But they are now questioning the procedureThese concerns are shared by other investorsA marked desire to renew 100 personal decisionAs any grant it is not economically viableIn both cases the IMF could contribute up to 50 of the aidMost will be also used and commercialized by the private sector We move forward on a very wide boulevardSpecifically AXA promised investors three thingsThis rebound could threaten the whole operation that are neutral with respect to the diversity of culturesThe Ministry of the economy took place yesterday the annual Conference of entrepreneurs, who launched a series of events around entrepreneurs. CEO of Oseo, sought public bank during the crisis and recognized businesses, François Drouin observation post analysis the ambition of the Government to grow the business.
On the model of the German Mittelstand, the Government wants to increase the average size of enterprises to consolidate growth. Do you see a beginning of concretisation
Everyone is today agree on the political chessboard, to say that it must promote the creation of company, which was not the case 30 years ago. Move of SMEs at the stage of intermediate size from 250 to 5,000 employees, Editor's note company is a long-term task. Awareness is made, but step implementation. To grow the business, it must be agglomerating them: it passes by restructuring more than by internal growth. This therefore implies to open its capital, strengthen equity and accept to lead several... It may need a change of generation of leaders to achieve this.
Can economic policy play a role
We can help to detect potentials, to accompany groupings, but it first private initiatives. The States General of the industry have improved knowledge of sectors, this can allow to structure things. Brussels will renew in 2011 the possibility to guarantee loans to undertakings with more than 250 employees, which was prohibited before the crisis, but that he intended to be perennial It would have to find a device to assist the French Mittelstand which is not in contradiction with the Brussels rules.
Entrepreneurs long enough retain their businesses
There is a French weakness. We put public funds, the energy to create and, when this is bearing fruit, promoters are faltering and AR-gers collect implementation. When you propose the jackpot and that you cannot develop alone, you sell. It is a real problem in biotechnology. This could be resolved by strengthening of own funds: the company is stronger and more expensive to buy. But it is easier said than done.
In the 2011 budget, MEPs have planed the tax credit on the ISF invested in SMEs. What do you think
Via our site that connects investors and businesses, more than 45 million euros were collected this year in the ISF SMEs. There is an incontes-table efficiency when it is directly invested in companies. When you put money in funds, or funds of funds, it is less direct. Funds are also more security for investors but take commissions, it seems to me therefore normal that the tax incentive is less strong. Anyway, it shouldn't kill the device, because there is a real willingness to those who pay the ISF to invest their money rather than give it to the collector. It will however reflect Lai was deleted, because these new investments would no longer exist at a time where old investors may want to go out of business.
With the release of crisis, will you redirect certain activities
The investment for the future program provides many resources. It's great: 2.8 billion euros, including 440 million for our capital increase, and 650 million already invested to strengthen the own funds of enterprises on the granted billion. Our areas remain the same: international, investment and innovation. But innovation, this does not mean research that transforms money in ideas. In France, it grows much upstream, but should expand downstream by more innovation, which allows to transform an idea into money. I do not say that there is too much funding the research, but it takes more to innovation. Will be more innovation, more focus on research.
The crisis was virtues
The crisis has convinced businesses that need to be present at the international, they speak of it. It is very striking and is a true change. They have understood the need to look beyond the 4 of global GDP that represents the France. But to commit to the international companies require two things: a stability of the environment, be it fiscal or accounting, and a strengthening of their own funds. With respect to the operation of foreign markets, they know that there are networks of support.
What is your analysis of the situation
Activity resumed. There is more tension of cash between banks and enterprises. We are re-entrants to the normal situation where banks provide financing for working capital. We will also withdraw the activity of the guarantee of cash at the end of the year. On a sample of the 2,000 best-performing companies using us, three-quarters anticipate an increase of their activity the next year, and two out of three plan to recruit. Finally, the claims are not very high.
