Andrii IURLOV - stock.adobe.com
Paris could become an attractive location for UK financial technology (fintech) companies if the UK leaves the EU on unfavourable terms, as the French capital joins a global network of tech entrepreneurs.
Paris is the latest city to join the now global technology network, which began in London as Tech London Advocates in 2013 when a network of technologists and entrepreneurs formed the group to promote London as a hub for tech companies.
It has since grown to include another 11 locations as part of Tech Global Advocates. These include: Tech Nordic Advocates, Tech Singapore Advocates, Tech Spain Advocates and Tech Shanghai Advocates.
Tech Paris Advocates was formed when Tech London Advocates founder Russ Shaw was contacted by entrepreneurs in Paris who were eager to set up a network promoting the capital.
Shaw said Paris offers some good fintech, cyber security and artificial intelligence startups, which are growing and will be able to use the Tech Paris Advocates network to help them spread globally through learning from the wider global network.
“It is early days, but Paris is going to have a strong fintech sector as well as [strong] machine learning and artificial intelligence. It could also have an opportunity in creative tech. Meeting some of the founders reminded me of the challenges we had in London,” said Shaw.
It could also be a gateway to the EU market if the UK leaves the trading block without negotiating access. This could be particularly attractive to London based fintechs that want to retain the right to trade across the EU, known as passporting rights.
“We assume fintech businesses will need passporting rights, so if they open up in Paris they can continue to operate across Europe.”
Emma Vandore, co-lead of Tech Paris Advocates, said the network is arriving in the French capital at an exciting time.
“We offer to facilitate further growth by linking what is happening here to other tech centres, in particular to London. European capitals must look towards tech collaboration, rather than competition, and the creation of the network offers just that,” she said.
Read more about the Global Tech Advocates network
- A UK network that supports the IT startup community attempts to emulate its activities in the Nordic and Baltic regions.
- Private sector technology network creates working groups to promote tech startup companies in particular sectors.
- Russ Shaw spends his time growing the network of tech advocates and encouraging members to be “on message” and use consistent information about the technology sector.