French startups have been on a wild rocketship trajectory lately. We’ve been writing about this for a long time, and The Economist notes the trend in a long piece in this week’s issue.
Here’s the gist of what The Economist correctly recognises:
- Some of the awful clichés about France are true, but increasingly less so. Even more importantly, there are actually “two Frances” — one made of strikers and paper-pushing bureaucrats, and the other made of strivers, entrepreneurs and innovators. The former holds the country back, but the latter set is surging.
- French internet entrepreneurs are leading a revolution which is quickly gaining steam.
The Economist speaks with Vente Privée’s billionaire founder Jacques-Antoine Granjon, the hugely successful and much-imitated flash sales company, who says: “We are only at the beginning of the revolution. The French are very entrepreneurial, very creative. What we are doing gives a signal to young people that everything is possible.”
Creating startup hubs takes place over very long cycles. Now we are entering a new phase of the cycle where the successful entrepreneurs of the first wave are starting seed and early stage funds to invest in the new generation of startups. It’s that kind of virtuous cycle that gave us Silicon Valley and is behind New York’s emergence as a premier startup hub.
Our Previous Writing On The Subject:
- The French Startup Market Is Hot Hot Hot →
- Why France Isn’t An Economic Backwater →
- Our Profile Of Vente Privée’s Founder Jacques-Antoine Granjon →
- #LEWINNING: Meet 12 French Startups You’ll Need To Reckon With →
- Hey Twitter, Zynga: MOVE TO FRANCE →