French Health Minister Marisol Touraine visited Eligo Biosciences on Monday, one of the most promising French Biotechs start-ups. Co-founded by young bio-entrepreneurs Xavier Duportet, they inaugurated their brand new office space at Paris’ Institut Pasteur (See our exclusive interview with Duportet here: ‘Meet Eligo’, the Startup which Raised €2M to Redefine Antibiotics using CRISPR‘).
For the opening, Marisol Touraine joined the party and, as a true politician, she made a speech to accounce the start of a €100M Biotech Fund. The goal is to “help French startups to cross the financial death valley before reaching the market. Because of a lack of access to capital, [French Start-ups] falter by continuously looking for money.”
This is clearly a sign that she doesn’t fully understand how the Biotech ecosystem really works. As they need a huge amount of capital to grow, Biotech companies have to continuously sell their stories to investors. This sort of publicity actually functions to attract capital and has been proven a good way to create a dynamic ecosystem (just look how Boston companies are tied up with their venture capitalists).