France launches tech visa to become "country of unicorns"
What's the story
In a bid to become "country of unicorns", France launched a new technology visa to attract foreign talent.
Addressing the Viva Tech conference in Paris, newly-elected French President Emmanuel Macron highlighted the need to slash complex regulation to create world-leading companies.
He outlined how his administration would make working and supporting start-ups easier in France.
Know more about the new visa to France!
Details
Who all can apply for tech visa?
The tech visa to France is open to start-up founders, investors, and employees.
The visa is a fast track procedure for obtaining a residence permit in the country called 'Talent Passport'.
It has four-year validity and is extended to immediate family members.
Macron stated, "I want France to attract new entrepreneurs, new researchers, and be the nation for innovation and start-ups."
Shortage of talent
Talent often leaves France, says Macron
According to President Macron, French talent often leaves the country as the environment isn't attractive enough.
He said it is important to train and keep the talent in the country; the key is taking the students to the highest levels of academic success.
He added, "The bet of the future for us is to carry on educating our talents."
Quote
President Macron's statement
Macron said, "We must defend our educational model, we must help our students go further." He added that even if students end up going abroad, "they must come back, because here is where the future lies."
VC Funding
European Venture Fund to support start-ups
Macron proposed a European Venture Fund to support start-ups.
He emphasized the need to create Digital Single Market, a European Commission policy, aiming to harmonize rules from streaming services to roaming charges.
Venture capital investment in France hit $1.7bn in 2015 and $1.6bn in 2016.
France witnessed many investors jump into the market and also boasts a fair share of unicorns, including BlaBlaCar.
Entrepreneurship
Entrepreneur is the new France: Macron
President Macron received a standing ovation from the audience after making a strong rallying cry to the French entrepreneurs.
He spoke in French but concluded his speech by speaking in English to address the international community.
He said he will ensure that France and his government act as "a platform and not a constraint" to create the "most attractive" and "creative" business environment.