External newsletter September 2025 - N° 172

Dear Business Angels friends, dear readers,

Behind this incongruous question lies a very topical fact: Albania has just appointed its new anti-corruption minister... and it's an AI! As of September 11, 2025, Albania becomes the first country in the world to appoint a minister who does not physically exist.

Her name is Diella, which means sun in Albanian, and she hasn't just been born. Launched in January as an AI-generated virtual assistant, she has so far been helping the population to use the official e-Albania platform, which provides official documents and various services. Diella has helped issue 36,600 digital documents and provided almost a thousand services on the platform, according to official figures.

His new mission? To "create a country where public tenders are 100% corruption-free", explained Prime Minister Edi Rama. In other words, this AI will be in charge of awarding government contracts, a task that was once in the hands of civil servants who, it seems, were frequently tempted by the siren song of corruption. According to the government, "Diella" has neither a conscience nor an ideological bias, to avoid any favoritism.

A meteoric rise for this "Lady". Will she be up to the task? The government's press release does not specify exactly how it will work. An AI does not possess a critical mind; it functions by learning human knowledge, which is itself the fruit of an apprenticeship. Whatever happens, its operation is likely to be biased.

The advantage that can be seen, however, and which Edi Rama certainly saw when he appointed Diella to the job, is that an AI is not capable of being truly corrupted. You can't "buy" an AI, like a mafia could buy a civil servant, for example.

Before the vacations, I was wondering whether AI would enable us Business Angels to select the best projects, increasing our chances of investing in THE future unicorn? The answer is: not yet. I wrote: "AI analyzes existing data and extracts optimized probabilistic insights to answer the question posed. Computing power isn't everything, it's by construction incapable of introducing something new, something novel, because it doesn't exist in the data analyzed." AI is incapable of assessing the scope of an innovation.

And yet, those who have tasted the fruit can't get enough of it, and keep coming back for more. We've gradually adopted it at BADGE, as a tool that enriches our work and increases our productivity. Its tasks are carried out under the responsibility of one of our members or permanent staff. Today, we believe that nothing can replace the human touch.

If this one turns out to be corruptible, it's a safe bet that the AI will be too.

I wish you all the best for the new school year and look forward to seeing you on the 25th for our plenary session, where you'll be able to discover projects implementing AI.

Best regards,

Paul Leondaridis,

Chairman of Business Angels des Grandes Écoles.

1) Could you briefly introduce yourself and outline the main stages of your career?

I graduated from ESSEC Business School in 2005, with a major in Management/Finance, and have now been working in corporate finance for 20 years, successively in 3 French groups:
I first started my career at L'Oréal, as a budget controller in the Research and Development department, then as financial manager for several brands in the Coiffure France Business Unit (the Professional Products Division).
I then decided to give a new impetus to my career in 2013, by joining LVMH and its Perfumes and Cosmetics Division, to be very quickly sent to Moscow, Russia, where I spent 5 expatriate years as Financial Manager of Parfums Christian Dior Russia.
At the end of 2018, still at LVMH, but back in Paris, I moved on as Controlling Director of the Make Up for Ever make-up house, where I stayed for 3 years. Finally, after 8 years with LVMH, I left this beautiful jewel at the end of 2021 to join VeePee (ex. Ventes Privées.com), where I am Deputy CFO in charge of management control, process optimization, tool harmonization and financial communication.

2) What motivated you to join the BADGE network as a business angel? After 5 years as an expatriate, having bought my main residence, and with only one child to look after in alternating custody what's more, I had a bit of savings put aside, and I wanted to use and invest them intelligently, with a view to yielding a return of course, without any short-term needs, but also with a view to financing projects with an impact, or which I wanted to follow and help.
I was introduced to another quality network in Paris, but I was won over by BADGE's hyper-structured selection process, its professionalism despite the small number of full-time employees, and by its members: open, curious and constantly sharing.

3) What do you expect from a start-up when you first get in touch?
Clarity: a 10-minute pitch is an excellent exercise, because what's clear and well thought-out is usually said quickly and easily.
Dynamism and energy, because that's what it takes to launch a start-up project.
Finally, good contact with the managers/project leaders, because we can't stress it enough: the main factor in the success of a start-up is the human factor, its team.

4) Is there a sector, technology or societal issue that you're particularly keen to support?
In 2021, I'm starting a small course on the circular economy.
As a father, I'm necessarily sensitive to what's going on around us, to environmental issues and to recycling.
However, these are "coup de coeur" sectors that often don't generate the best returns.
So to compensate, and at the risk of sounding classic, I also follow what's going on in artificial intelligence, but also in defense, in these times of conflict.

5) What do you hope to bring to the start-ups you invest in, beyond financing?
At the moment, I don't have much time to devote to them, and I've made it clear that I won't be committing myself to instruction or mentoring right away.
I do, however, try to come to the monthly meetings and stay for the cocktails to chat with the project owners and other BADGE members, and ideally to give some financial, strategic or business plan advice.

6) Any advice for someone who wants to embark on the business angel adventure? Always invest in what you understand. So don't spread yourself too thin, and focus on 3 to 5 projects (depending on how much time and energy you have to devote to them).
I find that the BADGE structure helps with this and is extremely good at advising newcomers, of which I was one not so long ago!

The magazine Expressions (n°807 - September 2025) from La Jaune et la Rouge devotes an article to Business Angels des Grandes Écoles, highlighting our role in financing innovative start-ups, particularly those in greentech.
Through the testimonies of Michael Schack, Paul Léondaridis and Christian Nguyen-Van-Yen, the article reminds us why investing in greentech is essential to accelerate the ecological transition. It also looks at the dynamism of the French innovation ecosystem and the 20-year history of BADGE, which has already supported nearly 240 start-ups, investing over €55 million.

New VC analyst at BADGE!

Originally from the south-west of France, Benjamin Schrantz attended the Grande École program at Emlyon business school, where he is currently pursuing a Master's degree in management after an ECG preparatory class. In 2024, he left for French Polynesia as a corporate banker, an important experience that enabled him to develop his skills in financial analysis and assist project leaders with their financing needs. Seduced by the dynamism of the technology ecosystem and convinced of the key role of venture capital in the emergence of innovative solutions, he joined BADGE as a VC Analyst and Project Manager for 6 months. "My aim is to add value to the network by strengthening sourcing to enrich our dealflow. I'd also like to help identify potential co-investment synergies and develop our communications to attract new business angels," says Benjamin. Contact: benjamin.schrantz@business-angels.info

UPCOMING EVENTS

>>> PROJECT PRESENTATIONS

Monthly meetings with presentations of innovative fund-raising projects led by Philippe Pernot, Vice-Chairman in charge of project appraisal.

Members only.
Non-members, ask for your invitation.

PRACTICAL INFO

News from our funded startups

Genexpath joins CliniSciences Groupe

to speed up cancer diagnosis

The Genexpath start-up, funded by the BADGE network, is part of the CliniSciences group, a major player in diagnostics and biomedical research.

Founded in Rouen in 2020, Genexpath specializes in the development of next-generation tests (NGS) to better characterize the molecular diversity of cancers, particularly non-Hodgkin's lymphomas and sarcomas. Its merger with CliniSciences paves the way for wider distribution of its innovations, and confirms the relevance of its business model in the fast-growing global oncology diagnostics market.

This alliance illustrates the ability of BADGE-supported start-ups to establish themselves as strategic players in precision medicine.

GoSense successfully closes fund-raising round

Lyon-based start-up GoSense, financed by the Business Angels des Grandes Écoles network, has just successfully completed its fund-raising. Specializing in innovative solutions to improve mobility for blind and partially-sighted people, GoSense is developing Rango, an intelligent device that opens up new prospects for autonomy and freedom.

Thanks to this operation, the company is accelerating its deployment in Europe (France, Germany, Belgium, Switzerland) and strengthening its support for users.

Our startups are recruiting

Great projects to invest in within our network

Would you like to find out more?

NETWORK AND PARTNERS

>>> EDITORIAL COMMITTEE
Paul Leondaridis, Chairman / Corentin Gaudelot, Managing Director
Dimitri Lionel A.Omgba, Communications Manager [Send your subject to the editor].

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