External newsletter March 2025 - N° 167

Dear Business Angels friends, dear readers,

Recent events have reminded us that nothing can be taken for granted, and that if we want to retain our sovereignty, we have to give ourselves the means to do so. Mastering cutting-edge technologies requires scientific research and the concrete applications that result from it.

Since 2019, the Deeptech Plan has accelerated the creation of a large number of startups innovating in all deeptech sectors: industry, digital, energy & greentech, biotech, medtech, e-health, agritech and foodtech. On March 12, Bpifrance brought together the key players in the French and European ecosystem at its Hub, to take stock and explore the outlook. In 2024, 385 new deeptech startups were created (versus 204 in 2019). Deeptech startups generated annual sales of €3.4 billion, directly employing 50,000 people. They raised 2.8 billion euros in 2024.

I represented BADGE at the event, which also featured speeches by Philippe Baptiste - Minister for Higher Education; Nicolas Dufourcq - CEO of Bpifrance; Bruno Bonnell - Secretary General for Investment, in charge of France 2030; Paul-François Fournier - Executive Director of Innovation at Bpifrance; Michiel Scheffer - President of the EIC; and six European players in the deeptech wave.

Of the twenty-nine startups supported by BADGE in 2024, twenty-five have the deeptech label. The €3.2M invested by our members is a drop in the bucket of the €2.8 billion raised, but if it weren't there, it would be missing: all the big success stories have started modestly. As a long-standing player in private seed financing, BADGE contributes to the launch of these job-creating, wealth-creating start-ups.

If we are to regain our European sovereignty, we need to make a quantum leap. The Draghi report published on September 9 outlines the guidelines for this, notably European competitiveness, one of the conditions for our independence. I summarized the report in my September editorial.

In conjunction with the inauguration of the Pôle recherche de l'Agence ministérielle pour l'intelligence artificielle de défense (AMIAD) at the École polytechnique, Sébastien Lecornu, Minister of the French Armed Forces, has announced the construction of a Defense Institute on the X campus. This new building, financed to the tune of 15 million euros, will serve as a bridge between the Ministry of the Armed Forces and the École Polytechnique. If we don't want our defense to be based on foreign equipment, public and private players must support innovation in the sector. BADGE, with its strong links to Polytechnique, has a natural vocation to participate in this effort, through its members' financing of innovative start-ups in the sector. We are proud to have supported a number of young companies in the sector. Earlier this year, I mentioned Aithra, which is developing an additive manufacturing process for advanced ceramics destined for the defense and space industries. Among others, I also mention Soben, a manufacturer of customized shock absorbers and landing gear for aeronautical and military applications, a company whose Business Angels exited in 2023 after twelve years of fruitful support.

Come and join the adventure with the Business Angels of the Grandes Ecoles.

Best regards,

Paul Leondaridis,

Chairman of Business Angels des Grandes Écoles.

INTERVIEW
Benoit Praly, business angel
and entrepreneur

1) Can you tell us about yourself and the milestones in your career?

As a 35-year-old engineer in applied mathematics and computer science, I have a passion for elegant solutions to complex problems. My career can be summed up in three main stages, spread over 12 years. The first was the creation of my first company, Domoscio, which I co-founded straight out of school. After a successful incubation period in the Rhône-Alpes region, the project quickly moved on to Paris, the business angel scene, and the first commercial successes. Second stage: 8 years, dozens of satisfied customers and the daily lives of hundreds of thousands of schoolchildren impacted later, I decided to sell my company. I then entered the sales roadshow, accompanied by Mazars, and at the end of a highly satisfactory process lasting just six months, I sold my startup. Finally, at the third stage, the company that had bought me out in June 2022 underwent a change in capital strategy and turned to me to steer the project to sell its assets. I became Managing Director of the company that had bought me out 6 months earlier. This major paradigm shift required me to adapt and change scale, as I went from a staff of 25 to more than 100 spread across the whole of Europe. In a year and a half, I achieved my objectives, sold my former company for a second time, and left... exhausted. Exhausted, yes, but also proud and a much more mature entrepreneur.

2) What key lessons have you learned from your experiences as a start-up founder and manager?

These years of management are all so different. Sometimes we need to take the time to stop and reflect on what we've achieved, to compare it with what we'd imagined, and to realize just how much it has impacted and transformed us.

I was lucky enough to have this break for a few months in 2024, and I'd say the main lessons I've learned from my previous years are as follows:

1. You need to surround yourself with the right people, listen to their advice and remain true to your values.
2. You need to be able to discern the fine line between determination and stubbornness.
3. Every situation is a learning experience. However, it is vital not to analyze and draw conclusions solely on the basis of the outcome. Since we have no control over the environment or market decisions, we must not judge the quality of our strategy and its implementation solely by the prism of results. This prevents you from seeing yourself as too good or falling into a negative spiral.

And finally, "courage is the first of human qualities, because it guarantees all the others". So be daring, and you'll find yourself in your project!

3) What motivated you to join the BADGE network?

What drives me today to join the BADGE network is the desire to give back what was given to me when I launched my project 10 years ago. Discovering new ideas and new entrepreneurs is a rare opportunity, and BADGE delivers it on a silver platter. Last but not least, there are the encounters and the ability to forge links between networks that are sometimes so far apart.

4) Which innovation sectors are particularly attractive to you today as a business angel?

I obviously have a very digital bent, and therefore a much more informed ability to understand and project. From blockchain to artificial intelligence and all types of SaaS platform, this is my comfort zone. However, innovative industrial projects, technologies requiring R&D built up over several years or technological pushes from our superb French research laboratories fascinate me.

5) How do you see the start-up ecosystem in France evolving since you began?

A vast subject. I'll deal with it briefly in three points: financing, education and the market.

Starting with this last point, I'd say that market conditions have evolved in the right direction. Companies have learned to work with startups, and that real long-term collaborations are possible. This guarantees regular revenues and innovation for startups that know how to seize this growth opportunity. As far as the education of entrepreneurs and the startup world is concerned, I feel that there has been a real professionalization and that organizational models are much more mature. Finally, as far as financing is concerned, I have the feeling that we're returning to a more pragmatic model, albeit one that is still heavily dependent on macro-economic conditions. However, it's important to point out that in France we have numerous sources of funding, with France Travail, Bpifrance, national and European subsidies, as well as tax incentives, all of which are boosting the startup market.

6) What advice would you give to an entrepreneur who wants to make an exit like you did?

I'd advise him first and foremost to work hard, be exemplary and methodical in order to create real, healthy growth. The value of his company is ultimately measured by (I) his balance sheet, business and customers (II) his product and innovation (III) him, his associates and the network, reputation and trust they have built up in their market (IV) his team and talents.

Secondly, an exit is neither an end in itself nor a long, quiet river. First and foremost, it's a risk for the company. A business risk, because the founder (of startups at least) is the one who carries the sales, and then a social risk of loss of value or of the teams' commitment to the project. So an exit has to be thought through and then executed by professionals. Make sure you're accompanied, take as much of the emotion out of your decisions as possible, and prepare yourself for a process that lasts a year after the official sale, because that's generally what you'll be committing to!

To find out more about Benoît's background, listen to his interview on the CashOut podcast via the link below.

UPCOMING EVENTS

>>> PROJECT PRESENTATIONS

Monthly meetings with presentations of innovative fund-raising projects led by Philippe Pernot, Vice-Chairman in charge of project appraisal.

Members only.
Non-members, ask for your invitation.

News from our funded startups

Aerix Systems wins the Air & Space Innovation Award 2024

in the "Start-up" category

TheAéro-Club de France and its Innovation Committee honored the four winners of the 2024 edition at a ceremony in its Paris salons on rue Galilée in February. Among them, Aerix Systems, a BADGE-funded start-up, won the Prix de l'Innovation Air et Espace 2024 in the "Start-up" category, presented by GIFAS - the French Aerospace Industry Association. The award recognizes the company's omnidirectional propulsion technology, a promising breakthrough that opens up new horizons for aeronautics and space exploration.

Cyclair start-up wins France 2030 award

The Cyclair start-up is one of 9 new winners of the France 2030 plan, which supports research, innovation and industrial sovereignty in the food, decarbonization of aeronautical transport and industrial sectors in the Nouvelle-Aquitaine region, with funding of €14.5 million. Their rover project for field crops, aimed at reducing chemical inputs by over 80% thanks to an innovative approach combining mechanical weeding, artificial intelligence and precision tools, represents a significant step forward for more sustainable, environmentally-friendly agriculture. A great success for Cyclair, which has taken another step towards the cleaner, more efficient agriculture of tomorrow.

Our startups are recruiting

Great projects to invest in within our network

Would you like to find out more?

NETWORK AND PARTNERS

Tech for Future 2025

The European tech event

OnApril 1 , Tech For Future will bring together the major players in French and European tech to discuss and decipher the future of innovation and technology.

Revealing the 10 startups of the year 2025

Throughout the day, the Data & AI, Environment & Energy, Industry, Health, Start, Smart Tech, Impact, International, Outre-Mer and Coup de Cœur awards will be presented, rewarding the most promising startups spotted during a two-month tour of France and Outre-Mer.

Take advantage ofa space dedicated to business meetings to build yourbusiness relationships . Thanks to One to One meetings, you can schedule quality exchanges with the professionals you wish to meet during the event.

>>> EDITORIAL COMMITTEE
Paul Leondaridis, President / Yannis Sahraoui, Managing Director
Dimitri Lionel A.Omgba, Communications Manager [Send your subject to the editor]

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