Can Paris Become A Global Technology Hub?

Until relatively recently, Paris - and France as a whole - has seemed less taken with the global technology boom compared to countries like the UK and the US. According to an entrepreneurship survey completed in 2016, French society is more averse to risk than other western counterparts, as less open to opportunities for startups than America or the United Kingdom. 

However, recent years have seen a subtle shift in these attitudes, particularly in Paris. Traditionally most French students wanted to grow up to be civil servants or engineers, but now - according to French startup Lydia - they want to be entrepreneurs. 

There is no doubt that a vibrant and dynamic technology sector is appearing in Paris, and in France in general. Startups and disruptive tech hubs are emerging at a significant rate, notably the breathtaking Station F, which is housed in a former train depot in Paris's 13th arrondissement. Build to house 1,000 new companies, the 366,000 square feet building also has 3,000 desks for startups and has plans for 100 shared apartments within its walls. Founded by communications mogul and billionaire Xavier Niel - who also setup the renowned coding school 42 - Station F marks a significant shift in the way the youth of France is thinking about the future. Not satisfied with being the world's most popular tourist destination, France (and in particular, Paris) wants to become a global hub for entrepreneurs and technology. 

But can Paris and France achieve such a lofty ambition, particularly in competition with the US (and to a lesser extent, the UK)? The new French president Emmanuel Macron certainly believes so, and his sweeping victory in the election is symbolic of this cultural shift in the French approach to entrepreneurship. Macron has become the leading voice in startup advocacy and has consistently promoted an economic atmosphere conducive to self employment and technology companies. The investment into the French tech sector reflects this new-found approach, with French technology companies raising more than $2 billion in 2017 so far, and Paris ranking second for the high number of venture capitalist deals in Europe over the past three years. 

Of course Paris still lags a long way behind the UK, the US and even countries like Israel, who boast a burgeoning tech sector. As of August 2017, France has only one private startup worth more than $1 billion (BlaBlaCar), whereas the UK has 10, and America boasts over 100. 

Despite this, there is no question that the tech sector in Paris - and in France - is growing, and with Macron in charge now is a great time to be setting up a startup in the country. A global technology hub may take some time to achieve for Paris, but the future is certainly looking bright for entrepreneurs and the tech sector in France as a whole.