There are many ways countries can go about supporting their tech industries. In France it involves picking a yearly cohort of 120 high-potential startups — the French Tech 120 — including 40 private companies deemed as most promising, dubbed the Next40.The French Secretary of State for the Digital Economy as of this year, Marina Ferrari, revealed this year’s laureates during VivaTech week in Paris. According to its promoters, this fifth class was the most selective since the inception of the program.The French Tech Next40/120 program was first launched in 2019, and lessons have been learned along the way, especially when some unicorns turned out to be ZIRPicorns. Following recommendations from tech insiders, criteria have changed, and half of the selection is now based on revenue metrics, rather than fundraising. As a result, only 28 of the French Tech 120 selected in 2024 claim valuations of $1 billion or more. On the other hand, La French Tech reports that the cohort collectively had a net revenue of €10 billion in 2023, compared with €7.5 billion in 2022. Thirty-one companies reported a net revenue above €100 million.In aggregate, this cohort reveals or confirms some interesting trends that France is riding, such as the rise of deep tech and AI