Milan is a popular location for automotive, mode and finance. But, without offending him, the Lombard city is not yet known to be a paradise for start-ups. It is however there that Eric Mignot, the founder of insurtech + Simple , recently settled down. A choice dictated by economic reasons.
“Italy is a market with great potential. At the same time, it’s a complicated market, where you have to know the right people on the spot”, observes this entrepreneur who bought three companies in La Botte (in Rome, Milan and Genoa).
To succeed in this bet, Eric Mignot estimated that an installation in Milan would be a strong signal sent to the small Italian companies that he seeks to attract. “It’s always better to see eye to eye,” he insists.
The boss has nevertheless taken care to appoint an Italian general manager who will manage operations alongside him. A way to avoid pitfalls. And even though English is the language of business, he has started taking Italian lessons to better blend in with the local landscape. “I didn’t know a word,” recalls this 50-year-old who lived for ten years in Latin America (Mexico, Argentina).
A growing phenomenon
In recent years, French start-up bosses have moved abroad more and more, reflecting the dynamism and growing ambitions of French Tech nuggets. Benjamin Fabré, the founder of Datadome a solution that helps companies protect themselves against cyberattacks carried out by robots, for example, has set sail for New York.
“We needed to add leadership to the UNITED STATES “, he deciphers. The leader, who raised $ 35 million in 2021 during a round of funding led by an American fund (Elephant), was able to forge closer ties with his American clients who represent nearly 50% of the young company’s income. push. “Having the boss on site is the best proof of our commitment to the market,” he observes.
Benjamin Fabre is far from the only tricolor entrepreneur to survey the business districts of the Big Apple. There he met the leaders of Contentsquare , Botify, AbTasty, Aircall, Dataiku or CybelAngelwho all founded their companies in France, before crossing the Atlantic.
“I chose the United States because, in cybersecurity, France is a small market. To be a world champion, you have to be an American champion. Half of the cyber expenditure in the world is here”, underlines Erwan Keraudy, the leader of CybelAngel which was part of French Tech bosses invited by Emmanuel Macron during his state visit to Washington .
Arriving in a new country is not always easy. Jonathan Cherki, CEO of Contentsquare , has never made a mystery that he needed time to adapt. He was particularly surprised by the ability of some American employees to oversell themselves in interviews. Benjamin Fabre is struck by the difference in culture managerial. “It’s important to be coached! “, he pleads. Before moving, he also recommends “discussing with as many people as possible” on site in order to achieve a soft landing.
The assets of New York
New York seduces for many reasons . The city is home to most of the big East Coast investors and is an ideal stepping stone when dreaming of a Nasdaq IPO. A goal that Datadome has in the back of its mind. It is good to live there – especially when you have significant financial means – and French or bilingual schools are legion. What matters to entrepreneurs with children.
The time difference of 6 hours compared to Paris is another asset. “The question of an installation in San Francisco did not arise because the difference in time difference is a huge constraint on operations”, specifies Erwan Keraudy.
Romain Moulin, the co-founder of Exotec, has just moved to Atlanta (Georgia). A city less sexy than New York on paper, but which “has a solid supply chain industry, an affordable cost of living and a solid and growing talent pool”, we explain at the industrial unicorn . Exotec already had an office in Atlanta and has long-standing relationships with a prestigious local research center (Institute for Robotics and Intelligent Machines). Atlanta airport also makes it easy to travel from one coast to the other of the United States.
For companies that want to become leaders in Europe, conquering Germany is an essential but reputedly difficult step. This is why the boss of Malt, Vincent Huguet, chose to open an office in Munich himself. On the spot, he was able to lead the takeover of Comatch, a platform of independent consultants. Once this mission was accomplished, he returned to France.
Maintain links
Even when they live abroad, French bosses never forget their country of origin where they keep some of their employees. “I come back once a month,” says Erwan Keraudy. For his part, Benjamin Fabre makes the trip once a quarter. “We have to make complex trade-offs: on the one hand, we want to create a quality relationship with the different teams. On the other hand, we don’t want to burn tons of CO2 for a one-hour meeting,” he argues.
An experience abroad is often exhilarating, especially when the company is a few years old and has toured its domestic market. Eric Mignot speaks of a “questioning” that looks like a new start. Beyond the professional aspect, the boss is under the spell of Milan. “I’m still in the honeymoon phase,” he says. He would even see himself living there “for the next ten years”.