Graduated from ISTECGodefroy des Francs founded Swapcard, a startup specializing in the creation of virtual events and dedicated to networking. He looks back on the genesis of his product and on an entrepreneurial adventure that was not easy!
The journey of Godefroy des Francs, founder of Swapcard
What is your background?
I joined ISTEC after my baccalaureate and stayed there for five years. During my final year, I specialized in entrepreneurship, a sector that has always interested me. I always wanted to create my own company. It was very interesting. Each class, we started from our project and our idea and we worked on all aspects.
Alongside my specialization, I completed several internships in finance: in management control, auditing, banking, etc. Finance and entrepreneurship are really two areas that interested me. Despite my desire to work on my project, I still completed my final internship in LBO financing at Société Générale.
After ISTEC, I wanted to specialize on the subject. I followed the M2 at the IAE in Paris, in portfolio management. I worked in a bank for two years, then I left my job to create my own company: Swapcard.
The story of Swapcard
How would you describe Swapcard in a few words?
It is a platform for virtual and hybrid professional events. Our clients are above all organizers of conferences, trade fairs, congresses, etc. We provide the technology and the platform for the event. Our platform is focused on networking. The content we organize is mainly round tables and meetings.
How did you come up with the idea for Swapcard?
The idea has evolved a lot over the years. We have experienced different pivots. Our first concept revolved around exchanging business cards. We realized that we are in a world that increasingly uses digital technology, but we still exchange our phone number and email on paper. Our first application virtualized the business card. Although the idea was interesting, it was very complicated to monetize it.
We have created partnerships with events to communicate about our application and build a user base. Working with them, they asked us to add features such as the program or the show floor plan. Little by little, we created a event app. So we pivoted on this topic, seeing the needs of event creators. We immediately followed up with two fundraising rounds: a seed round in 2015, where we raised €500,000, a series A in 207, where we raised 4 million euros.
Was 2020 the year of Swapcard?
The first semester was a disaster. Everything has stopped in the events market. When MWC announced that it was canceling the event, all of our clients gave up on organizing their shows. We had no income for six months. It was very complicated. Our last fundraising was several years ago and we no longer had any cash. We have chosen to reinvent ourselves by going for virtual events, encouraging our clients to hold their shows online with us.
Finally, the last six months of the year were very good. We didn’t lay off anyone and even started recruiting new employees in the summer. We have hired 120 people around the world! Today, we recruit around 5 new people per week to meet our ambition. Our goal? Become the leading platform for tomorrow’s events.
The future of Swapcard
Exactly, how do you imagine Swapcard in a few months or years?
The physical event market is quite aging. We must find a beautiful harmony between face-to-face and virtual. The future is the hybrid model. Rather than offering a show for only five days, the idea is to continue to exist throughout the year and to have an offer to engage visitors over twelve months.
Entrepreneurial tips from Godefroy des Francs
Is there a failure that particularly marked you?
We launched in 2014 and we made every mistake possible. This is how we learn! The biggest mistake we made was that we spent too much time developing our product before launching. In addition, it did not necessarily correspond to user needs, but we did not want to release a product that was too simple. My advice is to get started as early as possible, go for the simplest thing and work by iteration, bouncing back with feedback. When you start out, even if you think big, you have to start small at the beginning. It is the confrontation with the market that will make you grow. If we take too long, we lose money.
Any final advice for entrepreneurs reading us?
To think big, you must not be afraid to seek help, especially financially. You should not stay in your corner and do not hesitate to participate in events on this subject. France is a great country for entrepreneurship, but you have to dare to challenge your idea and talk about it to those around you.
