French President Emmanuel Macron has vowed to boost investment in the nation’s startups to counter some of the slowdown in venture funding affecting other tech hubs. Green and industrial tech companies are a key focus for France and will benefit from additional public funds, Macron said. Macron touted the use of public funds aimed at financing innovative fields like AI or quantum technologies. Some “€11 billion have been pledged already, factories have been launched, but it is necessary to accelerate, it’s a race,” he said, noting that an additional €5 billion ($5.3 billion) was planned for the second phase of his “France 2030” program.
The French president said early stage financing should also be reinforced by getting the French public to invest in innovative startups. The government has been exploring creating a French version of the UK’s Seed Enterprise Investment Scheme, which offers tax breaks to startup investors.French startups added 15% more jobs last year with much of the growth coming from green and industrial tech companies. France is building on ten years of policies aimed at cutting red tape to attract foreign investors and founders in the country, as well as measures to boost investments in local startups.