Feedback on Start West

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I had the honor of being invited to chair the judging panel for Start West 2011, a series of Capital and Innovation meetings organized on March 23, 2011 with the objective of connecting innovative project developers with professional and private investors.

Start West has been organized for 11 years by the Nantes Atlantique Financial Center, the Nantes Saint-Nazaire Chamber of Commerce and RETIS, in partnership with OSEO, Deloitte, In Extenso and AFIC. This year, the event also profited from the support of the Brittany and Pays-de-la-Loire Regions, Rennes Métropole and the Rennes Chamber of Commerce.

After 11 years, Start West has become a national benchmark event, drawing together project developers, investors, large companies and innovation specialists. 20 projects from the information and communications technology, health, software, energy/environment and recreation sectors were presented this year, totaling in about 10 million € in potential funding.

The judging panel that I chaired singled out three specific projects:

• *The “Start-up” Award: OPENSKYMAP provides innovative monitoring and real-time analysis services for international air traffic (www.radarvirtuel.com). In the medium-term, OPENSKYMAP aspires to improve its Internet service to create a true benchmark media website for the air travel world.
• *The “Marketing” Award: NEOSTEO, since August 2009, has been designing, manufacturing and selling implantable medical devices for trauma and orthopedic surgery (osteosynthesis). www.neosteo.com.
• *The “Judge’s favorite” Award: GLISS-SPEED. Created by AQUALEO, which manufactures and markets a small electric motor boat, accessible to the general public without a permit, GLISS-SPEED is the first fully electric water kart. www.gliss-speed.com.

These three projects clearly illustrate that Western France entrepreneurs have the ability to innovate. *They don’t lack energy or imagination, and we hope that the awards that they were given offer the visibility needed not only to finance their development, but also to introduce them to prospective clients.
Meanwhile, after my participation in the Start West conferences, discussions and judging panel, I have the following thoughts and reflections to offer.

First, I was pleasantly “surprised” by the enthusiasm and professionalism of the players in the innovation sector in Western France, a region predominantly noted for being a university region.* It is true that being split between Paris and California, I tend to forget that life also exists outside of my own geographic sphere… I know that my “surprise” may shock some provincial residents, but it is clear that we would all gain by visiting our colleagues in the provinces more often.* France’s heart of business is unquestionably located in Paris; however, the provinces contain numerous other vital organs, without which the innovation sector would not exist.* The companies presented at Start West are living proof.

Also, this year Start Westwas marked by the investors’ concerns regarding impending legislative changes, particularly in terms of tax exemption. *Since these are huge developments that will certainly have significant effects on the future for investors, it seems to me that such meetings should not solely focus on this topic.

During the different Start West conferences and presentations, I noticed a sense of frustration among various players in the innovation sector: the Regions are frustrated that they only rarely recover their stakes when they invest in a company, and investors are frustrated by the restraints imposed by regulatory limits.

Yet, it seems to me that the system is working pretty well today.* The Regions now have an absolutely crucial role in start-ups, and if they do not directly recover their return on investment, they still contribute to job creation in their territory, which is not only essential, but also completely inherent to their organization.

Meanwhile, investors, and particularly Business Angels, need to stress the added value that they can offer: their experience and entrepreneurial know-how, apart from the financial considerations.

Sometimes, during our discussions, I had the impression that each company was trying to surpass their own trade, which in my opinion seems to be a dangerous approach.* The French often praise and admire Silicon Valley, which they consider “the El Dorado” where every innovative company dreams of being located.* I simply want to remind you all that in this valley in California, there is no tax exemption mechanism for investments; entrepreneurs, their partners and investors primarily focus on creating value… while accepting the existence of the established ecosystem, based on well-defined regulations and duties.* It seems pointless to attempt to challenge this system that has repeatedly proven its worth.

Lastly, I was very surprised, on reading the business plans of the presented companies, that French entrepreneurs almost never include the international dimension in their projections.* Personally, I think that this is a mistake.* First of all, for the investor, this limitation to the national territory may discredit the entrepreneur and translate as a lack of ambition.* Secondly, I think it eliminates any chance of developing the new business: in the twenty first century, the entrepreneurial “playground” for new technology is either global or it simply doesn’t exist at all.* Talend’s strength lies in the fact that from the start, Fabrice and I considered the international dimension as a non-negligible step for our development.* A company like AQUALEO, which markets the GLISS SPEED, must internationalize its strategy.* Besides, given the local context of California (beaches, surfing, taste for sports, etc.), it would be a shame not to at least try!

In conclusion, I want to thank everyone who helped organize Start West, especially Pierre Tiers and his team, the RETIS network, Loïg Chesnais Girard, Chair *for Economic Development in Brittany and Pierre Villemur, representative for the innovation mission in Brittany.* They hold this event every year, which to my knowledge is one of a kind, and allowed me to clear my mind for two days in contact with new start-ups and the innovators of tomorrow.* I would like to add a special mention to OSEO, which plays a vital role in this innovation ecosystem and without which it simply would not exist.

I also would like to thank the members of the judging panel who demonstrated a great capacity for listening and understanding, showing immense respect for the entrepreneurs who came to present their projects.

I truly hope to attend other such events in the near future.* Being an entrepreneur implicates an undying curiosity and openness, and these meetings are a great way to quench our thirst.

Bertrand




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