Societe Generale launches a dedicated system to help nurture start-ups from growth to profit
- Societe Generale has signed a partnership agreement with Bpifrance, creating 150 start-up advisors across France and launching a new package that brings the bank's essence to daily life.
- The bank will work with 50 top-tier incubators in France and will invest in local accelerators.
- The bank aims to help 500 start-up "gems" from the new economy between now and 2020.
Societe Generale Retail Banking in France, which supports 2,000 start-ups, including 200 start-up "gems"*, is launching a new global support system with the aim of becoming the preferred partner for innovative companies. Its objective: to help start-ups flourish in all phases of their development, from growth to profit. Since 2015, for example, the bank has been supporting the start-up Wistiki** in France which designs networked products that help find lost items.
In the field, Societe Generale continues to strengthen its relationship with French tech zones.
- The bank has signed a partnership agreement with Bpifrance to increase synergy between the network's advisors and Bpifrance's innovation managers. This collaboration will accelerate the growth of the companies they support in France and abroad.
- Societe Generale is also associated with Bpifrance's "Welcome" programme which aims to increase the number of connections between entrepreneurs and start-ups, between players in the traditional economy and innovation drivers.
These new initiatives are part of the bank's ongoing efforts. In 2017, Societe Generale became the banking partner of several major ecosystem players such as Station F, WeWork and Le Tremplin. Between now and 2020, it will work alongside 50 top-tier incubators in France (vs. 20 today) and will invest in local accelerators.
To complete this interpersonal approach, Societe Generale is creating 150 start-up advisors in all French tech zones. These network consultants, in conjunction with local players of the ecosystem of innovative companies in more than 80 cities in France, are also backed by an internal community of experts, specialists in Corporate and Investment Banking, International Trade, Private Banking or the Innovation Department. Infused with the "start-up spirit", they bring the expertise necessary to meet the specific needs of and start-up managers and creators on a daily basis, both in terms of the company's growth and its assets.
All the expertise of Societe Generale at the service of start-ups.
The bank offers an all-in-one and made-to-measure package to help start-ups progress through all their developmental stages, in France and internationally:
- a large range of services to manage their activities on a daily basis (payments/cashing; access to 70 cash management specialists for personalised advice);
- diverse financing solutions for development (factoring, leasing, etc.);
- a global, multi-expertise system for more complex needs such as financing or capital increase operations, management of corporate real estate or IPOs.
Finally, to further simplify the lives of start-up founders and enable them to focus on their business, Societe Generale is launching a new "Start-Up Welcome Pack" which includes a mobile banking service, a card, international transfers, account management fees and an asset balance sheet.
"Created by entrepreneurs for entrepreneurs and placing innovation at the heart of our values, we hope to be a launch pad for start-ups and support 500 "gem" start-ups across all our locations between now and 2020. We are strengthening our system throughout the country, placing our teams at the heart of the ecosystem to encourage the emergence of talent and enable these people to find the right partners quickly, make their daily lives easier and also support them in the more complex phases of development," said Laurent Goutard, Head of Societe Generale Retail Banking in France.
* A start-up defined by (i) a first fundraising campaign of at least €300K, (ii) support from a "flagship" incubator/accelerator, or a venture capital fund, and (iii) the profile of creators (often – but not only – having graduated from a "grande école" institution, serial entrepreneurs, etc.).
** Wistiki is a French start-up which is specialised in networked objects that help you to not lose your things. Created in 2014 by three brothers who were looking for their cat, the start-up quickly became a great success. In 2016, they partnered with Philippe Stark to offer even better-looking and more innovative connected products.