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From YouTube: Comment lever des fonds pour une start-up blockchain?
Description
La présentation vous donnera les outils pour mieux comprendre l'environnement de la levée de fonds pour des startups blockchain/DLT et les outils et conseils pour mieux réussir votre premier tour de table.
------ À propos du orateur ------
Baptiste Cota est l'un des associés fondateurs de LeadBlock Partners. Nous sommes un fonds franco-britannique de capital-risque investissant dans le secteur de la blockchain et des actifs digitaux. Baptiste se concentre en particulier sur la fintech est le développement durable. Avant de lancer le fonds Baptiste travaillait chez Goldman Sachs.
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
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License
Creative Commons Attribution license (reuse allowed)
A
We
have
live
hello,
everyone
hope
you
are
all
doing.
Well,
it's
a
pleasure
dinars
is
organized
but
table.
I
will
do
my
best
and
many
more
games
planned
presented
at
the
discos,
our
speaker,
baptiste
end
of
part,
the
organization,
the
titles
of
today's
presentation
is
how
to
raise
funds
for
a
start
up
this
way,
you
started
your
presentation
perfect.
Thank
you.
B
A
B
For
the
intro
is
for
and
for
the
invitation,
hello,
everyone,
yes,
so
I'm
going
to
do
a
bit
of
an
interview
for
you,
like
removing,
why
to
lift
and
some
mistakes
not
to
make
and
some
some
advice.
And
then
the
idea
is
to
open
at
opio
n
is
fast
enough.
So
to
resume
the
presentation
a
bit,
I'm
a
chedid,
lock
perfume,
we're
at
the
bottom
of
the
grid,
focus
on
the
subject,
shine
blocks
and
digital
assets,
we're
based
in
london
and
paris.
B
We
've
just
opened
an
office
in
paris,
we're
all
french
just
came
from
me,
'open,
an
office
in
paris
last
week
and
all
based
in
london.
Historically,
we
noted
investment,
it's
really
about
the
adoption
by
instits
and
by
large
companies
and
companies
in
general
of
shane,
murky
technology
and
digital
assets,
so
btu
activities
life
if
they
use
all
types
of
blocks
with
us.
B
We
have
made
about
fifteen
investments
and
we
invest
post
income
in
general,
so
lexsi
from
series
to
series
b
and
we
have
the
deductible
and
about
fifteen
synthesis
of
a
portfolio
which
go
from
tries
to
wake
us
up
soon
to
food
traceability,
topics,
for
example,.
We
know
about
it:
king
foot,
chute
read
it
at
college
manufactures
and
sells
its
start-up
mode
me
personally,
I'm
interested
in
identity
I'm
in
angels
in
Hindi
sio.
Some
of
between
you
may
know
that
they
use
hindi.
B
So
to
start.
Yes,
I
think
some
of
you
may
have
seen
the
posts
of
why
cie
or
the
messages
of
115
euros,
gingham
or
titles
that
were
not
very
encouraging.
It's
true
that
the
fundraising
environment
today
is
a
little
bit
more
complicated
and
to
explain
it
here.
It
is
linked
to
the
macro
which
suffers
from
fairly
high
inflation,
therefore
linked
to
employment
in
many
economies
to
a
lack
of
supply
post
resumed
after
the
which
ovide
will
speak.
Of
course,
the
war
in
ukraine
excelled
things
on
a
lot
of
com
about
many
raw
materials
and
energy.
B
Therefore,
in
real
ction
we
have
an
increase
in
rates
by
the
central
banks.
We
have
a
slowdown
in
demand
by
households
and
by
companies
and
therefore,
is
therefore
a
macroeconomic
impact
and
are
the
most
impacted
companies
with
growth
forces
in
high
capital
requirements,
and
that
does
the
tech
and
therefore
we
have
the
nasdaq
down.
30%
I
have
double
its
equivalent
montech
united
states
and
therefore
it
is
a
great
impact.
B
All
the
boxes,
then,
that
abc
the
elysee
and
therefore
the
bases
of
valuation
which
are
used
in
life,
if
so,
especially
in
espage,
but
it's
starting
to
impact
their
list
is
glossy.
So
here
goes
the
valuations
go
down
and
the
funds
have
a
bit
of
an
uncertain
period,
also
take
longer
to
make
decisions.
Capital
guys
for
their
portfolio
box,
passes
more
time
with
their.
It
will
make
two
wallets
so
to
be
sure
that
the
market
there
is
a
bit
complicated
and
we
can
compare
it
to
the
one
we
saw
at
the
very
beginning
of
college.
B
The
tro
is
first
months
of
collisions
were
complex,
turned
around
after
that,
so
much
the
better,
and
then
we
broke
fundraising
records.
But
it's
true
that
here
we
come
back
in
there
for
totally
different
reasons,
but
we
went
back
in
there
and
we
we'll
see
if
we
get
out
of
it
on
the
way.
The
causes
seem
a
little
more
sustainable,
but
here
is
the
question
remains
open.
B
The
founders
them
and
I
think
that
she
is
a
founder
here,
tend
to
delay
their
fundraising
a
little
when
they
can
and
control
their
limits
to
raise
later
in
the
best
conditions
or
with
better
fundamentals
and
more
things
to
show.
So
today
here
is
the
key
word.
It
is
rather
shame
the
boxes
are
more
valued
on
their
ability
to
be
how
to
say
well
use
their
cash,
what
3
3
any
price.
Ultimately,
after
in
the
block
chain
sector,
there
are
still
significant
positive
points.
B
B
Imagine
that
some
of
you
may
have
joined
the
sector
last
year
or
at
the
beginning
of
the
year,
saw
a
lot
of
talent
which
such
a
job
for
to
join,
and
there
are
also
a
lot
of
development
tools
and
libraries
and
any
open
source
tool,
etc,
and
interconnection
which
are
created
two
companies
which
are
created
it's
much
easier
to
create
a
box
today
than
two
three
four
years
ago.
So
I
think
there
are
positive
leases,
but
now
focus
is
aware
of
this.
B
This
environment
I
don't
want
to
be
negative,
but
the
reality
is
that
it
is
the
case
today
today
we
will
see
how
it
evolves.
I
hope
for
the
best.
Now
yes,
I,
pass
quickly
and
I.
Think
I
will
go
rather
quickly
on
advice
and
errors
and
to
open
to
questions
what
I
think
is
the
most
effective,
but
basically,
what
is
a
life
if
they
are
looking
for?
If
we
really
need
the
summary
they
are.
B
First,
looking
for
a
team,
especially
at
levels
especially
orly
staged,
so
we
will
be
looking
for
an
ability
to
execute
resilience,
a
combination
of
skills,
not
that
important
skills
are
missing.
We
will
look
for
a
vision
on
a
large
market,
so
the
idea
is
that
a
small
market
for
a
v6
is
not
suitable,
because
success
will,
in
return,
be
too
low
enrichment
by
your
origins.
In
fact,
and
then
I
would
say
a
scalability,
that
is
to
say
we
can
wait
for
this
size
of
the
market.
B
We
can
gain
market
share,
101
capital
intensity,
so
a
need
for
capital
that
is
too
high.
So
we're
going
we're
going
to
come.
It's
so
really.
I
summarizes
it's
really.
These
four
elements
of
the
scalability
market
size,
vision,
teams
that
are
going
to
be
they
are
going
to
be
important
and
votes
from
the
docks.
The
discussions
will
have
to
answer
these
issues.
B
B
That
is
to
say
that
today,
what
must
not
be
forgotten
is
often
you
create
a
product
for
a
consumer.
So
it's
ultimately
more
important
for
the
for
v6
is
for
you
stand
out
explaining
the
problem
that
you
are
going
to
solve
the
product
you
are
going
to
create,
rather
than
spending
too
much
time
on
the
block
chine
itself
as
an
advantage.
B
That
ultimately,
is
within
everyone's
reach.
In
fact,
if
he
has
to
sum
it
up
a
bit
silly,,
but
it's
as
if
an
e-commerce
site
told
itself
that
it
was
going
to
succeed
because
it
also
on
the
internet
on
the
internet.
No,
it's
not
being
the
focus.
So
yes,
the
chain
block,
brings
you
to
your
audi
a
lot
more,
but
spending
too
much
time
sweating
and
focusing
too
much
on
it.
B
B
But
six
dead
people
spoke
first
like
that,
have
the
options
and
the
doors
open
and
then,
of
course
you
negotiate
after
that,
it's
not.
Of
course
you
have
to
accept
everything,
but
I
would
say
that
as
a
general
rule.
Yes,
we
see
a
valve.
Often
it
is
given
very
high
and
often
as
good
for
what
it's
worth
the
very
blow
of
speaking,
because
there
it
is
not
true
so
I
will
pay
attention
to
that.
B
B
A
B
Ider,
it's
not
really
what
has
value,
in
fact,
it's
really
the
execution
and
and
the
detail
of
how
you
are
going
to
implement,
executed
that
and
that.
Finally,
it's
hard
to
the
doctor
in
a
presentation,
a
lot
you
have
to
be
careful
still
de
pain
sent
his
deck
everywhere,
but
you
can't
ask
a
die
before
sending
the
dec
which
I
like
he
can't
sign
islands.
B
Can't
here,
don't
want
to
sign
d
n'diaye
all
day
he
can
finally
impossible
to
follow
and
then
finally,
it
protects
something
which
sees
there
that
it
is
necessary
to
put
in
place
here
all
that
it
is
some
of
the
errors,
thus
to
recapitulate
an
index,
sometimes
a
little
too
long.
G20
slide
max
of
infos.
Here
then,
on
the
product
talk
talk,
you
can
of
course
talk
about
the
blackline,
but
it
can't
be
the
key
word
all
there
of
all
the
number
1
advantages
of
your
product.
B
You
need
a
little
more
construction
of
technology,
maybe
an
interesting
angle,
etc.
That's
too
many
ambient
tion
on
the
level
of
waloa
and
the
display
too
much
said
regulations
or
from
the
start,
then
the
targeting
deficit.
Finally,
the
subjects
of
n'diaye
from
the
opening
the
discussions
which
tend
to
stop
them
so
directly.
B
Well,
yes,
there
if
we
is
alone
for
sure
that
will
say
only
one
photo,
but
hey
I,
think
you
have
to
talk
about
your
background
anyway,
and
explain
why
you
are
well
placed
to
succeed
in
the
sector
is
then
probably
show
to
show
you
clearly
an
understanding,
I
thinking
of
recruitment
strategy
or
finding
a
co-founder
or
being
shown
that
we
are
aware
that
the
coffin
is
going
to
be
difficult.
I
would
say
that
in
general,
it's
russell,
it's
still
extremely
hard,
And,
even
being
the
only
founder,
is
very
hard.
B
B
B
And,
of
course,
there
are
plenty
of
engels
who
do
this
a
lot.
Moreover,
that's
almost
what
they
do
so
so
here
I
would
say
that
there
it's
a
question
of
targeting,
so
that's
it.
You
have
to
target
well,
do
you
have
preferences
of
country
or
geographical
area,
then?
For
us
we
are
global
as
a
background
we
have
invested
in
europe.
We
invest
in
france.
Of
course
we
are
proud
of
the
us,
and
we
have
invested
in
asia.
B
B
So
how
can
investors
help
and
ensure
a
process
in
bausch
that
will
give
results
so
deferred?
There
are
different
types
of
investors.
Some
vincent
are
finally
going
to
have
someone
who
can
bring
varied
added
value
so
help
some
investors
are
going
to
say
clearly
me,
I'm
not
reading
round
the
table,
I'm
just
doing
fake
water,
and
that's
me
I'm
not
going
to
bother
you
I'll
leave
it
to
you
alone.
You
have
to
also
say
I
move
a
lot
of
value
here,
but
good
it
can
be
useful
and
practical.
B
It
can
be
useful
and
practical
for,
for
its
part,
informed
founder
after
it
is
up
to
you
to
discuss
and
exchange
with
the
lives.
If,
yes,
yes,
lendl
and
the
ground
that
wanting
to
talk
understand
where
they
can
be
useful
on
the
street
can
more
useful,
for
you
is
what
they
can't
help
on
the
breakers
bausch.
Yes,
a
number
of
lives.
Here
we
have
internal
teams
to
help
you
with
hiring
or
two
it's
something
we
do.
B
For
example,
it's
helping
to
pass
interviews,,
that
is
to
say,
to
be
part
of
a
stage
of
the
interview
in
probably
rather
towards
the
end.
Will
not
be
doing
hundreds
of
interviews
either,
but
when
you
hesitate
between
two
or
three
people,
that's
it
that's
something
you
do
or
introduce
some
introduce
one
of
the
very
specialized
people
very
specific
that
we
know
can
be
adapted.
So
it's
been
stuff
that
we
've
done
in
flip
flops
here
that
a
number
of
others
can
do.
B
Is
evidence
of
the
marked
leak
on
a
small
number
of
customers
can
be
used
for
ent
rer
in
that
of
his
idea?
Yes,
at
100%
yeah
60.
We
have
to
start
at
the
beginning,
so
yes
completely,
and
also
to
have
some
customers
who
pay
yourself
who
do
not
pay,
but
that
you
use
is
a
very
regular.
It's
a
great
proof,
therefore,
absolutely,
and
that
for
a
lot
of
visits.
That
means
that
there
is
a
product
already
running
it
works.
B
A
B
Don't
pay
market
is
quite
limited,
but
with
a
king
back
on
a
quick,
yeah
I
basically
understand
the
question:
is
this
one
can
be
understood
if
we
are
on
a
small
market
size,
but
we
can
be
a
bit
of
a
winner
takes
all
we
can
capture
the
market.
A
little
quickly
is
what
contacts
and
business
angels
and
more
suitable
I
think
for
some
life.
B
If
so,
it
wo
n't
work
so
I
direct
and,
of
course,
I'm
going
more
adapted
after
I
saw
delhi
6,
who
told
me
on
that
I
think
to
do
a
maximum
of
10
x,
which
in
fact
implies
a
market
size.
It's
white
done
as
much
as
possible
say
a
maximum
of
ten
times.
That's
enough,
it
seems
a
lot
ten
times
but
ultimately
to
invest.
We
seek
to
do
25
50
hundred
times
in
the
maximum
of
cases
in
the
most
optimistic
case,
and
we
will
achieve
it
only
on
a
few
syntheses
of
the
portfolio.
B
So
to
say,
I'm
going
to
make
ten
times
implies
that
the
market
was
small.
We
that
I
have
with
some
will
accept,
but
many
will
a
lot.
You
ask
questions
about
the
market,
so
I
will
not
hesitate
to
try
to
their
de
talk
and
see
if
the
questions
and
feedback
from
life
if
they
are
on
this
subject
there
and
if
it
does
n't
fit
this
point.
But
it's
true
that
it's
a
little
bit
complicated.
B
How
to
find
business
angels
wait,
I
will
bounce
back.
There
was
p,
no
question
that
we
find
angel
pieces
that
make
the
president's
site
in
the
shane
blog.
Well
that
I
would
say
I
think
we
can.
The
cdu
has
given
up
a
lot
of
networking
with
the
help
of
events
has
been
done,
go
back
to
durban
and
introduce
introduce
talk
to
founders
in
the
sector.
B
Also,
a
number
of
the
angels
in
this
sector
are
also
founders
of
companies
who
have
done
well
and
who
have
partially
sold
the
shares,
have
led
capital
and
often
tend
to
invest
in
them.
Therefore,
that's
a
good
way
to
do
good,
I,
would
say,
I
think
it's
probably
easier
to
talk
about
the
founders
and
two.
B
If
a
database
targets
a
young
historical
actor,
I've
seen
a
certain
one
go
by
number
on
linkedin
on
chain
block
topics,
I
admit
that
I
haven't
backed
up.
But
yes,
there
are
searching
the
internet,
often
searching
on
linkedin.
Where
you
go
top
white
extra,
you
will
find
databases
free
after
necessarily
I
had
to
pay
for
it
at
the
bouquet
hunt,
pc
track,
and
it's
also
beansight
good.
If
you
can
have
quick
access
to
stop
things
at
the
database,
it's
a
good
way
to
do
hurry.
B
A
B
I
want
to
illustrate
some
investments
that
we
made
take
things
a
little
varied,
so
we
invested,
for
example,
at
the
beginning
of
the
year
in
a
company
who
is
called
tatum,
who
makes
unchained
development
tools.
Finally,
on
the
vo
fear
to
facilitate
the
deployment
by
the
texts
we
spoke
earlier
about,
recruitments
I
was
very
complicated
to
do.
This
is
particularly
the
case
on
the
texts
who
knows
block
it.
I've
heard
of
people
who
were
getting
paid
salaries
above
100
miles
at
the
entrance,
almost
going
to
be
a
little
bit
of
boxing
knowledge.
B
So
it's
true
that
the
market
is
super
tight,
so
to
allow
n
'any
classic
developer,
let's
say
to
use
the
languages
ws
like
java,
blue
java
to
de
elop
rain
block
apps
using
a
whole
series
of
tools.
Aida
pays
o.
It
allows,
for
example,
to
deplo
something
well
and
lose
in
fact,
part
where
was
renovated,
terium
or
etc,
or
on
the
nao.
What
you
want
without
having
to
know
the
language
of
cats
glochem,
and
that
also
allows
you,
then
good
between
private
and
public
I,
think
it
will
be
2
complicated.
B
But
unless,
unless
you
develop
a
lot,
it
also
allows
you
to
switch
from
one
doxa
to
another
in
a
few
clicks,,
I.e.
from
pasta
or
rewrite,
which
is
extremely
painful
and
complicated.
If
you
want
to
switch
from
one
box
to
another,
I
think
you
know
it
all
if
it
was
very
heavy
tatum,
for
example
vanilla.
It
is
a
certain,
however,
the
gaming
which
offers
similar
the
other
countries
and
development
aids
to
launch
games
in
chain
in
an
easy
and
simple
way,
to
take
a
totally
different
example.
B
Cordes
also
has
a
prune
d'auxonne,
and
here
is
a
fairly
powerful
solution
there
to
reduce
costs
and
relay
duplicate
information
given
more
access
to
customers.
It
gave
more
visibility
on
its
customers
and
flows
and
then
automated
accelerated
all
its
processes.
It's
really
the
funds
are
alleys,
the
fund
administration
industry
and
an
industry
that
is
extremely
archaic
even
a
few
years
ago
to
use
the
fax
so
switch
to
tnt
it's
a
fertilizer
da.
It's
pretty
crazy.
B
B
Yes,
it
is
good
to
have
enough
index
clear,
often
lévis,
yvonne
in
d1
to
start
before,
discussing
or
comes
just
after
or
to
ask
a
little
bit
about
it
and
share
with
the
team
am
by
piece
is
probably
the
best
clearly
to
be
able
to
make
a
product
that
words
and
is
often
it
is
a
good
time
to
understand,
that's
what's
sold
and
then
what
other
document?
It's
true
that
a
sid
stadium,
you
don't
need
to
have
a
lot
a
lot
of
things
because
there
are
no
customers
have.
B
B
On
the
other
hand,
then
have
a
fairly
precise
plan
to
explain
the
go
to
market,
to
explain
his
thinking
around
that
things.
That
will
be
interesting
one.
Once
the
box
is
established
there,
we
have
the
documentation
which
we
can
make
business
plans.
We
can.
We
can
do
what
is
interesting
also
on
the
site.
But
honestly
the
figures
will
be
difficult
to
strong,
but
once
they
see
there
once
they
have
a
bit
of
numbers.
A
business
plan
is
getting
interesting
to
see
how
cunning
your
model
is.
A
B
We
have
a
dual
identity:
fintec
endpoint
encryption
from
bach
the
business
model
is
organized
I,
see
a
certain
reluctance
of
francs
from
here
classic,
despite
a
first
validation,
is
more
than
thin
and
six
other
cases
we
manage
to
convince
crypto
or
db
funds
to,
and
we
stop
the
real
one.
And
that's
you
go
around
the
table.
Ok,
we
are
launching
an
equity
debt
roadshow.
A
reason
of
8
is:
we
need
a
trading
center
that
I
think
so
it
is
going
there.
A
B
More
and
more
in
everything
that
is
blocked
in
web
pro
digital
assets,
they
have
a
vertical
on
this
theme
there
in
their
funds
we
have
a
cost
invested
with
some
so
to
say,
excess.
The
most
able
it's
up
to
you
to
watch
so
I
have
to
do
block
chain
and
do
fintec
and
should
understand
it
after
you
can
expand
to
generalists.
But
it's
true
that
sometimes
you're
going
to
have
questions,
and
you
wonder
why
it's
to
you
answer
it:
what
to
be
to
speak.
Politely.
B
Can
we
not
prepare
on
you
fund
sarsat
start-ups
also
a
question,
a
good
question,
so
I
would
say
have
to
be
extremely
careful
this
so
the
rate
that
was
born
the
I
see
you
on
that.
We
call
that
we
no
longer
call
that
today,
but
hey,
finally,
that
here
it's
the
same
thing
must
not
see
it
as
a
fundraising
technique.
B
B
Many
other
tools,
so,
for
example,
we
can
imagine
so
I
gave
an
example
on
your
everything
threatened
a
top
team.
It's
his
cdd
tableau
developer
tools
to
develop
more
easily
on
the
block
chains
are
connected.
Underlying
language,
certai
ns
could
have
said.
Ok,
I
get
up,
we
get
up
between
cairns
and
then
suddenly
to
hoist
the
platform.
You
have
to
buy
your
store,
born
the
estaque
and
block
them.
You
have
access
what,
for
example,
and
we
are
at
half
mast,
blah
blah
blah
good,
but
that's
it
is
passed.
B
This
example,
for
example,
has
little
meaning
so
there
we
create
friction.
Potentially
the
worth
asset
of
the
token.
Have
me
a
lot
so
found
more
too
much
in
access
to
the
platform.
Companies
a
little
larger,
potentially
problematic,
buy
some
and
the
scraps.
Only
those
willing
that
this
box
and
leclerc
have
created
a
friction,
a
complexity
that
has
no
need
to
be
so
I
would
say.
Yes,
we
can
absolutely
lift
in
any
case
m,
but
it
must
have
made
a
lot
of
sense
for
your
project.
B
Otherwise,
that's
it
won't
pass
already
to
the
president
and
well,
if
it
passes
I
think
the
value
will
spit,
it
will
have
a
bad
one,
we'll
see
a
new
image
of
the
project,
and
so
it's
game
here.
You
have
to
be
careful
but
not
see
it
as
going
in
I
are
sales.
Ok,
but
it
will
be
easy
today.
It
is
no
longer
the
case
and
I
think
it
can
be
counterproductive.
B
B
Yeah,
I'm
lying
that
I
think
it
can
be
a
question
who
is
with
her.
It
takes
a
long
time
to
answer.
I
think
the
answer
super
short
and
a
little
and
a
little
a
little.
Yes,
it's
ultimately
to
say
what
it
depends
if
horrible
answer
but
but
but
but
it's
true,
I
would
say
that
parent
I
say
if
I
take
what
is
called.
B
There
is
a
certain
number
of
synthesis
which
have
all
the
same
if
it
was
very
exactly
from
where
who
is
who
who,
which
would
prove
solutions
based
on
open
source
code,
but
here
in
fact,
the
best
model
on
open
source
and
is
to
be
created
eventually,
so
is
there
anything
crazy
about
us
is
what
is
the
venerable
of
helping
customers
to
adopt
their
open
source
tools?
Also,
one
thing
to
cloud
data
to
people
have
to
deploy
have
to
implement
required
in
the
morning
crazy
days
who
etc
do
we
have
to
adapt
steven?
B
B
B
B
The
same
the
report
to
the
open
source
question
the
dc10
me
I,
take
a
risk
who
invests
and
therefore
well
I,
don't
want
the
value
to
be
in
something
else,
also
the
whole
valley
by
being
worth
the
tocane,
then,
because
you
are
going
to
write
my
autonomy,
which
works
paris,
xi
zhang
raid,
I
he's
going
to
say:
ok,
so
I
like
the
criticisms
he
wanted.
Just
that
it's
not
apple
must.
So
you
have
to
be
careful
about
that.
B
Among
the
startups
mentioned,
you
mainly
mentioned
bi
products
soubie,
you
were
also
sure
of
the
bit
or,
if
you
that
boxing
is
not
yet
large
enough
for
the
public
is
therefore
this
one
is
harder.
Yes,
and
in
fact
it
is
our
bfi
investment
strategy.
So
it
is
clear
and
well
seen
we
are
biased,
understand.
I
would
say
that
there
are
elements
of
btu
here
that
works.
B
It
is
clear
the
sector
at
the
base
before
the
alps
ledger,
and
it
is
on
the
look
public
chain
it
was
born
and
thanks
to
the
curtains
at
the
retail
hobbit.
Also,
finally,
and
all
the
big
platforms,
the
biggest
companies
in
the
industry
are
fine
too
first,
but
for
us
future
growth
and
growth.
Even
now,
looking
at
the
unicorns
they
had
last
year,
the
majority
more
than
half
actually
were
empty
boxes
girl
from
one
of
the
boxes.
Your
be
to
be
were
in
fact,
therefore,
for
us,
the
democratization
of
la
rochelle.
B
Yes,
it
will
go
through
a
b
to
be
adoption
and
by
an
increasingly
high
abstraction
of
the
good
chain,
which
is
complex
for
the
use
of
consumers.
So
we
are
going
come
there.
Package
is
more
and
more
to
be
able
to
make
the
director
after
there
will
always
be
a
part
that
will
go
directly,
but
for
us
and
it
is
necessary
after
that
does
not
mean
that
the
empty
boxes
or
if
you
are
not
good
to
Don't,
insist
on
good
models.
B
I
have
the
impression
that
some
hardware
frighten
investors
prefer
software.
So
yes,
100%,
it's
true.
Are
there
any
defects?
Facial
hardware,
euros?
Sorry,
I,
summarize
the
question
for
everyone.
The
question
is
to
say:
I'm
start
up
who
makes
hardware
and
television
are
afraid
of
that
they
prefer
software.
You
have
to
know
all
the
same
that
if
we
take
if
we
ask
ourselves
second,
the
void
it
was
born
for
foster's
love.
B
The
idea
was
to
say,
I,
create
software,
I
have
a
fixed
cost,
then
I
sell
it
to
a
lot
of
people
and
neck
and
neck
and
an
interesting
price,
and
if
I
see
a
lot
of
people,
I
see
it
there
I
create
it
once
I
admit
that
georges
makes
a
huge
margin
and
I
can
grow
very
quickly.
So
that's
it.
That's
the
microsoft
and
enhco
model
and
after
all
the
start
ups
that
you
know
a
lot
about
on
earth.
B
You
know
the
beginning
of
the
software,
and
now
it's
been
releasing
your
services
since
now
several
years,
and
so
that's
how
louis
xi
was
born.
So
it's
sure
that
the
hardware,
which
is
more
capital
and
n
6,
which
tends
to
stall
in
a
more
difficult
way
to
give
a
known
example
c,
is
that,.
We
even
had
great
difficulties,
for
example,
in
jostling,
the
quite
normal
production
of
cars.
It's
the
most
mature
and
complex
I.
B
Remember
I,
think
it
was
the
estivaux
de
vaud
again
who
explained
that
if
they
could
produce
a
moment
in
front
of
wills
that
they
could
who
could
produce
the
side?
It
was
in
a
year
in
a
few
days
and
that
he
could
change
their
chains
very
easily.
So
here
he
had
the
know-
how
to
have
this
know-how
there
and
were
very
difficult.
So
are
there
lives
if,
then,
that
make
hardware?
Yes,
there
are
some
head
game.
B
The
European
commission
invests
in
a
lot
of
projects
that
can
be
unbankable,
for
so
that
means
not
adapted
to
the
type
of
projects
they
finance
but
can
have.
But
so
here
you
have
to
look
at
the
great
men.
Only
loïc
I,
just
wanted
to
admit,
had
two
million
five.
There
are
quite
a
few
hardware
start-ups
going
on
there
passing
calls
for
projects
I
think
there
are
two
or
even
4
a
year.
B
B
Are
there
different
quotas
for
different
countries,
no
20,
roughly
in
terms
the
question
to
tell
you
what
invests
with
quotas
by
country?
For
us
it
is
not
the
case
for
many
here:
I,
not
necessarily
out
of
six
have
regional
institutional
investors,
for
example
the
bpi
in
france,
which
asks
what
is
not
without
impact
in
france
every
life.
If
it's
going
to
have
its
rules,
in
fact,
so
its
game,
it's
going
to
be
really
loose.
B
China
and
other
countries
are
ahead
in
a
sochaux
scoring
digester.
Have
you
seen
a
rise
in
start
ups,
offering
tracking
is
good
and
bad
citizens
using
shane
blocks.
We
know
it
st
a
morally
particular
theme
we
have
not
seen
so
I
will
go,
which
is
similar
to
that.
We
see
subjects
coming
up
on
reputation,
unchained,
that
is
to
say
here
we
are
at
your
toilet.
B
We
have
all
activities
now
have
to
know
who
you
are
are,
but
we
can
see,
for
example,
that
you
are
someone
who
will
buy
projects
and
take
everything
out
each
time
from
too
far
or
not
particularly
faithful.
Well,
well,
that
we
will
say:
ok
tomorrow,
I
do
an
air
drop
and
I
see
there.
I
'ai
vaudois
is
in
the
list.
Not
you.
B
I
may
be
going
to
take
you
out,
so
we
have
seen
this
type
of
tool
there
and
we
have
seen
more
and
more
tools
earlier
than
the
reputation
of
scoring
good
or
bad,
but
the
development.
What
is
saved,
naidan,
teti,
whether
it's
on
the
hour
tracks
or
on
the
public,
channel
blocks
and
I,
think
that's
it.
It's
super
interesting
and
see
the
growth
and
potential
in
there.
B
Possible
example
of
how
shares
51%
of
the
founders
or
30%
and
6
2%
crazy
here
I
am
would
say
that
the
will
lose
here
will
take
15
20
to
30%
on
a
turn
by
the
student
here
on
a
round
table
afterwards.
I
will
not
put
the
auto
kent
in
the
percentage,
because
here
we
are
talking
about
scores,
departure
from
critics.
We
are
talking
about
'a
distribution
of
departures
from
tocane,
but
we
can't
necessarily
put
the
two
together.
B
That
makes
the
only
point
that
managing
calmly
makes
sense
how
to
contact
deficit
bain
by
email
via
their
fit
in
linkedin,
by
introductions
by
twitter,
same
parent,
etc,
etc.
I
think
that
the
whey
and
all
the
means
are
good,
but
I
think
technically,
it's
still
better.
If
you
can
have
introductions
on
the
easiest.
B
B
More
control
of
the
low
blow,
which
is
fun
dealing
with
blocks
public
chain,
it
's
a
certain
way
and
sound
a
certain
way
they
so
nt
much
worse
than
the
web,
2
on
all
subjects
of
advertising
and
behavior
tracking,
because,
finally,
there
is
everything
now
we
can
have
several
veils,
but
hey.
We
have
more
and
more
tools
that
allow
you
to
see
the
letter
channels
that
are
owned
by
the
same
person,
actually
with
machine
learning,
to
try
to
figure
out
the
input
streams
yeah.
So
so
what
and
that's
in
a
way?
B
Which
went
difference,
preparation,
listening
autocad
but
in
fact
a
company
from
there,
the
shareholders,
so
the
backstage
and
the
shareholders.
The
company,
l,
'etau
cannes-
is
something
different.
So
after
you,
the
same
thing
can
be
replicated,
but
we
can't
say
that
here
we
can
give
names
to
can
make
a
split
of
dz.
Shareholding
is
ok.
B
B
B
There
I
was
expecting
gold,
a
tuna
and
cops
because
that
the
messages
are
long,
do
not
hesitate
to
register
on
projects
by
contact.
And
yes,
the
'b
to
b'
concern
is
a
model
which
can
correspond
to
us
and
on
the
subject,
answers
a
fa
to
finish
what
the
current
incubators
are.
Certainly
not
here.
Yes,
it
is
their
main
activity.
In
fact,
so
you
have
to
go
to
Mr.
drummer
hears
curly
staged.
There
are
sometimes
very
good
incubators
who
can
help
you
and
structure
the
project
so
crowd
in
hesitation.