The Italian Agenda. Policies and Strategies for Startups. Stefano Firpo Chief of Italian Minister of Economic Development s Technical Secretariat

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1 The Italian Agenda Policies and Strategies for Startups Stefano Firpo Chief of Italian Minister of Economic Development s Technical Secretariat

2 #RestartItalia Entrepreneurship Job Creation Innovation Meritocracy Social Mobility COMPETITIVENESS, GROWTH

3 #RestartItalia Building a New Policy Public Task Force (12 top experts) Open Consultation with +2,000 key players

4 Law 221/2012 Italy s Startup Act

5 Innovative Startup Definition Law 221/2012 Italy s Startup Act

6 Innovative Startup New or established for no longer than 48 months reside or be subject to taxation in Italy turnover lower than 5 million (6.4 million $) it does not distribute profit its core business consists of innovative goods or services of significant technological value it does not originate from a merger, demerger or divestment process Law 221/2012 Italy s Startup Act

7 Innovative Startup meets at least one of the following criteria: 1. 15% of its costs are related to R&D 2. at least 1/3 of the team is made up of people who either hold a PhD or are PhD candidates in Italy or abroad or have conducted research for at least 3 years OR at least 2/3 of the team is made up of people holding a master s degree 3. it is the owner or the licensee of a patent or a registered software Law 221/2012 Italy s Startup Act

8 Innovative Startup Main Support Measures Law 221/2012 Italy s Startup Act

9 Innovative Startup Cuts in Red Tape Online Registration through self-certification No kick off taxes and fees due to the chamber of commerce for any kind of document Flexible corporate management tools ltd. = inc. Zero tax regime for companies suffering from systematic losses Flexibility in capital replenishment after losses Fail fast mechanism and no stigma Law 221/2012 Italy s Startup Act

10 Innovative Startup Tailor-made labour law Fixed-term labour contracts applicable for the whole startup s life cycle Variable pay depending on the startup s performance Workers & consultants paid with stock options and work for equity (taxable as capital gain!) 35% tax credit on all costs for hiring highly qualified personnel Law 221/2012 Italy s Startup Act

11 Innovative Startup Incentives for funding & investments Robust tax relief on investments into startup s equity by Angel Investors, VCs and Corporates Possibility of raising money through equity crowdfunding online portals (first tailor-made law on an international level ) Free, fast-track public guarantee on bank loans, covering 80% of the lent sum Law 221/2012 Italy s Startup Act

12 Italia Startup Visa The Italian Government policy to attract innovative entrepreneurs from all over the world

13 Italia Startup Visa Visa for extra-eu citizens willing to set up an innovative startup in Italy Centralized procedure (ISV Technical Committee) The Committee evaluates the application (CV + business model) within 30 days #ItaliaStartupVisa

14 Italia Startup Visa Financial resources for at least 50,000 are required Process entirely managed online, through a dedicated website: italiastartupvisa.mise.gov.it #ItaliaStartupVisa

15

16 Nurturing high-tech startups 220 million made available for 0 interest rate startup loans Lending covers up to 80% of investment programs amounting up to 1,5 million Target: innovative startups and individuals willing to set up one within 60 days, including extra-eu holders of a Startup Visa Fast-track for programs financed for at least 30% with capital provided by qualified investors #SmartStart2

17 The Italian Startup Ecosystem 3,006 high-tech startups: 56% located in Northern, 23% in Central and 21% in Southern Italy Sectors: 77% operate in services, 19% in industry & craftsmanship, 4% in trade 600 million turnover over 13,000 partners and employees Online database: startup.registroimprese.it Fonte: ( w w.istat.it)

18 Incubator Ecosystem 31 certified incubators (22 in Northern Italy) 30 employees and 3 million turnover per company

19 The Italian Startup Ecosystem Results so far 3,006 new startups 125 mln of loans provided to ISU thanks to public guarantee fund 31 certified incubators 20 startup visas under evaluation 11 equity crowdfunding portals

20 Upcoming International Events GEC March 2015, Milan The Global Entrepreneurship Congress is an inter-disciplinary gathering of startup champions from around the world where entrepreneurs, investors, researchers, thought leaders and policymakers from +140 countries work together to help bring ideas to life, drive economic growth and expand human welfare

21 Upcoming International Events EXPO MILANO May - 31 October 2015 Expo Milano 2015 is a non-commercial Universal Exposition with very unique and innovative features. It is an incredible social and entrepreneurial process which gathers a large number of important players from all over the world to contribute to the themes of Feeding the Planet and Energy for Life

22

23 Instill entrepreneurial culture and innovation in schools (in collaboration with the Italian Ministry of Education, University and Research) Develop and internationalize VC and corporate VC financing, especially for mature investment rounds (refinancing of VC Fund of Funds held by the Italian Investment Fund) Facilitate networking between traditional companies and startups (tax credit on contracted R&D activities) Foster cross-fertilization within universities (4 Contamination Labs already launched in southern Italy - #CLab)

24 Promote networking between incubators, institutions, research centers and financial institutions (we need to develop a stronger team work attitude) Introduce greater coordination between national and regional public policies (new guidelines) Spend EU funds more effectively (supporting startups in the participation in European tenders)

25 For Further Information Web:

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