French technology companies are on high alert as the country heads to the polls for a snap parliamentary election, called by President Emmanuel Macron. The election, which takes place on June 30 and July 7, has raised concerns about the future of France’s tech industry, particularly the country’s ambition to become Europe’s start-up champion and a hub for artificial intelligence (AI).
“A Threat to Diversity and Innovation”
One of the main concerns is that a far-right or far-left majority could put a brake on France’s efforts to attract international talent. Chloé Clair, CEO of green AI company namR, emphasized the importance of diversity in the tech sector. “You can’t succeed by being xenophobic,” she said. “The more diversity there is, the more we think differently, and the less our algorithms will be biased.” Without diversity and immigration, France may not be able to transform itself into the city of AI, as Macron has envisioned.
“A Brain Drain and Slowdown”
Another issue is the brain drain in France’s tech sector, with experts in large language models (LLMs) not being recognized for their expertise. Pierre-Carl Langlais, co-founder of Pleias, noted that people with expertise in LLMs are not necessarily recognized for their skills, which can lead to a lack of funding and consideration. The political instability has already had an impact on tech companies, with Langlais stating that visibility for his project has been slowed down due to the uncertainty.
“A Hit to Fund-Raising and Takeovers”
The uncertainty has also affected French companies’ ability to raise funds and complete takeovers. Alexis Normand, CEO of carbon accounting solutions company Greenly, said that many companies are waiting until after the election before making any major moves. “Everyone has lost six months with this story,” he said. “It puts a direct hit on everyone.”
“A Threat to the Green Transition”
Furthermore, a far-right government could also hinder France’s efforts to transition to a green economy. The National Rally (RN) party has promised to cut VAT on energy, which could encourage the consumption of fossil fuels instead of speeding up the transition. Maya Noel, CEO of France Digitale, expressed concern that this could put France out of the race in terms of innovation and job creation.
“A Call to Action”
Despite these concerns, many in the French tech industry remain hopeful that Macron’s initiatives will prevail. However, they urge caution and call for continued support from politicians. As Noel said, “My fear is not that we’ll destroy everything but that we’ll stop the acceleration altogether and be out of the race.” The fate of France’s tech industry hangs in the balance as voters head to the polls this week.
SOURCE: Ref Image from Yahoo News Singapore
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