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A conversation with 20VC General Partner Julien Codorniou
@ Stripe
06/24/25
Takeaways
JC
Julien Codorniou
06/24/25
@ Stripe
Europe is moving faster than many pundits admit, driven by a series of anecdotes and emerging trends that we never saw before.
JC
Julien Codorniou
06/24/25
@ Stripe
The caliber and quality of founders in Europe is at an all-time high, with many having experience from top companies like Stripe and Facebook.
JC
Julien Codorniou
06/24/25
@ Stripe
Companies in Europe, such as Deeper 11 and Nabla, are rapidly scaling, demonstrating a significant shift in the startup ecosystem.
JC
Julien Codorniou
06/24/25
@ Stripe
Project Europe aims to inspire young founders under 25 by connecting them with successful entrepreneurs and providing funding, addressing the need for role models in less sophisticated ecosystems.
JC
Julien Codorniou
06/24/25
@ Stripe
Young founders today need role models and inspiration, especially in the context of AI, to realize they can build something impactful from scratch.
JC
Julien Codorniou
06/24/25
@ Stripe
The storytelling around successful founders in Europe, particularly in France, needs to be improved to inspire the next generation of entrepreneurs.
JC
Julien Codorniou
06/24/25
@ Stripe
The success of companies like Kelku has created a diaspora of talent in Europe, leading to a generation of investors and entrepreneurs who can contribute to the ecosystem.
JC
Julien Codorniou
06/24/25
@ Stripe
France excels at training top technical talent, but historically lacked the ability to effectively distribute and market products, which is improving with new software distribution methods.
JC
Julien Codorniou
06/24/25
@ Stripe
While French entrepreneurs are often exceptional scientists or developers, they need to enhance their skills in selling their vision and exciting potential investors. We have great products, but we need to improve our distribution skills to succeed.
JC
Julien Codorniou
06/24/25
@ Stripe
The 'one employee unicorn' concept suggests that with the right infrastructure and AI, a single employee can build a large company.
JC
Julien Codorniou
06/24/25
@ Stripe
I focus on seed and pre-seed investments to quickly support companies that may never need to raise money again, similar to successful self-funded gaming companies.
JC
Julien Codorniou
06/24/25
@ Stripe
The trend of self-funding is emerging in SaaS, where companies can grow significantly with minimal teams, thanks to AI and low software development costs.
JC
Julien Codorniou
06/24/25
@ Stripe
Building a strong brand and community is crucial for creating a competitive advantage in the software industry.
JC
Julien Codorniou
06/24/25
@ Stripe
AI can enhance decision-making for developers, but it won't replace them; humans will still make the final decisions.
JC
Julien Codorniou
06/24/25
@ Stripe
The frontline SaaS market is largely untapped, with many workers lacking access to technology, presenting a significant opportunity for growth.
JC
Julien Codorniou
06/24/25
@ Stripe
Many large European corporations hesitate to purchase local software, often waiting until it's deemed 'impossible to get fired for' before making a decision.
JC
Julien Codorniou
06/24/25
@ Stripe
In the U.S., Fortune 500 companies view software as an investment with expected returns, while in Europe, particularly France, large companies often see it as a cost to minimize, which needs to change.
JC
Julien Codorniou
06/24/25
@ Stripe
Surprisingly, French small and medium-sized businesses (SMBs) tend to buy more local software than larger companies because they prioritize functionality over origin.
JC
Julien Codorniou
06/24/25
@ Stripe
In the U.S., there's a cultural expectation for large enterprises to adopt cutting-edge technology, while in France, there's a risk of being penalized for choosing innovative solutions over established brands.
JC
Julien Codorniou
06/24/25
@ Stripe
Meta's ability to pivot and invest in new technologies, like mobile and AI, showcases the importance of having a founder who can make bold long-term decisions, despite occasional missteps.
JC
Julien Codorniou
06/24/25
@ Stripe
Having the freedom to experiment and fail is crucial for employee morale and innovation, as demonstrated by my experience launching a failed gaming project on Facebook.
JC
Julien Codorniou
06/24/25
@ Stripe
The regulations around stock options in Europe are complex and inconsistent, making it difficult to align employee interests with those of shareholders.
JC
Julien Codorniou
06/24/25
@ Stripe
France's tech visa and immigration policy is effective in attracting top talent, presenting a significant opportunity for Europe compared to the UK and US.
JC
Julien Codorniou
06/24/25
@ Stripe
Xavier Niel's contributions over the past 15 years have significantly shaped the vibrant startup ecosystem in France, providing the necessary infrastructure and support for new companies.
JC
Julien Codorniou
06/24/25
@ Stripe
I prefer Paris for vacation and London for work, highlighting the distinct cultural and professional environments of both cities.