Remaining Challenges

Yet significant obstacles remained as 2015 approached. Late-stage funding was still scarce—French startups that needed €50+ million often had to look abroad. The technical talent pool, while deep, faced fierce competition from established companies and US tech giants' Paris offices.

Regulatory challenges persisted. Labor laws remained complex. Stock options were still tax-inefficient compared to other countries. The regulatory environment for new business models—ride-sharing, home-sharing, fintech—was uncertain at best, hostile at worst.

Most fundamentally, ambition remained limited. While American startups talked about "changing the world" and "10x growth," French startups often focused on profitability and European expansion. This pragmatism had virtues but also capped potential.