It’s a well-known fact that France has few ETIs. Over and above the usual structural arguments, such as tax and regulatory threshold effects, Mr. Bertrand stresses the important role of management in the various phases of SME growth. Without overlooking the time required and the slowness inherent in any growing structure, Mr. Bertrand stresses the need for managers to maintain the fundamentals of their initial success (risk-taking, innovation, dynamism, etc.), and to support the necessary changes in terms of product renewal and diversification. The key is to keep pace with change, while preserving the soul of the company and a taste for risk.