Within the thirteenth arrondissement of the French capital Paris is an previous rail freight station that has been transformed into the world’s largest startup campus.
Referred to as Station F, the large complicated, which may home 1,000 startups and has company companions together with U.S. tech giants like Meta and Google, underscores France’s push over the previous few years to reinvent itself as one of many world’s main tech hubs.
Within the second episode of our European tech hubs mini-series for CNBC Tech’s “Past the Valley” — which you’ll take heed to above — Tom Chitty and I travelled to Station F to speak to its director Roxanne Varza concerning the progress of the French tech scene over the previous few years.
In 2015, taxi drivers in France protested the rise of Uber and startup founders complained concerning the nation’s burdensome labor legal guidelines that made it troublesome for younger tech corporations to be nimble. From the skin, France had a status of being anti-tech and innovation.
However numerous governments through the years have championed the nation’s know-how ecosystem to push packages like Station F and reforms to legal guidelines to assist out startups. And with the tech world at present present process a increase in synthetic intelligence, France is seeking to place itself as a number one hub.
French generative AI firms have raised $2.29 billion to this point, in response to information from Accel and Dealroom, essentially the most of any European nation. This has been pushed by enormous investments in buzzy French AI startups corresponding to Mistral AI and H.
“France is the chief on synthetic intelligence in Europe,” Bruno Le Maire, France’s finance minister, informed me on the nation’s excessive profile occasion Viva Tech final month.
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Here’s a transcript of the “Past the Valley” episode launched on June 20, 2024. It has been edited for readability and brevity.
Tom Chitty
The thirteenth Arrondissement in Paris is residence to a thriving nightlife scene and town’s principal Asian group. In the event you like Chinese language or Vietnamese meals, you then’ll be completely satisfied right here. It additionally occurs to be residence to Station F, the world’s largest startup campus. Brimming with entrepreneurs and round 1,000 startup firms, it embodies France’s thrilling tech trade. Within the second installment of our take a look at Europe’s main tech hubs, we’re in Paris to talk to the pinnacle of Station F about how the nation disregarded its status as being anti-tech, the success of its AI firms, and the political and regulatory challenges it might face. Arjun, have you ever been to Station F earlier than?
Arjun Kharpal
That is my first time. I have been wanting to go to for thus a few years. So fairly excited to be right here. It is superb.
Tom Chitty
To explain to our listeners rapidly what it is like. It’s a little bit of an oasis. It appears to be like like an enormous plane hangar. And there is all these kind of delivery containers which function kind of assembly rooms [which are] glass fronted so you’ll be able to form of see in them. Anyway, that is what it appears to be like like visually, however to know what truly goes on right here, with the work that occurs and the businesses which might be positioned right here, we have to converse to the Director of Station F, Roxanne Varza. Thanks for becoming a member of us on Past the Valley, Roxanne.
Roxanne Varza
Thanks a lot for having me.
Tom Chitty
First off, give us a little bit of a backstory of this place. What is the objective of it? And the way did it begin?
Roxanne Varza
So we opened in 2017 and it was proper after President Macron had been elected for his first presidency. And primarily, the concept had form of come about a couple of years earlier than. Clearly, we would been noticing that, particularly from overseas, when folks would take a look at the European ecosystem, they’d know London and London has all these firms that everybody is aware of, and all of the funds are primarily based there. Individuals truly knew lots about Berlin. I feel a few firms fairly well-known had been primarily based there as effectively. And France was simply form of not on anybody’s radar, despite the fact that there was truly lots happening. So the concept behind Station F was let’s make this type of massive emblematic house, carry everybody to the ecosystem collectively, actually facilitate launching a enterprise as a result of that actually form of felt just like the hurdle was getting folks up and working. And in order that’s primarily what we have been doing.
Tom Chitty
Let’s discover out slightly bit about your self, as a result of I do know that in some French media, you may have been known as the queen of tech amongst different titles, all very optimistic. Nicely, I will allow you to resolve that. However you are additionally scout investor for Sequoia Capital, which we would like to speak slightly bit about. However what makes you the best particular person to be director right here? How did you get chosen for that position?
Roxanne Varza
So many individuals ask me this, and I want I knew what was happening in our founder’s head when he picked me. I grew up within the U.S. in Silicon Valley. I used to be born and raised in Palo Alto. I moved out to Europe about 15 years in the past, on the time, it was to do a grasp’s diploma and I simply fell in love with this ecosystem. Having come from the Bay Space, it felt like so many issues existed over there. And right here, there was a lot alternative to construct and to have an effect. So what makes me the best particular person for this position? Most likely, I’d say perhaps simply my connection to the startup ecosystem, the worldwide startup ecosystem. I feel, additionally, in the event you take a look at perhaps individuals who do not know, our founder, his title is Xavier Niel, and he is bought an enormous telecoms firm in France and he is launched so many tasks which have simply powered this ecosystem. However in the event you take a look at the opposite tasks that he is performed, he tends to gravitate in the direction of folks that might be what he calls much less formatted, younger and perhaps not too influenced by a big company profession. And that was very a lot my case after I got here into this position. And perhaps additionally the truth that [to] have a little bit of a world feminine profile is a bit interesting for right this moment’s ecosystem that should form of think about variety.
Tom Chitty
Now, earlier than we get again to it, now we have, in fact bought to do stat of the week. Have you ever heard about stat of the week?
Roxanne Varza
I’ve not. Ought to I be nervous?
Tom Chitty
Very a lot, I get nervous each week to play it. It is a sport we play, the place Arjun has a stat, which he is considered extensively within the lead as much as this episode, and it refers to what we will be speaking about. However he’ll simply give us a stat and also you and I are going to go head-to-head. And whoever will get it proper or closest to what it refers to, then we win. However I do have a fast query, which I’ve requested all of our visitors on this mini collection that we have performed. So in the event you might rank Europe’s tech hubs, what could be your prime three?
Roxanne Varza
That is nearly imply. I imply, I lived in each Paris and London and I really feel like these aren’t any brainers. So can I begin with these two? The third one, I feel is definitely actually laborious. So yearly in the summertime, I take my complete group to a brand new ecosystem. We have been to Amsterdam, we went to Berlin. This yr, we will Lisbon. And I really feel like I do not know sufficient hubs to actually have a good viewpoint. However I am actually enthusiastic about Lisbon truly, I do know the Mayor of Lisbon fairly effectively, have been listening to actually optimistic issues. And I really feel like we have additionally bought a really fascinating French entrepreneur expat group that is rising there. In order that’s an ecosystem. I am fairly enthusiastic about.
Tom Chitty
Okay, however simply to push you, which might be primary?
Roxanne Varza
Paris, what do you imply, you are pushing me?
Tom Chitty
Arjun, I will allow you to take it away.
Arjun Kharpal
Stat of the week. $2.29 billion {dollars}.
Tom Chitty
Arjun, you had a query.
Arjun Kharpal
I needed to begin with the kind of idea of Station F as a result of we all the time discuss these ecosystems round Europe. And, you realize, in the event you go to London, historically, it was kind of the East Finish of London round Previous Avenue roundabout that had these hubs, Shoreditch and kind of expanded. However there have been these kind of pockets in lots of cities, the place these startups, buyers maybe gathered. Is the concept nearly to simply create this single large hub the place you need not have these form of disparate elements of cities. I do know, they’re single cities, however a few of them are nonetheless massive one finish to the opposite, can take a little bit of time. So is that actually the concept behind Station F?
Roxanne Varza
, I feel on the time, that was the concept, as a result of we thought that is so massive, 1,000 firms, that is going to be the entire ecosystem. However truly, what we have seen is that even right this moment, Station F is absolutely not even that massive anymore, given how massive the entire ecosystem is. So we’re actually I feel, when it comes to early stage and getting began, that is the place you come. After which there’s completely different pockets, as you stated, for form of later stage and progress stage firms inside Paris.
Arjun Kharpal
And Roxanne, what yr did you’re taking? 2017?
Roxanne Varza
Was the launch in the summertime.
Arjun Kharpal
And is that while you took over the position right here?
Roxanne Varza
I began two years earlier than.
Arjun Kharpal
I feel we’re on so a few years now, I feel so many issues have modified. I keep in mind kind of visiting Paris on the time, and there have been protests from the taxi drivers round Uber. And, you realize, many had from the skin checked out that and stated, effectively, that is simply underscores at this level France’s broader kind of antithesis to know-how and alter and innovation. What’s modified since then, in France and Paris particularly, round know-how?
Roxanne Varza
I imply, a lot has modified. It feels actually like 180 diploma flip. After we began Station F, it was extra like nearly a working joke. Are there actually 1,000 firms in France to fill this house? Like are you guys even certain about what you are doing? Whereas right this moment, persons are this ecosystem and going is that the main ecosystem in Europe? Is all people constructing an AI firm in Paris? Which I simply suppose is simply not one thing that we might have imagined so way back. So a number of issues have modified. I’ve to say the federal government has positively performed a really lively position. And so they have recognized which steps to take and taking the best ones, as a result of authorities also can generally overstep and attempt to do issues that does not essentially make sense for the federal government to do. After which I additionally simply suppose culturally, we have actually been by an enormous transformation, I feel, perhaps partly powered by Station F. However we’re not the one gamers in that house. And it form of made entrepreneurship cool. It made it potential for lots of people that simply had been nearly ashamed to inform their households, I did this diploma, and now I’ll begin a enterprise.
Arjun Kharpal
And so what would you say are a number of the core strengths in the intervening time of the of the French know-how scene? I do know, the college form of path has been fairly sturdy with a few of these technical universities. There’s additionally I suppose, folks having been skilled in a number of the massive U.S. tech giants as effectively. The place are the core strengths?
Roxanne Varza
I’d say like when it comes to infrastructure, we’re up there with any main tech ecosystem, I imply, locations like Station F, now we have all of the college packages you may want, all of the sources that you realize, tangible sources to construct an organization. I feel the expertise is the piece that we have form of cracked slightly bit over these previous couple of years with worldwide expertise now coming right here. The French authorities made the visas lots simpler to come up with. And we’re additionally simply seeing, I feel, with the worldwide perhaps geopolitical shift, persons are trying much less in the direction of the U.S. perhaps much less in the direction of conventional ecosystems, and now coming right here. So I feel that has performed positively an enormous position. After which when it comes to funding, it was once unimaginable to get the tier one funds in your cap desk being primarily based in Paris. Now they’re right here each week.
Tom Chitty
And by the identical token, the problem is that France, Paris, Station F has, are they the identical as any European tech hub? Or are there any specific ones that you’ve got discovered right here?
Roxanne Varza
Nicely, I do suppose I imply, it is not an English talking market. So I feel in the event you evaluate working in Paris to working with London, I feel, people who find themselves trying, for instance, for bilingual colleges, or for docs, that might be very snug in English, like, there’s simply little issues like that, that I nonetheless suppose are perhaps nonetheless not the place they might be. However in any other case, if we take a look at simply the ecosystem, and from a enterprise perspective, I feel working right here is nearly as good as another ecosystem if not higher.
Arjun Kharpal
I keep in mind one of many complaints a couple of years in the past, had been issues like labor legal guidelines, the startup founders had been actually form of not completely satisfied, they had been too inflexible, too strict. Have a few of these kind of teething points within the early levels of founding startups in France modified in any respect?
Roxanne Varza
100%. I might say the labor regulation, when folks carry that up now, I nearly really feel like, okay, you have not caught up to the mark with the place we’re right this moment. There’s positively a number of methods to get across the hurdles. I imply, you’ll be able to’t evaluate, clearly, what now we have in France with what occurs, for instance, within the U.S. with how simple it’s to rent and fireplace. They’re simply completely different markets. But it surely’s now not creating the headlines that we had been seeing 10 years in the past of, you realize, unimaginable to fireside the groups and issues like that.
Tom Chitty
After we speak concerning the U.S, clearly, a number of the European markets are all the time going through the problem of U.S. massive tech, you realize, desirous to get into these markets and, you realize, flex their muscle groups, if you’ll. How a lot do you are concerned about that? Is that one thing that retains you up at evening?
Roxanne Varza
Huge tech coming right here?
Tom Chitty
U.S. Huge Tech.
Roxanne Varza
Under no circumstances, as a result of they’re all Station F companions. You’ll be able to see their logos behind me. I feel that is an ecosystem that desires to work with worldwide leaders. In the event that they be French, in the event that they be Chinese language, in the event that they be from the U.S., you realize, whoever they’re, I feel the entrepreneurs right here wish to work with these firms. And the entire U.S. leaders are current and have been current for a very long time.
Arjun Kharpal
It is a good probability, I feel, then to speak about synthetic intelligence, very troublesome to have a dialog as of late in tech with out speaking about that buzzword. However you realize, France, for certain has been within the headlines with firms like Mistral and H and all of those completely different firms as effectively elevating very massive sums of cash, as effectively. Look, Europe simply extra broadly, misplaced out, for instance within the web age to the large U.S. tech giants when it got here to social media, search, all of these sorts of issues. What sort of alternatives does the increase in AI we’re seeing current for French firms and for European firms extra broadly, to compete on the worldwide stage?
Roxanne Varza
I feel you are completely proper. I imply, you simply put your finger on it. So I feel there was this sense of we missed out from form of that first technology of the web primarily. Regardless that there have been many glorious firms that had been constructed right here, they simply did not compete on the identical degree. And I feel right this moment there’s a little bit of this race to be aggressive on that degree. And once we had Mistral’s mega first spherical, everybody thought OK, that is great, but it surely’s one spherical, it is one firm. And right this moment we have had Poolside who’s additionally, you realize, come over from the U.S. We simply H. And now persons are beginning to surprise, is that this a pattern? Is that this one thing we will truly actually construct into our ecosystem long run? And I feel the reply is doubtlessly, sure.
Arjun Kharpal
I feel to Tom’s level, although, as effectively, concerning the kind of affect of the U.S. tech giants. One of many fascinating issues has been how concerned they have been very early on in these firms, the likes of Mistral getting backing from Microsoft and a number of the different massive tech giants. I keep in mind I used to be at Viva Tech only a few weeks in the past, French Finance Minister Bruno Le Maire was there and I requested him, are you involved even nonetheless concerning the affect doubtlessly, as Europe tries to actually develop its homegrown know-how firms within the on the earth of AI concerning the position of the U.S. tech giants. And I feel his was one in all there must be a balanced, we’re completely satisfied to kind of have them right here. However we additionally must champion our personal homegrown. Once more, we’re nonetheless very early stage, however as you see this growing, how is that steadiness wanted to be struck?
Roxanne Varza
It is fascinating as a result of right here we’re speaking about international locations and nearly there is a degree of sovereignty that is in all probability concerned in that dialogue. However I additionally suppose simply from, we could say that everyone needs to group up with a few of these massive gamers, we additionally wish to keep away from having them have a lot energy that they will dictate tomorrow’s improvements. And so I feel these are in all probability matters, I imply, France would be the subsequent nation that can host the following AI summit in February of 2025, and I feel these are going to be very, very key matters. However I do suppose there is a very clear sovereignty angle that needs to be a priority for a lot of governments.
Tom Chitty
After we discuss governments and international locations, France is going through an upcoming election. Are you involved about the place you is likely to be in six months time,
Roxanne Varza
I imply, very, very clearly, lots might change. I feel extra will change when now we have the following presidential election. So clearly, my thoughts was there. However we might see issues change forward of time. I do not suppose they will be as dramatic, hopefully, I imply, it might go all the way down to not having a minister for digital. I imply issues like that would simply be utterly deprioritized, which is basically what has been serving to us transfer issues ahead in France. So issues might change very dramatically. However lots of people are fairly assured that that won’t change, it’s going to perhaps be extra on a coverage degree. And it might take extra months and weeks to see the motion. So I imply, I’ve to say we’re attempting to be as optimistic as we will.
Arjun Kharpal
One of many issues I learn was that if there may be, you realize, this kind of resurgence of the far proper, and there is a detrimental impression on issues like immigration coverage, that would have an effect on entry to expertise from overseas, proper?
Roxanne Varza
100%. I imply the true problem is in the event you look on each excessive sides of the spectrum, they ship not nice messages to overseas expertise, to overseas buyers. So I feel these are the dangers. However there’s additionally individuals who really feel that perhaps it’s going to go so poorly that within the subsequent upcoming election, issues will return to the place they need to be. So there could also be a silver lining in each circumstances. However sure, I do suppose within the case that now we have each excessive sides, one or the opposite win, it is not going to be nearly as good as we’re right this moment. It’s totally clear.
Arjun Kharpal
You talked about the push from the French authorities, notably underneath Macron, and his authorities to spice up the French tech scene as effectively. Once more, one other kind of status Europe extra broadly has had is one in all regulation over innovation. And to some extent, that also reigns. We noticed the large EU AI Act go as effectively. But it surely looks like President Macron particularly has tried to carry the narrative again to, no, we will innovate, however we additionally do want to manage as effectively. Beneath Macron what have been for you the large positives which have come out of his presidency and tech push extra broadly.
Roxanne Varza
Oh, wow, there’s been so many. I’ll say that I feel he is performed lots for worldwide visas. The visa scheme was overhauled, I feel it was the identical yr that we launched Station F and we noticed the impression instantly. Late stage funding, I imply, the funding panorama has simply reworked. Earlier than we used to really feel like there is no early stage funding, and there is no late stage funding. And right this moment, I simply really feel prefer it’s all of the gaps have been stuffed.
Arjun Kharpal
And why is that although?
Roxanne Varza
The federal government, I feel, they’ve actually gone out and tried to work on both implementing insurance policies that might encourage folks to put money into early stage, whether or not or not it’s by tax breaks, and different issues like that. These are more moderen. However he is truly gone out and primarily gathered up the capital wanted for a few of these late stage funding initiatives. So I’d say these are in all probability the 2 largest ones. However then there have additionally been little changes to form of labor regulation and issues like that, that we talked about earlier, which have simply form of cleaned issues up fairly a bit. So I’d say simply throughout the board, we have simply felt issues all the time going ahead, by no means going backwards, which had positively been the case beforehand.
Arjun Kharpal
That funding hole with the U.S. does nonetheless stay not simply right here in France, this can be a broader European problem as effectively. The place do you see this kind of subsequent steps required to shut that hole additional?
Roxanne Varza
Oh, wow, that is a extremely good query. So I do suppose we nonetheless have late stage funding points. I imply, once we’re not on the quantities, and even the variety of rounds that we needs to be perhaps even on the subject of constructing these firms. So I’d say late stage continues to be an enormous factor. However I feel the true piece that now we have to crack in Europe, throughout the board is exits. And I am certain you’ve got heard this many instances earlier than. However I feel we will positively do lots to encourage extra of an acquisition tradition in Europe with our European corporates, which appear fairly absent, in the event you evaluate with all of the Individuals that come over and wish to purchase firms. The IPO market is absolutely the place I do not know the way you repair
Arjun Kharpal
I used to be on the roof of the London Inventory Change. When was this? Final week? … But it surely was the IPO of an organization known as Raspberry Pi, the computing startup that is been round for you realize, I feel, greater than a decade now. And there was massive fanfare, confetti cannons and plenty of noise for an IPO I feel that valued the corporate, simply over about $500 million. And I feel that actually underscores the problems with the market in the intervening time or the issues concerning the market that even for such a small, or comparatively small IPO within the tech world, there was a number of pleasure, as a result of it simply hasn’t been these exits on the IPO entrance. And there is, I feel in London particularly, there’s a number of points round issues like founder shares, and twin class share buildings, and all of those numerous issues which should be reformed and entry to a few of these startups within the earliest levels from pension funds and different areas. Are these related points prevalent right here in France?
Roxanne Varza
100%. And I’d say in all probability we even have simply, how can I say this? The market simply would not exist. So I feel with regards to itemizing a know-how firm, folks simply routinely assume I imply, now we have had some right here, I should not say we’ve not as a result of a couple of years in the past, we had fairly a couple of, two or three. However I feel right this moment simply anyone who needs to go public simply is not going to take a look at this market, given what the observe file that we have had.
Arjun Kharpal
And it looks like a pivotal time as a result of in the event you’ve bought firms like Mistral elevating these sums at astronomical valuations, pondering, even 2, 3, 4 years’ time, what they are going to be valued at, the market would not exist for them to go on an IPO of perhaps $100 billion valuation, doubtlessly in a couple of years … The opposite level you introduced up was the M&A facet of issues. So European corporates not as lively when it comes to shopping for or buying know-how firms?
Roxanne Varza
Sure. And I feel I imply, I can actually converse to the French market after I say that, I do not know if it is the case throughout Europe, however it’s a feeling that I’ve. I imply, at Station F now we have a ton of early stage firms. And we have all of the American corp dev groups that come present up right here. And we have had only a few of their French counterparts. And I feel it simply factors to the truth that culturally, they’re in all probability much less aggressive in that house. In some circumstances, they do not even have corp dev groups. So I feel that is positively one thing that we will work on constructing.
Tom Chitty
Simply to carry it again to the kind of what we talked about proper on the prime with the place Paris and France is as a tech hub. What do you see is the longer term for Station F and are you targeted on form of what’s occurring elsewhere and ensuring you are still main in these areas? Or do you very a lot take a look at your self and simply fear about you? How do you see the following kind of couple of years panning out?
Roxanne Varza
Nicely, as I discussed, now we have this looming election, so ask me once more in a couple of weeks. I feel it is a steadiness, as a result of we positively look overseas and we get impressed by a number of what’s occurring elsewhere. And we attempt to generally take a look at these concepts and do they work domestically. However Station F was truly actually constructed for native demand, native wants. So lots of people have requested us, you realize, did you primarily lower and paste one thing that exists elsewhere? Completely not. We requested all of the entrepreneurs round us primarily, not simply entrepreneurs, however everybody in our ecosystem, what works effectively? What’s wanted? The place do you may have difficulties? And a number of the stuff we have constructed you’d by no means see it exterior of France.
Arjun Kharpal
Has the profile of startups in right here modified as tech tendencies have modified, whether or not it is the crypto increase into the AI increase?
Roxanne Varza
Superb query. Yeah, we truly refresh every thing on a yearly foundation. So two years in the past, crypto, we launched our crypto Web3, program. Final yr, we did quantum computing, two AI packages, I feel this yr, we’ll proceed to see AI. I am hoping we will enhance local weather tech a bit extra. I feel that is one other place the place Europe actually has a risk to shine. However what have I seen when it comes to form of evolution of entrepreneurs? It was once a number of first time entrepreneurs, very younger, contemporary out of faculty. At this time, we’re seeing increasingly more repeat entrepreneurs. I feel over 50% of the entrepreneurs now we have on campus have already created a enterprise and I feel it factors to the mature maturity of our ecosystem,
Arjun Kharpal
And also you’re constructing a lodge.
Roxanne Varza
We launched housing in 2019. So now we have 600 people who reside in our housing part. And we’re form of ending that now we have a restaurant there, we will have a sports activities facility. So there’s another issues that now we have on website, it is about quarter-hour away. Later this yr, we’re launching, it is proper exterior the constructing but it surely’s primarily 12 areas that can full the provides that now we have for entrepreneurs so that they needed extra more healthy meals choices, bike restore, smartphone restore, podcast studio. So these sorts of companies might be obtainable subsequent to us and the lodge in fact in two-to-four years.
Tom Chitty
Improbable. Nicely that’s all now we have time for however now we have in fact bought to do stat of the week. Have you ever been interested by it?
Arjun Kharpal
So that’s the stat of the week. $2.29 billion. Any guesses?
Tom Chitty
The worth of France’s AI market in 2025 projected.
Arjun Kharpal
On the right-ish tracks however no cigar.
Roxanne Varza
Quantity invested in AI because the starting of the yr?
Arjun Kharpal
Shut. I will do yet one more spherical of guesses.
Roxanne Varza
It could actually’t be how a lot we raised as a worldwide quantity for the primary half of the yr?
Arjun Kharpal
You are knocking on the door. I will give this one to Roxanne, as a result of she was tremendous shut. So it was the quantity French generative AI startups have raised to-date …In order that’s fairly astronomical. A number of different enjoyable stats. So the highest 5 cities for generative AI startup creation throughout the area, London primary, 27% of GenAI startups from London. Tel Aviv 13%, Berlin 12%, Paris 10% and Amsterdam 5%. Regardless that Paris is fourth when it comes to GenAI startup creation, it has the very best ranges of funding due to a few of these aforementioned firms there.
Tom Chitty
Okay. That’s all now we have time for. If you want to comply with and subscribe to the present, you’ll be able to. And you may also charge the podcast which might be nice, 5 stars if you need. Thanks, Arjun.
Arjun Kharpal
Thanks, Tom.
Tom Chitty,
Thanks, Roxanne.
Roxanne Varza
Thanks.
Tom Chitty
We’ll be again subsequent week for one more episode of Past the Valley. Goodbye.
