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France Digitale Day 2023: innovation and technology to support tomorrow’s world
Since 2012, France Digitale, Europe’s largest community of start-ups and VCs, has taken over the Musée des Arts Forains (Museum of Fairground Arts) in Paris for its annual gathering, France Digitale Day or ‘FDDAY’. This year, this unmissable event for the start-up world brought together a record number of over 5,000 investors, entrepreneurs and key players in technological innovation from across Europe. The event hosted 120 participants on round tables and workshops that teased out the day’s headline theme of sustainability. How can AI benefit innovation? Who are the major players in the sustainable technology of the future? Find out more about the key trends of FDDAY 2023 – from revolutionary low-carbon batteries to insect protein-based food and the need for corporate transparency on sustainability-related action.
An international perspective
Confirming its growing international perspective, FDDAY devoted this year’s morning session to ‘CES 2024 Tech Trends’, with a preview of the prestigious global trade fair dedicated to technology. The opening speech by Gary Shapiro, CEO of the Consumer Technology Association, set the tone: “Technology offers a solution to problems related to healthcare, transport and energy, and how to make our food, air and water clean and plentiful.” Brian Comiskey, Director of Thematic Programs at CES, unveiled the key themes of the 2024 event, which will open its doors on 9 January. These include mass implementation of AI at all corporate levels, the increasing electrification of mobility and the development of infrastructure and materials in industry in a quest for sustainability.
Artificial intelligence: a key role in optimising the performance of many existing technologies
“Artificial intelligence is a horizontal technology that affects all vertical sectors, from digital healthcare to the food-processing industry,” Brian Comiskey told a packed room. “AI will help optimise the performance of many existing technologies.” All the signs point to AI increasing the capacity for technological innovation tenfold to the benefit of a more sustainable economic model.
See also: AI’s infrastructure points to a first phase of monetising
Florence Kiss, Impact Expert at Lombard Odier, a specialist in sustainable investment
Extra-financial reporting: how can this be a tool not a constraint for your business?
Florence Kiss, Impact Expert at Lombard Odier, a specialist in sustainable investment, led a workshop with Laura Beaulier (CEO, Climate Dividends) on the development of extra-financial reporting for companies. This follows the coming into force in 2024 of the Corporate Sustainability Reporting Directive (CSRD), as part of the Green Deal that requires 50,000 European businesses to publish an annual environmental, social, and governance (ESG) report in addition to their financial statements. How can extra-financials (and their reporting) become a competitive advantage and strategic focus for your business?
For Florence Kiss, annual extra-financial reporting is above all “the door to understanding a company’s strategy, its contribution to environmental transition and how it tries to resolve its negative impacts.” It is therefore of fundamental importance, particularly when you start talking to potential investors. “From a pragmatic viewpoint, reporting helps save time at roadshows, by dealing with common questions about carbon emissions, biodiversity conservation or diversity within the company.” Reporting “helps address the really interesting points on strategy and factors that make you stand out from competing companies or projects.”
Furthermore, in terms of opportunities, “clearly showing your impact opens up access to specific private and also public funding, or access to privileged markets,” Florence Kiss explained. Putting sustainability centre stage in your company is therefore more important than ever today. To support this, “a recent survey (McKinsey) shows that nearly three-quarters of private investors would consider dismissing investment managers if they were not able to meet suitable standards for information on ESG issues,” Florence Kiss said.
In concluding, Florence Kiss stated that “the transition to an economic model that takes climate risk into account is under way, supported by regulators, the financial sector and consumers.” Fully integrating issues around environmental, social and governance criteria into corporate strategy is therefore of key importance. It offers greater transparency and honesty to clients, partners, investors and employees about action taken to promote sustainability.
Sustainable technology: pioneering the path to a resilient future
Later in the afternoon, Edouard de Saint Pierre, Managing Director at Lombard Odier in France, led a round-table discussion on the theme of ‘Sustainable technology: Pioneering the path to a resilient future’. This was a chance to take a detailed look at the crucial role that technology and innovation will play in environmental transition.
At the EU level, sustainability and technology are even part of the idea of a ‘twin transition’. This aims to combine the digital revolution with the continent’s green transformation, the European Green Deal.
As a private bank and investment firm, our role is to support our clients in their investment choices and we believe that this transition is a source of financial opportunities.
Edouard de Saint Pierre, Managing Director at Lombard Odier in France, moderator for the round-table discussion
Four experts came together to debate this topic, each shedding light on the subject in an informed manner:
- Gaëtan Bonhomme, an associate at Breakthrough Energy, an organisation set up by Bill Gates in 2015 that is dedicated to investment in companies working to reduce greenhouse gas emissions;
- Caroline Mini, Sustainability Manager at VERKOR, a company that specialises in large-scale production of low-carbon batteries;
- Clément Tiret, Chief Financial Officer at Innovafeed, a global leader in the production of insects for animal and vegetable feed;
- Maria Von Prittwitz Und Gaffron, Head of Roadmap Research at holistiQ, a new platform dedicated exclusively to sustainable investment. holistiQ was founded jointly by LOIM (Lombard Odier Investment Managers) in partnership with Systemiq, a leading company in the field of systemic change.
To launch the discussion: artificial intelligence. In addition to ChatGPT, that rose to prominence in late 2022, AI is also a powerful driver of innovation exploited by companies, such as Lombard Odier, that incorporate sustainability into their decisions. “A wide range of artificial intelligence applications currently exist that are designed to mitigate climate change,” said Maria Von Prittwitz Und Gaffron, Head of Roadmap Research at holistiQ. “This is particularly true for business activities using AI or involved in energy demand management, which is improved by applying these technologies.”
“We now have a strong conviction: technological change and innovation are seen as key drivers of economic growth and social progress, but they will also play a vital role in environmental transition,” argued Edouard de Saint Pierre. Citing the IPCC (Intergovernmental Panel on Climate Change), he added: “We are seeing the birth of viable and efficient options for reducing greenhouse gas emissions and adapting to climate change of human origin.”
Read also: Towards an electric future: investors at the heart of a new industrial revolution
Those taking up those options include VERKOR, represented by Caroline Mini, Sustainability Manager. She said: “We produce low-carbon batteries whose environmental footprint is 70% less than batteries today, which mainly come from China.” She added that “our aim is to relocalise the whole battery value chain. We are a real catalyst in the decarbonisation of mobility.”
This French start-up hit the headlines in September 2023 with its record-breaking capital injection of EUR 2 billion to fund the construction of its gigafactory in France. It specialises in industrial production of low-carbon lithium batteries. Demand for these has soared with the explosive growth of the electric vehicle market, testimony to the overall electrification of our economy. VERKOR is also tackling the recycling of batteries, one of the major challenges in this sector.
Another leading example is Innovafeed, a certified B Corp™, a global leader in the production of proteins for animal feed based on insect flour. The company raised EUR 250 million only a year ago to ramp up its development in the US. It has set itself the task of helping to reduce the carbon footprint of the animal feed sector. Thanks to its large-scale circular production model, Innovafeed claims to have reduced its carbon footprint by 80% compared with traditional production. Its long-term goal? “To build a global industry capable of providing sustainable solutions to feed the whole world,” announced Clément Tiret, Chief Financial Officer of Innovafeed, speaking at FDDAY.
To close the round-table discussion, Edouard de Saint Pierre reminded us that all change involves action and its funding. “Make no mistake, ‘action’ is the key word to remember. We need more action from governments, companies, entrepreneurs and investors. From everyone, really!”
Talent Awards 2023
To close this day of meetings, the organising team at FDDAY conferred the Talent Awards for 2023. The ceremony was co-presented by Frédéric Mazzella (co-founder of BlaBlaCar and Co-chairman of France Digitale) and Charlie Perreau (Start-ups editor at Les Echos). Through nine awards in as many categories, the Talent Awards recognise French start-ups and scale-ups for their contribution to spreading ‘French tech’ within France and beyond its borders. Of the 150 nominations, 36 were shortlisted for the nine trophies.
This year’s winners included the teams at ManoMano, who were awarded the Sustainability prize by Edouard de Saint Pierre, Senior Manager at Lombard Odier in France. The e-commerce platform, which specialises in DIY and gardening, stood out with the launch of its carbon score (grades A-E) this year. This shows the carbon footprint of products sold on its online site, so that consumers can be more conscious and responsible in making their purchases.
This approach also encourages companies to be more transparent about their value chain, from the raw materials needed to make the product to its production stages – a further step towards sustainability thanks to technological innovation that benefits companies and consumers.
Edouard de Saint Pierre presenting the Sustainability prize
Technological innovation, driven by artificial intelligence, left its mark on all the day’s discussions on three main stages for participants at the Musée des Arts Forains. Everyone agreed on one thing: synergies between the financial world and entrepreneurs are needed now more than ever to be able to build a sustainable economic model.
Important information
This document is issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This document was not prepared by the Financial Research Department of Lombard Odier.
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