SINGAPORE - The French government wants to attract Singapore start-ups to Paris, which has the second largest venture capital ecosystem in Europe.
It announced on Thursday (June 23) the second season of French Tech Ticket, a global competition which is open to entrepreneurs with start-ups in the creation or growth phase.
The competition hopes to attract Singapore firms that are in the areas of big data, Internet of Things, fintech and cleantech.
The competition "promises the fastest ticket to the booming innovation ecosystem in France, allowing local start-ups opportunities to expand their horizons and take their next big idea to new markets outside of Singapore", the organisers said in a statement.
The plan is for 70 winning teams to be hosted in more than 40 "high-calibre" incubators around France from January 2017.
The winning teams will get a variety of things such as €45,000 (S$68,000) in funding each, be on the fast-track procedure to obtain a French resident permit, and a soft landing pack to relocate easily to France.
"The French government has thrown its weight behind innovators and investors with 40 new measures since 2012," the statement added.
Venture capital represents 22 per cent of all deals in France, and venture capital investment in French start-ups grew significantly in the first half of 2015, with €759 million raised through 244 deals.
In the first three months of 2016, France became the European country with the most venture capital investments, while recording the highest growth from 2015.
The competition is also part of the French Tech initiative, which began in November 2013.
Full details on French Tech Ticket Season 2 and how to compete can be found at www.frenchtechticket.com. The closing date for entries is August 24, 2016.