Despite the rain-soaked opening ceremony, the Paris Olympics were deemed by many to be a roaring success. As always, however, the Olympics is more than just a sporting event: it’s a catalyst for economic growth, a showcase of soft power, and a statement of the capabilities and strengths of modern France.
At a time when the political climate has dominated headlines, the Paris Olympics have been a welcome tonic. While they don’t erase the issues that President Macron is likely to face, they could have an enormous impact on business in the country: both in terms of boosting the domestic economy, and attracting investment from further afield.
A new face for France
One of the most striking aspects of the Paris Olympics has been its portrayal of a diverse, youthful, and united France. Amidst the slightly overblown controversy around aspects of the opening ceremony, there was a clear message about representing what France is today, and how its history created the framework for the freedoms its citizens now enjoy. The performances by Aya Nakamura, Gojira, Phillipe Katerine and a cadre of drag artists were a celebration of an open, tolerant and inventive society.
The impact this could have on attracting investment and fostering entrepreneurship cannot be overstated. Where a handful of years ago, France was considered somewhere that new ideas and small businesses were unable to flourish, a suite of reforms have created a hotbed of diverse entrepreneurial talent. The Games have showcased a nation that is forward-thinking, inclusive, and open to new ideas—a shift in perception that can help convince entrepreneurs that France is the destination for them.
Related article: How to get a French entrepreneur visa
A country that has been marred by protests and concerns about the far right suddenly seems more united, front-footed and welcoming than ever. The Games haven’t fundamentally changed the situation in France, but the imprint in the French and global consciousness will be a substantial one - bringing a renewed optimism can translate into greater creativity, inventiveness, and a positive climate of investment and innovation in Paris and beyond.
Sports and leisure are in
The Olympics have always been a catalyst for growth in the sports and leisure industry, with London 2012 being a memorable highlight. The impact on youth engagement in sports in the UK was tangible, and other events such as the Women’s Euros have shown that major sports coverage - and sporting success - can lead to a massive boost in grassroots sport. For French businesses, this could mean immense potential for growth in the sector—from sports equipment and apparel, to fitness centres, personal coaching, and wellness retreats.
The Olympics can also leave a lasting legacy in terms of sports infrastructure. New stadiums, arenas, and sports facilities in Paris and a few other locations will not only benefit athletes, but also the local community. This increased access to sports facilities can encourage a more active lifestyle and create opportunities for businesses offering sports-related activities, events and paraphernalia.
Paris is the new European capital
If the London 2012 games showed the English capital at its best before Brexit, Paris 2024 may mark the host city’s ascension to the forefront of Europe. The city had already attracted a significant amount of business from London after Brexit, including a large part of its financial sector. The spotlight cast on it from the Olympic Games could accelerate this shift, and firmly establish Paris as the centre of European business.
The Games has naturally attracted millions of visitors to the city and country as a whole, generating significant economic activity. But beyond this immediate impact, the event has also showcased the city's superb infrastructure, including its transportation network, and ability to host large-scale events. This could significantly enhance Paris' reputation as a desirable location for corporate headquarters and international conferences, bringing London’s status as a de facto business capital into further question.
Paris has also been undergoing a longer-term transformation into a more attractive destination for entrepreneurs and small businesses. Its modern infrastructure stretches as far as strong high-speed broadband, while its supportive business ecosystem includes the iconic Station F startup campus, as well as a wealth of coworking spaces and resources for entrepreneurs and small businesses.
Related article: How to start a business in France in 8 Steps
As a result, Paris has become a hotbed of startup activity, with a thriving tech scene and a growing number of accelerators and incubators. Key to this funding infrastructure is Bpifrance, a public investment bank that plays a vital role in financing French businesses. The organisation offers a range of financial products and services to entrepreneurs, from seed funding to growth capital, both instrumental in the growth of the French startup scene.
Paris is also home to a vibrant angel investment community, with a growing number of high-net-worth individuals willing to invest in early-stage companies. The French government has also implemented a number of initiatives to support entrepreneurship, including tax breaks, visa programs, and regulatory simplifications. These measures have made it easier for foreign entrepreneurs to set up businesses in France and to access the support they need to succeed.
None of this is to mention the general appeal of Paris and France as a whole for foreign entrepreneurs and investors. The city boasts an enviable reputation, with a high quality of life, world-class education system, strong cultural heritage, rich tapestry of cultural events, and incredible array of dining options. The country’s strong rail infrastructure means it’s also easy to access from many satellite towns and cities across France, many of which can challenge Paris’ title for culinary and cultural superiority.
Even outside of politics, the world of business is tumultuous at the moment, and France isn’t out of the woods yet. But the positivity, energy and investment from the Paris Olympics could go a long way. For entrepreneurs who were curious about starting a business in France, this could be the impetus you need—attracting the investment and energised talent to make a success of your French business dream. For more information, you can download our free French business guide below, or click on our French company page.
