On Wednesday 21 March 2018, the Galion Project, a think tank of fast-growing entrepreneurs in French Tech, launched a new tool for start-ups: the BSPCE Galion kit. With the launch, the Galion Project is reaffirming its role of supporting entrepreneurs and championing a vision of the company as a shared adventure.
CMS Francis Lefebvre Avocats, represented by Philippe Gosset and Alexandre Morel, and the Jones Day law firm developed the kit in partnership with several members of the Galion Project.
Through entrepreneur free share warrants (bons de souscription de parts de créateur d'entreprise) BSPCEs), start-ups and entrepreneurs can open a part of their capital to their employees and thus enable them to contribute to the success of the company.
A complete kit to guide entrepreneurs
A true educational tool, the kit aims at providing answers to the practical problems experienced by entrepreneurs when implementing BSPCE plans. It provides reference documents both for start-ups and venture capital funds and their advisors. It contains an explanatory note written by Jean-Baptiste Rudelle, co-founder of Criteo and Less, as well as comprehensive legal documentation (including a BSPCE allocation plan, a mini shareholders’ pact and tax information).
A tool for attracting the finest talents and gaining their loyalty
“The Galion Project champions a vision of the company as a collective adventure, the success of which depends on each individual and must be shared by everyone. We are convinced of the effectiveness of such a tool in terms of attractiveness, loyalty and motivation for employees, notably as part of the competition with major groups for talent,” said Agathe Wautier, co-founder and CEO of the think tank.
Jean-Baptiste Rudelle said: “The implementation of BSPCEs at Criteo was a key factor of success. It enabled us to recruit talents that we would otherwise never have been able to attract.”
The BSPCE Galion kit addresses legal issues but also covers questions such as: what percentage of capital should be set aside for BSPCEs? Should they be allocated to everyone? How distribute them? What safeguards can be used to ensure the simple management of BSPCEs in the event of employee departures or takeovers?