Paris rises on tech
London’s position as Europe’s leading tech hub may be under threat as the uncertainty surrounding Brexit along with a burgeoning tech entrepreneurship scene in Paris are attracting both investment and talent away from the UK capital, according to enterprise technology recruitment outfit Montreal Associates.
There has been a sharp rise in demand for specialist tech talent from Paris and across France over the last 12 months, with the market now accounting for two-thirds of the company’s entire revenues this year.
“There has been a misconception that the French tech scene lacks ambition and confidence, but nothing could be further from the truth,” David Thuillier, md at Montreal Associates. “The opening of Station F in Paris - the world’s largest tech start-up campus – earlier this summer combined with newly-elected President Macron’s pledge of €10 billion to lure foreign investment and talent to France, are major signals of intent for a tech scene eager to challenge London’s pre-eminent position.”
And recent figures provided by VC firm Atomico reveal that over £2 billion was invested in France’s tech sector last year – £1 billion more than in 2015.
“The French Tech Visa fast-track initiative that launched two years ago has made it much easier for start-up founders, employees, and investors to live and work in Paris compared to London,” says Thuillier. “So while one in three tech roles in London are currently held by international workers, early signs indicate that Paris could soon be overtaking the UK capital as a destination of choice for international tech talent.”
With high levels of investment in France and an open arms approach to talent migration, it is only a matter of time before Paris catches up and challenges the UK capital for the number- one spot, says Montreal Associates.
For that deeper dive:
In Paris, it's F for innovation – brand-e
French government sells Engie stake to redeploy cash from non-strategic industries to an innovation fund – Reuters
Image: Station F