Minister of the Economy Bruno le Maire and the Secretary of State for Digital Cédric O are to announce on Friday an additional plan of more than 600 million euros to support French Tech, shaken by the coronavirus crisis, learned the AFP from a government source. This program complements a first aid plan of 4 billion euros announced at the end of March. Funded for the most part through the Future Investments Program (PIA), this plan includes the creation of an investment fund, managed by Bpifrance, intended in particular to defend French startups, weakened by the crisis, to the appetite of foreign predators.

This “French Tech Sovereignty” fund will initially be endowed with 150 million euros, its size being able to be increased “ depending on the needs “ to over $ 500 million next year. Some 335 million euros must at the same time help finance start-ups, by bailing out existing mechanisms if necessary: ​​strengthening of the cash flow between two fundraising (80 million), loans for “promising” start-ups (100 million), support innovative companies (120 million), competition to support innovation (20 million) and artificial intelligence (15 million).

Businesses Tech, “at the heart of economic reconstruction ”

Many ” support measures for the maturation and incubation of technological projects “ destined for ” do not compromise the creation of new startups ” must at the same time represent an envelope of 180 million. To accelerate the development of digital uses, the Secretary of State for Digital will launch by the end of July an inventory of legislative and regulatory “locks” that may be lifted. Information actions will finally be launched to support the recruitment of young graduates in Tech.

Technology companies will be at the heart of the economic reconstruction of our country and its power. Supporting them is imperative. This is our ambition with this support plan ”, declare MM. The Mayor and O in a presentation consulted by AFP. France now has 10,000 to 20,000 startups, employing more than 100,000 people. Before the crisis, according to the government, they should create nearly 25,000 net jobs in 2020, or between 10% and 20% of the total.