Georges Dao, Christian Tordo, Yvon Grosso, and Guillaume Pellery presented the FCPR Entrepreneurial Fund 06 at the UPE headquarters yesterday. A fund of 10 million euros aimed at creating a new economic dynamic for an entire department.
Before the President of the UPE 06 spoke, Georges Dao, President of BA Accompagnement, presented the investment fund and the managerial support to companies that will have a leverage effect.
The UPE 06 is supported in its work by EQUITIS, represented by Guillaume Pellery, an investment manager, for all regulatory aspects: “We handle legal matters and relations with the AMF (Financial Markets Authority).”
Yvon Grosso, President of the UPE 06, believes that “a lot of conviction is needed to invest in this project. We visited other departments to learn how they manage to grow their businesses.” He considers the Alpes-Maritimes to be a department of creation and innovation, requiring a new dynamic in the territory and a strengthening of what already exists in the department.
There are 600 seed funds in France, most of which are in Paris, with a few in the provinces, such as 6 in Nantes.
The selection process is simple. First, there is a project assessment phase before appearing before a commitment committee that will give a favorable or unfavorable opinion.
The fund primarily targets companies with high development potential: “There is the phase where companies initiate their project and another to develop it.” The donating members are essential to the project’s success as they provide equity and facilitate market access (ERDF, EDF, Veolia, INELDA Laboratories, …).
With its 10 million euros, BA06 will be able to finance around forty companies over two years and support them over several years. But there’s no question of pushing fate: “It’s the life of the business that will make things happen. We cannot force them to buy back their shares if they don’t have the means.”
It should be noted that Active Eon, Jiminy, Feeligreen, Vulog, and Advansolar are already registered and eligible for the investment fund. The Fund will take minor stakes in the companies: “We will be just a small minority shareholder.” Up to 35% for amounts ranging from €50,000 to 10% of the FCPR 06 assets.
Yvon Grosso wanted to thank the CCI (Chamber of Commerce and Industry) and Nice Métropole for their support. Also, a big thank you to the volunteer team that worked for two years, and a special mention to the 15 entrepreneurs who each contributed €100,000.
BA06 submitted its file to the deposit office on Tuesday. The association has set the date of April 31, 2014, to raise the much-anticipated 10 million euros: “We need to set an example. Made In France can very well become Made In Côte d’Azur.”
Ultimately a great initiative and “enterprising” entrepreneurs who are willing to take action instead of lamenting.
