The public fund in question is called SPI for Industrial Projects Company. It was created in 2015 by Bpifrance, the public bank set up at the time by François Hollande. And it has so far made it possible to invest some 550 million euros in the creation of start-ups. SPI quite simply allowed start-ups to emerge and launch their first manufacturing plant. The fund has also enabled SMEs to modernize their facilities in France.
Reindustrializing France was clearly the objective of this fund at the outset. Reindustrialize the country and above all allow entrepreneurs to avoid what is called “the valley of death”, this time when companies have large capital needs and can not find any investor. It is a unique approach in Europe in support of emerging industry. The director of this SPI fund, Magali Joessel, is pleased to be regularly approached by other development banks elsewhere in Europe who want to know how it works.
The main objective is to help young industries at their beginnings by providing new money which is withdrawn gradually over several years. The SPI fund is not intended to be a shareholder in these structures that it helps to see the light of day. Until now, the financial structure has allowed the emergence of an entire ecosystem in green chemistry, for example. Companies that today produce biological molecules and replace those from petrochemicals.
These companies are generally more agile than the large groups which have built heavy industrial processes that are unwieldy in the face of new requirements. Young shoots that the former public investment bank intends to support and support today.