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The leading Internet companies constantly resort to innovation in order to differentiate themselves from their rivals. Faced with the emergence of new players (such as Facebook and Amazon) and the rapid decline of others (such as BlackBerry and Nortel), they have to do battle today on a very broad front (ranging from hardware‚ software‚ mobile devices‚ apps, and so on). This ‘battle of the giants’ has created an unsettling strategic framework for both the entrepreneurs and those monitoring the sectors which have been affected. In this context‚ how can one even think about launching or financing innovations and start ups ? Michel Dahan‚ president de Banexi Ventures Partners which was the first round investor for companies such as Kelkoo and Inventel‚ presents his vision of what the world of Internet companies will look like in the future, and explains how he is able to work in such a changing environment.