INFO Magazine - The Digital Imperative by French Chamber of Commerce in Great Britain

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m a g a z i n e

f o r

a n g l o - f r e n c h

french chamber of great britain www.frenchchamber.co.uk

b u s i n e s s

NOVEMBER / DECEMBER 2015

The

Digital imperative IN THIS ISSUE:

Axelle Lemaire and Ed Vaizey perspectives from the French and British digital affairs ministers ‘Europe’s digital potential is actually much higher than the US’

Pascal Cagni

Jacques Attali on creating a positive economy INTERVIEW:

Vincent de Rivaz, CEO of EDF Energy UK on COP21, climate change and the UK’s nuclear future

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President, French Chamber of Great Britain Senior Executive Vice President of Veolia UK & Ireland

EDITORIAL

Estelle Brachlianoff

his issue of INFO lines up with our Franco-British Digital Conference in looking at The Digital Imperative of transformation, innovation, strategy and growth. Starting with interviews of both French and British digital affairs ministers – Axelle Lemaire and Ed Vaizey, the focus surveys the digital scenes in both France and the UK, how they have evolved and their different strengths and opportunities for growth. The question of digital transformation and what it means for businesses is tackled, and we take a closer look at ‘big meets small’ – how big companies are working together with start-ups in terms of funding, modernising and innovating. A range of articles give insights into some of the most important and urgent issues of the digital revolution that we are all caught up in, from the role of the CIO to intellectual property, and there are some fascinating case studies of ground-breakers and innovators. It is just such companies that our Franco British Business Awards are for. Held on 26 November, this last event in the 2015 calendar is a celebration of outstanding French and British companies of all sizes and we hope that you will join us to applaud the winners and their accomplishments over dinner. The hope in both Paris and London is that COP21 from 30 November to 11 December will be the ‘Conference of Solutions’. In the run-up to the event I thought I would share a conviction, which is that business can be part of the solution and has a role here to solve this. If the UK is to decarbonise its economy we need business to become more sustainable and the economy more collaborative. The goal is to make our contribution to limiting the global rise in temperatures to below 2ºC which sounds daunting but there are solutions at hand. Personally, I believe we need to move to a circular economy model which in the UK will mean a £29 billion contribution to UK GDP and 175,000 jobs. Secondly, we need to commit to renewable energy and double our energy efficiency from 40% to 80%. Thirdly, I believe we need to implement the €30 carbon tax in order to support investment in low carbon technologies. If you are interested in this topic, please join our Climate Change Forum, the leading Franco-British think tank on this critical issue. I

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I s s u e 2 21 / N o v e m b e r - D e c e m b e r 2 0 15

CONTENTS

focus

The Digital Imperative 8

Interview: Jacques Attali, President of Positive Planet

comme nt

10 The UK and Europe: Choices and Voices 11 CBI: Businesses and the EU referendum BUSINE S s WOR LD

12 14 15 16 19 20 22 24

5 minutes with... James Ainscough, COO & CFO of the Royal Albert Hall EDF Energy reaches agreement with CNG for Hinkley Point C Bouygues UK selected to deliver Battersea Power Station Phase 3 Veolia boosts energy efficiency LVMH and HEC create Retail Excellence Chair Interview: Frédéric de la Borderie, Turenne Consulting SME news Promotional feature Le Jet

26 E DUC ATION

27 27

President Hollande inaugurates Lycée International de Londres Winston Churchill Interview: Bernard Manuel, Chairman of Ecole Jeannine Manuel

3 0 FOCUS

The Digital Imperative 32 35 37 38 39 40 41 42 43 44 46

Interviews: Axelle Lemaire and Ed Vaizey Pascal Cagni: A second look at the European start-up scene La French Tech The UK: from Tech City to Tech Nation Why London is a great place for fintech What makes London top for tech? MADE.com: the French start-up that made good in the UK Avoiding the pitfalls of the tech start-up journey How tech start-ups get funded BlaBlaCar: the French start-up that scaled up to new heights Small meets big: Why and how start-ups and corporations are working together

30 47 48 50 52 53 54 55 56 57 58

It’s about agility and technology Transforming banking through enterprise technology Digital transformation: Managing the journey Digital strategy: vision & implementation A case study: Solocal When IT and business play in harmony Interview: James Millet, Head of Digital at easyJet How to keep control of your Intellectual Property online Open data: a new hope? Promotional feature: Nantes posts highest digital jobs growth in France

T H E

IN THIS ISSUE:

perspectives from the French and British digital ministers ‘Europe’s digital potential is actually much higher than the US’

Pascal Cagni

Jacques Attali on creating a positive economy INTERVIEW:

Vincent de Rivaz, CEO of EDF Energy UK on COP21, climate change and the UK’s nuclear future

Managing Director: Florence Gomez Editor: Keri Fuller Corporate Communication Manager: Marielle Fraize Graphic design & cover artwork: Katherine Millet Advertising & Sales: Suzanne Lycett Publications Assistant: Melissa Hattabi Subscription: INFO is published every 2 months Printed by: CPI Colour

Paddle8: bringing art auctions into the digital age What’s on Interview: Pierre Hermé Eat, Drink, Stay - briefs Cheese & Wine Press Travelogue: Chile Books

Contributors: Marc Avedissian, Andy Bagnall, Amine Berraoui, Bruno Berthezene, Remi Bourrette, Jerome Buvat, Pascal Cagni, Eric Charriaux, Andreas Claudi, Alexandre Covello, Marie Ekeland, Gerard Greche, Romain Lacombe, Chloé Lasserre, Thibault Lavergne, Alain Lévy, Simon Mercado, Eliott Maidenberg, Pierre Péladeau, Nilesh Shah, David Slater, Jonathan Snade, Andrei Vestemeanu, Kim Walker

Chamber shorties New members Trade Delegation to Manchester Interview: Vincent de Rivaz, CEO of EDF Energy at the Dîner de la Rentrée Rendez vous chez... Pierre Hermé, Exhibitionist Hotel, Armorial Breakfast with Wilfrid Petrie, ENGIE

Luxury Club Cocktail Dîner des Chefs at Belmond Le Manoir aux Quat’ Saisons Launch of the Women’s Business Network Interview: Rob Guyler, new co-chair of the Finance Forum Climate Change Forum: visit to Saint-Gobain Innovation Centre Legal Forum - Decriminalisation of Director’s Duties in France Forthcoming Forums & Clubs Forthcoming Events

B U S I N E S S

NOVEMBER / DECEMBER 2015

Axelle Lemaire and Ed Vaizey

Distribution: French Chamber members, Franco-British decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester

FORUMS & CLUBS

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A N G L O - F R E N C H

Digital imperative

70 CHA MBE R HAPPENINGS

71 72 74 76 77 80

F O R

The

6 0 LIFE S T YLE

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M A G A Z I N E

FRENCH CHAMBER OF GREAT BRITAIN www.frenchchamber.co.uk

Editorial and Publishing Office: French Chamber of Great Britain Lincoln House, 300 High Holborn London WC1V 7JH Tel: (020) 7092 6600; Fax: (020) 7092 6601 www.frenchchamber.co.uk

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- november / december 2015 -

Interview

JACQUES ATTALI President, Positive Planet

Renowned economist, writer, former

What is the mission of Positive Planet and the scope of its

advisor to President FranĂ§ois

activities?

Mitterand and the first President of the

the development of a positive economy. Building on its

European Bank for Reconstruction and

The mission of Positive Planet is to promote inclusion through expertise in financial inclusion, entrepreneurship, financial

Development, Jacques Attali tells INFO

education and value chain projects in complex environments

what his rebranded organisation Positive

broadening the scope of its action to any projects working

during its years as PlaNet Finance, Positive Planet is

Planet is doing to tackle poverty and

towards the improvement of access to housing, drinkable

explains his vision for a better future

to finance, entrepreneurship and markets.

water, energy, education, health, hygiene, in addition to access The field presence and network of partners developed by the organisation along the years will constitute the foundation

PlaNet Finance, the microfinance NGO that you founded

for this challenging target.

in 1998, has just become Positive Planet. What was the reason for this rebranding and does it signal a change in

Given your varied and high profile public life, what

strategy?

compelled you to found this organisation in the first

The world has evolved in the past 20 years, microfinance

place?

has grown from a simple financial product to a wider

I have always felt deeply concerned by two major issues:

field of financial inclusion. Initially, PlaNet Financeâ&#x20AC;&#x2122;s goal

the environment and poverty. I consider the latter more

was to eradicate poverty by fostering the development of

fundamental and urgent.

microfinance, to help people from underprivileged populations

Positive Planet is the fourth organisation I have launched

to found their own business, providing them with credit,

after Action Contre la Faim (Fight against Hunger) in 1980, an

financing, tools and technical assistance.

NGO specialised in malnutrition and access to water, EurĂŞka

However, the need to ensure a better world for future

in 1984, a major European programme focused on new

generations means we must go beyond microfinance. Without

technologies and the European Bank for Reconstruction and

proper living conditions, poor populations will not achieve

Development in 1991, based in London.

economic, social and environmental inclusion. For this reason

I have remained engaged into the fight against poverty and

PlaNet Finance is evolving into Positive Planet. Alongside

renewed my commitment with the recent transformation of

this strategic change, Positive Planet is also undertaking a

PlaNet Finance into Positive Planet.

change of scale. This shift goes beyond a rebranding to a reconceptualisation of how we tackle the structural causes

What impact has your organisation had and what

of poverty. In the future, Positive Planet will tackle larger and

achievements are you most proud of?

more ambitious projects, increasing its impact while always

In 2014, Positive Planet implemented 88 projects, across

keeping our final beneficiaries as our focus.

40 countries, in close partnership with 85 microfinance

- info - november / december 2015

I NTE R V I E W wi t h J A C Q U E S ATTA L I

institutions and 125 local civil society and grassroots

depend on subsidies; the movement creates jobs, value, and

organisations, reaching 125,000 direct beneficiaries. Thanks

profit and in that sense does not negate the fundamental

to Positive Planet’s action, 7.5 million people were given the

principles of the market-economy.

means to fight poverty and build a better life. In Western Africa, women bear the responsibility of

Positive finance redirects finance towards its initial social mission in particular through higher transparency on

caring for their families and are therefore key actors in

collective savings investments. Our aim is to establish a patient

creating a better future for sunsequent generations. Positive

capitalism instead of the urgent imperialism of the present

Planet develops programmes to support them in this role

‘casino’ economy.

by fostering their social and entrepreneurial confidence and financial independence. Positive Planet’s shea butter value chain project in

In this sense, positive finance condemns volatility inducing operations such as high frequency trading and encourages stability oriented activities such as long-term

Ghana is an outstanding example of how the organisation

shared ownership. Positive finance initiatives already exist;

strengthens women’s empowerment. The project has

crowdfunding is a promising example.

significantly raised the living standards of the female beneficiaries, improving working conditions, boosting their

How does the UK rank in terms of positivity?

revenue from the production of shea butter and ensuring

First produced in 2013, the Positive Economy Index for nations

access to health insurance for the women and their families.

is primarily aimed at raising awareness of the interests of the

From 5,000 women in 2009, the project is expected to reach

next generations. The index measures positive performance

22,000 beneficiaries in 2016. StarShea Ltd, a dedicated social

according to altruism between generations, between

business, was launched in 2012 to drive this remarkable

territories and between stakeholders. Guiding the necessary

change of scale.

paradigm change, the index monitors the progress of public actors, the understanding of social and economic links, and

What is the business model of Positive Planet? How are

allows for comparison between nations. The index is built

you funded?

on a total of 19 indicators comprising of both quantitative

The Positive Planet NGO implements its development

information extracted from national statistics and qualitative

programmes with the financial cooperation of major

data based on population surveys.

international institutions such as the European Union and

Ranking 15th, the UK comes three places before France

the Agence Française de Développement in association with

and belongs to the transitional group just behind the leading

private partners including the Orange Foundation, Sanofi and

Northern countries and Commonwealth countries including

ENGIE.

Canada, New Zealand and Australia, which are paving the way

In addition, Positive Planet develops win-win strategies

towards a more positive environment.

between private corporations and local small-scale producers through, for example, agricultural value chain projects

Why have you renewed your focus on your London office?

improving local production and ensuring sustainable raw

As the European capital of finance, London provides a key

material sourcing.

opportunity for Positive Planet to spread the Positive Economy

The Positive Planet Foundation also financially supports

movement. London is the most active start-up ecosystem in

the NGO’s projects and organises events such as the Cannes

Europe, with an open-minded and innovation-friendly spirit

charity gala or the annual Microentrepreneurship International

providing a fertile ground to promote new concepts to redirect

Awards to spotlight positive development achievements.

capitalism towards long-term interest.

Our organisation is committed to the responsible use of

Finally, Positive Planet’s expansion in the UK ensures

public funds and enforces an administrative cost minimisation

a foothold near a range of private sector decision-making

policy in order to ensure maximal impact on final beneficiaries.

centres, allowing us easier access to potential collaborators.

What is the ‘positive economy’ and how is it linked to

What role do you see expatriates in the UK being able to

finance?

play in contributing to the positive economy?

The dictatorship of short-term profits ruling our economy acts

I hope that our expatriates in the UK will realise in their

against the collective interest and destroys the benefits and

professional life the raison d’être of the positive economy.

sustainability of common goods. A positive economy is an

They could advocate the interests of next generations

economy in which the interests of future generations is taken

and in that sense become ambassadors of the positive

into account for any major decision making, public and private.

economy movement. Therefore, they would contribute to the

The positive economy is based on the willingness to

development of Positive Planet as well as leading the way for

practice a rational altruism. This rationality emanates from the

the replication of the Positive Economy Forums in the UK. I

certainty that we cannot live happily today without ensuring a

Interview by KF

happy tomorrow.

To find out more, please visit positiveplanet.ngo

The positive economy is self-sustaining and does not

E: contact@positiveplanet.ngo

T: +33 1 49 21 26 26

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- november / december 2015 -

comment

The UK and Europe: Choices and Voices As campaigns for staying and leaving are launched, Simon Mercado, UK Director of ESCP Europe Business School, sets out the underlying arguments taking shape on both sides

hen the great US President John F Kennedy took office in

Domestically, the opposing camps are yet to take final shape.

1961 at the height of The Cold War, he declared to the

The ‘remain [in the EU]’ campaign – Britain is Stronger in Europe

world: ‘Let us never negotiate out of fear. But let us never fear to

– already features a broad coalition of interests. The first group

negotiate’. The sub-text of his message was ‘let both sides explore

consists of several UK business leaders and pro-European

what problems unite them and let them formulate serious and

MPs drawn to highlight the business and trade advantages of

precise proposals in order to address them’.

full EU membership. In the view of this camp, the social and

UK-EU negotiations have rarely respected this logic and there

commercial freedoms of the Single European Market provide

has been little sign to date that the EU Referendum process

a compelling reason for EU membership. Exit is equated with

has arrested the trend. Since winning the General Election, the

political marginalisation, currency market shockwaves, and/or a

Government has stuttered and stalled in spelling out a clear set

brake on inward investment. EU reforms are demanded but the

of demands concerning future UK membership. Reflecting this

final position is ‘stay in or pay the economic and political price

fact and the weight of the Syrian crisis, the UK question has been

of exit’. A second group (drawn from the Labour movement and

moved down the agenda of successive EU Council meetings.

centre-left) coalesces in support of traditional European values

So, quo vadis? The last few weeks have brought some forward

and social market principles. It highlights the way in which EU

movement at last. The Government has pledged to detail its

legislation has improved the welfare of workers in such areas as

demands in a letter to Donald Tusk, President of the European

working time, temporary worker rights, paternity and maternity

Council. This is anticipated in November, raising the prospect of

leave. Fascinatingly, this legislation has been attacked by some of

meaningful negotiation before the year’s end. It is now clear that

the individuals associated with the ‘remain’ campaign, but from

the following demands will apply:

the first of these two groups.

• An exemption from the treaty commitment to ‘ever closer

The ‘leave [the EU]’ campaign also brings together those

union’

with competing views on almost everything other than EU

• An explicit statement that the euro is not the official currency of

membership. Eurosceptic Conservatives, UKIP supporters and

the EU

anti-austerity campaigners are now folding bed sheets with

• A granting of powers to national parliaments to stop new EU

several industry-based campaigners in making the case for

laws from being imposed and to scrap existing EU laws

Brexit. Central to their case is the perceived financial cost of

• Structural reform guaranteeing the rights and powers of non

EU membership. Both the Leave.EU and Vote Leave campaign

eurozone members, with particular protections guaranteed

groups are pushing this notion, highlighting the savings the

for the City of London.

UK would make by escaping its funding commitments as an EU member and by freeing itself from burdensome EU-driven

These demands may be nuanced or supplemented before

business regulation. Regaining control of law-making powers in

the Tusk letter is tabled, but we can assume that they will

areas currently covered by majority voting and restoring border

underpin an official UK Government position. Whether or not this

controls are other dominant campaign themes. For some in this

proves to be the basis for full and proper negotiation remains to

campaign group, there is a free market view an independent

be seen.

UK could conclude liberalising trade deals with China and fast-

The omission of new curbs on internal EU migration from the

growing Commonwealth countries. For others, EU monetary and

list of UK demands has angered those on the right demanding

fiscal policy contributes to the austerity crisis gripping Europe.

restrictions on the freedom of movement of EU citizens or at

Once again, we have strange bedfellows!

least their rights in (UK) residence. However, the Government’s

Sands will shift as the top-level negotiations accelerate

requirement to reach a reasonably quick accord with other EU

and as the basis for future EU membership becomes clearer.

member states makes demands in this area problematic. There

On the Brexit side, we can anticipate a potential merger of the

is a clear risk that if negotiations become bogged down and no

two leading campaign groups. The ‘remain’ campaign will lose

new deal is struck, the Government will struggle to hold to its

supporters if the Government’s EU reform deal lacks substance

promise of delivering a vote on a new membership package as

or if the Government looks embarrassed by the result. That said,

early as it might favour.

the referendum landscape is slowly taking shape and the key battle lines are being drawn. I

This column will run until the referendum on British membership of the EU takes place. Members wishing to contribute to it should contact Keri Fuller at kfuller@ccfgb.co.uk 10 - info - november / december 2015

comme nt

Businesses and the EU referendum Andy Bagnall, Director of Campaigns at the Confederation of British Industry (CBI), calls for businesses to think through the possible implications of the UK EU referendum, to be able to present a constructive, informed and positive case for Britain to stay within a reformed EU. He gave a presentation to the Chamber’s Economic Update Forum on this subject in September

rance and the UK are joined by more than just the Channel Tunnel: our economies, business interests and populations

French firms which are part of supply chains with UK businesses should open dialogue with those companies about

are deeply intertwined. With a referendum on the UK’s

this issue. British SMEs in particular have expressed a desire

membership of the EU approaching, the relationship between

for more information to understand what the referendum

our two countries might soon be entering a new phase. But

might mean for them. A recent Federation of Small Businesses

the CBI will be arguing for Britain to remain in a reformed EU,

survey showed that 37% of their members do not feel

and French businesses can help to make that case.

informed. The French businesses which buy from or sell to

Over the next 3 to 6 months, the best thing French companies can do if they want to keep Britain in a reformed

these businesses could help plug that information gap. The referendum could also have a direct impact on the

EU is to ensure we secure change in Brussels to improve

350,000 employees of the 1,700 French firms in the UK, and

conditions for all of Europe’s businesses. Groups across

as the vote itself approaches, some may start asking their

the Continent are voicing their support for a more open,

employer questions. ‘Is my job at risk? Or my right to work

outward-looking and competitive EU. Completing the single

here?’ ‘What does EU membership actually mean here, in

market, getting trade deals signed and reducing problematic

this office, this warehouse, this plant?’ Companies who have

regulation will help businesses in Paris and Prague, as well

thought through the issue in advance will be best placed to

On the basis of detailed research and consultation with members, we concluded that for the majority of British businesses, the benefits of EU membership outweigh the costs as those in Peterborough and Portsmouth. Greater numbers

answer them satisfactorily. The answers to some questions

of French businesses backing these reforms and persuading

posed by staff members may be outside the company’s usual

French stakeholders of their benefits could turn the good

remit or may be unclear, but employers who had honest

starts the Commission has made in many areas into lasting

conversations with their staff during the Scottish referendum

results.

said employees found it helpful to have information where

The referendum offers a number of potential futures for Britain and its resident businesses, and it is important that

companies could provide it. Some businesses have already chosen to make their

company boards – British or otherwise – fully understand these.

position on the referendum public, and more are expected to

At the CBI, we began our review in 2013 with an open mind. On

do so over the coming months. If, at this early stage, French

the basis of detailed research and consultation with members,

companies are considering publically stating their views on the

we concluded that for the majority of British businesses, the

referendum, we would encourage them to be both positive

benefits of EU membership outweigh the costs, but the EU

about the benefits it brings and honest about where the EU

must do more to support businesses to grow and create jobs

needs to change, respecting the fact that the decision is,

across Europe. We are now helping our member companies

rightly, one for the British public. The most important thing

think through the implications of the referendum because those

at this stage, however, is for all businesses to get behind our

companies which do so will be best placed to decide how to

push for a more competitive EU, something which can benefit

respond to this key issue in the months ahead.

all businesses and citizens across the union. I

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- november / december 2015 - 11

5 minutes with

JAMES ainscough Chief Operating and Financial Officer, Royal Albert Hall

Many people see the Royal Albert Hall as a building. Can

As ‘the world’s most famous stage’, the Hall plays host to a

you explain why it is so much more than that?

wide range of artists and performances. How do you decide

The Royal Albert Hall is an icon, one of the defining landmarks

upon the programmes for the year and how far in advance

in the entertainment industry. The range of legendary

is this organised?

performances and events we’ve hosted over nearly 150 years

We make plans up to five years ahead and it is rare to start a

and the unique intimacy of our vast arena inspire our artists,

year without the majority of our dates contracted. The challenge

audiences and staff to create unforgettable experiences

for us is that some performers work with a much shorter time

together, leaving vibrant memories that last a lifetime. We are

horizon, so if we don’t build some flexibility into our plans we

so much more than just a building.

can miss out on good opportunities. We have just hosted the World Premiere for the new James Bond film SPECTRE – that was

What is your role as Chief Operating and Financial Officer,

not booked five years in advance!

and how is the organisation run? I report to the Hall’s Chief Executive. My own role is very fluid

The Hall has hosted everything from circuses to chess

but in essence, it’s a mix of delivering our five-year strategy and

matches. Is there a limit to what can be put on?

dealing with obstacles as they present themselves. There’s lots

If it’s top quality and can sell out, we’re interested! Our auditorium

to do and never a dull moment!

is a very versatile space, plus we have smaller spaces around the building for less mainstream or less established performers

The Hall has a rich history spanning almost 150 years.

and private events. We love our programme’s variety and if we

How does it use this to its advantage and is it in any way a

can stretch that further to bring in new audiences we will do.

disadvantage? Our rich heritage defines our strong brand. The challenge for

Why is the Royal Albert Hall registered as a charity, and

us is to keep adding to that legendary performance history and

what public benefit work does it do?

to keep our brand relevant. We were delighted to make the top

The Royal Albert Hall was established by Royal Charter in 1866

20 ‘CoolBrands’ list for the first time this year, alongside Apple,

and has had charitable purposes right from the start; to promote

Aston Martin, Chanel and Spotify. Playing at the Hall for the first

the Arts and Sciences and to preserve and enhance our Grade I

time is a really significant moment in an artist’s career, which

listed building, which is held in trust for the nation. We promote

means we can attract up-and-coming acts and innovative new

the arts and sciences through all the shows we host, many of

events alongside the core elements of our programme such as

which have low-priced tickets as well as glamorous hospitality

the Proms, so long as there’s room in our calendar.

12 - info - november / december 2015

5 MINUTES WITH JAMES AINSCOUGH

We were delighted to make the top 20 ‘CoolBrands’ list for the first time this year, alongside Apple, Aston Martin, Chanel and Spotify

packages. We also spend £0.5m per year on our Education &

takes its toll! Currently we are spending between £5 million

Outreach programme, running free and low-price events for

and £10 million per year to upgrade vital infrastructure, create

people from all backgrounds aged 0 to 100. We do some of

more space and improve the facilities for our audiences and

this with our mainstage artists and our corporate partners,

artists. The biggest challenge is getting everything done without

which can often add an innovative dimension. For example, a

interfering with the number of shows we put on. This means a

year ago we opened our Samsung Digital Classroom which uses

huge amount of work has to be carried out overnight, with daily

technology and music to teach maths and science.

completion deadlines that must be hit if the next show is to start on time. This building never sleeps.

How is the Hall funded? We don’t receive any funding from Arts Council England or any

What does the Royal Albert Hall get from being a member

other government body, so we operate with a strong commercial

of the French Chamber?

focus, working in close partnership with music promoters, other

Well, for a start we enjoy the association because we’re roughly

charities and our sponsors. We love our independence which,

the same age; we were born in 1866 and you in 1883! We have

allied with our charitable status and commercial DNA, puts us in

a lot in common with your other Patron Members, all of whom

a unique position in the entertainment industry.

are prestigious brands (and some we already work very closely with, such as LVMH). And it is always a pleasure to widen our

What are the costs and issues associated with the upkeep

connections and visit other stunning venues as we attend the

of a Grade I listed building, as the Hall is?

wonderful programme of events you host. I

Running a Victorian building as a 21st century venue certainly

Interview by KF

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- november / december 2015 - 13

BUSINESs WORLD - COMPANY NEWS Compiled by Marielle Fraize

EDF Energy reaches agreement with CNG for Hinkley Point C EDF and China General Nuclear Power Corporation (CGN) have signed a Strategic Investment Agreement for the construction and operation of the proposed Hinkley Point C nuclear power

station

Somerset.

The

signings took place in the presence of the Chinese President, Xi Jinping, and the British Prime Minister, David Cameron, in London on 21 October. Conditions to allow the Hinkley Point C project to go ahead are in place. These are the signing of the Strategic Investment Agreement, all the agreements between EDF and the UK Government being in a final agreed form, as are the contracts with the key suppliers. Under the Strategic Investment Agreement, EDF’s share in Hinkley Point C will be 66.5% and CGN’s will be 33.5%. Without reducing this initial stake below 50%, EDF intends in due course to bring other investors into the project. EDF and CGN have also agreed the Heads of Terms of a wider UK partnership for the joint development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex. Terms will be in final form before the final investment decision for Hinkley Point C. EDF Chairman Jean-Bernard Lévy said: ‘Today marks a big step forward for EDF’s 30 year partnership with our Chinese partner CGN. Our ambitious nuclear projects are strongly supported by the governments of the UK, China and France and they will bring benefits to all three countries. I am confident that our experience and ability mean we will successfully deliver Hinkley Point C and subsequent projects. We are planning for a final investment decision within weeks so that we can move forward with construction.’ EDF Energy CEO Vincent de Rivaz said: ‘Hinkley Point C and successive nuclear projects will guarantee the UK the reliable, secure low carbon electricity it needs in the future. Nuclear power will save customers money compared with other energy options and provide a huge boost to British industrial strength, jobs and skills both in Britain and abroad. The announcements are also good news in the fight against climate change’. I www.edfenergy.com

GE completes acquisition of Alstom power and grid businesses GE has completed the acquisition of Alstom’s power and grid businesses, following the regulatory approval of the deal in over 20 countries and regions including the EU, US, China, India, Japan and Brazil. It is GE’s largest-ever industrial acquisition. ‘The completion of the Alstom power and grid acquisition is another significant step in GE’s transformation,’ said Jeff Immelt, chairman and CEO, GE. ‘The complementary technology, global capability, installed base, and talent of Alstom will further our core industrial growth. We are open for business and ready to deliver one of the most comprehensive technology offerings in the energy sector for our customers.’ GE has also completed the sale of its rail signalling business to Alstom for approximately $800 million. I www.alstom.com 14 - info - november / december 2015

Jeffrey Immelt, Chairman & CEO of General Electric (L) and Patrick Kron, CEO of Alstom (R), visiting the Belfort site

BUSINE S s WOR LD - COMPANY NE WS

Bouygues UK selected for Phase 3 of Battersea Power Station project Bouygues UK has been selected as the preferred contractor for the design and build contract for Phase 3 of the Battersea Power Station project by the Battersea Power Station Development Company (BPSDC) – the site development manager – and Battersea Power Station shareholders. The final construction contract will have a value in excess of £1 billion, making it one of the largest private building contracts ever to be awarded. Works are due to start on site in early 2016, alongside the ongoing construction of Circus West (Phase 1) and the regeneration of the Power Station itself (Phase 2). Together, Phase 1, 2 and 3 will be the largest single development project in central London since Canary Wharf. Phase 3 is a key part of the regeneration of the Battersea project, and features a new pedestrianised high street for London, known as The Electric Boulevard. It will comprise 1,305 homes in a range of sizes and styles on either side of the 250 metre long split-level boulevard that will offer 350,000 sq. ft. of space dedicated to retail and food & beverage outlets and will lead people through to the stunning Malaysia Square set to the immediate south of the Power Station. CEO and Chairman of Bouygues UK, Madani Sow, commented: ‘We are honoured, and excited, to have been chosen to deliver Phase 3 of the Battersea Power Station project – one of the most iconic construction projects in Europe at this time. We have extensive experience in the delivery of such schemes, both in the UK and within the wider Bouygues Construction Group and this contract adds to our portfolio of work on regeneration schemes. We look forward to working with our colleagues at Battersea Power Station Development Company and using our expertise to help them deliver this ambitious London redevelopment.’ I www.bouygues-uk.com

Electric Boulevard with Battersea Roof Gardens

Atos and Airbus Defence and Space sign strategic agreement on cyber security Airbus Defence and Space, a reference player on the cyber

development knowledge in Europe, the two partners will, for

security market in Europe, and Atos, an international leader

example work on the development of security solutions for

in digital services, have agreed to join forces in response to

extended enterprises (group, subsidiaries and supply chain).

the growing demand for cyber security solutions. The two

The partnership includes a worldwide distribution channel

companies have signed a strategic partnership agreement on

partner agreement. It addresses a broad range of businesses

research & development and the provision of a complementary

and industries including banking and insurance as well as the

range of products, services and solutions designed to

public sector, notably the defence market. Together, Atos and

counteract cyber attacks.

Airbus Defence and Space will have the opportunity to better

The two companies have decided to complement their

benefit from the growing cyber security market estimated to

portfolios in order to provide a larger and more effective

be worth $84 billion by 2016. I

range of cybersecurity products, services and solutions.

www.atos.net

By combining their respective expertise and research &

www.airbusgroup.com

info

- november / december 2015 - 15

BUSINE S s WOR LD - COMPANY NE WS

Veolia boosts energy efficiency in the UK Ahead of COP21, Veolia, the global leader in optimised resource management, has demonstrated its commitment to combined heat and power (CHP), renewable biomass energy and the carbon savings this delivers to industry and communities. With the UK Government’s Energy Saving and Opportunity Scheme (ESOS) deadline approaching, these energy technologies represent the key way of achieving major energy and cost savings, energy security and sustainability. As a leading provider of CHP, Veolia helps UK customers in developing, constructing and operating CHP applications. Its specialist combined heat and power (CHP) company, Cogenco Limited, which has now adopted the Veolia name, already operates over 600 gas CHPs which annually save over 350,000 tonnes of CO2 emissions for the industrial, district heating, hotel, leisure, retail, hospital, university and water industry sectors. Veolia also has an extensive track record of providing the environmental benefits of renewable biomass generated electricity and heat. During 2015 it increased its biomass energy capacity in the UK and Ireland by nearly 50MWe*, and is set to increase this capacity further. Over the last four years its biomass energy operations in the UK have saved over 500,000 tonnes of CO2 emissions by using over 550,000 tonnes of UK life-expired waste wood as renewable fuel.

Commenting on the group’s commitment to renewable energy, Pat Gilroy, COO Industrial Customers UK, Country Director Ireland from Veolia said:

Combined heat and power provides major cost and carbon savings, and energy security to businesses and the public sector

‘Our expanding biomass and CHP capability supports our ability to provide both environmental and cost benefits for our customers. The latest research from the Energy Technologies Institute shows that using sustainable biomass as a source of energy could reduce the cost of meeting the UK’s 2050 carbon targets, helping to make low carbon energy more affordable. Demand for renewable energy is also rising from companies who are committed to sourcing 100% renewable energy and we are looking to meet this demand by delivering guaranteed green energy solutions developed from applications across the world.’ I www.veolia.co.uk * MWe - Megawatt electric; electric output of a power plant in megawatt.

First retail LNG contract for ENGIE in the UK ENGIE has just signed its first retail LNG (Liquefied Natural Gas)

The Group’s ambition is to develop the retail LNG market,

sales contract in the UK with Flogas Britain, one of the largest

which includes providing LNG for customers that are not

alternative energy solutions providers to industrial customers

connected to the grid as well as LNG fuel for ships and lorries.

in the UK. Over a period of 18 months, ENGIE will deliver 8,000

The sector has extremely promising prospects for the future: it

tonnes of LNG to Flogas Britain from the Isle of Grain terminal

could represent about 20% of the overall LNG market in 2030,

(on the UK’s south-east coast). In total, 400 Flogas Britain

corresponding to 75 to 95 million tonnes per year, making it a

trailers will be loaded to supply industrial companies that are

significant market for LNG in Europe and around the world. I

not connected to the natural gas grid. Operations will start in

www.engie.com

the next few weeks.

16 - info - november / december 2015

BUSINE S s WOR LD - COMPANY NE WS

VINCI gets contract for East section of Thames Tideway Tunnel VINCI Construction Grands Projets and Bachy Soletanche

be 5 metres. The East section also includes the construction

Ltd (VINCI subsidiaries), in a joint venture with Costain, have

of five large shafts (diameters of between 17 and 25 metres),

signed the contract for the East works package of the Thames

maritime works on the Thames, structures connecting with the

Tideway Tunnel with Bazalgette Tunnel Limited, the consortium

existing wastewater collection system and electromechanical

of investors that holds the concession for the project. The

works packages. The launch of work on the site is planned for

contract is worth €858 million (£605 million).

2016, with delivery scheduled for 2024.

The works package includes the construction of two sections

The East works package is one of three making up the

of tunnel, a main tunnel (5.5km) and a connecting tunnel

Thames Tideway Tunnel, a programme that calls for the

(4.6km) for combined rainwater and wastewater to the east of

construction of a total of 25km of tunnels. The Thames

London. Located between 45 and 65 metres below ground, the

Tideway Tunnel is needed to tackle the issue of discharges

two tunnels will be excavated using slurry pressure balance

of untreated sewage into the river and ensure that London’s

tunnel boring machines. The main tunnel will have an interior

sewerage system is fit for the 21st century. I

diameter of 7.20 metres, while that of the connecting tunnel will

www.vinci-construction-projects.com

CBRE appointed to manage facilities for Goodenough College CBRE, the global real estate advisor, has been appointed to provide facilities management services to Goodenough College at its 313,000 sq. ft. site in Bloomsbury, Central London. Goodenough College is an independent educational charity which provides award-winning accommodation for international postgraduate students studying at any of London’s universities and colleges. Following a competitive tender, CBRE will deliver mechanical and electrical engineering and portering services for Goodenough College’s property portfolio. ‘Goodenough College, initially founded in 1931, is steeped in history. To be entrusted to manage its facilities is testament to our understanding of the heritage and high quality expectations demanded by such an institution. We look forward to working with the College to deliver first class facilities for its students and stakeholders,’ commented Adam

Burden, Associate Director - Global Workplace Solutions at CBRE. I ww.cbre.co.uk

PwC and Sage launch global alliance to target Small & Medium Business market Sage and PwC have formed an alliance that will enable Small & Medium Business (S&MB) customers around the world to combine cutting edge technology with support from leading professional services firm, PwC. The launch will initially be in the UK and combines the strength of Sage Live, the real-time social accounting solution and PwC UK’s cloud-based accounting service, My Financepartner. There are currently around 125 million S&MBs worldwide, accounting for between 60% and 70% of business employment, according to the World Bank. Welcoming the alliance, Tony Price, UK PwC Partner, leader of My Financepartner service, said: ‘Providing S&MBs with useful and meaningful data on which to base their decision making lies at the heart of the Sage Live and My Financepartner offering… We are excited to be working closely with Sage and look forward to providing more S&MBs with the insight that they need to drive growth’. I www.pwc.co.uk

info

- november / december 2015 - 17

SOCIETE GENERALE CORPORATE & INVESTMENT BANKING

FROM A DVISORY TO FIN A NCING A ND IN VEST MEN T TO RISK MANAGEMENT, OUR E XPERTS DELIVER CUSTOMISED SOLUTIONS TO MEET YOUR BUSINESS NEEDS SOCIETEGENERALE.CO.UK

Societe Generale is a French credit institution (bank) that is supervised by the European Central Bank (‘ECB’) and the Autorité de Contrôle Prudentiel et de Résolution (the French Prudential Control and Resolution Authority) (‘ACPR’) . This document is issued in the U.K. by the London Branch of Societe Generale, authorized by the ECB, the ACPR and Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. © Shenghung Lin Photos / Getty Images - FRED & FARID

BUSINE S s WOR LD - COMPANY NE WS

AXA ranked 1st global insurance brand... again

Paul Evans, Group Chief Executive, AXA UK and Ireland

AXA is the 1st insurance brand worldwide for the seventh consecutive year and has entered the top 50 best global brands overall. The Best Global Brands ranking, released in October, has placed AXA as the 48th best global brand, up 5 spots in a year, the 1st insurance brand and the 4th best French brand across all industries, with a brand value that has gone up by 14% this year, one of the strongest increases amongst French brands. It is now valued at $9,254 billion. Paul Evans, Group Chief Executive, AXA UK and Ireland, commented: ‘It is a real achievement to be recognised yet again as one of the world’s best global brands and the number one in our industry at a time of intense competitive pressure and technological change. The strength of our brand is critical to building trusting relationships with our customers as we enter new markets and develop the digital transformation of our business. We will also continue to invest in companies that are pioneering new technologies and respond to major global challenges such as climate change through our partnerships with leading academics around the world.’ I www.axa.co.uk

LVMH and HEC create Retail Excellence Chair LVMH and the HEC Paris business school have signed a partnership agreement to create the Chair for General Management and Retail Excellence, a teaching and research program dedicated to luxury brand management. The Chair will draw on expertise from professors at HEC, as well as the talents and engagement of managers from numerous LVMH Group companies. This long-term partnership will create a new benchmark in the field with major educational initiatives that train tomorrow’s talents in every aspect of the luxury industry, from sales and merchandising to logistics. It will give students in the programme access to unique career opportunities thanks to Peter Todd, Dean of HEC Paris, Chantal Gaemperle, Director of targeted specialisation. For LVMH, this is also a means to engage Human Resources and Synergies at LVMH and Bertrand Léonard, directly with an international pool of high-potential talents who president of the HEC Foundation have multicultural profiles and who welcome career mobility. At the signing of the agreement, Chantal Gaemperle, Group Executive Vice President Human Resources & Synergies, said: ‘Retail figures at the heart of the LVMH Group’s strategy and offers career opportunities that students are not always aware of. Our customer advisors, buyers, visual merchandisers, trainers and managers are the front-line ambassadors of our Houses.’ I www.lvmh.com www.hec.edu

easyJet announces strategic partnership with Cranfield University easyJet, Europe’s leading airline, has agreed

overlaps in their specialisms will see them

a three-year strategic partnership with

collaborate

Cranfield University, a world-leading aviation

innovation ideas and knowledge, insight and

and aerospace institution. The agreement will

research and in the areas of employment and

see the two organisations – the UK’s largest

learning. ‘On the eve of our 20th anniversary,

airline and one of the UK’s most respected

we are looking forward to seeing what the

post-graduate institutions, which are both

next 20 years could bring and believe that

based in Bedfordshire – work together on

a strong mutually beneficial relationship

projects which support each other’s strategic objectives. The partnership between the two organisations aims to build on both parties’ traditions of innovation. The clear

between

through

two

leading

the

exchange

organisations

aviation innovation will generate lasting benefits for the next generation of aviation experts,’ commented Carolyn McCall, CEO of easyJet. I www.easyjet.com

info

- november / december 2015 - 19

Interview

Frederic de la borderie Founder and Director, Turenne Consulting

What is Turenne Consulting?

skill sets. Our specialists in construction management gained

Turenne Consulting is an independent boutique consultancy

their expertise working on iconic projects such as Heathrow

that advises international clients on their UK expansion or

Terminal 5, Building Schools for the Future and HM Prison

relocation strategies.

Low Moss. Our professionals in the education field built their

The name comes from a picturesque village in South-west France where I come from, which has a rich history of Franco-

experience through teaching, campus management and the design of academic programmes.

British relations, dating back to feudal times! We offer a range of tailored services relating to property

What is distinctive about what you offer?

and construction: search for premises, project management,

At Turenne Consulting we all share an international background

procurement advice and contract administration. We focus on

and this brings a unique flair when we advise clients on complex

education, public sector and offices. We can deliver a project

relocation projects. Our team offers a special blend of industry

from conception or be appointed at any stage in the process.

expertise (real estate, construction, finance, education), in-depth knowledge of both French and British working environments

What is your background and how did you and your team gain their expertise in this area?

and professional networks. All team members have a genuine enthusiasm for what they

We all come from very different backgrounds: investment

do and enjoy working on a diverse range of projects. We are

banking, structural design, communications, civil engineering

strongly involved in education from nursery to university with

and educational management. Personally, I spent 10 years

the belief it has a great impact on the whole community. Our

working in finance before starting to look for more fulfilling

key drive is to ensure consistent, effective communication to

projects. I was given the opportunity to start a new career seven

initiate, coordinate and proactively manage the various actions

years ago when I heard that the French Embassy was looking

leading to the successful completion of the project.

to set up a new school in London. The prospect of managing a project of this scale was very appealing and I also felt it would

You have a long-term relationship with the French Embassy.

greatly contribute to the French community living in London.

What are some of the projects you have worked or are

And so Turenne Consulting was born!

working on with them?

The scope of this first assignment was wide and expanded

We have just completed the Lycée International de Londres

quickly: it included the search for a building, preparation

Winston Churchill, a bilingual primary and secondary school

of a business plan, purchase of a site, structuring of the

teaching an international education and French curriculum. It

financial scheme, set up of the governance, supervision of the

is a £50 million landmark project, following a record fundraising

construction works, monitoring of the school operations, etc.

campaign of £10 million, and took only 15 months from planning

Upon completion, the stakeholders also appointed Turenne

consent to handover. It opened its doors in September and was

Consulting to run the trust on their behalf as their client

inaugurated by the French President. It is the first new Lycée

representative.

to be built in London since 1915 and comes just four years

The

subsequent

projects

Turenne

Consulting

was

commissioned to do required new team members with specific

20 - info - november / december 2015

after the delivery of another of our large projects, the College Français Bilingue de Londres.

BUSINE S s WOR LD - company PROFILE

…the recent appointment to project manage the relocation of the French Embassy confirms Turenne Consulting’s capabilities in [office development]. It is the ultimate recognition by an institutional client requiring the highest level of specifications within a complex scheme

More recently the French Ministry of Foreign Affairs selected

Why are you now expanding into office development and

Turenne Consulting as sole Advisor and Project Manager for

what can you do for clients in this area?

the relocation of the French Embassy and the Consulate in

Prior to joining Turenne Consulting, some members of our

London.

team worked with high-profile clients on large headquarter developments, as well as on smaller bespoke workspaces.

What have you done in terms of private sector work?

Moreover, the recent appointment to project manage the

The majority of our French educational projects were initiated

relocation of the French Embassy confirms Turenne Consulting’s

by the French Embassy, and we ensured that these projects

capabilities in this area. It is the ultimate recognition by an

operated in line with the private sector framework.

institutional client requiring the highest level of specifications

The financing of these projects was secured through

within a complex scheme. We want to leverage on this latest

bank loans backed by the French State, as well as corporate

reference and carefully increase our marketing towards office

donations. The governance rules that we established require

development.

the majority of governors to come from the private sector. Most of them work in large companies (many are Patron members of

You established the company back in 2009, so why are you

the French Chamber) at top executive levels. This has enabled a

now raising its profile by becoming a Patron member of the

successful and unique public-private partnership.

French Chamber? The company grew organically during the first few years while I

Have you worked on any projects outside of London?

was deeply involved with the complex school project in Kentish

We are currently concentrating our activity in London as most

Town. Subsequently, Turenne Consulting’s activities have picked

of our clients are based here. However, we have delivered a few

up significantly, especially over the past two years, requiring the

projects outside of London and are in discussions about a new

build-up of a larger team.

project in Ireland.

A number of senior corporate executives now know me through the school projects but only a few know about Turenne

Do you only work with French clients?

Consulting as a company itself. We think now is the right time to

We have historic links with French clients planning a relocation

increase our corporate visibility.

to London; the initial contracts with the French Embassy for

The French Chamber of Commerce represents the ideal

educational projects helped secure mandates with the French

structure to change this perception and leverage institutional

Olympic Committee for the 2012 London Games, and more

recognition. As a Patron member, we feel ideally positioned

recently with the French Institute for the revamp of the Quentin

to brand Turenne Consulting among the other members of

Blake Library. However, Turenne Consulting’s team members

the Chamber and establish connections with international

have also worked for a number of other institutional clients

companies. I Interview by KF

such as the Westminster City Council, Pfizer Pharmaceuticals and British Telecom. Recently, Turenne Consulting has also been approached by Indian, Italian and American stakeholders for various educational projects in London.

info

- november / december 2015 - 21

BUSINE S s WOR LD - SME NE WS

Opening of the Bibliothèque Quentin Blake at Institut Français Following major refurbishment, the children’s library of the Institut Français reopened on 12 September under the new name Bibliothèque Quentin Blake. A true francophile, supporter of the Institut Français and patron of the South Ken Kids Festival, Quentin Blake came to inaugurate the new library and cut the traditional ribbon, in the presence of the French Ambassador, HE Ms Sylvie Bermann. Children and adults then had the chance to explore the new premises and expanded collections and admire Quentin Blake’s mural decoration especially drawn for the library. The project has been supported by the Friends of the French Institute Trust. In a successful fundraising campaign, 139 individual donors and 12 companies contributed to the funding of the first two steps. The renovation project is still ongoing with a final fundraising call to modernise the adult’s area of ‘La Médiathèque.’ I www.institut-francais.org.uk

HE Ms Sylvie Bermann, French Ambassador to the UK, with Quentin Blake at the opening of the library

Charity Emmaus UK opens new shop in Islington Chapel Market, Islington is the location of an exciting new shop for the charity Emmaus, which supports formerly homeless people by providing a stable home and meaningful work in a social enterprise. Arvinda Gohil, Chief Executive of Emmaus UK, said: ‘We’ve set out to create something different, using up-cycled furniture, vintage fixtures and donated goods to give an eclectic, retro feel. We sell inexpensive, quality items and have a strong commitment to recycling and reuse. Local people can also gain experience in retail and the charity sector through volunteering.’ With plans to grow, the shop needs support through donations and volunteering. I www.emmaus.org.uk

The Medical Chambers Kensington first to offer chromosome test TMCK, which has been giving unique prenatal screening tests for the past two years, has now become the only clinic in the UK to offer the most advanced and comprehensive blood test for pregnant women called MaterniT GENOME. This revolutionary technology analyses all the unborn baby’s chromosomes through a simple maternal blood test from week 10 of pregnancy. It detects genetic disorders and conditions such as Down syndrome, Di George, Prader-Willi, etc., giving parents-to-be unprecedented insight into the health of their unborn child. I www.themedicalchambers.com

WAOlab presents its 3D solutions at London’s Art Fairs WAOLab, a new member of the French Chamber, is an innovative French company offering 3D digitising and 360° interactive display services to enhance artwork collections. In October, WAOLab attended London’s Art Fairs (Frieze, Frieze Masters and London PAD) to present its innovative communication solutions for the art market. The company specialises in scanning objects to present them in 3D reproductions on all devices with customised and premium access for customers. I www.waolab.com 22 - info - november / december 2015

BUSINE S s WOR LD - SME NE WS

ebl miller rosenfalck lawyers edit new book on employment law Edzard Clifton-Dey, Pia Dalziel, Sara Kennedy and Emmanuelle Ries, all private practice lawyers with ebl miller rosenfalck in London, are editors of Workforce Restructuring in Europe, a brand new title published by Bloomsbury Professional that provides practical employment law guidance on HR restructuring matters across 30 European jurisdictions. Offering straight-forward information on issues which are commonly faced by businesses during various kinds of restructuring, it looks at: the reorganisation of a workplace or group of companies; downsizing or closure of a business; restructuring due to relocation; and when outsourcing is being considered. I www.millerrosenfalck.com

Berkeley Law celebrates its 5th anniversary Berkeley Law, the London-based, boutique wealth advisory

Nick Rucker commented: ‘Irwin Mitchell shares our vision of

business which specialises in advising high net worth private

building an independent, multi-disciplinary, wealth advisory

clients, is celebrating its fifth anniversary of continued growth,

business driven by the needs of its clients. With their support

as a result of organic expansion in its London offices and its

we will continue building on our success to date in London and

acquisition in November 2014 by leading legal services group

internationally, with plans that include expanding our business

Irwin Mitchell. Berkeley Law is also unveiling a new company

and increasing our offering in London and the regions, through

logo which demonstrates the importance it attaches to

Irwin Mitchell’s national network.’ I

being part of the Irwin Mitchell group. Berkeley Law partner

www.berkeley-law.com

HL Trad completes its first capital raising HL TRAD has announced the completion of its capital raising with Capital Croissance, one of the most significant entrepreneurial funds devoted to capital transfers. Created in 2006 in Paris, HL TRAD offers a full range of linguistic services, including translation and interpretation, for players in the legal and finance industries. After the transaction, the entrepreneurial fund managed by Capital Croissance (CAIRN Capital I) will hold a minority share in the capital of HL TRAD, together with its two founders, Eric Le Poole and Emmanuel Hacques, who retain the majority holding. I www.hltrad.co.uk

Merci Maman nominated for three awards Merci Maman, winner of the SME/Entrepreneur Award at last

commented: ‘Being shortlisted is a great honour. Since the

year’s Franco-British Business Awards, has been selected for

beginnings from our kitchen table, we have put much hard

three other prestigious business awards including the Little

work and energy into Merci Maman and this achievement is a

London’s Best Online Retailer Award, the Notonthehighstreet.

dream come true. We are very proud of the team’s creativity

com Partner of the Year Award and the Nectar Entrepreneur

and consistency in delivering high quality and meaningful

of the Year Award. Founders Béatrice and Arnaud de Montille

personalised gifts.’ I www.mercimamanboutique.com

Delahaye Moving features in French TV programme Capital Capital, the Sunday evening economic programme on M6 recently featured an edition comparing French and UK unemployment benefits. For this episode, François-Xavier Ménage and his team interviewed Jean-Christophe Maerten and Sandrine Laurent from Delahaye Moving about the cost of social contributions and salaries in both countries. Replay of the programme is available on www.m6.fr/emission-capital. I www.delahayemoving.com

info

- november / december 2015 - 23

Images are non-contractual ©Istock, DR

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EDUCATION - NEWS

President Hollande inaugurates new French School in London The French President was in Wembley on 22 September to officially open the Lycée International de Londres Winston Churchill. François Hollande was met by Mireille Rabaté, Head of School, and Arnaud Vaissié, Chairman of the Board before proceeding to the Paul Daisley Hall, now the school’s gym, where he gave a speech and unveiled a plaque in the presence of students, parents, teachers, staff and members of the French community as well as representatives of the local community. Winston Churchill’s great-grandson, Randolph Churchill, was also present.

President Hollande brings smiles all round as he opens the new Lycée in Wembley

The Lycée occupies the former Brent Town Hall, a lavish Grade II listed building from the 1930s. It is set on a two-hectare plot and offers 12,000m2 of newly renovated

the death of the former British Prime Minister, and in honour

facilities to accommodate modern and interactive teaching,

of his role in supporting France and his contribution to the

while retaining the building’s unique character and original

victory of the Allied Forces and the Liberation of France in

architectural features. A second building was built to

1944. This inaugural year also marks the 75th anniversary of

accommodate state-of-the-art classrooms, laboratories and

the first election of Winston Churchill as Prime Minister and

specialised rooms for science, art and technology teaching,

the 75th anniversary of the Battle of Britain.

as well as a large canteen looking over a garden. The campus

The Lycée opened on 3 September with 465 students

has extensive sports facilities including a running track, two

ranging from 5 to 16 years old. Year 12 and Year 13 will be

sports fields and a vast gym.

added in 2016 and 2017, respectively, bringing the number

The Lycée was officially named after Winston Churchill on 24 January 2015 to commemorate the 50th anniversary of

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EDUCATION Interview

- INTERVIEW

BERNARD MANUEL Chairman, Ecole Jeannine Manuel

Ecole Jeannine Manuel, which was established by your

Is the London school offering anything different from the

mother in 1954 and is ranked the top French high school,

school in Paris?

has just opened a sister school in London. Why did you

Our pedagogical principles are the same, but in London, we

decide to do this?

emphasise the time dedicated to language mastery through small

A Jeannine Manuel school in London is an old dream of ours.

need-based groups to differentiate the learning requirements

Our presence here seals the historic origin of the school when,

of each pupil, in French or English, and sometimes in both.

after her engagement with the Free French Forces in London, Jeannine Manuel returned to France with a profound affection

What are your plans and timetable for expansion beyond

for Britain and the conviction that future wars could only be

the 200 places you currently have?

avoided through better international understanding.

We had targeted 180 pupils; we currently have 186 from

To this day, this vision is affirmed in our mission statement:

Reception through to Year 8 and are still accepting a few

‘to promote international understanding through the bilingual

children, mostly from families unexpectedly moving to London.

education of a multicultural community of pupils’.

Next September, we will admit 300 pupils up to Year 9, and within five years we will go up to Year 13 with approximately

Can you explain the school’s specific educational approach?

1,200 pupils. Naturally, since our current Bedford Square

Among the many challenges that educators face today, one

campus can only accommodate 500 pupils, we shall soon be

stands out: how to engage pupils actively in their learning

looking for additional space. I Interview by KF

process. At Jeannine Manuel, our goal is to nurture their

* 2015 Studyrama and L’Internaute rankings

appetite for learning and incentivise achievement by setting ambitious objectives and stressing growth as an essential measure of achievement. To do so, teachers shift roles: from traditional ‘sage on the stage’, they become ‘guides on the side’, who stimulate curiosity and promote autonomy. Beyond these guiding principles, and while respecting the

Next September, we will admit 300 pupils up to Year 9, and within five years we will go up to Year 13 with approximately 1,200 pupils

French curriculum, our programme incorporates relevant aspects of the English national curriculum and specific enrichments conceived in Paris, particularly in Maths and Science, which have been introduced in London from the outset with the help of Paris-based teachers. How have your teaching methods proven successful? There are many measures of success. Our Paris school has ranked first among secondary schools in France* for the past three years, and last year, every pupil obtained their Baccalaureate with honours, with almost 60% achieving the coveted mention Très Bien. Yet rankings have limited value and these results do not fully express who we are. For us, success means children who are happy to come to school, who learn to work together, adapt and explore; it means being able to express oneself in both French and English with native ease. And it means graduates admitted to the top universities and alumni who are able to live, study, work and excel anywhere in the world.

info

- november / december 2015 - 27

E DUC ATION - news

First edition of ESSEC and CentraleSupelec London Finance Fair On 24 September, ESSEC and CentraleSupelec launched a major co-branded event focused on candidates willing to work in the UK for financial institutions or companies. Hosting around 200 participants with 11 companies and partners for half a day of recruitment meetings and an alumni buffet, the event was also an opportunity to enhance the strategic ‘manager-engineer’ alliance between ESSEC and CentraleSupelec, symbolising the combination of skills that will be critical in the coming years, especially in the field of finance. Ardian, Barclays, Blackstone, BNP Paribas, Deutsche Bank, EDF Energy, The European Bank for Reconstruction and Development, HSBC and Nomura actively participated in the job fair and ESSEC alumni, who are currently working in London, came to share their experiences and network with students and young graduates. I www.essec.edu

ESSCA Masters attains Financial Times ranking

Catherine Leblanc

ESSCA’s five-year diploma has been accredited by the French Ministry of Higher Education as a Master’s degree. Four areas of specialisation are offered in the fourth year: marketing, management, finance both in classic and work-study structures. With its Masters, the school, which is a member of the prestigious Conférence des Grandes Ecoles, has just made its first entry in the Financial Times’ global ranking of Masters in Management, coming 51st out of the 80 on the list. It was the highest new French entrant and the second worldwide. ‘With this rank in the international elite of the Masters in Management programmes, ESSCA has affirmed its high level of quality following the acquirement of the AACSB accreditation in 2014,’ says Catherine Leblanc, Dean and General Director of ESSCA School of Management. I www.essca.fr

2 - 3 years of classes in

business fundamentals followed by a choice of 18 specialisations in marketing, finance, sales, digital, HR, …

28 - info - november / december 2015

YOUR ESSENTIAL DAILY READ Our award-winning journalists keep you informed on all the latest industry news, ensuring you make the best possible business decisions.

The

Digital

imperative

30 - info - november / december 2015

focus

igital is the catchword of our day, an all-pervasive phenomenon that has, in a relatively short span of time, ushered in a fundamental transformation of the way we live, work and do business. It has changed the economy, becoming a sector that accounts for 10% of GDP in the UK and 5.5% in France, creating thousands of new jobs with still enormous potential for growth.

In the business realm, the transformation digital has unleashed is multifaceted: it applies to

almost every aspect, from client relations, both B-to-B and B-to-C, to governance, the supply chain as well as the value chain, and within businesses it transverses every department, affecting everything from HR processes to legal issues. Digital has become an imperative. The old way of doing things has been disrupted by new, agile and innovative start-ups, and for many businesses it has become a matter of transform or die. In some cases, businesses have had to play catch-up, but those that caught the wave early, or have found ways of working with rather than being usurped by start-ups, have become beacons of best practice. Far from being a one-way street, the relationship between big and small can be reciprocal, as start-ups, in turn, are increasingly being funded and mentored by corporates. This creates space for mutual learning as big companies discover and find ways of adopting the start-up mentality that is so essential in coping with fast-paced technological change, and small companies grasp the essentials of running a business and penetrating markets. In this focus, we have started with the political perspective as government policy and funding is partly responsible for enabling the space for the digital economy to flourish. In interviews, Axelle Lemaire and Ed Vaizey, the respective French and UK ministers of digital affairs set out their achievements and ambitions for digital in terms of education, policy and incentives. The context is ripe: Pascal Cagni, Founder and CEO of C4 Ventures, sees Europeâ&#x20AC;&#x2122;s digital potential eclipsing that of the US with a dynamic environment that favours entrepreneurship like never before, more funding from different sources â&#x20AC;&#x201C; including corporates and US VCs, and increasing operational support. More detail on the vibrancy of the digital scenes in France and the UK is provided by Marie Ekeland, President of France Digitale and Gerard Grech, CEO of Tech City UK. With London topping the European Digital City Index in 2015, we look at why it is favoured by fintech and other digital start-ups. An interview with MADE.comâ&#x20AC;&#x2122;s founder gives great insights into this and other aspects of the start-up journey. Key to this is financing, and Alexandre Covello of Angelscube provides a snapshot of the investment landscape, once the domain of VCs, hedge funds and business angels, which has now opened up to crowd-funding and corporate funds, as businesses become involved in creating accelerators and incubators. BlaBlaCar has just become the best funded technology start-up in Europe and in an interview with its UK Head we find out how they did it. Funding is one way in which big and small companies are working together, but there are many other avenues from mentoring to creating innovative solutions for age-old business problems, and this space is opening up like never before. We then embark on the digital transformation journey, looking at how big companies are progressing to digital maturity, the strategies they are adopting, the governance they are implementing and the challenges they are facing. In a world where new technologies rapidly become the norm only to be replaced by even newer technologies, business cannot stand still. Digital has become an imperative for survival. I KF

info

- november / december 2015 - 31

Interview with

AXELLE LEMAIRE

French Secretary of State for Digital Affairs

You have called your position the ‘portfolio for

whose innovation is not digital but relies on the use of digital

imagination’. What role do you play as French Secretary

technologies. For this reason, some hyper growing start-ups

of State for Digital Affairs?

are benefiting from a premium service and the state invests in

I have a very particular role to play: ultimately, and one can

accelerator funds that are designed to help and support the

see this in his/her everyday use of digital technologies, digital

development of young start-ups.

technologies are everywhere, and in every sector. Moreover,

The third objective is to foster the international influence

in each and every sector, the economy of course, but also

of French Tech. Thus French Tech was present at the last

education, transportation and sustainable development, digital

edition of the Consumers Electronic Show, and has organised

technologies are rewriting the traditional codes, renewing the

events that attract international VCs such as French Tech

basic principles, bringing agility and new tools to serve public

Discovery Tour. And this is just the start!

policies.

I have launched the French Tech Ticket, which is an incentive programme enabling foreign entrepreneurs to come

How does the French Tech ecosystem work, and how does

to France to create start-ups and jobs: starting in January

it compare to initiatives elsewhere, particularly the UK?

2016, over 50 entrepreneurs will come to Paris and be

French Tech designates all the actors of the French start-

accompanied on every step of their development.

up ecosystem. It is a governmental initiative, which has the

Finally, I also wanted to replicate the French Tech metropolis

specificity of being carried by entrepreneurs. I fundamentally

abroad. This French Tech Hub will be an anchor and provide

believe that, when dealing with innovation, we have to be

reception points for the French diaspora.

innovative. That is the reason why this initiative, in less than a year and a half, has met with great success because the actors

How is France developing digital education and skills?

have taken ownership of this common label.

In my opinion, this is a major challenge, and we are acting at

The French and British ecosystems have a lot in common, and they are the spearheads of Europe Tech, the European

different levels. Beginning with schools, the French President has

digital economy. I really believe that the key difference is the

announced a digital scheme which will be rolled out at

way the French territories have an innovative strength: we aim

school start in 2017. The whole point is to ensure that digital

to appreciate innovation where it is born, which includes the

technologies become tools for making our educational system

13 ‘Métropole French Tech’ (French Tech Metropolis) labelled

fairer and more efficient.

ecosystems.

Digital technologies at schools also implies learning a new language (coding or computer programming), so that each and

What does the French government do to support ‘La

every student is an autonomous citizen in a digitally driven

French Tech’ in terms of policies and financing?

society. The comprehension of computer-programming

French Tech has efficient schemes that are becoming

has been incorporated in the common core of knowledge,

increasingly powerful. There are three main objectives. The

competence and culture obtained during compulsory

first is to federate and structure the ecosystem, which has

schooling from 6 to 16 years old. And, beyond the classroom, I

resulted in great mobilisation throughout France: ultimately,

have encouraged the financing of initiatives to teach coding to

13 metropolises have received the label and four territories

young people.

have been distinguished for their excellence in specific areas (Medtech, Design, Culture and the Internet of Things). The second is to boost the growth of start-ups. Specific French Tech grants are awarded to start-ups, including those

Lastly, and because the digital industry is a sector offering new possibilities, especially to young school dropouts, the French President has recently launched the ‘Grande Ecole du Numérique’ (the Great Digital School) that aims to label and continued over

32 - info - november / december 2015

Interview with

ed vaiZey

British Minister of State for Culture and the Digital Economy

What role do you play as Minister of State for Culture and

over another. The OECD’s Digital Economy Outlook for

the Digital Economy?

2015 is a great example of international practices and how

One of my key responsibilities is to ensure that the UK provides

individual nations are using the digital economy as a catalyst for

a thriving digital ecosystem that not only allows businesses

productivity and growth. I am keen that we regularly review a

to start and scale up across the country, but also a strong

variety of literature and evidence, wherever it is relevant.

infrastructure to encourage this growth – superfast broadband, the Digital Catapult, Internet of Things and the Smart Cities

What does the UK government do to support the digital

programme are all current examples of this. We also collaborate

economy in terms of tech policies and financing?

with other departments across Whitehall to facilitate consistent

I am a strong believer that digital technologies are the drivers of

policy development through our Digital Implementation

productivity, and by setting an example in the UK of what can,

Taskforce, (attended by Ministers and chaired by myself) as

and has, been achieved, this potential has the capacity to attract

well as cultivating strong relationships with organisations such

investment from global partners.

as Tech City UK, TechUK and Nesta, to name but a few. This

One of the ways we do this is through the Government

provides vital feedback between industry and government to

funded organisation Tech City UK, which delivers programmes

ensure policy delivery and development are aligned in a fast-

focused on accelerating the growth of digital businesses at

changing digital landscape.

all stages of their development. This includes the Future Fifty programme, which offers tailored support to 50 growth-stage

How does the UK digital ecosystem work, and how does it

digital companies – previous partnerships including Just Eat,

compare to initiatives elsewhere?

Zoopla and Graze. For new businesses, Tech City’s Tech Nation

We’re really talking about a huge proportion of the economy

Report for 2015 recognises that access to both broadband and

here. Businesses and consumers increasingly rely on the

talent are key factors for a start-up, which in turn contribute

internet, digital services and online commerce. This is one

to the growing ‘tech clusters’ distributed across the UK,

of the reasons we created the Digital Economy Unit in the

which reinforces the need for providing strong infrastructure

Department of Culture, Media and Sport – to make sense of

measures.

the landscape, to galvanise digital efforts across government

Whilst London is the fastest-growing area of the country

and make sure the Government is providing leadership and

for digital businesses, we have to ensure this concentration

contributing effectively where necessary. This includes making

is spread equally to provide new regional opportunities. The

sure we have sound foundations (for example, building

Northern Powerhouse initiative is an example of unlocking the

world-class infrastructure), the skills needed now and in the

North East and West’s potential as a global centre for the digital

future, inclusion so everyone can benefit, and that people and

economy. As a result, Tech North was announced to co-ordinate

businesses are safe and secure online. We’re also supporting

the existing digital technology expertise of Manchester, Leeds,

businesses to take up digital, for example through Tech City and

Sheffield, Liverpool, Hull and the North East tech cluster. In

tech hubs; and supporting innovation and future technology,

addition, the Government funds digital start-up incubators in

for example through the digital catapults, the Internet of Things

Manchester, Leeds and Sheffield to support digital start-ups

demonstrators, and our work on smart cities. But this isn’t a

and to link them up with investors. Setting both a regional and

Government effort alone – virtually everything we do is done in

national example is not only key to securing investment for

partnership with industry, education and the public. It’s a UK-

both start-ups and growth-stage companies, but will also host

wide effort.

a growing employment demand of 1.46 million people, and

There is currently some exciting activity on the international

growing.

stage, but it would be unfair to isolate one country’s modelling

continued over

info

- november / december 2015 - 33

AXELLE LEMAIRE support, throughout France, innovative and short digitally

transformation of the entire economy, including our industries.

oriented teaching programmes. Hence, by the end of 2017,

I think that France and the UK have all the keys to accelerate

10,000 students will be trained.

this transition. The start-up ecosystems are booming as our greatest corporations can already be found worldwide: we

What part can France and Britain play together in

bear the responsibility to accelerate the transition and to make

creating a digital strategy for Europe?

the most of the opportunities that we have! I

It is clear that start-ups are involved in the fundamental

Interview by KF

ED VAIZEY How is the UK developing digital education and skills? We’re committed to developing the digital skills that employers

developed an ‘introduction to Cyber Security’ MOOC [massive,

need and that drive the Digital Economy. Working with industry,

open, online course] with the Open University that can be

we have made changes to our education and training systems

accessed by anyone at any time. Over 60,000 people have taken

to ensure it is equipping individuals and businesses with the

part so far.

digital skills the UK requires. At school level, we have reformed

At the higher end, the Government invests in a number of

the computing curriculum to make it more inspiring and

programmes to boost post-graduate and doctoral-level learning

relevant to the needs of employers. In practice, this means

and research in cyber security. This ensures we can stay on the

focusing on the skills that will empower our young people

cutting-edge of cyber security and meet the challenges of today

to thrive and adapt as new technologies emerge. We’ve also

and tomorrow.

launched the innovative digital Degree Apprenticeship, which enables apprentices to get the right mix of business and

How digital are you yourself?

technical skills which we know employers value.

I’m keen on all things digital which is why it’s great to have the

A challenge for all nations is making sure that digital skills

digital economy brief. On a daily basis I’m a keen user of Twitter

training remains up to date and relevant alongside technological

so I hope I’m setting an example to my 30,000 followers as well

change. A key way that we’re achieving this is by putting industry

as keeping them informed.

in the driving seat to design standards and course content that will produce highly skilled people the sector needs. Reformed

What part can France and Britain play together in creating

apprenticeships are enabling employers to do just that, by

a digital strategy for Europe?

working together to set the standards for specific roles. Nine

We already have a digital strategy in Europe. In May, the

digital standards have already been created, including two for

European Commission published detailed plans to create an EU

cyber security.

Digital Single Market. This agenda is a priority for Jean-Claude

One key area of focus is ensuring we have the skills to stay

Juncker, President of the European Commission. It is also an

one step ahead of emerging technologies and threats. The new

area that is close to Prime Minister David Cameron’s heart, so

IT and Computer Science GCSE and A-level curricula will include

we welcome this emphasis.

cyber as a core component and we’re also working with the BBC

The UK Government wants to unlock the potential of digital

to produce cyber-focused games and courses for their microbit

in the EU – to support business to sell to 500 million consumers

mini computers that will go to every year 7 pupil in January 2016.

and give consumer confidence, choice and lower prices. If we

We support the Cyber Security Challenge which leads a variety of competitions and programmes to help identify, inspire and enable more people to become cyber security

achieve our objectives for digital we believe it could add up to 2% to UK GDP. The UK and France have some of the most successful tech

professionals from all ages and skill levels. The Challenge

entrepreneurs and our governments lead the world on open

recently launched the world’s first virtual skyscraper designed to

data and the digitisation of public services. So we will both be

find, nurture and recruit cyber security talent in a user-friendly,

pushing to maintain a high level of ambition for the Digital Single

immersive 3D world.

Market. More specifically, we have established a Franco-British

We’ve also embraced modern learning methods by developing free online training courses. For example, we

34 - info - november / december 2015

taskforce to produce a report on how to exploit the growth potential of data innovation. I Interview by KF

FOCUS - The Digital Imper ative

A second look at the

European start-up scene By Pascal Cagni, Founder and CEO of C4 Ventures, and from 2000 to 2012, General Manager and VicePresident of Apple Europe, Middle East, India and Africa

Do you view Europe as a hostile

million in the US. According to eCommerce Europe, the potential

land for start-up development?

size of the e-commerce market in Europe recently leapt ahead of the US, making it now worth $350 billion compared to $315

Do you harbour misconceptions

billion in the US.

about heavy regulation, high

cities – London, Berlin, Paris, and Stockholm to mention the

Europe’s innovation powerhouse centre on a handful of

fragmentation and the existence

main ones. The UK and France are certainly leading the charge,

of a conservative mindset?

UK e-shoppers spend $1,000 more per year online than their

as they represent 44% of Europe’s e-commerce marketplace. US counterparts. In terms of growth, both countries are shaping up well:

We don’t.

the UK is thriving and France is showing early signs of growth.

There is already abundant evidence that Europe’s potential is

recovery, representing 10% and 5.5% of the GDP in the UK and

underestimated and that it could play in the same league as

France respectively, according to McKinsey.

The digital economy is contributing healthily to this economic

the US. Europe’s digital potential is actually much higher than

Both French and British governments have also introduced

the US. The EU has 400 million Internet users compared to 277

strong tax incentives; typically benefiting the investors in the continued over

info

- november / december 2015 - 35

FOCUS - THE DIGITAL IMPERATIVE

UK (EIS, SEIS, VCT)1 and the start-ups themselves in France

to close this gap, including European corporates, which are

(CIR, JEI)2. They have boosted these by launching major public

increasingly acquiring start-ups with the hope of rejuvenating

initiatives (French Tech and Tech City UK), seeking to build

themselves and creating internal hubs of innovation.

unique ecosystems that allow entrepreneurs to create great start-ups.

In that context, the time is ripe for VCs to re-invent themselves.

The list of successful start-ups is already impressive:

Venture Capitalism should not be only about financing, but

companies like Sigfox, BlaBlaCar, Farfetch, Zoopla and

also about bringing operational support that will help start-

Transferwise are just a few examples of rising global leaders in

ups to ‘scale up’, defining a new model for VCs as heralded in

their respective domains.

California by Andreessen Horowitz.

We’re actually not the only ones who think Europe is hot: John Chambers, CEO of Cisco, who recently toured Europe, said when speaking about the French digital environment: ‘I see a start-up generation that will make France a digital leader of the future.’

This is why the aim is not about creating financial models, but actually build companies supported by operational professionals, not only investment professionals. At C4 Ventures (c4v.com), we help start-ups scale up faster by providing operational support. We provide our portfolio

Even Li Ka-shing, Asia’s richest man, has said that he would

companies with fast-track access to tier one European retailers,

rather invest in Europe than in China, the UK being the best

as in the case of Nest, Anki and Netatmo, to talent sourcing

market opportunity globally.

for Applicaster and Cleeng, and supplier recruitment and

Entrepreneurs are truly back: they are the modern day

negotiations for ISKN.

heroes for graduates as over one in ten now wants to create or

Because of its market dynamics and huge potential,

join a start-up. The best European business schools now offer

the European ecosystem is perfectly suited to achieve this

entrepreneurship programmes and founders can count on a

ambition. But it needs also a different type of thinking about

rising number of accelerators and incubators to jumpstart their

the ‘exit’ phase. The image of Europe conveyed by the CAC 40

business ideas.

and FTSE is an outdated one, which has long awaited renewal.

Rather than seeing it as a fatality, fragmentation has

Right now, the standard exit for a European start-up or growth

actually enabled complementarity between multiple specialised

company if not yet bought by an American company, is an IPO.

tech hubs in Europe. As Europe’s financial centre, London is

But there is an opportunity for corporates in Europe to invest

unmatched in fintech, while Paris’s unique pool of engineers

in or buy start-ups and fast-growing innovators. This is vital for

and industrial design culture make it a champion in hardware

corporates as they need to rejuvenate to drive business growth

(e.g. Netatmo, Withings, ISKN and Giroptic).

and create employment opportunities. Because corporates

On the investment side, the number of early-stage deals has

have no debt on their balance sheets after the 2007 economic

doubled over the past five years to reach new records in 2015,

crisis, they are in a strong position to leverage a clean balance

according to CB Insights. But compared to the US, there is still

sheet to buy over $100 million+ companies. This outcome will

a huge gap, especially for late-stage funding, which is 13 times

secure a strong leadership position for the UK and France at

bigger than in Europe. In fact, US Venture Capitalists are trying

the forefront of an innovation era that is preparing the next

to fill that gap themselves: most of the late-stage funding in

generation for a more promising future. I

Europe is carried out through US-based VCs. Others are rushing

1. EIS (Enterprise Investment Scheme), SEIS (Seed Enterprise Investment Scheme), VCT (Venture Capital Trusts) 2. CIR (Credit Impôt Recherche), JEI ( Jeune Entreprise Innovante)

% of GDP represented by digital France: 5.5% UK: 10%

Venture Financing 2014 France: €630 million UK: € 839 million

Source: McKinsey

Source: EVCA

Unicorns France: Criteo, BlaBlaCar UK: Powa Technologies, Wonga, Monitise, Transferwise, Farfetch, Zoopla, Fundraising Circle Source: Atomico

36 - info - november / december 2015

LA french tECH Marie Ekeland, Co-founder of daphni and co-President of France Digitale paints a positive picture of the macro-environment and ecosystem that is enabling a flourishing French tech start-up scene

a French Tech has never been in such good health:

global champions. But all European countries are generally facing

Showroomprivé has just announced its IPO while start-up

the same type of challenges.

creation and financing are booming. In total, BlaBlaCar, Sigfox, Mirakl, LaRucheQuiDitOui, Scality, Algolia, Lengow, iAdvize,

2. Flourishing bottom-up initiatives

Doctolib, Geolid and SaveMySmartphone have raised almost half

New initiatives are flourishing all over the country, encompassed

a billion dollars over the past six months, demonstrating France’s

by the ‘La French Tech’ brand:

strengths in the sharing economy, big data and the Internet of

• accelerators, such as The Family, Numa, Bpifrance Le Hub, IoT

Things.

Valley in Toulouse, Euratechnologies in Lille and Axeleo in Lyon

These examples are indicative of the current maturity of

• associations, such as France Digitale and The Galion Project

the French ecosystem which has been accelerating recently: on

which bring the ecosystem together and spread best

average, French start-ups grow 37% year on year and hire 30%

practice

more employees each year according to the 2014 France Digitale/

• schools dedicated to digital innovation or coding (‘42’,

EY barometer. This progression can be attributed to three main

WebSchoolFactory)

things:

• hardware hubs and fablabs, like Usine.io or the Hardware

1. The macro-environment

• and numerous events from all sizes, from small tech meet-ups

However blurry it might appear, the French macro-environment

to bigger ones like France Digitale Day and Connected

is supportive of tech entrepreneurship, thanks to:

Conference.

Club

• very high productivity • a lot of great engineers (France has more science graduates

3. The level of ambition

than any other European country), which are sought after by

In recent years, one of the most remarkable changes in the French

big tech companies opening R&D centres like Intel, Samsung,

ecosystem has been the global increase of the level of ambition.

Cisco, Facebook, etc.

Founders have a greater international mindset: in 2014, 43% of

• high-class infrastructure (second largest high-speed railway

French start-ups’ revenues were generated abroad, showing a

network in Europe, second largest airport for passengers

57% year-on-year increase (EY/FD Barometer, 2014).

and freight, etc.).

And investors too! Even though France is still lacking a vibrant business angel scene and late stage financing power compared

That general macro-environnment has been supported by

to London, the gap is reducing quickly thanks to new players

a historical tax framework fostering technological innovation, in

(Partech Growth, Felix Capital, daphni, etc.) and greater coverage

particular the ‘Young Innovative Company’ and the Research Tax

by international investors (Accel, Index, Mosaic Ventures, Point

Credit. Taking into account that innovation is not only a matter

Nine, Insight Venture Partners, Union Square Ventures, etc.).

of pure R&D but can also come from other dimensions such

This is quite new in France, which tended to be quite insular

as business models, the government is adapting its innovation

in the early days: for example, the first Paris-based unicorns

public policy to this new benchmark, which has already been

Free and Vente-Privée were focused on the French market. The

adopted by Bpifrance in its subsidies scoring process.

change has a lot to do with the success of Criteo, now located in

Real improvements have been made in the past two years

27 countries, and valued more than $2.5 billion on the Nasdaq,

to put in place a fair capital gains taxation regime as well as an

and BlaBlaCar, another example of a French start-up accelerating

efficient RSU (Restricted Stock Units) framework (thanks to a

globally. These two role models are boosting the ecosystem’s

new dialogue between the government and start-ups through

international ambition.

initiatives such as France Digitale), which now places France at a

The French macro-environment, the flourishing bottom-up

decent level of competitiveness for equity incentive instruments.

dynamic and the increased level of ambition are the three growth

There is still much to be done to adapt labour laws and

pillars of La French Tech. Now the main challenge will be to

more generally the French social model to the changes induced

connect European hubs to offer greater chances of international

by digital economy, and also to drive French savings towards

success to our start-ups, and build an easier path to growth for

financing the transformation of the economy, and the creation of

European start-ups. I

info

- november / december 2015 - 37

FOCUS - THE DIGITAL IMPERATIVE

The UK at the digital frontier:

FROM TECH CITY TO TECH NATION London may be the top European Digital City, but the UK’s digital sector is thriving right across the UK, thanks to pro-business and pro-digital policies as well as vibrant entrepreneur networks and an entrenched start-up culture, as Gerard Grech, CEO of Tech City UK observes

he UK’s digital sector has never

The digital sector is thriving not

been in better shape. Recently

just in London, but right across the

named the top city in Europe for digital

country. As detailed in the 2015 Tech

entrepreneurs by the European Digital

Nation report, the UK’s digital sector

City Index 2015, London’s strength as a

has flourished in distinct clusters

global tech hub is unparalleled on the

up and down the nation. 74% of

continent and is central to the powerful

digital companies in the UK operate

digital sector that has developed across

outside London, with digital clusters

the entire country, as seen in Tech City

in Bristol, Belfast, Manchester and

UK’s Tech Nation report.

Bournemouth

Digital job growth in the UK is

among

the

fastest

growing. These clusters are producing

predicted to outperform all other

revolutionary

digital

technologies,

occupation categories by 2020, and the UK’s internet economy

such as the Bristol-based Open Bionics. Tech businesses in the

as a whole is now worth 10% of GDP – one of the fastest growing

UK have widely thrived in clusters, with 77% of companies citing

in the G20. There are already 1.46 million people employed in

the access to a network of entrepreneurs with whom to share

the digital industries. With 50% of all digital companies in the

ideas as a major benefit.

UK having been founded since 2008, start-up culture has truly taken hold of the UK.

Tech City UK’s work to accelerate digital business across the UK involves analysing and creating the optimum conditions

And as London is just one example of the UK’s rapidly

for technology businesses and entrepreneurs to thrive across

growing digital sector, so London’s ‘tech city’ is just one part

the UK. Combining a publicly funded non-profit team with a

of the capital that is contributing to the development of its

private sector mentality, Tech City UK addresses the needs of

world-leading tech ecosystem. From fintech companies such as

the country’s digital businesses at every stage, whether through

Bankable in Canary Wharf and adtech businesses like Adbrain

developing home-grown UK tech talent with the Digital Business

and Struq in Soho to the state-of-the-art media and data centre

Academy, ensuring UK companies can compete on a global

being developed in the Olympic Park in Stratford, London’s tech

stage or in a policy convening capacity.

sector has many beating hearts.

In this year’s London Technology Week, it was announced that the UK is home to 17 of Europe’s 40 ‘unicorns’, or tech

Digital job growth in the UK is predicted to outperform all other occupation categories by 2020

companies with billion-dollar valuations. These companies are leaders in their fields and at the forefront of global innovation, including TransferWise, Unruly and Farfetch to name just a few. This is the level of international excellence that Tech City UK looks to develop in its Future Fifty programme – a collection of 50 leading UK digital businesses. With a collective £791 million

These mini-clusters often develop specialisms as they grow

raised across the programme, the global growth of member

and with London’s continuing digital excellence, more and more

companies has seen them expand to cater for paying customers

areas of the capital are cultivating the conditions that allow tech

in 170 countries around the world.

start-ups to thrive. This has the ever-positive effect of diversifying

The future for the UK digital technology sector is extremely

the capital’s digital offering to areas such as Croydon (game

bright. The continued growth of these global companies

tech) and Camden Town (edtech). Clearly, London’s ‘tech city’

combined with the development of exceptionally gifted tech

is not bound by the geographical boundaries of the Old Street

talent means that it will not be long before we see the first UK

roundabout, but is a digital concept itself, predicated on the pro-

‘super-unicorn’. I

business and pro-digital agendas and environments in the UK. 38 - info - november / december 2015

Why London is a great place for Fintech and the timing couldn’t be better Marc Avedissian and Amine Berraoui, founders of Tramonex, an international payments service company, draw on their experience of being a fintech start-up to explain why London is where it’s at

here is no doubt that London is one of the leading global financial hubs, but how does the British capital fare when it

comes to the Fintech scene?

to be created by 2020. Beyond the intrinsic reasons of positioning London as a fintech hub, there are other circumstances that make the

Hot on the heels of its US counterpart, London’s fintech

fintech space attractive in the city:

initiative is rapidly growing into more than a temporary buzz.

• The banking sector is witnessing some challenges in terms

Seventeen of Europe’s 40 ‘unicorns’ – startups with valuations

of restructuring due to regulatory pressures and growth

Corporate and employment laws are entrepreneur-friendly, favouring can-do trial and error rather than fear of failure of $1 billion or more – are in the UK. Eight of these are fintech

issues. This inward focus leaves few resources and little

companies, making it the biggest sector by far.

appetite for innovation, opening up a considerable pool of

We believe that the main reasons behind this success are

talent and ideas that are now breaking away from the

the following:

traditional sector and finding their way into the fintech space.

• London is Europe’s largest financial hub, so centralising the

• The size of the banking sector and the extent of its

fintech effort in this market, close to the banks, where the

investment in legacy infrastructure makes it very difficult for

product is understood, skills are readily available and in this

traditional banking to remain agile and ahead of technological

time zone (between Asia and America) makes sense.

developments. A number of large investment banks today

• There are important government incentives available for

can be seen simply investing in incubators and accelerators,

fintech companies (such as Innovate UK), although this is also

effectively ‘outsourcing’ their innovative effort.

true for many other start-up sectors.

• Due to increasingly stringent regulatory pressure, banks

• London has a business-friendly framework to set up a

are reducing their exposure to a broad client base, leaving

company quickly and in a cost-efficient manner

a significant space open for fintech innovation, in particular

• London

has

well-diversified

pool

international

talent. Such diversity can’t be found elsewhere in Europe.

among SMEs • There is also a demand among consumers for alternatives. The

Corporate and employment laws are entrepreneur-friendly,

2008 financial crisis and recent banking scandals (e.g. LIBOR,

favouring can-do trial and error rather than fear of failure.

FX rigging and fines, etc.) mean that the banking industry is

• Financing ecosystem: the capital has thriving public markets

perceived to have lost some confidence and credibility; this

which are warming to tech stocks. More and more VCs are

has pushed a broad segment of the population to seek and

putting money into London start-ups, netting $554m (£357m)

feel more comfortable using alternatives to the traditional

of venture capital investment so far this year, compared to

financial products and institutions.

total investment of $487m in 2014. There is a greater number

• Change in technology: more and more companies offer

of incubators and accelerators in the sector employing

APIs (Application Program Interface), which allow a cost

more people – 44,000 – than New York or Silicon

efficient solution for fintech start-ups providing a broad array

Valley. The government is supporting the development of the

of products.

fintech industry by backing Innovate Finance’s manifesto,

For all the reasons above, London has become a top location

which outlines plans for attracting $8 billion of investment,

for the fintech sector and we believe it will remain so in the

$4 billion of venture investment and $4 billion of institutional

future. In the longer term, this will mean a successful transition

investment. The goal is for the UK to become the global home

for London from a global leader in traditional banking to the

of 25 world-leading fintech companies based on either IPO,

fintech hub of choice across the full range of non-traditional

value, market cap or global market share, and for 100,000 jobs

and innovative financial products. I

info

- november / december 2015 - 39

What makes LONDON top for tech ?

Funding, tech talent and the right climate for growth are all factors in London’s tech boom according to David Slater, Director of International Trade and Investment at London & Partners

VCs love London tech firms

Ranked as the top city for fast growth

Five years since the Tech City initiative was launched by the

More than 50% of the Sunday Times 2014 Tech Track 100 list

UK Prime Minister to promote the tech cluster, London has

of fast-growing companies are located in London, drawn by

become Europe’s top destination for investors. Since 2010,

the city’s strong economic growth. The London economy is

VC investment into London’s tech sector has grown 20-fold. In

expected to expand in real terms by 4.2% in 2015 and 3.4%

2014, more than $1.4bn was raised by London tech firms –

in 2016, thanks to a ‘sharp and sustained increase’ in both

double the previous full-year record of $719m. More and more

business and consumer confidence in the capital, according to

investors are looking to capitalise on London’s tech boom. Last

the Centre for Economics and Business Research, an economic

year, leading firms including Balderton Capital, Index Ventures,

think-tank. A key reason for this is the city’s reputation for

Google, Santander and others created new investment vehicles

fast business growth and ease of doing business, which are

in the capital, worth more than $1.5bn. ‘Over the last few years

key ingredients for scale-up businesses. UK corporation

the whole of the technology sector in Europe has lifted, and in

tax decreased again to 20% on 1 April 2015, meaning that

London there’s been a big boom in new technology companies

companies in London benefit from the joint-lowest corporation

floating or raising large amounts of money,’ says Mike Butcher,

tax in the G20. It is no coincidence, then, that tech giants

Editor-at-large of TechCrunch. ‘As big as anyone else gets

including Amazon, LinkedIn, Google and Facebook have all set

– like the Berlin startup scene for instance – London just

up in London to enable them to grow their business in recent

continues to get bigger. Its legal and regulatory environment, its

years.

funding environment and its exit environment for technology companies are all just improving in leaps and bounds.’

An environment for talent

London: Europe’s top tech hub The scale of the European market makes it an obvious progression for North American and Asian companies looking

The race to attract highly-skilled talent to the world’s leading

to scale up in new markets. Investors, too, are flocking to the

technology hubs is increasingly challenging, with cities around

continent to make the most of the tech boom. A number of

the globe competing against one another. With 382,000 people

European cities are attracting tech investment from across

working in computing, gaming, telecoms, film and media,

the globe. Paris is noted for its strong B2B tech scene, and

London’s technology and information sector is growing faster

Berlin is known for embracing start-up culture and its market

than in California. Additionally, over the next decade, the

access to eastern Europe. Both have limited access to funding,

number of digital technology companies in London is expected

however: Berlin startups raise 80% less capital on average

to rise to 45,000, which will add an estimated extra 46,000 new

than Silicon Valley startups, and this rises to 95% less capital

jobs to the industry.

in Paris, according to Telefónica’s Startup Ecosystem Report.

This appetite for tech talent has led London’s top

This is where London comes into its own as Europe’s top tech

universities to run specialist IT-based courses to address the

hub: it has already produced several billion-pound startups

need for young talent. Currently more than 23,000 students are

this year, including money transfer company Transferwise and

studying computer science and maths courses in the capital,

music discovery app Shazam. Another key differentiator for the

which is home to six of the world’s top 100 universities.

capital is that it leads the market in several tech sub-sectors.

The workforce in London is fiercely international. According

While London’s traditional strengths lie in finance, media and

to Boston Consulting Group, the capital is the most desirable

business services, more recently new areas, including adtech,

global city in the world to move to for work, ahead of New York

medtech, edtech and fintech, have emerged as leading sub-

and Paris. ‘Too many people still believe that tech innovation

sectors. Indeed, 69% of European investment in fintech in

and investment is centred around the US,’ says Eileen Burbidge,

2013 was in London businesses, and the sector employs

Partner at Passion Capital. ‘In fact, entrepreneurs, companies

44,000 people. I invest.london

and investors are all gravitating to London to set up shop and launch products.’ 40 - info - november / december 2015

FOCUS - THE DIGITAL IMPERATIVE FOCUS - THE DIGITAL IMPERATIVE

The French start-up that made good in the UK A French success story in the UK, MADE.COM is one of the beneficiaries of the country’s ecosystem. Co-founder and COO Julien Callede talks about their experience and ambitions

ADE.com’s founders are all French, so why choose

thousands of virtual ones all across Europe through our online

the UK to found and headquarter your start-up?

platform called Made.com/unboxed.

Although the three operational founders are French, we teamed up from day one with one of the two ex-founders of

How easy was it to roll out in different countries?

Lastminute.com, Brent Hoberman, who is still one of our core

The beauty of the Made.com online model is that it can easily

investors and our chairman. Brent’s network and knowledge

be rolled out in other countries. I used to say that the three

of the UK ecosystem has been a great help, in a market that

things you need to open in a new country were a team, local

we believed was one of the most interesting in terms of e-

delivery providers and a significant enough marketing budget

commerce maturity and potential for the Made.com concept.

to build up the brand locally. I was wrong. We were missing

Also, we saw London as a great place to start a company that

the fourth one: local payment methods. In Italy, we only

we believed should quickly grow global.

implemented Paypal and bank transfer payments six months after launch, and that improved our website conversion by

What was your experience of launching and growing the

almost 50%. Lesson learnt. We launched Germany with the

company from scratch?

full set of local payment methods and are very happy with

I had never launched a business before, but it has been

our early growth in that market. Our European roll-out now

an amazing experience. The words that come to my mind

represents more than 35% of our overall business.

are: Excitement. Problem solving. Very fast decision making. Customer first. 2010 was about learning and optimising.

How have you innovated?

2011 was mainly about growth: great collections, improved

The Made.com model itself was a strong innovation both in the

marketing execution, we multiplied our monthly turnover by 4

design process and how brands are bringing new products to

between October 2011 and January 2012. Which made 2012 a

the market, and in the way of approaching the industry supply

bit of a transition year as we experienced our first real growing

chain. Then, Unboxed has been a real innovation in how to

pains, with the quality of our delivery partners being the major

build trust in your products’ quality without having a lot of

one. We had to re-organise ourselves and get our partners to

physical showrooms, and also in engaging your customers as

raise their game before starting our European roll-out phase

genuine and trustable advocates of your brand. We have many

early 2013. The biggest challenge for us has been the ability to

more innovation projects in the pipeline – the next one will

manage growth in terms of teams, partners, cash, systems and

come out just before Christmas.

procedures. How have you financed your start-up? Did you have to make any refinements to your business

We’ve raised three rounds of funding, including a last round of

model along the way?

$60 million earlier this year. That funding will be mainly aimed

Our customer promise never changed, and Made.com still

at strengthening our product offering, improving our level of

makes great quality designer furniture accessible to everybody.

service and accelerating our European expansion.

However, the way we operate our model has changed. That’s a key thing in growing a business – you sometimes need to

Where does MADE.com go from here?

make tough decisions and change some key ideas in your

Our main priority for the next three years is to keep building

concept. We were originally only delivering in the UK, with a

a strong European brand, with a great level of respect from

pretty long customer lead time (14 weeks), with no showroom

customers, an amazing customer service and strong brand

or physical presence, and strongly believed that was the

awareness. We want to continue being an innovating company,

right way of doing it. We’re now delivering in six countries, on

not only by optimising every aspect of our business but also by

average in 4 to 5 weeks and sometimes in a few days, and

having this entrepreneurial approach which will keep us in the

operating both innovative physical showrooms in the UK and

game for the coming 10 years. I Interview by KF

info

- november / december 2015 - 41

avoiding the pitfalls of

THE tech START-UP JOURNEY Funding aside, many tech start-ups flounder if business basics are ignored. Nilesh Shah, Head of Tax at Blick Rothenberg, who advises a large number of US technology clients as well as mentoring UK start-ups under the companyâ&#x20AC;&#x2122;s Tech Business programme, gives tips for avoiding some of the pitfalls along the way

oung tech companies often fall at

document, make sure you write it down.

the first hurdle, not because their

Also, even when this group gives you

technology is poor but simply because

money with no expectation, make sure

they do not have the right financial and

you mentally see it as money you have

organisational infrastructure or the right

to return with a premium and carry

mentor as the business is growing.

that sense of responsibility. If you do

So what does the start-up journey

not have this mind set, there will be a

involve and where can things go wrong?

danger that you spend the initial money without any discipline and before you

The idea

know it you would have run out of cash.

There are two broad categories of

Make sure you run it like a business from

founders: those who have a single idea

day one with a clear map of where you

and believe that is the best thing ever

environment where they can get to know

are heading and what you are willing to

and those who start looking for problems

people they will want to partner with. It

spend money on. You must have a goal

that need a solution. Whichever you are,

is no coincidence that when you look at

you need to attain by a certain time.

make sure you are coming up with a

founders of successful companies, one

solution to something that is a problem

goes on to become the COO and the

The support network

and people will care if you solve it. It is

other the CTO.

Even though you will have your hands

not a good idea just because you like it.

The founders

The money

full in getting the product developed, you need to continue to be out there

It will always cost a lot more than you

making contacts. You will need them one

The first challenge for any would-be

think to get an idea off the ground. It is

day. Make sure you find friendly lawyers

entrepreneur is whether to go it alone

important right from the outset that you

and accountants who are willing to

or partner with someone. The answer

have a structured plan on how you are

support you in the early days at minimal

will depend on the personâ&#x20AC;&#x2122;s skill sets.

going to make the idea come alive. This

cost. More importantly, find people who

A technically minded person may be

inevitably means building the product. If

have good connections in the space you

able to work alone for a while before

you have partnered with the right people

are going to try and sell as well as raise

needing help with some of the business

and skill sets you should be able to do

money. In due course, you should create

functions, but an organiser who cannot

this within the team quite cost effectively.

an Advisory Board consisting of these

write code will have to find a technical

If you do not have the right skill sets

skill sets. They will want an equity interest

partner fairly quickly. This is often the

within the team, you will start spending

in the business, but make sure you give

first major hurdle as unless you already

money very quickly.

this stake in return for them delivering

know someone, it can be difficult to find

Almost all start-ups will initially

a business partner who not only believes

bootstrap themselves by raising money

in your idea but also is easy to work

from friends and family. Some, like

Conclusion

with. Start-ups can go through some

parents, will give money thinking they

It is exciting to be part of a start-up.

challenging times and unless partners

will never see it again and will not want

Whilst it can be fun and rewarding, do

really get on, the business will flounder

any shares in return. Others will see it as

not underestimate the ups and downs

very quickly.

risk capital and mentally write it off but

of the journey and the importance

position

will want a stake in the company. This is

of establishing, from the start, the

are best advised to network from a

where you need to start documenting

disciplines of running and growing a

very early stage so that they are in an

agreements. Even if it is not a full legal

business. I

Entrepreneurs

this

42 - info - november / december 2015

what you need.

FOCUS - THE DIGITAL IMPERATIVE

How tech start-ups GET FUNDED Alexandre Covello, Founder and CEO of AngelsCube, an innovative funding platform with a focus on European early-stage technology companies, explains how the funding process works and what start-ups can do to master the art and science of fundraising

ost, if not all, of the entrepreneurs we meet during their funding process complain that they would rather go

back to building their product and focus on the business than spending time on the road fundraising. Yet, when scaling up a business, one of the most important elements to get right is funding. Despite the recent explosion in venture capital investments flowing into the tech industry, not all start-ups end up receiving financing or being sufficiently funded. Without sufficient investment coming into the business at the right time, chances to grow the business risk being jeopardised. A founder who masters fundraising skills can therefore make a big difference, creating leverage for the business and develop a real competitive advantage. This is why it is critical for entrepreneurs to invest time and effort to perfect the art and science of fundraising.

1. Which investor?

to make a compelling case for why they should back a given project over every other investment opportunity. Key questions, and accordingly pitches, often revolve around

The past few years have seen the emergence of several new

the following topics:

funding options for innovative businesses, so it is more

• What problem is the company solving?

important than ever to choose the right kind of financial

• How big is the market?

sponsor. Alongside the traditional routes of grants, angel

• Team, co-founders and advisors

funding and venture capital, innovative start-ups and growth

• How strong is the competition? What is unique about the

firms now also have the choice of equity crowdfunding, peer-to-

company/product?

peer lending, accelerators, incubators and venture capital arms

• Go-to-market strategy, marketing and customer acquisition

of large corporates.

• Traction and adoption; How big can the company get?

At the early stage of the business, building a group of

• Exit strategy

notable angel investors provides much-needed credibility

Angel investors will respond strongly to the idea and the

and the mentoring role offered by experienced angels can be

quality of the founding team while institutional investors,

as valuable as the investment itself. The same goes for VCs

including VCs, will put their emphasis on existing traction and

which increasingly tend to be specialised and able to provide

the metrics to measure that traction.

the necessary tool kit to go to market and scale the business following a robust and proven road map.

2. Where to find investors?

4. Valuation and how much equity to give? The recent availability of funding has led to a significant increase in deal sizes and valuations, including for early-stage start-ups.

Diligent research is probably the best thing an entrepreneur

This should not lead to the wrong decisions being made. Put

can do to find an investor, very much like looking for a potential

simply, if the valuation is too high, a company may face a down

partner or client. Founders are well advised to research investors

round at a subsequent round or fail to raise altogether.

who have previously invested in their space or have expertise

Every early-stage start-up is different, and there are so many

in the industry or have expressed interest in the problem the

distinct attributes of a company’s value that it is difficult to use a

start-up is solving.

silver bullet formula. Determining the valuation is a reflection of

3. What to address?

the milestones reached by the start-up team, while at the same time reflecting reasonable foreseeable traction and future

It is fair to assume that most investors will be smart and savvy

performance. A general rule of thumb is that companies should

and will have done their homework. It is therefore paramount,

issue around 20% of equity to investors at any given round. I

info

- november / december 2015 - 43

FOCUS - THE DIGITAL IMPERATIVE FOCUS - THE DIGITAL IMPERATIVE

The French start-up that scaled up to new heights From a simple idea that tapped into a shared economy enabled by technology, BlaBlaCar is accelerating towards global expansion. UK Head Daniel Benamran charts their success

laBlaCar became one of the best funded technology start-

that if a vehicle breaks down during a BlaBlaCar journey, roadside

ups in Europe when it received $200m in its latest funding

assistance is provided free of charge, and if the vehicle cannot be

round in September. How did you do it?

repaired, both the driver and passengers are transported to their

BlaBlaCar allows people to travel more often, more cheaply, in

destination by other means. These sorts of services are hugely

a more environmentally friendly manner while also being an

appreciated by BlaBlaCar members.

enjoyable social experience. For these reasons, even from very early days, investors took a keen interest in the activity. Today, BlaBlaCar is in a hugely exciting position. Member numbers have been doubling year on year for the past four years.

Lastly, due to the network effects of a long distance ridesharing platform, scale is important. More than 90% of the rides offered on a long-distance ridesharing platform in the UK are on BlaBlaCar, so passengers are highly likely to find a convenient choice.

The market size is also enormous given that 80% of trips between cities are done by car with average car occupancy being just 1.7

What was your experience coming to the UK market?

in Europe. This large unutilised seat inventory has helped us get

Every time we launch in a new country, a deep understanding

to our current figure of 10.5 million members transported per

of the country’s culture is required to ensure the service can be

quarter. This statistic clearly has much room for growth, partly

tailored for local needs which is why we have local teams.

because although we run our service in 19 countries, we are aggressively expanding our geographical footprint.

The London office is BlaBlaCar’s largest after the Paris headquarters. A couple of years in, growth in the UK is significantly stronger than in France after the same number of years; it’s

How did BlaBlaCar start and why has it been so successful?

exciting to see such strong adoption.

Our CEO and co-founder, Frédéric Mazzella, first had the idea for

There were two UK specific cultural factors that BlaBlaCar

BlaBlaCar in 2003, after struggling to travel home to his family for

addressed early on. The first was that consumers are more sensitive

Christmas. After finding the trains fully booked, he ended up getting

to their insurance situation. Even though a driver’s insurance is

a lift from his sister. Seeing other cars on the road empty except

unaffected when using BlaBlaCar because no profits are made, it

for their drivers, he realised the sheer inefficiency of the way in

was clear that additional reassurance was needed, which is why

which people used their cars. With this, the idea for BlaBlaCar was

we joined forces with AXA. The second was a very strong online

born. All over the world, people need improved access to mobility.

payments culture. Consumers are used to paying online and want

BlaBlaCar offers an affordable, sociable and environmentally

such solutions to be available to them, so BlaBlaCar rolled out its

friendly transport solution, and that’s why it has resonated so

online booking system very early on to satisfy this strong demand.

strongly with people and we now have over 20 million members.

Furthermore, it’s worth noting that train fares in the UK are some of the highest in Europe and 55% of passengers believe they

As one of the vanguards of the sharing economy, how does

don’t get value for money according to a Passenger Focus survey.

BlaBlaCar make its money and add value to the car-sharing

Hence the particularly strong need for ridesharing here in the UK!

phenomenon? Thanks to an online booking system, BlaBlaCar acts as a third

Does it change anything for the company now that you are a

party, providing a reliable ridesharing service while having a

‘unicorn’, valued at over €1bn?

sustainable business model by charging a small commission on

The latest investment round gave BlaBlaCar the rocket power to

journeys booked. We have a dedicated member relations team

expand into new markets and to keep attracting the best talent,

available 7 days a week which moderates all content within the

but it hasn’t changed the company’s mission to build the largest

community, making the service even more trustworthy. On top

people-powered transport community in the world. Our focus is to

of this, every ride booked through BlaBlaCar in the UK benefits

continue improving members’ experience, creating more trust and

from free additional insurance provided by AXA. This is tailored

adding more value. We’ll keep on expanding our global footprint to

specifically for ridesharing and comprises three separate covers.

become a mainstream travel solution everywhere in the world: it’s

One of these, called ‘Breakdown cover and onward travel’ ensures

only the beginning of the journey. I Interview by KF

44 - info - november / december 2015

Digital has moved every business goalpost through the disruptive forces of mobile, social media, big data and cloud. These technologies are powerful enablers to fuel topline growth and create competitive advantage but they require visionary thinking to look beyond day-to-day operations and reinvent business models along digital principles.

How will digital technology transform your world? The simple answer is: In every way. It will transform the way you interact with your client, the way you manage your own operations, the way your business develops and grows and the way you build your relationship with your customers. At Atos and Worldline, our approach to help you on this journey is always practical, ensuring digital becomes fully integrated throughout your business.

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- november / december 2015 - 45

small

meets big

WHY AND HOW START-UPS AND CORPORATIONS

are working together Andrei Vestemeanu, Founder of Wisembly, draws on his own experience in advocating the win-win partnerships that can come from big and small companies working together

t’s the new way of working that evertually every large company

Why large corporations should work with start-ups

will embrace,’ says David Butler, Coca-Cola’s Vice President of

• Start-ups take risks!

Innovation, when speaking about collaboration between big and small businesses. In the past two years, giant corporations such as Coca-Cola, MetLife, General Electric, IBM, Mondelez International, Cisco and Tyco International have started taking cues from the start-up and venture capital world (Fortune, 2015).

• Start-ups are focused on a specific market and create a disruptive technology to answer its needs • Start-ups are agile and fast growing – they will try a new idea one day and abort the project for a better one the next • They think outside the box.

GE, for example, has enlisted 500 coaches to train executives to embrace concepts like risk taking and learning from failure. It seems that the saying ‘innovation belongs to the small

Why

entrepreneurs

those

beginning

the

wild

adventure of building a business, should work with large

and nimble’ no longer holds true in an economy where large

corporations

and small businesses are combining forces to create a smarter

• Large corporations own stable resources – financial, human

ecosystem surrounded by fast and disrupted strategies. The French start-up Wisembly is a great example of the advantages of collaborating with large companies. Founded five years ago, their technology fosters engagement in large meetings, synthesising all the collected data and helping

and technological • Large corporations have built a name in a specific industry, thus working together brings start-ups credibility • Large corporations know the market and can provide tips about your business

top management take informed decisions based on their

• Large corporations were once start-ups and appreciate

employees’ ideas. Georges-Edouard Dias, Chief Digital Officer at

being able to give advice on how to build success and avoid

L’Oreal Europe, spotted Wisembly and decided to help it adapt

mistakes.

its product to larger firms. As a result of this collaboration, Wisembly had its very first client and has since evolved into a SME that works with 400 large corporations on a daily basis.

It’s a win-win situation when start-ups and large corporations work together. Whether you are a start-up or a large corporation,

Start-ups and large corporations must learn from each other

competition is tough and you are always seeking the next best

and embrace their differences, as each have strengths that can

thing. Listen to what both parties have to say and seize the

give rise to innovative strategies. Many corporations are creating

opportunity to work with each other. I

accelerator programs, digital labs and even corporate VCs.

SMALL WORKING WITH BIG: CASE STUDIES Internal corporate communication has always been an issue

make video meetings as easy, interoperable and affordable as

for all types of companies. Who’s never heard a co-worker

audio meetings. With a cutting-edge solution like Blue Jeans,

say: ‘I didn’t know I was supposed to do this for today. I didn’t

Facebook can continue to expand rapidly and not worry

get your email’ ? Entering this space, start-ups have created

about its culture diluting over time, as now all employees can

some sharp technologies to fix communication issues:

organise meetings with people in different locations.

Blue Jeans & Facebook - interactive experiences across the globe

Trello & GOV.UK - make things open, make them better

One of the biggest success stories in recent years has been

One of the stakes of the UK Government created a unique

Facebook and its collaboration with Blue Jeans. Facebook was

online homepage to share information regarding each

founded in 2004 and continues to expand rapidly across the

service of the company. They used Trello, an online project

globe, combining offices in over 26 different cities and 10,000

management app known to be extremely flexible and agile

employees. Given the global nature of its operations, it has

in order to keep their users and internal employees updated

been challenging to get people from diverse backgrounds

about various services. They collected feedback on how to

and cultures to collaborate efficiently. Blue Jeans Network

improve the user experience of their online homepage. I

is a cloud-based video conferencing service designed to

Chloé Lasserre, Wisembly

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FOCUS - THE DIGITAL IMPERATIVE

DIGITAL MARKETING AND COMMUNICATIONS

It’s about agility and technology Eliott Maidenberg, Managing Director UK at Jin, a digital PR & influence agency, reviews how large companies are using start-ups to modernise their business intelligence, as well as increase visibility and sales

he Guardian newspaper announced earlier this year

types of influencers such as ‘vloggers’ (video bloggers) and

that the UK is the first country in the world where

‘Instagrammers’, who publish thousands of pieces of content

half of all advertising spend is done on digital media. By

each day and are followed by millions of people.

engaging directly with start-ups and smaller, agile consulting

Some start-ups specialise in influencer marketing, and

organisations, large corporates have a unique opportunity to

can help brands manage relationships with influencers to

get their heads around digital and find innovative solutions

build powerful PR campaigns. The influencer will provide

to address their business challenges.

high quality content and expose the brand in its best light on his platform. This summer, leading car rental company

Sales

Europcar partnered with 15 bloggers and Instagrammers for

In December 2014, the British Retail Consortium calculated

their social media campaign entitled #MyEuropcarRoadTrip,

that more than £1 in every £5 of all non-food spending is now

inviting communities to enter the competition to win a road

being done online. On Black Friday alone, £810 million was

trip around the world by sharing their best holiday moments

spent online in a single day. Start-ups help big businesses

in the car across their Facebook and Instagram accounts.

play their cards right in a number of ways. These solutions,

Millions of video views and engagements were generated,

to name a few, include improving their Google ranking on

providing an entirely new Europcar-branded experience for

relevant queries – thus increasing lead generation from

social media users.

search, retaining more visitors by showing them the right offer before they leave the website, or streamlining Facebook

Business intelligence

ad management to reduce the cost per click and increase

In the age of Big Data, an increasing challenge for businesses

efficacy of the ad. Start-ups and SMEs can also act as

is monitoring the millions of conversations occurring every

enablers or accelerator of online sales for larger companies.

day about their brands, products, competitors and key

Some service providers like Google Ads, Magento or HubSpot

markets. It is even a legal requirement for pharmaceutical

rely on small and local trusted partners to implement their

companies: as manufacturers and marketers of laboratory

solutions for the end client and train their staff.

medicine they are obliged to collect, document and analyse pharmacovigilance information regarding their products.

Brand visibility

Companies are successfully turning to start-ups to find

Every day, Google processes 3.5 billion requests a day,

solutions to this challenge. Social media listening tools

Facebook collects 2.5 billion pieces of content and people

enable them to obtain quantitative and qualitative data on

tweet 500 million times. Traditional media is not the main

strategic topics. Today, C-level executives can access all the

source of information anymore, but how do large companies

information relevant to them in real time as it is published

adapt? Their in-house PR teams may have the know-how

online, from their tablet – gone are the days when you

to engage traditional media, but they often ignore new

had to wait for the press review that did not cover digital media anyway. Perhaps the most exciting aspect of digital marketing technology is that we don’t know what it will make possible even five years ahead. What is for sure is that in order to keep up with technology, big blue-chip companies will need to strengthen their alliances with agile, innovative SMEs. Their long-term competitiveness depends on it. I

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- november / december 2015 - 47

Transforming banking through enterprise technology Remi Bourrette, Head of Strategic Innovation Investments at HSBC, explains how banks can transform their thinking, businesses and technology by developing links with diverse tech companies

ven though the banking industry has already been

behaviour are being actively explored. In a somewhat circuitous

fundamentally transformed by the advent of electronic

fashion, machines will mimic what any village shopkeeper does

transactions and the Internet, the past five years have seen

when dealing with customers: recognise the customer instantly

a further new phase in this revolution. We are now living in a

if he is a regular, detect any change in behaviour which seems

multi-channel, multi-device world, informed by continuous data

unusual and may indicate problems, which in turn could lead

collection and analysis. It is a new era where machines learn

the shopkeeper to reconsider the customer’s credit.

from the mass of data collected and also from our own human

The same approaches to access and behaviour will also

reactions to the signals they send, which allows them to adapt

be more frequently used in an internal context. For instance,

their behaviour continuously to maximise the probability of a

simplifying authentication is extremely relevant to managing

‘successful’ outcome.

staff access to the numerous systems they use.

In the retail and corporate banking space, this creates a customer expectation for service that is ubiquitous but

Data

visible only when it needs to be, and when it is actually visible,

While today there is much talk of ‘big data’, there are not so

immediately relevant and actionable.

many situations in financial services where data is really ‘big’ in

At the same time, consumer technology is now in many

the context of what can be ingested and processed through

respects leading the way. In the past, the enterprise market

commodity computing hardware. Perhaps a more relevant

would set the pace and any innovation would then percolate

concept for banks is ‘intelligent data’. This ranges from having

into the consumer market. This has now reversed.

the optimum infrastructure to store and manage data more

However, even though digital channels and technology

efficiently, whether it is structured or not, all the way to enhanced

for banking are proliferating, older technology and channels

data analytics. This also applies across a very broad spectrum,

are not necessarily being replaced. For instance, corporate

ranging from risk management to marketing, client experience

treasurers may be comfortable authorising payments on their

to product development and productivity management.

mobiles, but would still prefer to conduct in-depth analysis at a

Increasing reporting obligations also creates unique

desktop, sometimes using infrastructure that may be old but still

opportunities for data solution providers. The number of areas

relatively efficient and in any case costly to replace. Combining

where cutting-edge capabilities are a necessity is growing very

old and new technology is one of the greatest challenges faced

rapidly, and includes:

by banks.

• Near real-time processing of large data sets

These trends have fundamental implications for the way in

• Aggregation of databases to comply with new reporting

which banks operate. In particular, they demand a flexible and

requirements

informed approach in four key areas: security, data, modularity

• Behavioural analytics to confirm that bank staff are complying

and operational efficiency.

Security

with regulations • The need for comprehensive data audit tracking.

Although security is hardly a new theme within banking, mobile

In this new reporting environment, the first mover tends to set

technology, cloud-based services and attackers’ access to

the bar for others, who have no other choice but to try and

cheaper tools have elevated the threats to a different level.

catch up.

One of the key components of a security strategy, and a very active area, is controlling access to bank systems and information

Modular banking

through identification. How can customers be reliably

The historical tendency in retail and business banking has

recognised and authorised for access to a bank system? We

been to own the delivery channel, but now there is a growing

believe biometrics will play an increasingly important role here,

realisation that a more modular approach is needed. Other

but other technologies based on the observation and analysis of

non-bank corporations have channels that can also be used to

48 - info - november / december 2015

FOCUS - THE DIGITAL IMPERATIVE

distribute bank services. An obvious example of this is payment

to enhance operational efficiency in banking, such as through

by mobile phone, replacing the credit card at the point of sale.

the reduction of paper/manual processes. Progress has already

The user notionally pays with their phone, but behind that there

been made, but more needs to be done in multiple areas. For

is a link to a bank account or credit card. It therefore seems

example, among others, bank statements, mortgages, trade

likely that banks will increasingly seek to extend their delivery

finance and cheques in the US still account for considerable

mechanism across third party channels by integrating their

paper volumes, despite the emergence of electronic solutions.

products and services with those of partner organisations.

Another area that could benefit from some of the security

This trend appears new in some areas of banking, but in

advances mentioned earlier is the opening of bank accounts,

reality is probably more an expansion of a transformation that

which still frequently involves the shuffling of multiple paper

really started with electronic trading in the late 1980s. It is now

application forms and certified ID copies.

commonplace for the treasurer of a large company to have a choice of multiple channels when executing foreign exchange

Recently a lot of the focus on ‘fintech’ has been on areas such

transactions: bank branded portals, multi-bank execution

as consumer credit (peer to peer) and wealth management

venues, or direct system-to-system interaction automatically

automation (‘roboadvisers’). However, for many banks and their

triggered by a risk or treasury management system. It should

clients there is far greater potential in the four areas outlined

be no surprise that this range of functionality becomes

above, which are more concerned with enterprise than financial

progressively available to a broader customer base

technology. Embracing change in these areas could ultimately

Operational efficiency

deliver exceptional benefits for bank clients in terms of user experience, service, cost, efficiency and risk management. I

While digital channels may be proliferating, there is still a need

STRATEGIC INNOVATION IN V ESTMENTS:

keeping a finger on the digital pulse

s technology and delivery channels proliferate, the

considerations, such as proprietary technology lock in or

need to keep abreast of change is paramount for banks

subsidising implementation costs.

such as HSBC. For this reason, HSBC Strategic Innovation Investments, which takes minority equity stakes in young

Data analytics

and innovative companies, was launched in May 2014. The

Another company, with which HSBC works for corporate

intent is to develop long-term collaboration between these

client coverage, specialises in intelligent data management.

companies and the bank businesses to build insights into

This is important for any banking activity, but is particularly

business models and technologies that are changing the face

applicable to a bank such as HSBC which deals with

of financial services. The two example companies outlined

numerous multinational clients across multiple product lines

below have direct links to two of the ‘opportunity areas’

in multiple locations. Simply obtaining a coherent aggregated

highlighted above: modular banking and data.

view of all the data pertaining to complex relationships such as these is challenge enough, but the crucial capability is to

Kyriba

then extract actionable intelligence from that aggregated

HSBC invested in Kyriba in February 2015. The company

data. If that can be accomplished, the bank is then in

has developed a very well-designed treasury management

a position to be far more pro-active in its relationship

software that is increasingly popular with corporate

management. Potential problems can be identified and

treasurers, but that alone would not have been sufficient

resolved before they even become problems from the client’s

motivation to invest. The key point is that the company’s

perspective. By the same token, future client needs can be

product is cloud based. It allows the solution to be very

anticipated and relevant solutions designed in advance.

easily deployed and maintained, and comes with ready-made

In addition, this sort of intelligent data analysis can be

connections to multiple service providers that are relevant

used to determine the optimal individual connection points

for corporate treasury, such as ERP systems and banks. Not

between bank and corporate client. When possibly hundreds

only are corporate treasury clients spared the expense of up-

of people are involved in a large bank/client relationship,

front licence fees and implementations, but they also benefit

it can be extremely difficult to determine who is the most

from near-immediate access to the services that they need.

appropriate banker to talk to which client staff member.

By the same token, from a bank’s perspective, competition

However, by analysing data arising from the relationship, this

becomes purely focused on quality of service and

task can be simplified by identifying the strength of personal

capabilities in this environment, rather than on extraneous

connections. I

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- november / december 2015 - 49

Digital transformation:

managing the journey Pierre Péladeau, Partner at PwC Strategy& Digital, gives an overview of the stages of digital transformation that every company has to – or is – going through

he need to drive a digital transformation is on the agenda

1. Discovery and adoption

for all companies. And from now on, it is no longer the so-

In this earliest phase, organisations have not yet begun to

called ‘digital natives’ that will be setting the pace. We are seeing

structure their digital transformation programme. That does not

more and more traditional companies reinventing themselves

mean, however, that there’s any shortage of activity. Individual

and challenging tech-only companies for digital dominance.

areas of the business have often launched multiple digital

These reinventions are enabled by technology trends

projects – perhaps by launching a new customer facing website

that are disrupting companies in every industry sector – from

or introducing BYOD mobile policies – but these initiatives are

mobility, social and data analytics to connectivity, the internet

generally uncoordinated. For obvious reasons, the lack of any

of things and digital manufacturing. But while all companies

joined-up digital approach is often most prevalent in companies

have incorporated at least some of these technologies into

that have decentralised governance.

their customer relationships and operations, that doesn’t mean they have become digital businesses. Digital transformation

2. ‘Structuration’

takes time and every company undertakes this journey at its

This phase begins when companies recognise the need for a

own pace.

structured and coordinated approach to digital transformation. At this point, they have to define their ambition, set objectives

The journey to digital maturity

for a programme that will enable them to achieve it, establish

In order for organisations to understand their progress, they

governance and start to acquire the capabilities they will need

need to develop a robust digital maturity framework that sets

to drive it forward. In many ways, this structuration phase, which

out the four key stages through which all companies progress

usually lasts around a year, is a honeymoon period. Everything

during digital transformation.

looks possible. But then real challenges start to appear.

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FOCUS - THE DIGITAL IMPERATIVE

3. Industrialisation

• IT architecture and data management – under this banner

With their digital action plans clearly defined, companies launch

lies the infrastructure to separate the core IT from the fast IT

into implementation. This is when they realise that they have not

through the use of standardised APIs (Application Programing

always put the right enablers in place to allow them to achieve

Interface), outlined below, in order to allow for agile digital

their goals. In this phase companies need to industrialise their

development while protecting the core IT. This brick also

digital capabilities throughout the organisation.

requires the build-up of data analytics capabilities and data

Three key industrial enablers need to be put into place:

infrastructure. Organisations must develop clear policies for

a. A governance and supporting organisation to drive the

data governance, spanning open data and data that is not

digital transformation across the company

shared outside the business. And clarity over who assumes

b. An articulated talent and cultural change programme:

responsibility for data usage is essential (whether this is the

to acquire and retain the right digital talents, to train all

CIO, CMO, Chief Digital Officer or Chief Data Officer).

employees to the new digital tools and methodologies and

• Organisation and governance – achieving a higher level

a cultural change approach to embed the new ways of

of maturity requires some level of centralised governance.

working

Because digital is inherently transversal, responsibilities and

c. A transformed IT architecture and capabilities to enable agile

interfaces need to be clearly defined, particularly in large

digital developments (service design, mobile first, etc.) and a

decentralised companies with multiple Business Units having

data management approach that includes infrastructure,

separate P&Ls. Without a more shared/centralised approach,

data governance and analytics capabilities.

such companies lack the scalability that is inherent in digital. It is in direct contrast to the way in which a digital native would

4. Digital is the norm

rapidly and simultaneously launch a new OTT service.

For digital natives, this phase is already business as usual.

• Culture and change management – critically important,

For any other company, it is the destination for their digital

but often overlooked, this can make or break any digital

transformation. With digital in the organisation’s DNA, there is

transformation. Companies need to use a wide range of

no need for a Chief Digital Officer. The entire business – across

levers and tools to change their cultures (see graphic below).

the workforce, its partnerships and its customer relationships

This includes adopting a strategic approach to hiring scarce

– uses digital to deliver products and services in new ways. We

digital talent, centralising these critical skills, and leveraging

will soon start to see traditional companies reaching this point.

them enterprise-wide.

None have yet, however.

What next? Key challenges en route

By following a structured approach to digital transformation,

Organisations face a number of common challenges on the

organisations

road to becoming more digitally mature – and particularly so

breakthrough benefits. Massive improvements in flexibility,

in the ‘Industrialisation’ stage when they’re attempting to drive

agility and scalability are all within reach.

digital transformation across the business. Having recently analysed over 60 companies to track best practices in digital transformation, we have identified three

will

accelerate

their

progress

towards

For most traditional companies, these capabilities are still some way off. For digital natives, they are already second nature. That’s why digital transformations must start now. I

building blocks that are fundamental to a successful outcome:

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Digital STR ATEGY:

vision & implementation Andreas Claudi, Vice President, Atos Digital, considers the pace of digital transformation across industries and how organisations are implementing relevant strategies

igital is enabling disruption across all industries – young

rise of challenger banks has added to an already competitive

or mature – fuelled by increased reach and capability

environment, with, according to Computer Weekly, six new

of mobile technologies and the power of analytics and big

financial organisations opening in the UK in the first quarter

data. Whilst these disruptions are threatening existing ways

of 2015. These disruptors are able to take vertical slices

of doing business, they also provide immense opportunity for

of a traditional bank’s business often with better terms,

existing mature businesses to reinvent themselves and gain

more engaging customer experiences and being cheaper.

competitive edge.

One fascinating dimension of digital is the pace at which

Increasingly, businesses are also looking across other

transformation can be achieved.

industries to gain inspiration for their own future strategies

Whereas it is absolutely vital to establish a clear vision,

– very often at Retail because of the amount of disruption this

direction and strategy, one must not forget the execution.

particular industry has seen over

the last 10 to 15 years through

businesses adopt a ‘Continuous

an eCommerce revolution, then a mCommerce revolution and now lately a consumer-driven demand for

omni-channel

retailing

and

clicks&mortar. Some retailers who failed to keep up with the ferocious pace of change (Blockbuster) have ceased trading, whereas others who saw the need for transformation (Nordstrom) have gained market share and grown their market capitalisation significantly. Lately,

To remain on top, companies will need to adopt a much more active approach to innovation, especially in digital, and marry that up with its existing core strengths in order to... continue to be successful in an ever more competitive market where disruption is accelerating

the Fast Food market has been adopting digital where we have helped bring Click&Collect to McDonalds.

Atos

advocate

that

Value’

approach

whereby

smaller,

incremental

capability

improvements are deployed to the business continuously every three to six months as opposed to a traditional platform approach whereby very often value is only delivered to the business at the end of the programme – which may be two years into the future – at which time the market has changed yet again making the investment partially obsolete.

The Continuous Value approach should be part of a company-wide investment governance model which ensures

Worldline, an Atos company, has enabled the implementation

that innovation is properly funded throughout the innovation

of online ordering and payment as part of McDonald’s digital

lifecycle, i.e. up until actual deployment, whilst ensuring

strategy to generate traffic to restaurants, to simplify the path

that unproductive innovations have their funding controlled,

to purchase and to personalise the relationship with customers.

as advocated by Professor D. Sull of MIT Sloan School of

This new experience supports both web and mobile ordering,

Management. This type of innovation investment governance

and makes for a smooth and intuitive cross-channel journey for

has been successfully employed by LEGO and has allowed them

customers.

to outperform the market consistently over the last 15 years.

Another pathfinder industry is Banking, which has been an

To remain on top, companies will need to adopt a much

early adopter of digital technologies over the last two decades

more active approach to innovation, especially in digital, and

and has moved at pace. Driven by customers’ demands it has

marry that up with its existing core strengths in order to achieve

shrugged off a detached reputation to deliver ease of access

a new formula that will continue to be successful in an ever

anywhere, quick transfers and faster payment methods. The

more competitive market where disruption is accelerating. I

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FOCUS - THE DIGITAL IMPERATIVE

A case study in digital transformation: SOLOCAL Digital transformation has been on the agenda of many companies of the old economy since the start of Internet in the mid-1990s. But it is an even older story for Solocal Group, the European leader in local digital marketing with revenues of €936 million in 2014. Bruno Berthezene, Solocal’s UK Country Manager, relates how it happened

ooking back in time, Solocal Group

world was much more fragmented

journey, Solocal online traffic has been

was originally PagesJaunes, the

than the print world and there was a

growing strongly (2 billion online visits

French Yellow Pages, an equivalent to

critical need to increase its portfolio of

in 2014) and its revenues, now more

Yell in the UK, a fully print business.

digital expertise and solutions to be on

than 75% digital, have experienced a

a par with the competition and provide

limited decline, and are expected to

accessible

the best-of-breed to customers. This

return to positive growth soon as the

through telephone lines, was launched

led to the acquisition of many digital

result of a combined print decrease

in France. PagesJaunes became one of

companies, leaders in their area, over

and online growth, whereas in the

the most popular uses of this service

the last few years. The group is now

same period, revenues of many of

and started to monetise it through

composed of more than 15 brands and

the other Yellow Pages companies in

selling ‘digital’ ads, thus beginning its

services with the common purpose

Europe and the US more than halved.

digital transformation even before the

to connect

consumers with local

Solocal Group has been highlighted

start of the Internet.

businesses through digital: website

as an example of a successful digital

But in the 1980s, the Minitel, a Videotex

online

service

With the advent of the Internet,

development for SMEs, web-to-store

transformation in several reports and

online

platform for retail chains with multiple

business case studies of MIT Sloan

directory and monetised it again with

stores, online appointment booking,

Management Review.

digital formats. But what was a natural

online food delivery, online classifieds,

move for PagesJaunes was less so for

data-driven advertising, etc.

PagesJaunes

launched

Solocal

Group

experienced

digital

has

not

only

transformation

many Yellow Pages companies in other

As a result of the execution of this

as a company, but it has also become

geographies: they saw the Internet as

vision, in 2011 revenues from online

something that it strongly supports

a less profitable media compared to

activities (Internet, mobile and digital

in its business by providing digital

print and focused on milking the print

marketing) overtook revenues from

solutions that enable small businesses,

cash cow, neglecting to transfer print

printed directories for the first time. By

often not Internet savvy, as well as

usage to their online properties.

2013, PagesJaunes was no longer only

large retail brands to develop their

At the same time as the financial

about Yellow Pages and had extended

business through Internet and mobile

crisis hit in 2007, the market shifted

its reach to new geographies outside of

technology, and provide consumers

radically.

France. This led to a change of name:

with the practical local information

decrease and transfer online as did the

Solocal Group is an international name

they need. Solocal Group believes it is

advertising investments of businesses.

showing that, beyond PagesJaunes, the

its responsibility, as a leading provider

Those who had not foreseen that

group has a unique set of local digital

of local advertising and information,

digital was an opportunity to embrace

marketing media and solutions.

to facilitate the growth of digital

usage

started

were left watching their print revenues

The last step of the digital transforwas

internal

technology and help drive the economy.

shrink with no strong online alternative

mation

strategic

Solocal Group is already providing the

to compensate for this.

programme named ‘Digital 2015’ which

websites of 250,000 local businesses,

In 2009, Jean-Pierre Remy took

resulted in reshaping the organisation

independent or part of retail chains,

over as CEO with a vision to embrace

to adopt an agile and customer-focused

but with 61% of French businesses and

the online opportunity. Not only did

digital model and setting a new pace

59% of UK businesses still without an

the company accelerate the migration

towards internationalisation with the

online presence, there remains a lot to

of its core Yellow Pages business online

opening of Solocal Group UK.

be achieved! I

but it also recognised that the digital

As a result of this transformation

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- november / december 2015 - 53

The digital transformation symphony:

When IT and business play in harmony Digital Transformation can feel like a crowded domain for the C-suite. New roles have emerged, from Chief Digital Officers to Chief Data Officers. Chief Marketing Officers are spending big on digital and Chief Finance Officers are flexing their number-crunching muscle to take leadership of Data & Analytics. In amongst all this jostling for position, what is the leadership role of the CIO? asks Jerome Buvat, Head of the Digital Transformation Institute at Capgemini Consulting

tarbucks sees a fundamental digital role for the CIO. When

Empower the business to rapidly test, build and roll out

Stephen Gillett took over as CIO of Starbucks in 2008, its

new digital initiatives

stock price had lost half its value in less than two years and

Rather than trying to own all IT and implementation decisions,

its same-store sales were declining. Stephen Gillett began by

CIOs such as Dell’s Adriana Karaboutis are comfortable with

pitching the idea of a new business unit focused on digital

sharing control with business teams. At Dell, Karaboutis’s team

innovation and customer engagement. The ‘Digital Ventures’

built a self-service platform that allows business teams to test

unit would fuse marketing’s product and consumer knowledge

their own product ideas. The IT department then helps business

with IT’s technical expertise to deliver a digitally enhanced

teams take their ideas to production. Describing the rationale,

customer experience at Starbucks stores.1 Digital Ventures

Adriana Karaboutis says: ‘The line between IT and business

went on to deliver a range of innovations that played a pivotal

is blurring fast. The CIO who tries to maintain walls and tries

role in Starbucks’ turnaround, such as the mobile payments

to own everything is the CIO who will go down quickly. This is

programme linked to the company’s loyalty cards.2

now about a CIO who enables environments and allows choice

This Starbucks story is a tale of close collaboration between Gillett and Starbucks CMO Annie Young-Scrivner. Our three-

and self-service as we move forward and look at the next best innovations.’4

year research with the MIT Center for Digital Business also underscores the significance of a strong partnership between

Rationalise IT infrastructure and reinvest savings in digital

IT and the business in driving successful Digital Transformation.

Our research with the MIT Sloan Management Review shows

Digital Masters, such as Starbucks differentiate themselves from

that lack of funding is one of the most significant organisational

their peers by consciously striving to build a close relationship

barriers to Digital Transformation.5 Leading CIOs focus on

between IT and the business. However, fruitful IT-business

improving the efficiency of traditional IT operations, so that

collaborations are rare. Instead, the business often finds IT’s

the resultant cost savings can be diverted to digital innovation.

high costs and long implementation timelines unacceptable.

For Phil Jordan, Group CIO at Telefonica, consolidation and

Or they complain that IT leaders do not speak the language of

simplification of IT infrastructure have been two of the key pillars

business. There are three areas where the CIO can take practical

of Telefonica’s global IT strategy. Under Phil Jordan’s leadership,

action to build bridges and drive digital transformation:

Telefonica decommissioned 1,139 applications in 2013 alone. The number of systems in use has reduced from 7,000 to 4,200

Create a digital IT unit with a cross-functional team

in three years. The use of off-the-shelf Cloud-based solutions

structure

has also helped Telefonica cut costs significantly.6

Here, IT and the business work together as part of one digital IT unit, with common budgets, KPIs and objectives. This approach

IT has for many years looked to build a stronger partnership

brings focus, reduces costs and duplication of efforts, and

with the business. Digital offers a unique opportunity to

speeds up time-to-market for digital initiatives.3 UK-based Lloyds

take that collaboration to a new level. Different facets of the

Banking Group has a digital services unit that is led jointly by a

organisation – from marketing to finance – want to employ

senior IT executive and a senior business executive. Not only

digital innovations to transform areas from customer experience

does the unit deliver the technology solutions for the bank’s new

to business intelligence. CIOs are essential for ensuring that

digital retail banking initiatives, but it also ensures that business

IT and the business converge harmoniously on these digital

processes are adapted appropriately.

innovations. I

1. InformationWeek, ‘Starbucks’ Stephen Gillett: InformationWeek’s IT Chief of The Year’, December 2011 2. Forbes.com, ‘What Best Buy Will Gain from Starbucks’ Loss’, March 2012 3. Harvard Business Review Blog Network, ‘Do You Have the IT For the Coming Digital Wave?’, August 2013

4. CIO.in, ‘CIOs Who Try to Maintain Walls Shall Perish: Adriana Karaboutis’ 5. Capgemini Consulting and MIT Sloan Management Review, ‘Embracing Digital Technology: A New Strategic Imperative’, October 2013 6. Business Cloud News, ‘Telefónica Group CIO: Using cloud to regain ground lost to OTT players’, August 2014

54 - info - november / december 2015

Interview

james MILLET Head of Digital, easyJet

hat is your role in your company’s digital

self-serve. We have also pioneered a number of innovations

transformation?

including Apple watch, automated bag drop and a global first

I’m easyJet’s Head of Digital and responsible for digital

in our ‘mobile host’ application at London Gatwick airport.

activity, improving our customer experience and commercial performance. This includes easyJet.com, mobile, our Partner

How do you manage governance in your digitalisation

Marketing business where we work in collaboration with

efforts?

sector leading companies (e.g. booking.com & Europcar) and

We have a framework to manage project delivery here at

increasingly involvement across airport and inflight interaction.

easyJet, but above all else, we pride ourselves on keeping

The digital team drive the strategic direction, work

things simple in line with our low cost ethos. We love putting

closely with our technology teams to deliver initiatives, own

together small, empowered and talented teams with a real

customer experience (e.g. user interface (UI)/user experience

focus on delivery and adding value.

(UX)/design), day-to-day website trading and a number of commercial KPIs. We have a very digitally savvy board and leadership team

Have you found a need to bring in new skills/capabilities or have you built them internally?

here at easyJet so I find I’m part of a big team in beating the

We’ve always had a strong and talented technology function

digital drum!

here at easyJet and overtime have grown and developed our own people. In addition we’ve had a number of new hires in

What does your digital strategy look like and what have

key positions at industry leading partners in lots of areas. We

you done so far?

find the hybrid approach works well for easyJet – the more our

We’re all about making travel easy and affordable – that is

brand grows in its appeal to customers, the more it appeals

what drives all of us every day. Our digital strategy very much

to our employees too. It’s a great place to work on meaningful

takes its lead from there, trying to remove any friction points

projects that make a difference to customers across Europe.

and obstacles during our customer’s journey and building features and tools that solve real business or customer issues.

What are the main challenges you have faced or expect to

We want our customer to ‘think easyJet, think digital’ and

face in implementing digital initiatives?

we’re very much orientated on addressing areas of customer

We’re a buzzy, innovative business that is brimming with

satisfaction that our insight/research has highlighted as

ideas on how to make things better for customers. As such,

an opportunity. So, for instance, in the past four years we

prioritisation is a challenge and an opportunity at the same

have created the fastest travel app in the market which has

time as we have to ensure we’re doing the things that add the

now been downloaded over 14 million times. Up to 60% of

most value.

customers on some of our flights use mobile boarding passes and we have completely re-engineered the way we interact

What are the key lessons you have learned on your

with customers through flight disruption and our customer

transformation journey?

communications are now very personalised to individual

At the end of the day, you’re only as good as the projects,

customers.

features or changes you actually deliver for the customers.

At the same time we’ve driven conversion rates (the

Too many companies lose focus on the outcomes and the

percentage of people buying versus visiting our site) up by

endgame – for us digital leadership is about digital delivery

over 30% over two years, and introduced a number of self-

and what gets us out of bed in the morning. I

help initiatives so that customers can more conveniently

Interview by KF

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- november / december 2015 - 55

FOCUS - THE DIGITAL IMPERATIVE

Your Digital A ssets â&#x20AC;&#x201C;

How to keep control of your intellectual property online

Digital transformation has raised a number of challenges, not least of which is keeping control of intellectual property. Kim Walker, Commercial and Intellectual Property Law Partner and Jonathan Snade, Corporate Law Partner at Thomas Eggar LLP unpick the problem

oing business in a digital environment creates challenges

rather than national marks. An updated EU legal framework, in the

but, by taking steps to protect underlying assets, all

process of being adopted, will make the trade mark registration

companies can ensure that they have the right tools to

systems throughout the EU even more accessible and efficient

effectively enforce their rights in and deal with attacks on, their

for businesses with lower costs.

intellectual property (IP). Many fast growth businesses will use a business model in which they may find that IP is their primary

asset. Investors will want to see that IP is properly protected.

Technology has brought about digital transformation but it

space this might include written works (of any kind, so including

gives customers and competitors unprecedented access to the

posts to social media), computer software, photographs and

IP used by businesses. Customers may be co-creators of content,

music. Copyright is not registered (except in the US) and although

particularly in industries which are heavy users of social media;

it is a national right, there are a number of international treaties

and competitors may share software where businesses are built on existing platforms. Registration and correct use of trade marks and making sure that a business benefits from and owns copyright in content are at the heart of a digital IP strategy.

Trade marks A trade mark will form an important part of a businessâ&#x20AC;&#x2122;s overall brand. A trade mark gives a business the right to exclusive use of that mark in connection with the goods and services for which it is registered and, if protected in this way, will give the business the right to bring a claim for infringement against any person who uses an identical or similar mark in connection with

that ensure protection in most countries throughout the world.

identical or similar goods. A registered trade mark will make it

In the UK, the first owner of copyright is the person who

easier to deal with so-called cyber-squatting. This is where a

created the work, although if the author is an employee this

third party registers the same or a confusingly similar domain

will be their employer. In a business where work is frequently

name. Complaints to the national registry for domain names

outsourced to contractors (which is very common in computer

(for example, Nominet in the UK for .co.uk or ICANN for .com)

software development or to a design agency for brand creation)

will only be processed if the complainant can show they have

the copyright will belong to that third party.

rights in the trade mark. If it is registered, then a trade mark

As there is no registry of copyright works, it is important to

becomes a valuable commercial asset that can be licensed to

maintain evidence of how and when and by whom copyright

others as part of a business growth strategy.

works are created and to make sure there is a contract in place if

It is important to be protected in all relevant countries,

ownership needs to be transferred to the business.

ensuring that trade mark protection keeps up with a growing

If properly protected, IP can help a business to grow its

business and its customer base. A business with interests in one

digital market share and keep competitors from using its

or more EU countries should consider a European Trade Mark

innovations. I

56 - info - november / december 2015

FOCUS - THE DIGITAL IMPERATIVE

Open Data: A NEW HOPE ? The French and UK government are collaborating to make digital transparency a cornerstone of their public reform strategies. Explaining what this means is Romain Lacombe, CEO and co-founder of Plume Labs, an urban pollution forecast based on open data, who also helped create and lead the French Prime Minister’s open data taskforce data.gouv.fr.

he central concept of democracy is

Saving time & saving money

hours. Actionable recommendations

that power should be shared. In our

Transparency is also a saver – of

help citizens avoid unneeded exposure

digital era more than ever, information

resources, money and time. London’s

to urban air pollution, a leading cause of

is power – hence information should be

CityMapper, which helps commuters in

death – which some studies show kills

shared too.

London and other capitals navigate the

9,400 in London every year.

This is the premise of open data,

intricacies of their public transit systems

a set of innovative policies on access

with a helpful digital hand, runs on open

our economy, and taking the lead in new

to public information through which

data.

digital markets – or quickly digitalising

governments foster transparency,

Increasingly, algorithms will govern

Transparency sometimes even saves

ones, from transportation to healthcare

support innovators and commit to the

lives. The Mediator scandal* that rocked

– is becoming a question of sovereignty.

publication of non-individual records

France this past decade could have

Better access to the emerging public

they collect – in our names – to power

been averted, had the number of sales

data infrastructure governments help

public services.

of the molecule been made available,

build by sharing their data commons

and compared to the (much lower)

can help European businesses do just

occurrences of pathologies for which it

that – and foster growth, employment

had been authorised.

and economic leadership.

Why open data matters Transparency is a powerful ferment of trust in a society. It is all the more

Across our continent, the European

important at a time of danger when

Commission estimates open data

Going forward?

populist parties are on the rise across

policies could generate €27 billion of

The promises of open data are many,

Europe and digital natives have formed

economic gains by lowering wasted

but the way forward is fraught with

expectations of immediate access

time, resources and opportunities.

difficulties. After an initial wave of

to knowledge. ’The best disinfectant

enthusiasm in 2009-2010, consolidation

is sunshine’, quipped United States

Innovators unleashed

Supreme Court Justice Louis Brandeis.

But open data policies are more than

in 2013-2014 across the more than

a question of transparency. They’re

60 countries that joined the Open

data is also a powerful instrument

a strategy through which smart

Government Partnership, the results are

of regulation. At France’s behest in

governments can significantly improve

still too few.

2011 the G20 introduced a shared

public services, and tackle the collective

information system on agricultural

civic challenges we face, by building new

of a partnership between the French

commodities stock in major countries

alliances with businesses, technologists

and UK governments to build a

to reduce crop price volatility. In 2013,

and innovators.

Joint Taskforce to foster Open Data

Transparency and access to

G8 member countries under British

The company I co-founded, Plume

in 2011-2012 and international growth

Can Episode IV – the announcement

– finally help our governments take

presidency committed to publishing

Labs, helps tens of thousands of people

transparency seriously? May this alliance

any royalty payments made by their

across the world, with Paris and London

bring a new force to an idea whose time

national extractive industries as a way to

as our top markets, improve their

has come. I

fight against corruption in resource-rich

environmental health by forecasting

regimes.

how pollution will change in the coming

* Mediator is the name of a drug that was widely used in France as an appetite suppressant for weight loss, an application for which it was not authorised on the market. It became a scandal when it was later revealed that its side effects had led to many deaths, which would have been averted had it been better regulated.

info

- november / december 2015 - 57

PROMOTIONAL FEATURE

Nantes posts

highest growth in digital jobs

in france

According to Axelle Lemaire, French Secretary of State for Digital Affairs, ‘Nantes was the revelation of FrenchTech.’ Job creation in the tech sector there grew by 21% in three years, thanks to centres of excellence, a creative ecosystem and strong local networks.

ust two short hours from Paris by train and 45 minutes

national IT consulting firms like Accenture and Capgemini

from the Atlantic Ocean, Nantes could pass for a small Palo

moved to Nantes to take advantage of the thriving economy and

Alto. Dubbed the fastest-growing city in France, Nantes is

develop their IT services. Ten years on, the results are exceeding

experiencing an influx of new inhabitants (it is projected to have

their expectations. Accenture moved to Nantes in 2005 with 50

100,000 new residents by 2030). What is behind this strong

employees; today it has a staff of 500 and expects to double its

growth? The mid-sized metropolitan area strongly promotes

workforce by 2020.

cultural creativity and environmental sustainability, investing

Between 2009 and 2012, the number of jobs created in the

in ‘soft’ transit options, a completely pedestrian city centre and

tech sector surged by 21% in Nantes, ahead of Lyon, which has

vast green spaces. It’s no wonder that Nantes was named Green

twice the population. More than 20,000 experts now work in

Capital of Europe 2013. When it comes to culture and the arts,

digital tech in this metropolitan area of 600,000 inhabitants.

the area boasts countless original artistic creations designed in the spirit of Jules Verne, such as the Machines de l’Ile, which is famous throughout France and beyond.

Lengow and iAdvize: start-ups experiencing hypergrowth Nantes is fertile ground for start-ups, nurtured by an entrepreneurial spirit and a strong network of institutional and economic stakeholders. France’s second Cantine Numérique coworking hub recently opened its doors in Nantes. The Cantine is in charge of promoting the digital tech sector, providing services and organising major events like Web2day, the second largest digital event in France. The success of local start-ups also helps build Nantes’ reputation as a tech sector powerhouse. Barely five years after opening, Lengow and iAdvize, two start-ups specialising in e-commerce, are experiencing hyper-growth (annual revenue growth rate of 100%). They have just raised nearly €25 million and are expanding internationally. The factory of the future is in Nantes And tomorrow? The powerful industrial sector in Nantes will continue to inspire and open up new opportunities for digital

Accenture: +1000% in 10 years!

tech businesses. Through aeronautics (Airbus), shipbuilding

What else is driving the tremendous surge in tech job creation

(STX) and marine renewable energy (General Electric), the

in Nantes? In the 1990s, a number of government agencies and

‘Factory of the Future’ is being invented in Nantes. After

major regional financial institutions decided to base their IT R&D

earning the ‘FrenchTech’ accreditation in November 2014,

centres in Nantes. The University of Nantes and the Grandes

Nantes has a goal of creating 10,000 new jobs in the tech

Ecoles, with 6,000 new graduates per year, provided them with

sector and helping develop 10 Tech Champions in 10 years. I

a large pool of top engineering skills. In the early 2000s, the sector got a further boost when

www.nantestech.com/en

Key figures • 20,861 digital jobs • 1,683 businesses • +€25 million raised in 2015 • +62% tech jobs between 2000 and 2010 • 3,000 students in IT • 450 expert researchers • 500 events per year

Set up your business in Nantes Saint-Nazaire Tel : + 33 (0)2 40 35 55 45 • agence@nantes-saintnazaire-developpement.com

Nantes,

Best Tech

Job Growth

CONCEPTION :

in France!

info

- november / december 2015 - 59

PADDLE8 Bringing art auctions into the digital age

addle8 is an auction house with a difference – it’s all digital. It was founded in New York just four years ago by British-born auctioneer Alexander Gilkes, Indian serial entrepreneur Aditya

Julka and American investment banker Osman Khan to fill a space in the art and collectibles middle market for a new generation of ‘costsensitive, channel-agnostic, nomadic, digitally savvy’ collectors. Focusing on works priced at under $100,000, Paddle8 has found a niche eschewed by traditional auction houses, hitting upon a sweet spot of efficiency, global reach and access that has traction amongst those without the time or inclination to raise their paddles in the physical salerooms of the great auction houses, but with the means, passion and interest to build art collections. After New York and Los Angeles, London is Paddle8’s third office, set up just over a year ago and run by Aino-Leena Grapin, who came from Christie’s where she had spent 10 years in strategic and operational roles. Aino has the task of building the brand within the European and Middle Eastern market, and being in London is important, as she explains: ‘Although Paddle8 is online, we do need to source physical works of art and are focusing on the UK, France, Switzerland and Germany as a starting point. London is the leading art capital within these countries. We are also a relationship business. People will buy and sell on Paddle8 because we stand for trust and taste, so we need to carefully curate and select the works of art to make sure they are authentic, correspond with what we stand for and what our buyers want to see, and that is done through proximity with our sellers and buyers. In addition, Paddle8 is expanding beyond art to offer sales of design, furniture, jewellery, watches, and other collectibles – so we’re eager to have a larger foothold here.’ Paddle8’s own auctions are far more frequent than the biannual sales of major houses. It hosts contemporary art auctions and auctions of prints and editions once a month, and twice monthly ‘house sales’ of design, prints, paintings and decorative items below the $5,000 price point, where many first-timers start off. By cutting out many of the steps involved, such as warehousing, Paddle8 is able to accelerate the auction process. This also means lower commissions with a 15% buyer’s premium compared to 25% in the traditional world and an 8% all-in vendor’s commission. ‘We pass on to our sellers and buyers the reduction in cost that we have been able to achieve in simplifying the auction process and having fewer touch-points,’ says Aino. ‘Things ship Aino-Leena Grapin at the boutique of British jeweller, Solange Azagury-Partridge, who curated an auction with Paddle8 in May

LIFESTYLE - PADDLE8

There will always be collectors who prefer to see works in the flesh, but there are a growing number who are more comfortable buying online, and expect the ease that comes with other online luxury acquisitions

directly from seller to buyer all over the world and everything is

With prospects of a growing market, Paddle8 has set

denominated in US dollars. We are offering them a service that

its sights on expansion. The company now has 120 staff

they can’t find elsewhere in terms of ease and speed.’

over three offices, while the London office alone has gone

Charity auctions are also a big part of what Paddle8 does.

from 5 to 17 in the past year. Being a start-up, funding has

It has hosted over 700 charity auctions to date, giving charities

played an important role in this growth, and has come from

a unique way of accessing an international client base rather

a combination of venture capital tech investment as well as

than just addressing their local supporters, and London is

investors who are active in the luxury and art markets. Its latest

building up a specialist benefit team to focus on developing

round of funding has raised $34 million, bringing the total

local charity partnerships.

raised to date to $44 million.

Price points and online access have certainly opened up

Aino sees a lot of the growth coming from Europe. ‘Our

the art market to a different kind of buyer. Aside from some

brand awareness is strong in London and now we are actively

important collectors and art market players who are very active

pursuing Geneva, Zurich, major German cities and Paris. What

on Paddle8 because, Aino observes, ‘they are finding desirable

we have to offer is a very unique proposition – currently no

works they don’t find elsewhere’, there is a whole new buyer

one else offers that same client experience.’ She is developing

base. ‘We are always amazed to see these new and serious

a team of multinational art and collectables experts – many

collectors, whom we haven’t come across before, show up in

from traditional auction houses and galleries – as well as from

our auctions,’ she comments. ‘In the Hiscox Online Art Trade

the non-profit sector. ‘When we get the right people in front of

report, an increasing proportion of respondents surveyed say

the right clients, we will find more fantastic and unique works

that their very first art purchase was online. It shows that it is

of art that our international client base is going to be very

more accessible, less intimidating. There will always be collectors

interested in,’ she says. It is a tempting prospect that could

who prefer to see works in the flesh, but there are a growing

have many nascent collectors logging in for their debut digital

number who are more comfortable buying online, and expect

auctions. I www.paddle8.com e: london@paddle8.com

the ease that comes with other online luxury acquisitions.’

t: +44 (0)20 3743 0373 • 24 Maddox Street, London W1S 1PP

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- november / december 2015 - 61

LIFE S T YLE - E XHIBITION S

Compiled by Melissa Hat tabi

TAT E M O D ERN, LO N D O N

The EY Exhibition: The World Goes Pop

Ushio Shinohara, Doll Festival 1966 Fluorescent paint, oil, plastic board on plywood Hyogo Prefectural Museum of Art (Yamamura Collection)

The Tate Modern truly pops this autumn with an impressively eye-catching show: The World Goes Pop. This fourth EY Exhibition, part of a three-year EY Tate Arts Partnership, reveals how this artistic and cultural phenomenon was not just a celebration of western consumer culture, but often a subversive international language of protest. From Latin America to Asia, and from Europe to the Middle East, this explosive exhibition connects the dots between art produced around the world during the 1960s and 1970s, showing how different cultures and countries responded to the movement. I Until 24 January 2016 / Open Sunday to Thursday from 10am to 6pm, until 10pm on Fridays and Saturdays / Full price £16

FASH I O N A N D T E X T I L E M USEU M , LO N D O N Liberty in Fashion Coinciding with Liberty’s 140th birthday, this

A must-see for fashion fans as the display

major new exhibition explores the iconic

presents the internationally recognised

department store’s style history, from Oriental

leader in floral, paisley and patterned

bazaar to London shopping icon. Over 150

prints and dress fabrics. I

garments, textiles and objects demonstrate

Until 28 February 2016 / Open Tuesday

Arthur Lasenby Liberty’s ability to originate

to Saturday from 11am to 6pm, until

key trends in fashion history while developing

8pm on Thursdays and until 5pm on

strong relationships with designers since

Sundays / Full price £9

1875, from Arthur Silver of Silver Studio to collaborations with Jean Muir, Cacharel, Yves Saint Laurent and Vivienne Westwood.

Art Nouveau fashion using the Liberty print ‘Constantia’, 1961.

TAT E B RI TA I N, LO N D O N Frank Auerbach Frank Auerbach’s dedication to his patch of London is recognised in a show at Tate Britain. In 1954, Berlin-born Auerbach began renting a small studio in Camden Town in north London. Six decades later, now aged 84, he still works in the same cramped and modest space every day and produces some of the most vibrant, alive and inventive paintings of recent times. Often compared to Francis Bacon and Lucian Freud in terms of the revolutionary and powerful nature of his work, his depictions of people and the urban landscapes near his London studio show him to be one of the greatest painters alive today. This exhibition, featuring paintings and drawings from the 1950s to the present day, offers fascinating new insights into his work . I Until 13 March 2016 / Open daily from 10am to 6pm / Full price £16 62 - info - november / december 2015

Frank Auerbach, Head of William Feaver, 2003 Collection of Gina and Stuart Peterson

LIFE S T YLE - E XHIBITION S

T H E N AT I O N A L GA L L ERY, LO N D O N Goya: The Portraits Featuring works never seen before in Great Britain, ‘Goya: The Portraits’ is the first ever exhibition to focus solely on Goya’s portraits, showing around 70 of Spain’s leading artist’s most outstanding works from public and private collections around the world, including paintings, drawings and miniatures. Providing penetrating insight into the public and private aspects of his life, the exhibition traces Francisco José de Goya y Lucientes’ development, from his first commissions to more intimate later works painted during his ‘self-imposed exile’ in France in the 1820s – a career that spanned revolution and restoration, war with France and the cultural upheaval of the Spanish Enlightenment. I Until 10 January 2016 / Open daily from 10am to 6pm, until 9pm on Fridays / Full price £18

Francisco de Goya, Manuel Osorio Manrique de Zuñiga, 1788. Lent by The Metropolitan Museum of Art, The Jules Bache Collection, 1949

G U I L D H A L L A RT GA L L ERY, LO N D O N Colour Bar: Black British Art in Action 1960-1990 Guildhall Art Gallery celebrates the work of late 20th-century black British artists with No Colour Bar: Black British Art in Action 1960-1990. This exhibition takes its inspiration from a pioneering London bookshop, publishing house and cultural hub, Bogle L’Ouverture, which from its establishment in 1969, promoted and was shaped by decolonisation and the fight against discrimination. The bookshop has been physically recreated in the gallery to provide a multi-sensory, interactive installation alongside works of 25 black British artists from the era, including art, sculpture, photographs, paintings and letters. This ground-breaking display conveys cultural heritage, social and political history and the battle against discrimination. I Until 24 January 2016 / Open Monday to Saturday from 10am to 5pm, and from 12pm to 4pm on Sundays / Free admission

Winston Branch, Yellow Sky, 1970 (C) UCL Art Museum, University College .

T H E B RI T I SH M USEU M , LO N D O N Drawing in silver and gold: Leonardo to Jasper Johns The exhibition is the first to explore the

using this technique. Such a glittering array

development of the artistic technique of

of metalpoint drawings by these greatest

metalpoint from the Renaissance to the

masters has never been assembled before,

present and to showcase how the technical

and this exhibition presents a unique

challenge of the medium has inspired

opportunity to view such a large collection of

generations of artists. Featuring works

masterpieces using this intriguing and subtle

by some of the greatest artists working

technique. I

from the late 14th century to the present

Until 6 December 2015 / Open daily from

including Leonardo da Vinci, Raphael and

10am to 5.30pm, until 8.30pm on Fridays,

Rembrandt, The British Museum displays

Full price £8

around 100 exceptional drawings created

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- november / december 2015 - 63

Interview

PIERRE HERMé The ‘Picasso of pastry’

You come from four generations of Alsatian bakers and

Tokyo was the first city in which you established Pierre

pastry-makers. When did you decide to become one

Hermé Paris (in 1998). Why was this?

yourself?

In 1998 we opened our first boutique at the Hotel New Otani

I knew from the age of nine that I wanted to be a Pastry Chef.

in Tokyo. I had met and got to know the president of the hotel,

As a child, I spent a lot of time observing my father working. He

Mr Otani, a remarkable person. After some small, yet very

was the first one who gave me this passion. My parents taught

successful and well received projects in the hotel and personally

me about work ethic, rigour and discipline. I remember scents,

for Mr Otani, we took the opportunity to launch the brand there

such as the dough of bread, doughnuts from Berlin, Kougelhopf,

and open the first Pierre Hermé Paris boutique. It really was a

Stollen, plum liqueur jams… Then, at the age of 14, I left Alsace

case of timing and opportunity. We opened the first Parisian

and became an apprentice to Gaston Lenôtre.

boutique on Rue Bonaparte a couple of years later in 2001 and now have over 45 boutiques in 11 countries.

What was his influence on you? Gaston Lenôtre gave me the base, the deep knowledge and the values that I have built on

When and why did you come to London? Our first boutique in London at 13 Lowndes

ever since: attention to detail, work well done

Street opened five years ago followed by an

and the importance of the transmission

in-store boutique in Selfridges, and a few

of savoir-faire. I will always work with

months ago, we opened a third boutique at

these values in mind and transfer

38 Monmouth Street, near Covent Garden.

them to people who work with me. It is

The French community is very prominent

something very meaningful in my life.

in London, but many of our customers,

Gaston Lenôtre was the most important

especially those at our shops in London, come

person for me and he will always be one

from all over the world.

of the great masters of French pastry. If I had not become a Chef, I may have wanted to be an architect, but in a way I am an architect of taste.

Do you adapt your creations for each country? One of our main objectives is to ensure that every client, whether in Paris, London, Japan, Saudi Arabia, Thailand or any

You also worked for Fauchon and Ladurée. What led to

of the countries where we are, has the same Pierre Hermé

your decision to set up your own business?

Paris experience. We do not adapt our products to local taste

I started at Fauchon at the age of 24, and spent 11 years there

and this is probably the greatest challenge we have faced since

as a Pastry Chef. At first, creativity was not on the menu, but I

starting the company. Tastes and preferences may vary, but our

managed to lead a small revolution by putting in place a rhythm

aim is to introduce new flavour associations and experiences

based on the seasons, inspired by the fashion world, which I

and provide people with something different!

called ‘Les Collections’. Then I worked for Ladurée for a year. In 1997, when I established Pierre Hermé Paris with my business

Where does your inspiration come from?

partner and close friend Charles Znaty, we set out to create not

Inspiration comes from a product, an ingredient, an emotion

a pastry shop but a luxury brand, offering connoisseurs a unique

or a conversation. I continuously experiment with new flavours

experience in taste, sensations and pleasure.

and techniques for macarons. My process for creating a new

64 - info - november / december 2015

LIFE S T YLE - E AT, DR INK , S TAY

taste can take years. Experiences and memories change, and

How do you divide your time between creating and running

so my creations evolve with each stage of experimentation. I’m

the business?

constantly inspired by new experiences from travel, meeting

There are two sides to the Maison Pierre Hermé Paris - even

new people and tasting new flavours. There are no rules and no

if both are intricately linked. Charles Znaty looks after the

limits when it comes to creativity but the most important for me

business development while I take care of the creation. We

is always taste. I always say I don’t look for inspiration, I find it.

have been working together for over 20 years and still share the same office! Once a week, we turn off our telephones and

You are the youngest person ever to be named France’s

computers for a couple of hours and plan our future as well

Pastry Chef of the Year, and also the first pastry chef to

as manage the company. For both of us, this is one of the best

have been decorated as a Chevalier des Arts et des Lettres.

moments of the week. We use these meetings to discuss every

What does this mean to you?

decision that has to be made, and share ideas and dreams. We

It is such an honour - I am pleased to represent the craft of

have known each other a long time, so we have a very genuine

pastry and my art as well as the Maison Pierre Hermé Paris. Just

relationship.

recently, one of our top pastry chefs, Colette Petremant, who oversees the entire macaron production, was also awarded this

Where and how would you like to see the brand develop in

honour - it was a true moment of pride.

the next five years? My goal is to continue to create, and keep surprising and

What did you think of being called the ‘Picasso of pastry’ in

providing pleasure to gourmets all around the world! We have

Vogue magazine?

just opened the Café Dior by Pierre Hermé at the brand new

It was a pleasure to hear it coming from Jeffrey Steingarten,

House of Dior in Seoul as well as a third boutique, and the

an important food critic who spent an entire week beside me

next boutique opening will be at the end of October in Macau.

judging on site. I don’t know if he was referring to the prolific,

There are continuously new projects and adventures to be

eclectic side of Picasso. In any case, it’s very flattering.

explored... I Interview by KF

PIERRE HERME BOUTIQUES 38 Monmouth Street WC2H 9EP T: 0207 235 3741

13 Lowndes Street, SW1X 9EX

Selfridges Ground Floor, 400 Oxford Street, W1A 1AB

Jeff de Bruges in London’s ‘Little Paris’ Mother and daughter Véronique and Solène Marvian launched their Jeff de Bruges franchise in South Kensington around a year ago. Passionate about chocolate, they proudly represent the French brand in London’s ‘Little Paris’, offering an array of gourmet Belgian chocolates and flamboyant French ones. The boutique is a draw for chocoholics, tourists, local residents, students and office workers who come to fill the popular ballotin box with their own selection of succulent chocolates from the counter or to discover the seasonal collections that are brought out for special occasions. I www.jeff-de-bruges.com

SUSHISHOP expands in London Premium home delivery and take away sushi boutique, SUSHISHOP, has opened its second London store at 65-67 Weymouth Street in Marylebone, offering sushi lovers unrivalled choice, exciting new flavours, an authentic Japanese atmosphere and a healthy alternative for lunch or dinner. The brand has also launched the London Box in association with world-renowned 3D digital artist, Chris Labrooy, featuring their signature London Roll. He is one in a line of celebrities including Kate Moss and Lenny Kravitz to put their name to limited edition creations. I www.sushishop.co.uk Dragon roll

info

- november / december 2015 - 65

LIFE S T YLE - cheese & wine press

CABRI OU LET, vacherin de ch èvre by La Cave à Fromage Tradition is important in cheese-making for passing on ‘savoir-faire’ through the generations, but talent and creativity are also keys to delightful cheeses. With a new generation of inventive cheese-makers and cheesemongers developing hundreds of new recipes every year, there are now more cheeses than ever before. One of the most succulent, delicate cheeses to be added to the map in recent years is Cabrioulet, which originates in Arieges, halfway between Toulouse and the Pyrenees mountains. Soft, runny and incredibly flavoursome, Cabrioulet epitomises the perfect mix of creativity and tradition. Also know as Vacherin de chèvre, it has a woody flavour from being wrapped with a strip of spruce which combines beautifully with all the delicate aromas commonly found in a well made goat cheese. I by Eric Charriaux E: eric@cheese.biz T: +44 (0)845 108 8222 W: www.la-cave.co.uk

To buy your cheese, visit LA CAVE A FROMAGE SHOPS 24-25 Cromwell Place, 148-150 Portobello Road, 34-35 Western Road, Kensington, London SW7 2LD Notting Hill, London W11 2DZ Hove, Brighton BN3 1AF

Your ideal wine with a Cabrioulet by Wine Story This time my choice for our pairing is the Cuvée Estela, a dry Jurançon from the Domaine de Montesquiou. On the edge of the Pyrenées is a small, family-run estate with just 6.5 hectares under vine that has been handed down from father to son since the 18th century. The current winemakers are brothers Sébastien and Fabrice Bordenave-Montesquieu who, although not certified as such, employ many of the principles of biodynamic viticulture. They only use natural products and work manually in the vineyard without intervening too much in the wine-making process itself because, of course, healthy grapes produce healthy wine! The grape varieties planted at Domaine de Montesquiou are Petit Manseng, Gros Manseng and Courbu – all indigenous to this corner of south-west France. The dry Estela (Estela means star in Occitan) is fresh and zingy, with lemon, lime and apple flavours and great mineral depth. The acidity of the wine is ideal with the creaminess of the Cabrioulet. I by Thibault Lavergne TO ORDER MICHELIN STYLE WINES TO DRINK AT HOME, CONTACT: E: thibault@winestory.co.uk T: +44 (0)7921 770 691 W: www.wine-story.co.uk

66 - info - november / december 2015

By EXCLUSIF VOYAGES

Chilean road show

e leave Chile’s capital Santiago, its bustling arteries

The next day, we plunge southwards towards a land of

flanked by the imposing Andes mountain range, and

legend, once populated by American Indian tribes: Chilean

make our way towards a radically

Patagonia. Our 4x4 takes us to

different,

the Torres del Paine Park, recently

desert

landscape:

the

Atacama. At the gates of the desert,

declared

plains of ochre-coloured earth merge

reserve for its ecological diversity.

with the horizon. This arid beauty,

UNESCO

biosphere

A still, frozen universe passes

shaped by erosion sets the scene

before

for explorations to come: mountain

punctuated by lakes, wild forests

hiking, horse riding on the steppes

and unconquerable fjords. Nothing

and bicycle expeditions.

can distract us from the calm

Crossing

the

plains

our

eyes,

occasionally

the

contemplation of the road show

Altiplano, we reach the famous Valley

apart from sightings of condors,

of the Moon, a raw and undulating

guanacos, lamas, pumas and rare

panorama mercilessly sculpted by

birds: the local fauna preserved in its

millennia of water and wind. At the

homeland. In this immense kingdom,

first glimmer of dawn, we feast our

our urban soul is slowly liberated.

eyes on scattered plains of frosted

Tensions vanish, our rhythm slows

salt, the ‘solars’, before witnessing

and we savour the moment…

the foul-smelling activity of the Tatio’s

The best season to explore Chile

80 active geysers, which spurt wildly

is from October to the end of April. I

in clouds of gas and smoke. Amid fresh morning temperatures and

E: info@exclusifvoyages.co.uk

blue skies, we watch the slender

T: +44 (0) 7931 099 269

silhouettes of flamingoes reflected

W: www.exclusifvoyages.co.uk

on a luminous lagoon. Hours pass by imperceptibly until dusk, when we raise our heads to gaze at emerging stars while listening, spellbound, to our astronomical expert recount the story of the galaxies.

Top: Riding at Explora; colours and contours of the Atacama Desert; lama in the wilderness

info

- november / december 2015 - 67

LIFE S T YLE - BOOK S

English Fans of Nobel Prize winner Patrick Modiano will at last be able to read more of his books: this autumn four of his main novels will be out in English translation. by institut Français

THE SEARCH WARRANT by Patrick Modiano Published by Harvill Secker Translated by Joanna Kilmartin Original title: Dora Bruder

Suspended Sentences: Three novellas by Patrick Modiano Published by Yale University Press Translated by Mark Polizzotti Original title: Fleurs de ruine, Chien de printemps, Remise de peine

In December 1988, while researching documents dating back to the Occupation, Patrick Modiano chanced upon an old notice in

Although originally published separately, Patrick Modiano’s

the New Year’s Eve edition of Paris Soir, 1941, placed by the parents

three novellas form a single, compelling whole, haunted by the

of a young Jewish girl who had escaped from the convent that was

same gauzy sense of place and characters. Modiano draws on

hiding her during this period. Fascinated by what happened to the

his own experiences, blended with the real or invented stories

young girl who chose to run away on a bitterly cold winter’s night at

of others, to present a dreamlike autobiography that is also the

the height of German reprisals, Patrick Modiano set off on a quest

biography of a place. Orphaned children, mysterious parents,

to find out all he could about her. But besides a mention of her

forgotten friends, enigmatic strangers – each appears in this

name in the list of Jews deported to Auschwitz, the details of her

three-part love song to a Paris shadowed by the dark period of

existence remain an impenetrable unknown. Through this young

the Nazi Occupation. In this superb English-language translation

girl, Modiano delivers an account of the 10-year investigation

of Afterimage, Suspended Sentences and Flowers of Ruin, Mark

that took him back to the sights and sounds of Paris under the

Polizzotti captures not only Modiano’s distinctive narrative voice

Occupation and the paranoia of the Pétain regime as he tries to

but also the matchless grace and spare beauty of his prose. I

find connections to her. I

So You Don’t Get Lost in the Neighbourhood by Patrick Modiano Published by MacLehose Translated by Euan Cameron Original title: Pour que tu ne te perdes pas dans le quartier In the stillness of his Paris apartment, Jean Daragane has built

The Occupation Trilogy: La Place de l’Étoile; The Night Watch; Ring Roads by Patrick Modiano Published by Bloomsbury Translated by Frank Wynne, Patricia Wolf, Caroline Hillier Original title: La Place de l’Etoile, La ronde de nuit, Les boulevards de ceinture

a life of total solitude. Then a surprising phone call shatters the silence of an unusually hot September, and the threatening

Patrick Modiano was a young man in his twenties when he burst

voice on the other end of the line leaves Daragane wary but

onto the Parisian literary scene with these three brilliant, angry

irresistibly curious. Almost at once, he finds himself entangled

novels about the wartime Occupation of Paris.

with a shady gambler and a beautiful, fragile young woman, who

The epigraph to his first novel, among the first to seriously

draw Daragane into the mystery of a decades-old murder. The

question Nazi collaboration in France, reads: ‘In June 1942 a

investigation will force him to confront the memory of a trauma

German officer goes up to a young man and says: “Excuse me,

he had all but buried, penetrating the deepest enigmas of

monsieur, where is La Place de l’Étoile?” The young man points

identity. With So You Don’t Get Lost in the Neighborhood, Patrick

to the star on his chest.’ The second novel, The Night Watch,

Modiano adds a new chapter to a body of work whose supreme

tells the story of a young man caught between his work for the

psychological insight and subtle, atmospheric writing have

French Gestapo, his work for a Resistance cell, and the black

earned him worldwide renown. I

marketeers whose milieu he shares. Ring Roads recounts a son’s search for his Jewish father who disappeared 10 years earlier, whom he finds trying to weather the war in service to unsavoury characters. I

68 - info - november / december 2015

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CHAMBER HAPPENINGS

t has been a busy start to autumn with breakfasts, lunches and dinners as well as networking events of all varieties. In September, our French Ambassador, HE Ms Sylvie Bermann, and our

President, Estelle Brachlianoff, led a very successful Trade Delegation to Manchester, where we were warmly received. Delegates made some very important contacts in the heart of the UK’s Northern Powerhouse, which is ripe for investment and development. One of the most notable – and ground breaking – happenings was the launch of the Chamber’s first ever Women’s Business Network, a forum for women business leaders to network and discuss issues. The Chamber’s other Forums and Clubs have held numerous sessions covering a range of topical issues, and the Luxury Club had another glamorous cocktail with Walpole and the FT at the Connaught. The Chamber’s membership ranks have swelled with 21 new members recently joining. As a membership organisation, we are very conscious that we have to offer our members value and services that they need, so for the first time ever, Focus Groups of member representatives were convened to gather feedback that will help us gauge where we can enhance what we are doing or develop new services. We are immensely grateful to those who found time in their busy schedules to participate in the sessions and our sincere thanks go to Ken Ramirez, Managing Director of Renault UK and Jeanne Monchovet, Founder of Olystix for all the time and effort they put into preparing, conducting and consolidating these sessions. We also roped in some of our members to star in a new corporate video which presents the Chamber’s mission and services through testimonies, soundbites and images. The final cut is being made and it should be available to view on our website shortly. Our own Business Services team has two new members with Marion Courpotin becoming Head of our Business Consultancy and Julie Sanchez, Accounting & Business Support Assistant. Unbelievably, Christmas is almost upon us, but before then we will be applauding the winners of the Franco-British Business Awards. Lots to look forward to. I FG

70 - info - november / december 2015

CHAMBE R HAPPE NINGS - SHORTIE S

New staff at the Chamber Marion Courpotin, Head of Business Consultancy

Julie Sanchez, Accounting & Business Support Assistant

Marion has joined the Chamber as Head of Business Consultancy. She has been in London for seven years, gaining two years’ field experience as a Sales Area Manager for a French furniture manufacturer, and then working for Pramex International as a Senior International Development Consultant, helping French businesses export to and settle in the UK. Marion has an MSc in European Management. She has an excellent knowledge of both French and British markets, as well as French SMEs’ needs in Great Britain.

Julie has joined the Chamber as Accounting and Business Support Assistant. She has a Bachelor of Law and a Master of Business and Tax Law. She worked for different finance and tax firms in France before moving to the UK in 2012, when she worked for a large retail company as assistant manager before joining Tax & Advise Company, whose aim is to help French companies to settle in the UK.

One to watch: our new corporate video Who better to talk about the Chamber than its members? In a new corporate video launching soon, we give the floor to our members who share their experiences and views of the Chamber. Through testimonials and contributions from Chamber representatives, the video highlights how the Chamber can help businesses, whether big or small, French or British, and regardless of their stage of development with services such as commercial representation, accountancy and payroll, desk rental and recruitment. The video ends with an invitation to ‘Think of the French Chamber first’!

Business Consultancy promotes Chamber services at roadshows in France In September and October, the Chamber’s Business Consultancy team attended roadshows in Orléans, Nantes, La Grande Motte and Auxerre, organised in collaboration with the Chambers of Commerce & Industry (CCIs) in France. B-to-B meetings were held with 50 French companies wanting advice on expanding their activities abroad and specifically in the UK. These events are an opportunity for the French Chamber to present its services, in particular those of the Business Consultancy, Business Set-up and Recruitment departments.

Focus Groups for Chamber feedback Two separate Focus Groups, comprising in total 30 representatives from a range of Chamber member companies, met for feedback sessions in October. The idea behind this initiative, launched by Estelle Brachlianoff, President of the Chamber and Senior Executive Vice-President of Veolia UK & Ireland, was to glean members’ perspectives on the value and services the Chamber offers in order to develop, enhance or more finely tune them to members’ needs. Both sessions were conducted by Advisory Councillors Kenneth Ramirez, Managing Director of Renault UK and Chair of the Chamber’s ‘Discover the Chamber’ Committee, and Jeanne Monchovet, Founder of Olystix. We look forward to receiving the valuable feedback, which will be used to assess members’ satisfaction and help us enhance our range of services.

CIS services now offered by the Chamber The French Chamber’s Accountancy department is now helping construction businesses with their registration and monthly report obligations under the Construction Industry Scheme (CIS) for tax deduction from contractors and subcontractors. All contractors and subcontractors must register with the Scheme before any construction starts. The Chamber can help companies to register with HM Revenue & Customs (HMRC) and do their monthly returns. Please contact Sophie Bertoux at sbertoux@ccfgb.co.uk

Database debut The Chamber has successfully launched a new CRM software which is being developed by Eudonet for all French Chambers abroad. The French Chamber in Great Britain was chosen as a pilot for this, along with the Chambers in Hong Kong and Romania, and has been able to ensure that it will be a bespoke professional tool that will not only enhance our efficiency but also understand and respond to our members better.

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- november / december 2015 - 71

CHAMBE R HAPPE NINGS - NE W ME MBE R S

2 new Patron members

KPMG - Professional services firm providing audit, tax and advisory services

Represented by Isabelle Allen, Partner - Global Head of Clients & Markets | www.kpmg.co.uk KPMG in the UK is a leading provider of professional services - audit, tax, advisory. It has over 10,000 partners and staff working in 22 offices and is part of a strong global network of member firms. Our vision is simple - to turn knowledge into value for the benefit of our clients, people and our capital markets. The KPMG Values are at the centre of all that we stand for. They are the guiding principles of ethical behaviour which KPMG member firms adopt and require our people to adhere to: leading by example, working together, respecting the individual, seeking the facts and providing insight, communicating openly and honestly, being committed to our communities, above all, acting with integrity.

Turenne Consulting - Consultancy and project management practice Represented by Frederic de La Borderie, Director | www.turenne.co.uk

Turenne Consulting is an independent boutique consultancy. We are a small and multi-disciplinary team of experienced consultants who advise international clients on their UK expansion or relocation strategies. Our core services are Property Search, Project Management and Client Representation. These three services can be provided individually or as part of an integrated role. Drawing on a long-term working relationship with the French Embassy through various educational and real estate projects in London, Turenne Consulting has since been involved in a range of relocation and construction management schemes in London for both public and private sectors. Turenne Consulting can deliver a project from conception or be appointed at any point in the project lifecycle to ensure a successful outcome is delivered. See interview on p20

4 NEW CORPORATE memberS Barjane - Real estate investor & developer | Represented by Léo Barlatier, Managing Director | www.barjane.com Barjane works in the four main sectors of the property market: industry/logistics, retail, office and residential. The company covers all aspects of planning, development and management, and undertakes projects from start to finish, from land research to design, construction and management. Citizen Press - Content marketing agency | Represented by Françoise Montabric, President | www.citizen-press.fr/en We are an award-winning content marketing agency with offices in Paris and London. We create content marketing and social media strategies for brands as well as print and online tools such as brochures, magazines, annual reports, newsletters, infographics, videos, news games and content for websites. We work for CAC 40 companies such as Safran, Bouygues and L’Oréal La Roche Posay, as well as ministries and cities, banking and insurance institutions, health and fashion and art sectors. Les 110 de Taillevent, London - Luxury brasserie | Represented by Giuseppe Dewilde, General Manager www.taillevent.com Taillevent Paris, the Gardinier family-owned group behind the iconic two Michelin-starred Le Taillevent, has opened Les 110 de Taillevent London, a unique 70-cover wine and food matching brasserie, in Cavendish Square. Featuring 110 wines by the glass, paired with contemporary and seasonal French dishes, guests will experience the spirit of Le Taillevent in a relaxed setting.

W2-IM Worldwide Invest Management - Fundraising for tourism property developments | Represented by Isabelle de Wavrechin, Chairman & CEO| www.w2-im.co.uk Worldwide Invest Management is a subsidiary of the Pierre & Vacances - Center Parcs Group, and was created to meet both international private and business investors. W2-IM has a single mission: to act as the Group’s ambassador and help to raise funds for new projects that are part of ongoing global developments.

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CHAMBE R HAPPE NINGS - NE W ME MBE R S

15 NEW ACTIVE members Arandis - Expert in Cloud solutions and customer experience www.arandis.co.uk Represented by Arnaud de Vernon, Managing Partner Aviserv Ltd - Integrated service solution: meet & assist and recruitment specialist www.aviserv.co.uk Represented by Ahamed Wadood, Business Developer Executive Balsan SAS - French manufacturer of broadloom carpets and carpet tiles www.balsan.com Represented by Didier Bourgeais, CFO Brann Translations - Translations and proofreading in all languages www.branntranslations.com Represented by Charlotte Brann, Director Emois Gourmands - Boutique wines and amazingly tasty artisan products www.emoisgourmands.com Represented by Cécile Faure, Owner and Director French With One Touch - Digital learning for French (spelling & grammar) www.projet-voltaire.fr Represented by Philippe Aldeguer, Manager La Compagnie des desserts Ltd - Desserts distribution to catering industry www.compagniedesdesserts.com Represented by Benjamin Buetas, General Manager

Le Jet - Private jet sharing - Flights London/Paris www.le-jet.fr Represented by Christophe Ducluzeau, President/Founder CEO M2A Assurances et Patrimoine - Insurance broker and financial adviser www.cabinetm2a.com Represented by Marie N’Diaye Peres, Director – Founder Madeleine-Consulting - Independent boutique consulting www.madeleine-consulting.com Represented by Aude Veber, Director Safexis- Technical management of professional kitchens www.safexis.com Represented by Patrick Tordjmann, CEO Sushi Shop London Limited - Take away/delivery sushi www.mysushishop.co.uk Represented by Églantine Wiart, Director TaylormadePR - PR agency for five-star international hotels, resorts and restaurants www.taylormadepr.com Represented by Sarah Taylor, Founder TSO UK - Construction, maintenance, electrification/ railway www.tso-uk.co.uk Represented by Laurent Joseph, Branch Financial Director WSP - Parsons Brinckerhoff - Engineering consultancy www.wspgroup.com Represented by Philippe Honnorat, Director, Head of Building Services

New main representative ALEXANDRINA ARABADJI, Revenue and Communications Manager at L’Atelier De Joel Robuchon started as front of house in May 2013 and has worked her way through the company exceptionally fast, becoming Reservation and Events Manager in just under two years and one of the youngest senior managers within the L’Atelier group. Originally from Ukraine, Alexandrina moved to the UK at the age of 16 to further her education, and having been raised with a love and appreciation of good food and wine, always wanted to be involved in the restaurant business in London. She has a degree in Psychology from Southampton University. www.joelrobuchon.co.uk

Hats off to ORLANDO ROCK has been appointed Chairman of Christie’s UK, marking his 25th year at the company. © Christie’s Images Limited 2015

He is recognised as one of the world’s leading specialists in the decorative arts. Formerly Director and Head of Private Collections and Country House Sales, he is known to have one of the best eyes in the business, and spearheaded the vogue for curating sales to inspire eclectic collecting and bold design choices. Jussi Pylkkänen, Global President of Christie’s, said: ‘Christie’s Chairmen and Deputy Chairmen across the globe are informed, passionate and devoted to helping collectors. As a team they are a vital part of our activities, working daily with clients to help support and navigate all the opportunities for collecting offered at Christie’s and beyond. Orlando’s appointment will continue to ensure this critical role in the UK as our business continues to evolve.’ www.christies.com

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- november / december 2015 - 73

Tr ade D eleg ation to Manchester

The trade delegation, led by HE Ms Sylvie Bermann, French Ambassador to the UK and Estelle Brachlianoff, President of the French Chamber (centre) meeting Councillor Paul Murphy, Lord Mayor of Manchester, at the Town Hall

anchester, in Britain’s northwest, has been garnering

leading the pack with its groundbreaking Devolution Agreement,

considerable attention recently – amongst a raft of accolades

which has reshaped the way central and local government work

it has been recognised as ‘the most competitive business location

together, with a long-term ambition of controlling or influencing all

in Europe’ (KPMG), ‘number one city in the UK to locate a HQ’

public spending in Greater Manchester. Over and above this, the

(Cushman & Wakefield) and the ‘fastest growing economy outside

city has been developing its cultural side to make it an attractive

London’ (Grant Thornton), and it is at the heart of the ‘Northern

place to live and work with living costs that are much lower than

Powerhouse’ that is being developed to rebalance the UK economy

London.

away from London and the Southeast. So it was an obvious choice

Major investment in transport infrastructure was evident

as a destination for the French Trade Delegation led by HE Ms Sylvie

throughout the city with new tram stations under construction,

Bermann, French Ambassador to the UK and Estelle Brachlianoff,

but beyond that, delegates were given a sense of the vision of

President of the French Chamber of Great Britain.

the Northern Powerhouse that will be realised by connecting the

Aimed at forging links with the city’s authorities and finding out

core northern cities of Manchester, Liverpool, Sheffield, Leeds,

more about its business and investment landscape, the delegation

Hull and Newcastle-upon-Tyne into a super-productive network

comprised 14 companies*, the majority of which already have

of city regions, giving rise to a more unified economy, capable of

a presence or are involved in projects in Manchester, and a few

generating an additional £44bn for the UK economy. Crucial to this

which were interested in getting a feel for the opportunities there.

will be the development of a multi-modal transport system, which

The delegation’s first called on the Town Hall, where they were

presents strong investment opportunities.

received by Councillor Paul Murphy, Lord Mayor of Manchester,

Manchester is also a world class location for business with a

who expressed hope that the visit would lead to more fruitful

resident population of 2.7 million, a workforce of 7.2 million within

partnerships. The Ambassador responded, saying that French

50 miles, and 1 million international visitors per annum. Moreover,

companies are very interested in Manchester as a city of the

Greater Manchester ranks second in the UK for attracting FDI,

future, and the Northern Powerhouse, and are ready to invest and

and has access to world class talent from five universities. Sectors

be more present in it. The delegation later had a lunch hosted by

viewed as growth drivers in the next decade include Advanced

the Leader of the Council, Sir Richard Leese, at which he spoke

Manufacturing, Financial & Professional Services, Life Sciences,

of the scope of development in progress and being planned for

Digital, Creative & ICT, Nuclear and Low Carbon/Environment.

Britain’s fastest growing city.

These are complemented by a number of key development

In a series of presentations, delegates were given a very

projects including Airport City Manchester, which is an £800m

informative overview on Greater Manchester’s economy, strategy

Enterprise Zone development and Ocean Gateway, which is a

and ambitions. As the UK’s first combined authority of 10 districts,

programme of urban regeneration, real estate, renewable energy

its focus is on creating new jobs and growth. Manchester is also

and transport projects over the next 50 years.

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CHAMBE R HAPPE NINGS - R ECE NT E VE NTS

Trade Delegation to Manchester - 16 September

French companies are interested in Manchester, a city of the future, and the Northern Powerhouse, and are ready to invest and be more present in it

The delegation visiting Media City, Salford Quays

MediaCityUK is one such project, with the BBC its anchor tenant,

project in Manchester city centre - when completed in 2017.

and the trade delegation paid a visit to the Salford Quays site that is

Swinton Insurance is headquartered in Manchester. Thales UK

also home to 230 creative, digital and media businesses as well as

is the technology behind the Manchester Metrolink and its Tram

cultural institutions, residential developments, restaurants, shops

Management System has been selected by Transport for Greater

and hotels. Office rental prices there, ranging from £8 to £25 per

Manchester for the Metrolink five-year upgrade programme.

square foot, are a fraction of London prices.

And Veolia is involved in a number of services delivered across

The delegation also visited the brand new National Graphene

Manchester, from energy and water solutions to industrial and

Institute at the University of Manchester, which was in the process

hazardous waste services as well as commercial recycling and

of being commissioned for research into this two-dimensional

waste management.

carbon material with great potential for high tech and industrial

The delegation concluded with a strong sense that links with

applications, and gained an overview of the university, its world-

Manchester had been deepened and broadened, and something

class R&D expertise and close links with business and industry,

of the excitement around this fast developing and regenerating

as well as Manchester Business School’s research and business

city had definitely rubbed off. ‘It was a very good opportunity to

education capabilities.

understand the economic dynamics of this conurbation, thanks

Among the delegation, nine companies already have a

to the meetings organised with the local authorities and various

presence or are involved in projects in the city and region. Altran

local players: an excellent initiative of the French Chamber of Great

has recently acquired IJS Consultants based in Manchester.

Britain and perfect organisation,’ commented Jean-Pierre Mustier,

Capgemini has been appointed by the Manchester Airports Group

Partner at Tikehau Investment Limited.

to manage, develop and implement an ERP platform to enable

Sincere thanks go to the sponsors PwC and Swinton Insurance,

innovative digital and customer strategies. ENGIE has just signed

and to Manchester City Council and Manchester Investment

a land contract with the Nuclear Decommissioning Authority to

Development Agency Service (MIDAS) for all their help and support

build a new nuclear power plant in Moorside which will eventually

in setting up the programme and organising the presentations

meet 7% of the UK’s electricity needs and help to create a number

from the City Council, Transport for Greater Manchester, MIDAS,

of new jobs. JC Decaux is working with Transport for Greater

MediaCity UK, University of Manchester, Dalton Nuclear Institute

Manchester to develop a concept bus shelter in the city centre and

and Manchester Business School. I KF

with Manchester City Council to install digital information panels. KEOLIS currently operates in a JV the TransPennine Express (TPE) and is bidding to run the new TPE franchise from 2016 as well as the Metrolink tram. PwC has 750 staff in its Manchester office, and will be moving to 1 Spinningfields - a major redevelopment * Altran, Banque Transatlantique, Capgemini, Cofely, ENGIE, Crédit Agricole CIB, Frenger International, JCDecaux, Keolis, PwC, Swinton Insurance, Thales, Tikehau Investment Limited, Veolia info - november / december 2015 - 75

Dî n e r d e l a R e n t r é e 2 015 - 22 s e p t e mb e r 2 015

Interview

vincent de rivaz Chief Executive, EDF Energy For your Dîner de la Rentrée address you chose to speak

You have said that business has a role to play in this. What

about the challenges and opportunities of COP21. What

is it? And what does business need from government to

are your hopes and expectations for its outcome?

meet the challenges?

My hope is that all of the countries negotiating in Paris reach

While our governments negotiate and decide on action,

a historic agreement to put the world on a path that limits the

business has its own role to play. As Official Partner of COP21,

increase in global temperatures to 2 degrees Celsius.

EDF is committed to the target of 2˚C. We are part of the

We know that the current commitments on greenhouse

solution through producing low-carbon electricity, and helping

gas emissions – to reduce global emissions by 18% below

customers tackle climate change through managing their

1990 levels – run out in 2020. The world’s governments are

energy consumption.

expected to produce an agreement on what happens for the

For us, the battle on CO2 has not just started today. In the

decade that will follow. As access to modern, clean and reliable

UK, we were the first energy company to step up on climate

energy is about to be recognised as a right by the United

change issues. We have achieved significant carbon savings

Nations, the need to contain climate change is becoming even

through energy efficiency and through focused stewardship of

greater.

our nuclear stations. This has led to a major investment plan

For this year’s climate negotiations, a new positive ‘bottom-up’ approach has been adopted, giving countries the

to extend the lives of our existing nuclear fleet. We look to Government for a stable regulatory regime that

opportunity ahead of the Conference to present their strategy

supports investment in low-carbon technologies and ensures

and their proposed national efforts to tackle climate change.

that energy efficiency programmes are delivered as safely and

The French Government has also been making a real effort to

cost-efficiently as possible.

bring other parties – businesses, NGOs and local authorities – on board. As a result, for the first time, we see the beginning

You, amongst many other business leaders, are a

of a shared approach on action against climate change.

proponent of setting a carbon price. How do you think the

Recent announcements from the USA and China confirmed

obstacles to achieving this can be overcome?

this. These are positive signs, but more needs to be done.

We believe that a carbon price that adequately reflects the

As of today, the sum of the nations’ pledges is not enough to

scale of the climate emergency and which is set at a level that

prevent temperatures rising above 2˚C.

encourages investment decisions in low carbon electricity generation is needed. The UK has established the carbon price support mechanism to achieve this in the absence of an effective price in the carbon market. The UK and France share common ground on climate change and both see a need for strong carbon pricing globally as a way to help move away from coal and gas. The European Union has now agreed a new climate and energy package for 2030 with a greenhouse gas reduction target of 40% and progress has been made to support a stronger carbon price. I firmly believe that France and the UK should continue their leading role to encourage other countries to move in this positive direction. As a low-carbon energy provider, EDF Energy is already part of the energy transition, but is there more to its commitment to the 2˚C target? Of course. Our main contribution to the 2˚C target is our large

76 - info - november / december 2015

C. Alongside this news, we also signed the Heads of Terms of a wider UK partnership for the joint development of new nuclear power stations at Sizewell in Suffolk and Bradwell in Essex.

The UK and France share common ground on climate change and both see a need for strong carbon pricing globally as a way to help move away from coal and gas

New nuclear power stations are a key part of the future energy mix, alongside renewables and gas. So it is great news we reached this milestone for Hinkley Point C. The new power station will meet 7% of the UK’s power generation needs, a vital contribution when 35% of the country’s existing electricity generation capacity is due to shut down by 2030. And it is also a good deal for UK consumers and taxpayers who are not taking construction risk and who will pay nothing

scale investment both in new low-carbon generation capacity,

until electricity is produced. Furthermore, the cost of Hinkley

and our work to extend the life and improve the efficiency of

Point C is competitive with other forms of electricity generation

our existing generation fleet. By 2030, EDF Energy has pledged

in the 2020s and the power station will provide reliable, cost-

to reduce the carbon intensity from our electricity production

effective electricity for 60 years from 2025.

to less than 100g CO2/kWh.

But being a responsible business goes beyond this

You have said that EDF Energy is ‘passionate about

target. For instance, we are doing a lot to support our most

innovation and what the digital revolution can bring’.

vulnerable customers. In 2003, we were the first supplier

What is the company doing in these spheres and how

to launch an independent trust fund to help families and

might it affect your business in the future?

individuals living in fuel poverty who are struggling to pay their

Innovation is in EDF Group’s DNA and covers the whole

energy bills.

business value chain. Our Research and Development Centre

We are also committed to inspire younger generations

is at the heart of this strategy. It is involved in all aspects of the

on energy and environmental issues. Our long-standing

innovation landscape from fundamental research through to

programme for schools, The Pod, seeks to engage young

product development, demonstration and deployment.

people on energy, science and sustainability and now has

A concrete example is the EDF Energy Blue Lab – our

almost 20,000 registered schools and community groups.

dedicated innovation platform we launched this year and through which we will explore new products, services and

People do struggle to understand how a profit-making

business models for both our business and residential

energy provider says it is helping them consume less

customers. The key areas of focus will be on Connected

energy. As a business, how do you reconcile this apparent

Homes, B-to-B Energy Services, Decentralised Energy and New

paradox?

Business Models in both business and residential markets.

It is a paradox in appearance only. As a responsible energy

With this platform, we aim to accelerate our plans to drive

company, we have long bought into the idea of energy

innovation for our customers. I Interview by KF

efficiency as a solution to tackle climate change. It is about providing what our customers want. They want help to use energy more efficiently and it is our duty to provide that help.

Dî n e r d e l a R e n t r é e 2 015

Energy efficiency measures or improved awareness of electricity consumption through the use of new technologies is a path we need to take. But it will not be enough. Our modern economies require more low-carbon electricity to achieve decarbonisation in the long-term. The UK Committee on Climate Change acknowledges that decarbonisation of the heat and transport sectors is more challenging and costly than decarbonisation of power. So, as the largest producer of low-carbon electricity in the UK, I am confident that our business will be thriving into 2050 and beyond. Since your speech, EDF Energy has announced significant progress on the new nuclear project at Hinkley Point C.

L to R: Lord Patten, Alain de Cointet, Vincent de Rivaz and

Can you tell us what has happened?

Estelle Brachlianoff at the Dîner de la Rentrée, held at The

On 21 October, EDF and China General Nuclear Corporation

Four Seasons Hotel at Park Lane. The dinner was sponsored

(CGN) announced the signature of a Strategic Investment

by EDF Energy with Vranken Pommery and Les Crus Classés de

Agreement for the construction and operation of Hinkley Point

Graves as the Champagne and wine partners, respectively.

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CHAMBE R HAPPE NINGS - R ECE NT E VE NTS

rENDEZ-VOUS CHEZ

- 6 August

Pierre Hermé Paris

embers gathered amidst a colourful display of the most wonderful creations at the Pierre Hermé boutique in

Covent Garden. Enjoying the occasion to network, they had the

chance to sample the new collection of macarons as well as special mini pastries, and were amazed by the original flavours created by a true sensory artist, using products ranging from olive oil, crème brulée and sea-salted caramel to rose, yoghurt, litchi and jasmine flower. Romola Basu-Wilken, UK Area Manager of Pierre Hermé and her team were very welcoming and eager to share their knowledge, fostering the relaxed and sociable atmosphere. At the end of the event, the winner of the lucky draw was able to take home some little pieces of heaven with a Pierre Hermé hamper of products. I MH See interview on p64

rENDEZ-VOUS CHEZ

- 3 September

The Exhibitionist Hotel

he somewhat surprising Exhibitionist Hotel played host to around 40 members of the Chamber, who were given the opportunity to discover this beautiful ‘luxury boutique revolution’, with its quirky exhibits, and visit some of its unusual 37 rooms. Located

in the heart of South Kensington, the hotel brings a funky touch to this part of town, merging heritage, unique design and an

appreciation of modern lifestyle that Chamber members were able to enjoy whilst indulging in a wine and canapé reception hosted by Xavier Ors, Sales Manager of the hotel. For the winner of the lucky draw, there is an opportunity to come back for a one-night stay for two at this eclectic and arty hotel. I MH 8-10 Queensberry Place, South Kensington, London SW7 2EA t: +44 (0) 207 915 0000 • www.theexhibitionisthotel.com

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CHAMBE R HAPPE NINGS - R ECE NT E VE NTS

rENDEZ-VOUS CHEZ

- 8 October

Armorial Paris

rmorial hosted around 35 Chamber members for a refined evening of networking at Thomas Goode in Mayfair,

surrounded by their beautiful papers in exquisite shades and gilts. Colours such as lavender, citrine, pistachio and turquoise were reminiscent of macarons and... Paris. Operations Manager Laetitia Vielvoye was there to welcome guests and she gave

a fascinating presentation of the company’s history from its founding in 1890 on the well-known rue du Faubourg St Honoré and Avenue Victor Hugo to the world-reputed provider of bespoke luxury stationery it has become. She also explained Armorial’s printing techniques and talked about its products, which range from bespoke personal stationery to design and typography. All participants were given a beautiful Armorial notebook to rediscover the charm of handwriting. I MH Armorial in London At Thomas Goode 19 South Audley Street, London W1K 2BN t: +44 (0) 207 409 1325 • www.armorialparis.com

International Wine, Spirits & Beer Tasting 23 September

PA Club at La Maison Maille

eld in the elegant and historic Church House Conference Centre in Westminster, the seventh annual International Tasting was a promotion of multiculturalism as much as an opportunity to sample a world of flavours. Close on 300 participants were able to enjoy a wide selection of national wines, spirits, beers and other drinks offered by the 13 participating foreign Chambers of Commerce. Along with the tasting came a chance to mingle over delicious canapés while meeting and networking with members of other Chambers in a relaxed and convivial atmosphere. I MH

8 September or the September edition of the ever-popular PA-only event, around 20 personal assistants of Chamber member representatives gathered in the Maison Maille store to indulge in tastings of some of the house’s flavoured products and create their own personalised mustards to take home. All the creative possibilities of mustard were revealed in innovative cocktails that combined a pleasant tang with just a bit of heat. There was also a lucky prize draw, the winners of which received sets of La Maison Maille products. I MH

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CHAMBE R HAPPE NINGS - R ECE NT E VE NTS

Breakfast with Wilfrid Petrie - 9 October Sponsored by

Energy revolution in the United Kingdom The energy market has changed considerably in the past few years, and this is being called the energy transition. But our latest assessment is that it is more of an energy revolution!

to a nervousness about security of supply. Meanwhile, there are weak signals in the market for low carbon generation with hardly any subsidies remaining as government priorities shift to relieving the burden on household energy bills. This is a difficult moment as the impetus to develop renewable technologies may be lost. Finally, there is decline in production of offshore oil and gas.

The energy market has changed considerably in the past few years, and this is being called the energy transition. But

Market reform and related policy initiatives have been brought in to reshape the market, many by the previous

our latest assessment is that it is more of an energy revolution!’

Coalition government, but the new Conservative government

Wilfrid Petrie, ENGIE UK Country Delegate and CEO of Cofely UK,

has changed its priorities, focusing on energy security and

stated at the outset of his talk about the energy transition at the

value for money, supporting nuclear and new gas power

Four Seasons Park Lane Hotel, sponsored in kind by PAUL which

stations as well as shale exploration with commitments to

provided the breakfast pastries and patisserie.

smart metre roll-out, energy efficiency and demand-side

Beginning with ENGIE (formerly GDF SUEZ), Wilfrid outlined

measures as well as CO2 emission reductions. A shift back

the company’s activities in the UK, where it is the eighth largest

towards markets will promote more competition and see an

foreign employer with 20,000 on its payroll, present across

increase in the number of smaller, independent organisations.

the entire energy value chain of power, gas and services, and

Another market phenomenon is the rise of the prosumer –

generating £3.7 billion in revenues. ENGIE is a leading North

production by consumers – as the business becomes demand

Sea explorer and producer of both oil and gas, and the owner

rather than supply driven. Supported by new technologies,

of the UK’s largest onshore gas storage facility. It is also one of

data management and decentralised production, this will

the largest independent power producers in the UK, and with

result in a more dynamic relationship with customers.

its NuGen joint venture (with Iberdrola and SSE), is developing

Turning to the opportunities in the energy market and how

three new nuclear reactors. Whilst not one of the Big Six, ENGIE

ENGIE positions itself on this landscape, Wilfrid honed in on

is nevertheless a top supplier of power and gas to business

the major transitions happening within the UK’s energy and

customers. But its biggest activity is its outsourced integrated

services landscape – the government’s pursuit of a balanced

services business, comprising industrial and urban energy

energy mix, changing energy needs with an increased

services, technical services, facility management and business

emphasis on more sustainable energy sources, greater

process, which employs three quarters of its workforce and

demands placed on the services sector for single source, cost

generates £1 billion. As a leading provider of integrated services

effective and integrated solutions and an increasing overlap

in the UK, ENGIE serves customers as diverse as the NHS, the

between energy and services as customers’ needs evolve. On

Borough of Kingston upon Thames, Metropolitan Police, Royal

this basis, ENGIE sees opportunities to invest in critical energy

Mail, V&A, Gatwick Airport and Nestlé.

infrastructure, particularly flexible and responsive low carbon

Turning to the UK’s energy market, Wilfrid pointed to four

assets, to integrate energy expertise with services delivery,

big challenges facing it. With around half of coal plants closing

something which the company is uniquely positioned to do,

by 2020, there is a big change in the way electricity is being

and to innovate in new customer-led services and technology.

produced. Current uncertainty over whether demand will

It is these elements that will facilitate the transition to a more

increase or reduce because of energy efficiencies contributes

sustainable energy future in the UK. I KF

80 - info - november / december 2015

FORUMS & CLUBS - LUXURY CLUB

Cocktail reception with Walpole and FT – 9 September

Celebrating British & French Luxury

bevy of brands, both British and French, from the Chamber’s Luxury Club and

Walpole came together at the Connaught hotel for a celebratory cocktail reception in early

September. It was the second such gathering, the first one being at the May Fair hotel in 2012, with the chief purpose of providing a platform for networking between luxury brands, or as Ben Hughes, Chairman of Walpole, Deputy CEO of the Financial Times and an Advisory Councillor of the Chamber, put it, ‘a wonderful opportunity to extend long-lasting friendships and to make new ones.’ Speaking about the importance of the luxury industry here in the UK, he said: ‘The luxury sector is not only creative, innovative and of high quality, but also hugely valuable to the UK’s economy. This is

He ended with a toast to ‘the qualities, shared values,

an industry worth over £32 billion per year, employing 113,000

creativity, talent and excellence’ that the luxury industry

people and contributing 2.2% to the UK’s GDP.’ The figures

represents. Guests also raised a toast to HM the Queen on the

he quoted were based on a new piece of industry research

day she became Britain’s longest reigning monarch.

conducted by Frontier Economics for Walpole. ‘We always

Our thanks to the Connaught for providing such a beautiful

thought that what we did was important but we suspected that

space and the canapés that kept on coming, Pernod Ricard for

we were underplaying its impact,’ he said. ‘Now we know the

the Champagne and cocktails, as well as a little something in the

real value, we have a new benchmark on which to campaign to

goodie bag, and Ladurée for the macarons. I KF

raise the profile for the luxury goods industry here in the UK.’

Dîner des Chefs - 17 September at Belmond Le Manoir aux Quat’Saisons

or the fourth year running, Raymond Blanc hosted the September Dîner des Chefs at his two-Michelin starred

restaurant Belmond Le Manoir aux Quat’Saisons. For those

of the 50 participants who had been before, it had lost none of its charm, but gained a beautiful new extension where the dinner took place, while all the first timers, including the French Ambassador, HE Ms Sylvie Bermann were beguiled by its beauty and atmosphere. Raymond Blanc himself was behind the generous sixcourse menu, which carried his signature of the freshest and highest quality ingredients, many sourced from Le Manoir’s own gardens. Sincere thanks to Caviar Petrossian for treating guests to a caviar tasting before the meal, Les Crus Classés de Graves for the fine wines that accompanied the courses and Pernod Ricard for the Champagne and Cognac that topped and tailed the evening. Transportation to and from the Oxfordshire village of Great Milton was generously provided by Renault. I MH

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FORUMS & CLUBS - WOME N BUSINE S S NE T WOR K

23 September

Launch of the Women’s Business Network A Chamber forum for women leaders has long been in the planning, so much hinged on its inaugural meeting and brainstorming lunch, which was attended by a group of 15 women, all CEOs, CFOs or with global positions based in London, as well as HE Ms Sylvie Bermann, the French Ambassador to the UK and Estelle Brachlianoff, President of the French Chamber and Senior Executive Vice President UK & Ireland of Veolia.

rior to the lunch sponsored by Louis Vuitton, the group was treated to a

private guided tour of the nearby Louis

Vuitton Series 3 exhibition, introduced by Tom Meggle, Managing Director at Louis Vuitton UK, Ireland & South Africa. This unexpected, futuristic reinterpretation of the Fall 2015 fashion show, as Tom explained, had sprung out of a desire by designer Nicolas Ghesquière to communicate his vision of the woman of tomorrow, the DNA of the brand and craftsmanship. It was an interactive experience of sound, sensation and sight, with many delights and surprises, such as the ‘spinning’ room with an audiovisual kaleidoscope of sound bites and images, the digital workbenches at which visitors could sit while watching the virtual hands of craftsmen and women assembling bags, and later the real thing – artisans at work, answering any questions put to them about what they were doing. The tour culminated in a Champagne reception and a chance to start networking, before the group adjourned to the restaurant. Over lunch, HE Ms Sylvie Bermann, fresh from the previous day’s meeting between Prime Minister David Cameron and President Hollande, gave an update on the issues that were discussed in a warm atmosphere, reflecting the good and close relations between the two countries. Guest Executive

speaker, Vice

Chantal

President

Gaemperle,

Human

Group

Resources

Synergies at LVMH, then spoke on the theme ‘Women mean business’. Citing numerous statistics and with the premise that women are not a minority group, she highlighted the impact that women have on performance in a business versus their still significant absence in top positions. She gave examples of some of the initiatives and programmes implemented at LVMH to support women in various dimensions such as expressing ambition, self-marketing and work-life balance, in particular ELLESVMH, a multipronged programme of mentoring, coaching and networking to ensure high potential women advance to senior leadership positions. This was followed by a round table discussion of a range of issues that women currently face, whether in business generally or as leaders, and the women present spoke frankly and freely in an atmosphere of mutual support. From this discussion, several themes for future meetings were crystallised, among them managing digital transformation, the war for talent and how to create a business culture that fosters and empowers women. The Women’s Business Network will be meeting four times a year, and will have one annual event – Women, Inspiration and Leadership – that is open to all, including men! I KF

82 - info - november / december 2015

Top: Inspiring words from guest speaker Chantal Gaemperle, Group Executive Vice President HR & Synergies at LVMH Left: Absorbed by the Louis Vuitton Series 3 exhibition

Interview

Rob Guyler Chief Financial Officer, EDF Energy New Co-chair of the Finance Forum

Much of your career has been in the energy sector – British Energy and EDF Energy. What brought you into it? The honest answer is my wife! At the time I met her, I was in consultancy with Price Waterhouse (which later became PwC) in London while she lived in Scotland. When we got married, I

While John Peachey brings the perspective of financial institutions, I will be bringing the industrial/corporate element. Key for me is what finance directors worry about

got a job based in Scotland with British Energy. Ironically, at that time we were trying to buy London Electricity and lost out to EDF Energy, which I ended up working for 10 years later. The energy

the signature of a Strategic Investment Agreement with China

industry is a small world, even on a global scale.

General Nuclear Corporation (CGN) for the construction and operation of Hinkley Point C. It is a major milestone which means

How has your role changed since being at EDF Energy?

that all the agreements are in place for Hinkley Point C to go

I was Group Financial Controller at British Energy when the

ahead. We are now working on the final documents which will

company decided it wanted to sell itself. It was a very good

lead to a Final Investment Decision within the coming weeks.

organisation, but relatively small, very exposed to commodity prices, and did not have the resources to go into new build.

How do you view your new role as co-chair of the

We went through a process of due diligence with a number

Chamber’s Finance Forum?

of large multinational companies, which culminated in EDF

I am pleased that EDF Energy is joining this Forum. While

Energy buying us. At that time I became the Finance Director

John Peachey, Managing Director-CFO Global Markets at

of the Nuclear Generation business. Then in 2014, EDF

HSBC brings the perspective of financial institutions, I will be

brought all of its generation assets together to create a new

bringing the industrial/corporate element. Key for me is what

division incorporating not only nuclear generation, but also

finance directors worry about; the things that concern me will

coal plants, gas plants and renewables, and I became the

be common for other organisations. So the first session on

Finance and Commercial Director of that business. I was only

1 December will be a brainstorming on that, which will bring out

one year in and enjoying the new challenge when in February

the forward programme.

this year, the previous CFO, Simone Rossi, moved to a new EDF position in Paris and within two weeks, I was appointed Chief

What do you consider to be the most pressing issues that

Financial Officer.

the Forum should address? Pensions is one – companies have various different schemes,

What does your job entail?

those with defined benefit schemes have huge risks to manage,

I look after the finance side of the UK business, namely generation,

we have new tax legislation, so how people are dealing with that

customer and new build. We are a big organisation in ourselves, a

from managing investment to benefits will be an interesting topic.

£1.6 billion a year business with several billion in assets, but also a

Another angle will be the difference in cultural approaches in

key part of EDF Group, accounting for 20% of the profit. My remit

Anglo-French businesses. It is true on pensions when we talk to

includes financial control, tax, treasury, pensions investment,

our parent company for example; but I also think of the difference

internal audit, supply chain, IT, property services and security, so it

in the function of a French and British finance department,

is quite a broad corporate role, with more breadth and less depth

particularly in terms of governance and culture. We can all learn

in some areas. In my mind, there are two important aspects to

and benefit from these differences.

being a finance director. One is that you make an impact in the

I also see access to funding for investment as a big subject

business and the other is that you are at the heart of all decision

for all finance departments at the moment. Companies are more

making. I always test myself on these two things.

capital constrained than ever before and you are seeing new approaches for getting funding such as joint ventures, pension

Were you involved in the preparation of the Hinkley Point

funds coming directly into organisations and corporate bonds.

C project?

Corporate credit is almost as important as that of bank credit

As I was on the generation side of the business, I was very much

nowadays, and companies are having to spend as much time

involved in the existing nuclear plants and the running of those

managing credit agencies and analysts as they do shareholders.

rather than new build, but obviously this has changed in my new

This is a key task in maintaining the value of your business,

role. We have invested heavily already and are working towards

especially as much of your ability to borrow relates to your share

our Final Investment Decision. On 21 October EDF announced

price. I Interview by KF info

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FORUMS & CLUBS - CLIMATE CHANGE FORUM

‘ Multi-comfort house and buildings’:

Visit to Saint-Gobain’s

Innovation Centre in London

Richard Halderthay, Director of Communications at Saint-Gobain UK, Ireland & South Africa, a 2014 Franco-British Business Awards winner, gave an overview of the group’s activities and commitments, while Sabrina Passley, the Innovation Centre Manager, showed the Climate Change Forum members around the Innovation Centre

A 350 year history

view of the different inter-related areas of comfort (thermal,

The oldest company in the CAC 40, Saint-Gobain has been one

audio, visual, indoor air and economic), ensuring a correct

of the world’s largest manufacturing companies since its earliest

balance of these factors to create a building that contributes

days. Established in 1665, with the creation of the Manufacture

to health and wellbeing. Thus, the habitat solutions developed

royale des glaces, today Saint-Gobain operates in 66 countries

by Saint-Gobain are energy efficient, with a low environmental

worldwide, employs over 180,000 people and reported €41 billion

impact and offer a superior level of comfort.

in sales in 2014. Saint-Gobain manufactures and distributes high-performance building materials that provide innovative

Innovation at Saint-Gobain

solutions to the challenges of growth, energy efficiency and

All the sectors in which Saint-Gobain operates are changing faster

environmental protection. Its products are found all over the

than ever before. The building industry, traditionally perceived as

world, from the glass floor of the Eiffel Tower in Paris, to the fire-

being conservative, is now experiencing major transformation.

protection glazing for the Statue of Liberty in the United States

The competitive environment is becoming tougher every day,

and even the insulation and glazing of the National Centre for

and companies are having to remain agile to anticipate future

the performing Arts in China. Having almost doubled in size in

challenges if they want to develop their business. To meet these

the last 20 years, Saint-Gobain continues to develop innovative

challenges, Saint-Gobain places innovation at the heart of its

new solutions and product ranges for its markets.

strategy, with the group consistently increasing its R&D budget for several years. Evidence of this commitment to innovate is

Why is sustainable habitat a strategic focus?

that one product out of four sold by Saint-Gobain today did not

Pierre-André de Chalendar, Chairman and CEO of Saint-Gobain

exist five years ago.

has said that Saint-Gobain’s aim is to become the benchmark in

The Saint-Gobain Innovation Centre is a showcase for the

the Sustainable Habitat market. ‘For us, sustainable development

innovative and sustainable products developed by the company

represents both a fantastic opportunity for growth and a daily

in its objective to be the world leader in sustainable habitat. On

responsibility,’ he commented. Two major trends underpin this

display are the key components of the Multi-Comfort concept for

strategy. One is the rising and more urbanised population.

buildings. It incorporates Passive House design which is a way

Increased incomes and consumption per capita has led to a

of designing and building sustainable, healthy and comfortable

larger environmental footprint for every person, higher resource

home and working environments.

prices as well as health and social impacts from operations. The

This centre is also intended to bring together experience,

other is the fact that we spend up to 90% of our time indoors

competence and influential thinkers to help drive evolution

– living, working, learning and playing. The fact that children’s

and innovation in the construction industry by offering an

learning abilities increase 15% if they are in a good indoor

engaging and interactive path towards exchange and dialogue.

environment led Saint-Gobain to develop the Multi-Comfort

Collaborative work spaces have been created with three

building concept called My Comfort.

meeting rooms and educational tools, such as the ‘library’ and

This building concept was first introduced in 2004 and has

multiple screens showing the various materials produced and

now been developed in 13 countries around the world. It utilises

distributed by Saint-Gobain, have been provided. These will

the innovative products, solutions and expertise from across

inspire visitors to think about new solutions that correspond

Saint-Gobain’s leading construction brands and takes a holistic

with the market needs of today and tomorrow. I MH

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FORUMS & CLUBS - legal forum

Decriminalisation of Director’s Duties in France Alain Lévy, Partner at AyacheSalama, a Paris-based law firm explains what criminal sanctions have traditionally hung over directors in France and some of the moves being made to decriminalise them

or directors, French law has traditionally represented an

The invisibility cloak exists under French law!

extensive potential source of criminal liabilities. From the

In France and in contrast with English law, directors’ criminal

breach of labour law, company law and environmental law to

liability may be excluded if the director has granted a valid

the breach of specific regulations relating to the business sector

delegation of authority (délégation de pouvoir).

such as transportation or construction, directors remain under the constant watch of the criminal judge.

Of course, such delegations must comply with strict conditions: it must be granted by the person having the authority, it must be precise and limited, it must be expressly

The hall of fame of criminal sanctions

accepted and there can only be one delegated person (even if

Without elaborating on all the situations in which a director

sub-delegations are possible).

could be called in front of a criminal judge in France, the following examples illustrate their extensive scope. The misuse of corporate assets (abus de biens sociaux) is

Decriminalisation trend of directors’ duties: yes we can! The decriminalisation of director’s duties is long overdue in

without a doubt the most widely publicised source of criminal

France. The ‘NRE’ law of 2001 (loi sur les nouvelles régulations

sanctions. Directors can be convicted if in bad faith they use the

économiques) was a first step: financial penalties were introduced

company’s assets in a way which is contrary to the company’s

in order to replace prison penalties. The Warsmann II law of 2012

interest for personal purposes. The maximum sanction is five

and other laws continued the trend by simply putting an end to

years in prison and a fine of up to €375,000.

criminal sanctions for directors. More recently, the Macron law

Another well known criminal offence relates to listed

reduced the criminal sanctions for the failure to convene the

companies: directors in possession of privileged company

workers’ council (délit d’entrave) – previously sanctioned by one

information can be convicted if they use or disclose such

year in prison and a fine of €7,000 – to a €3,750 fine.

information or disclose false or misleading information. If

It is always reassuring to see the legislator take a pragmatic

convicted a director could spend up to two years in prison and

approach. The decriminalisation of directors’ duties is certainly

pay a fine of up to €1.5 million (such fine may be increased up

a move in the right direction… even if the corporate sky remains

to 10 times the amount of the gain).

fairly cloudy with new obligations that keep popping up such as

Directors can also be sanctioned by the criminal judge if

the new ‘devoir de vigilance’ adopted by the Assemblée Nationale

they publish untrue or inaccurate financial statements or if they

on March 30, 2015: large companies would have to prepare

fail to convene an annual shareholders’ meeting.

a ‘plan de vigilance’ setting out steps to identify and prevent

Last but not least, causing a risk without an actual prejudice

potential hazards (human rights, environment, safety and

or without any intention to cause any harm may lead to criminal

bribery) at company level, its subsidiaries, its subcontractors

sanctions for directors. Such is the case for instance for the

and suppliers. Failure to comply with this new obligation would

breach of certain health and safety regulations.

be sanctioned by a €10 million fine and tortious liability. Tout un programme…! I

FORTHCOMING FORUMS & CLUBS

Climate Change Forum - By application only

Finance Forum - By application only

Chair: Richard Brown CBE, Chairman, Department for

Co-chairs: John Peachey, Managing Director - CFO Global

Transport Franchising Advisory Panel

Markets, HSBC Bank Plc and Rob Guyler, CFO at EDF Energy

Deputy Chair: Jean-Philippe Verdier, Managing Director,

When: 1 December, 8.30 – 10.00

Jefferies International.

Theme: What does a CFO worry about?

When: 24 November, 10.00 –12.00 Theme: Adaptation in Climate Change Speaker: Richard Brown CBE

These sessions will all take place at the French Chamber

Legal Forum - By application only Chair: Olivier Morel, Partner, Cripps Deputy Chair: Ken Morrison, Legal Director, Eurotunnel When: 2 December, 9.00 – 11.00 Theme: Brainstorming session

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- november / december 2015 - 85

CHAMBE R HAPPE NINGS - forthcoming events

19 Nov

18.00 - 20.00

PA Club at Vranken Pommery Where: Vranken Pommery, 128 Buckingham Palace Road, London SW1W 9SA Dress code: Lounge suit Organised exclusively for Personal Assistants - By invitation only – free of charge Vranken Pommery is opening its doors for a very special and sparkling evening for PAs, offering them the chance to taste their various and exclusive cuvées. Become a Champagne expert and test the best taste combinations with the canapés that will be served throughout the evening. A magnum will be kindly offered to a lucky winner. Contact Anne-Claire Lo Bianco at alobianco@ccfgb.co.uk or 0207 092 6643

The Franco-British Business Awards 2015 Where: The May Fair Hotel, Stratton Street, London W1J 8LT Cost for members: £110+VAT per person; £1,000+VAT – for a table of 10 Nov Cost for non-members: £160+VAT per person 19.00 - 23.00 Champagne partner: Vranken Pommery Wine partners: Le Conseil des Vins du Médoc and Les Vins de Pessac-Léognan Dress code: Black tie The Franco-British Business Awards, organised by the French Chamber of Great Britain under the high patronage of the French Ambassador to the United Kingdom and the British Ambassador to France, were launched in 2000 to celebrate the bilateral trade and economic links between France and the UK. They acknowledge the accomplishments of French and British companies of all sizes, from start-ups to blue chip companies on both sides of the Channel, in three categories: SME/Entrepreneur Award, Large Corporate Award and Jury Award. The awards will be presented during a black-tie dinner, which will bring together French and British businesses of all sizes and across all sectors. Contact Anne-Claire Lo Bianco at alobianco@ccfgb.co.uk or 0207 092 6643

Main sponsors

Jan 18.00 - 20.00

Supporting sponsors:

Press Partner:

Rendez-vous chez PAUL Where: Le Restaurant de PAUL, Tower 42, London, EC2N 1HQ Cost: £20+VAT per person Dress code: Lounge Suit Start 2016 à la française and celebrate La Galette des Rois at Le Restaurant de PAUL at Tower 42 in the heart of the City of London. Take part in this popular French tradition by trying the delicious Galette des Rois, an almond puff-pastry cake, with the chance of finding the token and becoming the King (or the Queen) of the day! Join us to meet up to 5 0 new business contacts from a wide range of industry sectors while experiencing exciting and elegant French dining!

86 - info - november / december 2015

Patron Members of the French Chamber in Great Britain

LONDON BRANCH

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- november / december 2015 - 87

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