Supporting Tech Industries: The French Tech Next40/120 Program

Sydney Times

Jun 11, 2024 — 2 min read

Introduction

Countries around the world use various strategies to support their tech industries. In France, the government selects a yearly cohort of high-potential startups through the French Tech 120 program. This includes 40 private companies known as the Next40, considered the most promising in the country.

Program Evolution

The French Tech Next40/120 program was launched in 2019 and has evolved over the years. Based on feedback from the tech industry, the selection criteria now focus more on revenue metrics rather than fundraising. This shift aims to ensure the sustainability and growth of the selected startups.

Class of 2024

The latest cohort of French Tech 120 startups showcases interesting trends in the French tech landscape. While 28 companies have valuations of $1 billion or more, the collective net revenue of the cohort was €10 billion in 2023, indicating significant growth from the previous year.

New Entrants

The class of 2024 includes diverse companies such as AddGuests, ChapsVision, Ekwateur, Equativ, ilek, Malt, Mistertemp’, and Pennylane, among others. These companies represent a range of industries from renewable energy to AI, demonstrating the depth of innovation in the French tech ecosystem.

Trends and Focus Areas

AI and deep tech emerge as key focus areas among the French Tech 120 startups. With a growing emphasis on sustainability and gender equality, the program reflects the broader global trends in tech innovation. The inclusion of AI, pharmatech, and quantum computing startups underscores France's commitment to fostering cutting-edge technologies.

International Presence

An important aspect of the French Tech Next40/120 program is the international presence of the selected companies. In 2024, 88% of the cohort had a significant commercial presence abroad, highlighting the global reach of French tech startups. This international exposure not only enhances visibility but also opens doors for partnerships and collaborations on a global scale.

Future Prospects

While the path to becoming a unicorn remains challenging, the recognition and support offered through the French Tech Next40/120 program are invaluable for startups aiming to achieve growth and success. The program's focus on profitability and sustainability reflects a shift towards building long-term, impactful tech companies rather than solely chasing unicorn status.

Conclusion

The French Tech Next40/120 program continues to be a driving force in the French tech ecosystem, nurturing promising startups and fostering innovation across various sectors. By aligning with global trends in AI, deep tech, and sustainability, the program sets a solid foundation for the growth of the tech industry in France and beyond.

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