L’Atelier BNP Paribas unveils the profile of the innovative entrepreneur in France. A L'Atelier BNP Paribas study, conducted by TNS Sofres

1. L’Atelier BNP Paribas unveils the profile of the
innovative entrepreneur in France
A L'Atelier BNP Paribas study, conducted by TNS Sofres
Inventor, conqueror or builder - people who
found startups are happy!

2. Mesagraph has been acquired by Twitter; Criteo has
issued a successful IPO; Withings, Sigfox and AwoX
have raised between 15 and 25 million euros each.
Innovative French startups and SMEs have moved to
a new level. The scale of this growth is due to the
talent they employ, the French ability to create and
innovate, and to an ecosystem that is increasingly
well structured and able to assist companies from
their inception through to their launch on the
international stage.
This is the role played by Bpifrance, which, through
both its range of financial products and its continuing
efforts to enhance entrepreneurs’ confidence, is
contributing to the revitalisation of investment in
companies that focus on technological innovation as
well as innovations of use. Two examples of our active
efforts towards financing innovative SMEs are the
recent launch of the innovation seed capital loan (up
to €500K, without a guarantee secured against the
company), and, at the other end of the innovative
SME spectrum, the “Large Venture” fund (endowed
with €500M), which targets risk capital transactions of
millions of euros in innovative companies that have a
significant need for capital.
A similar effort is the creation of Bpifrance’s Le Lab,
a think tank that organises access for independent
researchers to some twenty years of open data on
SMEs and the heads of French companies, with the
aim of understanding them better.
This is also the role of players such as L’Atelier
BNP Paribas, which supports entrepreneurship on a
day-to-day basis. It achieves this by identifying the
core elements in the startup ecosystem that will
become the hot topics of the future, by fostering
collaboration between innovative SMEs and large
corporate groups via its Lab, and by supporting
innovative financing methods such as crowdfunding.
With this study, the Technology Watch unit creates a
profile of a category of professionals who are much
talked about but who we are not yet able to fully
delineate. Who really is the French entrepreneur?
What drives him or her?
By providing this sociological understanding, this
study is another lever for encouraging
entrepreneurship, especially as it reminds us that
entrepreneurship is linked more closely to the
character of the entrepreneur than to his or her
education and training. It’s important to highlight
these models in order to develop the entrepreneurial
spirit and demonstrate that a taste for freedom can
also be a source of creativity!
Nicolas Dufourcq
Managing Director
Bpifrance

3. The new faces of the Startup Founder
Learn more about the profile of the
innovative entrepreneur in France
1
A side-by-side comparison 6
2
Did you say startup? 8
3
Startup Founders, who are you? 15
4
The startup, from its creation to today 32
5
... and tomorrow? 40

4. Just say no to conventional wisdom
and to gloom and doom!
A positive and innovative outlook
Startup founders describe themselves as:
 Dynamic: 81%
 Creative: 75%
 Visionary: 60%
Invested, first and foremost
Startup founders describe themselves as:
 Passionate: 83%
 Risk-loving: 60%
Effective & experienced
Startup founders describe themselves as:
 35 years old, on average
 University graduates: 93%
 Having 11 years of professional experience prior to launching their startup
4

5. Just say no to conventional wisdom
and to gloom and doom!
A positive and innovative outlook
Startup founders describe themselves as:
 Dynamic: 81%
 Creative: 75%
 Visionary: 60%
Invested, first and foremost
Startup founders describe themselves as:
 Passionate: 83%
 Risk-loving: 60%
Effective & experienced
Startup founders describe themselves as:
 35 years old, on average
 University graduates: 93%
 Having 11 years of professional experience prior to launching their startup
5

6. Success, for today and tomorrow!
6
Very positive results...
Startup founders describe themselves as:
 Satisfied: 92%
 Willing to do it again: 78%
… coupled with ambitious goals for the future
Startup founders say that they want to:
 Grow: 71%
 Build an international presence: 60%
 Be a market leader in France: 58%

7. A side-by-side comparison
1
7

8. Comparing points of view
The French Startup Founders
A representative sample of 1016 people
15 years old and up:
 Gender
 Age
 Socio-professional category
 Region and type of urban area
Interviewed by telephone
(26 to 28 November 2013)
17 in-depth one-hour interviews (p.41)
with startup founders
 Face-to-face or telephone interviews
(2nd half of October)
200 interviews telephone interviews of
18 minutes (19 to 25 November 2013)
 Companies in all sectors
(but primarily in the digital economy)
 In operation for a maximum of 8 years
2011-20132009-20102005-2008
YEAR OF CREATION
39%32%29%
8

9. Did you say startup?
2
9

10. “Startup”: what is the definition?
“An innovative company with
high growth potential, in search of
a new and reproducible business
model. Once the business model
is operating, the startup becomes
an SME.”
“A young innovative company
in the new technology sector”
10

11. Do Startup Founders identify with this term?
93% feel that the company that they have created is a "startup"
Positive connotation 62%
Negative connotation 9%
No specific connotation 15%
It depends 12%
Used with their partners 75%
Used with their friends & acquaintances 70%
Used with their families 70%
Used on a daily basis 68%
Used with their bankers 61%
Used with their customers 58%
"with respect to the outside world, other than my
customers, I'm a startup,
“with respect to my customers, I'm a business.
It's much easier to be a startup in the B to C space than in
the B to B space”
11

12. Do Startup Founders identify with this term?
In-depth interviews have shown that, according to the
Startup Founders themselves...
But may also convey an image of a
business that is:
 Short-lived, possibly superficial and
unstable
 Focused exclusively on new technologies
 Lacking in functioning processes and
possibly unreliable.
The term “startup” has positive implications, as:
 a daring business
 with strong growth
 that knows how to take risks and how to constantly
reinvent itself
 free from traditional rules and ways of working
 that makes employee well-being and a
comfortable, informal work environment the new
standard
 and in which the large majority of employees share
and adhere to a specific value system (including
solidarity and a community spirit) and/or a
common objective.
Accordingly, a more cautious use of this term
in interacting with banks and more traditional
customers is recommended.
12

13. Why a startup
rather than a “more traditional” company?
 To be more free, more independent 36%
 For faster career development, to become profitable more quickly 34%
 To escape from traditional working rules and conventions,
to experience work differently 33%
 To have a more collaborative way of working, more discussions and sharing 30%
"To seize opportunities
when they arise"
"Casual...
No suits here,
just jeans"
"I had some great experiences, I was promoted regularly, XXXX even
sponsored me for an MBA in England, it was great, but I wanted to be
the master of my own fate, to create something more than just
being a good manager, and maybe to leave something behind me
as well”
“I don’t think I’m cut out to work for a big firm. To have roles where there
is not enough responsibility, where we don’t take enough risks"
13

14. So the main values
that define a startup are…
Transparency
Simplicity
Happiness
Fulfilment
Liberté
Responsiveness
Independence
Discussion
Collaboration
Openness
Vigour Honesty
HumblenessCommitment
Flexibility
Adaptability
Autonomy
Creativity
Sharing
Listening
14

15. Professional relationships
with other startup creators:
Startup Founders: solo or networked?
 To share advice 87%
 To share their skills, experiences 76%
 To provide services 75%
 To provide financial support 12%
 No relationships 8%
57% are part of a circle or an association of creators or entrepreneurs
15

16. Startup Founders, who are you?
3
16

17. The Startup Founder’s ID card
A man
89%
38 years old
on average today
35 years old at the
time of the creation
of their company
93% have a
university or
equivalent degree
35% have a graduate or postgraduate university degree
24% attended engineering school
20% attended business school
of which
7% are self-taught,
with a high school
diploma or less
78% are married or cohabiting
61% have children
17

18. Different types of entrepreneurs, but entrepreneurs first & foremost
Startup Founders describe themselves as:
 Entrepreneurs 35%
 Creators of ideas 17%
73% feel that there have always been
entrepreneurs like themselves in
every generation
For 51%, there is a tradition of
entrepreneurship in their family or
close circle of friends.
42% believe that they have a
mission to help the drive the
economic recovery
16% of French people
think so, among the 63%
who have heard of startups
(vs 57% who have a personal goal of
developing their project)
18

19. Passionate first and foremost... coupled with a “vision”
Highly involved, motivated and enthusiastic people...
who are not afraid of hard work...
The mentality of a creator and a pioneer more than that of a manager.
Attracted to discovery, personal enrichment
(meeting people, acquiring new skills, etc.).
Startup Founders describe themselves as:
 Passionate 83%
 Dynamic 81%
 “Addicted” to work 34%
"I'd go to any lengths" "we gave
ourselves two years to explore in all
directions, to test everything, to fail,
and in two years, with no regrets, we
will have tried.”
19
 Creative 75%
 Visionary 60%
"Starting from zero and accelerating to
100 per hour, I like to have ideas,
to create, to build... It's the personal
encounters, the ideas... The management
side is more about rigour and patience,
and these are not my best qualities”

20. ... and an appetite for risk
An appetite for risk, the ability to bounce back, to learn from experience.
Failure seen as a way to move forward, to improve.
Startup Founders describe themselves as:
 Ambitious 72%
 Risk-loving 60%
"Anyway you’ll have plenty of
failures, you’ll hear no 99 times
before you get to a yes, and you
have to persevere... it's so easy
to throw in the towel"
“It takes failure to move
forward, and character to
move forward after a failure”
“There’s the honeymoon aspect, you’ve
started at last, there's a sense of exhilaration,
and at the same time you’re afraid, it gets
you in the guts, you don’t know where you’re
going, you don’t get paid a salary at the end
of the month any more... (but really) I didn’t
have too many doubts”
20

21. Nevertheless, they keep feet on the ground
And at the same time,
Startup Founders also describe themselves as:
Startup Founders describe themselves as:
 Pragmatic 75%
 A manager 60%
21

22. With exemplary people skills!
In roles within the company and in relating to others, nothing is pre-determined,
the hierarchy is flexible and floating.
Equally, there is a culture of sharing knowledge and pooling resources to
achieve a common goal.
Finally, there is a fun, relaxed work environment that makes employees feel
good.
Startup Founders describe themselves as:
 Open to suggestions 81%
 Good listeners 80%
 Demanding 78%
 Friendly 76%
 Caring 72%
 Inclusive 70%
 Impatient 47%
 Difficult to follow 42%
 Charismatic 39%
"I am someone who does not like
hierarchies, who does not like
being in a strict framework, who
does not like authority, and who
needs freedom, the power to speak
freely with this or that employee"
22

23. Multiple motivations
The Startup Founder is driven by:
 An entrepreneurial spirit,
a love of challenges 84%
 Creativity, innovation 74%
 Freedom, independence 70%
 The human adventure, the appetite for teamwork 69%
 Career development in a different work environment 52%
 An appetite for risk 47%
 Financial success 42%
 Starting fresh in a new career 29%
 Difficulty running a project in a previous company 20%
French people who have
heard about startups see
them as primarily motivated
by creativity, innovation (46%)
and financial success (45%).
23

24. The circumstances behind the creation of a startup
 They had an idea, an innovation that they had
thought about or worked on for a long time 50%
 The idea or innovation was developed very shortly
before the company was created 32%
 They didn’t have a really clear idea,
they just wanted to be entrepreneurs 17%
49%
24

25. 3 more nuanced profiles
The
ambitious
conquerors
The new
Galileos
The
builders
25
44% 23% 33%

26. 95% of them had an idea,
an innovation that they had
thought about or worked on
for a long time
For 91%, it’s the innovation,
the creation of a new product
or service, that led them to
create their own business
vs 74% overall
The New Galileos
They are inventors, first and foremost.
They have an idea that is often very old and
very personal, and that is dear to their hearts.
It is accompanied by a very strong desire to
bring the idea to life and an (almost mystical)
conviction of its merits.
44%
"Leaving a mark...
within 5 years, every
second person will use
a tool like ours." "Moving forward
with conviction"
26

27. The New Galileos
They are passionate, they want to communicate
and share this passion, this desire, this idea.
These are people who are dynamic, creative, who
love to stir things up, to “get things moving”.
What’s more, they want to be leaders in France
and worldwide.
They are also idealists and take personal pride
and a sense of accomplishment (and even a
certain hubris) in their adventure.
In terms of professional relationships:
they describe themselves as friendly and
open to suggestions; their management style,
however, seems more empirical.
44%
In their relationship to work,
they describe themselves as:
 Passionate 99%
 Dynamic 97%
 Creative 90%
 Risk-loving 76%
In their relationships with others
at work, they describe themselves as:
 Open to suggestions 93%
 Friendly 89%
Their goals are to:
 Be the market leader in France 77%
 Build an international presence 70%
83%
60%
81%
75%
vs all
81%
76%
58%
60%
27

28. For 95%, the idea or
innovation was developed very
shortly before the company
was created
For 88%, it’s the
entrepreneurial spirit, the
desire to embrace new
challenges, that led them to
create their own business
52% believe that they have a
mission to help drive the
economic recovery
vs 42% overall
The ambitious conquerors
Entrepreneurs first and foremost.
They came up with the idea shortly before
creating the company, and were influenced by
the “success stories” of American-style
startups and the people associated with them
(Zuckerberg, Jobs)
"I met a lot of people... there are a lot
of French people in Silicon Valley, and
that helped me to understand the
ecosystem, to know who did what, and
also to understand all the problems,...
all the myths about fundraising, the
”success story”, etc."
23%
28

29. The ambitious conquerors
They describe themselves as visionaries,
dynamic, ambitious, businessmen,
avant-garde.
They also describe themselves as charismatic
and difficult to follow.
23%
In their relationship to work, they
describe themselves as:
 Dynamic 97%
 Ambitious 90%
 Visionary 83%
In their relationships with others at
work, they describe themselves as:
 Charismatic 69%
 Difficult to follow 61%
Their goals are to:
 Be businessmen 15%
 Be avant-garde 14%
"I don’t do anything that
people my age do, but it
suits me"
81%
60%
72%
39%
vs all
42%
7%
7%
29

30. They seek, more or less explicitly,
to arouse envy and/or pride
(in their peers and colleagues).
Startup Founders are generally older,
more experienced.
"Go beyond
the big firm"
"I must follow
the dream"
What gives them satisfaction in
building their company:
 The ability to innovate,
to test ideas 93%
 They are 40 years old on
average, 25% are 50 years old
or older
 They have an average of
13 years of experience
The ambitious conquerors
23%
30

31. The builders
A desire to become an entrepreneur and
above all to develop a sustainable business
and to create jobs.
A more pragmatic and realistic approach to the
startup adventure.
33%
 For 43%, they didn’t have a really
clear idea, they just wanted to
become entrepreneurs
 For 67%, the primary intention was
to develop a sustainable business for
themselves and their employees
 Above all, they describe themselves
as pragmatic (64%)
58% would like to be described as
entrepreneurs
 Today, 31% plan to give it a few
more years before thinking about
their next step
49% expect to still be running this
company in 5 years
"A lot of thought went into the
creation of the company (...)
experience showed me that
what was important was the
finances, the product, the
marketing, and the thinking"
17%
48%
vs ALL
35%
20%
42%
31

32. The builders
In running the startup, they have a more
structured management style.
They are more focused on coordinating the diverse
talents of their employees, building harmonious
teams around a common goal and leaving more
room for analysis (of the market, of situations),
reflection, strategy, preparation, and planning.
The work environment is still relaxed and
comfortable, and the energy is always very
positive, but less intense.
33%
"I felt able to recruit people, to manage
teams"; “There are also all these
adventures in managing a team that
create the tempo for the life of the
company, [and [for] the emotions that
can arise]"
Above all, they describe themselves as:
 Good listeners 65%
 Inclusive 61%
Their aims are more to…
 Create a level of economic stability
that ensures that the company
will remain viable 73%
… than to:
 Build an international presence 40%
 Be the market leader in France 35%
32

33. The startup, from its creation to today
4
33

34. The Startup Founder at the time that they created their business
16%
37%27%
20%
< 25
y.o
25-34
y.o
35-44
y.o
45 y.o
and +
 Less than 35 years old 53%
 Employed 72%
 CEO/MD, independent 13%
 Senior manager 31%
 Middle manager, supervisor 15%
 Student or intern 17%
 Business experience 11 years on average
Management role: 44%
34

35. Some had already been entrepreneurs
Creation of a previous business 35%
 A startup 22%
What happened to the company (base 100: former creators)?
 It was shut down for economic reasons 34%
 It was sold 23%
 The shares were sold to the co-founders 21%
 The founder is still managing the company 16%
Why embark on a new project?
 Business opportunity 67%
 New idea 61%
 New challenge 60%
More than one: 16%
26% among builders
35

36. The location of the startup
24%
40%
22%
14%
A single
founder
2 co-
founders
3 co-
founders
4 co-
founders
When the company was
created, there were…
The company’s head office is located
in the region where the founder(s)...
 Worked 76%
 Attended university 59%
 Attended high school 52%
 Were born 47%
In the Paris region: 62%
 In Paris itself 32%
73% among ambitious conquerors
"We are on this path because this is where all of the
startups are, there’s a sort of emulation (...). You will
see entrepreneurs who have succeeded, others who have
failed, you talk about it, you see why they were successful
or not. This will encourage you to redouble your efforts,
and it accounts for half of the success of your company."
36

37. Close friends and family, reacting to the creation of a startup
The reaction of family and close friends to the announcement
of the intention to create a business:
"All three of us were unemployed. Thanks to the work/study
programme, we were able to receive unemployment insurance,
about 800 euros per month. It’s not much, but when you live in
Rouen, living a student lifestyle, surviving on pasta is good
enough. We asked ourselves, how much time do we have
to work exclusively on this project without having to earn
money on the side, and still be able to eat"
Alexis Jamet, Bunkr
 They were supportive, encouraging 89%
 They were worried 49%
 They were surprised 18%
 They tried to talk the founder(s) out of it 11%
Doubts and fears:
 Financial problems 88%
 Unable to make a living 48%
 Too much stress 25%
 Time will no longer be
available for the family 9%
37

38. Objectives, from the creation of the startup to today
The main intention in creating the business:
 To build a sustainable company 48%
 To build a business with the aim of eventually selling the company 26%
 To communicate the founder(s) idea to more people 21%
 To create a reputation as an entrepreneur 3%
Today:
 They need to grow 71%
 To have an international presence 60%
 To be the market leader in France 58%
57% have sold shares in order to raise more funds
67% among the builders
71% among the New Galileos
38

39. A very positive result
"In 10 years, I [would have] travelled around the
world, I would have had children, and I would have
restarted another entrepreneurial adventure"
Céline Lazorthes, Leetchi
If they could do it all again, 78% would
definitely choose to do so
92% are satisfied with their life at
the head of their company
47% are very satisfied
Those who are dissatisfied (8%):
The difficulties that they encountered in growing
their business:
 Lack of money
 Having to do everything
And on a more personal level:
feeling misunderstood by their families.
39

40. From pride to frustration
The Startup Founder is
satisfied with:
 The product/service developed 83%
 The ability to innovate 81%
 The working environment 74%
 The cohesion of the team 71%
 The development of partnerships 51%
 The profitability of the business 32%
What was difficult:
for the company
 Lack of money 65%
 Administrative burdens 60%
 Having to do everything 57%
 Convincing partners and bankers 53%
 Convincing customers/prospects 50%
for the founder(s)
 Stress 52%
 Lack of leisure time 42%
 Lack of time for family and friends 41%
"At the end of 3 months, we put a product
on the market. We were very proud of that,
but we took a beating in the market from
people who were interested but who didn’t
understand what we were doing"
Clément Moreau, Sculpteo
40

41. ... and tomorrow?
5
41

42. What will your startup look like in 5 years?
What will its future hold?
 It will always be there and I'll be the head of the company 42%
 I will have sold it 33%
 It will be closed for economic reasons 5%
 I will have sold my shares to my co-founders 2%
 No idea 18%
What will the next project be?
 To create a new company 49%
 To live off of my profits 10%
 To be part of a project created by someone else 5%
…
 No idea 28%
42

43. Thank you
43

44. Startup Founders who participated in the qualitative study
44
Nicolas Dessaigne, Algolia
Alexis Jamet, Bunkr
Frédéric Plais, Commerce Guys
Stéphane Lee, Dimelo
Margaux Pelen,
anciennement Home'n'go
Céline Lazorthes, Leetchi
Jonathan Benhamou, Novapost
Martin de Charrette,
Pricing Assistant
Khalid Elguitti, Pricematch
Stéphanie Delestre, Qapa
Pierre Moreau,
Sauverlemondedeshommes
Clément Moreau, Sculptéo
Samuel Boury, UBleam
Alexandre Boucherot, Ulule
Alexandre Plé, Umanlife
Thibaut Jarousse, 10-Vins

45. Press Contacts:
Natacha Heurtault
natacha.heurtault@communication-rp.fr
06 12 23 58 60
Anne-Sophie Trémouille
anne-sophie.tremouille@bnpparibas.com
01 58 16 84 99
45