France’s WineTech goes from adolescence to adulthood

Tuesday February 11 2020 by Vitisphere

Laurent David, chairman of WineTech: “There has been a real wake-up call and I think that WineTech can play a major role in this”.Laurent David, chairman of WineTech: “There has been a real wake-up call and I think that WineTech can play a major role in this”. - Photo credit : La WineTech

Last December, companies belonging to the French WineTech formed an association, taking a spontaneous, informal movement and turning it into a proper legal structure. Thirty-five start-ups have joined forces to improve their visibility and speed up their development. Now representing 300 jobs with projected revenue of €100 million in 2020/2021, WineTech is on a roll and set to showcase its attributes at WineParis-Vinexpo this week.

In the vanguard

WineTech is coming out of adolescence. Some companies have found business models that allow them to take a leading role, but they are not yet unicorns”, admits Laurent David, chairman of WineTech and founder of Wine Angels. The fact remains that the French companies are still a long way off posting the kind of economic performances characterising industry stars such as Vivino or Coravin. Their capacity for development will be facilitated by the rate of investment that the industry is able to leverage. David feels that the inertia witnessed in the past is changing due to more challenging economic conditions. “In a crisis-ridden market, undermined by numerous diplomatic and regulatory uncertainties, companies are realising the need to differentiate and innovate. I have never found as many open doors as I have over the last 12 to 14 months. There has been a real wake-up call and I think that WineTech can play a major role in this”, he believes, adding that innovation never comes from large groups but from small companies that innovate, take chances and are agile. “It is this kind of innovation that will allow France to remain the world leader in wines”, he stressed.

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