The Startup Ecosystem & the Investments in Hi-tech Startups in Italy

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Brian Andrews
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1 The Startup Ecosystem & the Investments in Hi-tech Startups in Italy Observatory on Hi-tech Startups in Italy Andrea Rangone School of Management, Politecnico di Milano IN COLLABORATION WITH WITH THE INSTITUTIONAL SUPPORT OF

Italy Andrea Rangone School of Management, Politecnico

2 1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy 3_ A selection of significant startups

3 The Italian Startup Ecosystem The players Funded Startups Innovative Startups Institutional Investors Crowdfunding Platforms Incubators and Accelerators Science and Technology Parks Coworking spaces Fablabs Startup Competitions Hackathons Empowerment programs Call for tenders Associations, Online Resources & Communities

Science and Technology Parks Coworking spaces Fablabs Startup Competitions

4 The Italian Startup Ecosystem The methodology A census survey of the main players in each category based on a review of secondary sources (online re-sources, press search, etc.) Interviews with each identified player to understand their actual role within the ecosystem

sources (online re-sources, press search, etc.

5 The Italian Startup Ecosystem The numbers LAST UPGRADE, OCTOBER 13 th 2014 The players "Innovative Startups" Funded Startups "Institutional" investors Incubators & Accelerators Science & Technology parks Coworking spaces Startup Competitions Associations, Online resources & communities Hackathons - 21 Empowerment programs - 38 Call for tenders - 46 Crowdfunding platforms - 48 Fablabs - 46

Science & Technology parks 40 38 Coworking spaces 65 62 Startup Competitions 33 52 Associations, Online resources

6 The Italian Startup Ecosystem The national map: an example LAST UPGRADE, OCTOBER 13 th 2014 INCUBATORS AND ACCELERATORS: 100 (2014) 21% North Centre 21% 58% South and Islands FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE, PLEASE VISIT THE WEBSITE Incubators and Accelerators: Public and private incubators and accelerators that provides associated services to support startups (mentorship, networking, etc) in addition to rental space. Certified Incubators and Accelerators (ref. Decreto Sviluppo Bis) are identified by an asterisk

7 The Italian Startup Ecosystem The regional map: an example LOMBARDIA FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE, PLEASE VISIT THE WEBSITE Percentage of Italian total LAST UPGRADE, OCTOBER 13 th % of "Innovative Startups" 34% of Funded Startups 53% of "Institutional" Investors 35% of Crowdfunding Platforms 21% of Incubators and Accelerators 13% of Science and Technology Parks 31% of Coworking spaces 17% of Fablabs 35% of Startup Competitions 24% of Hackathons 13% of Empowerment programs 15% of Call for tenders

IT/WHOISWHO Percentage of Italian total LAST UPGRADE, OCTOBER 13 th 2014 22% of "Innovative Startups" 34% of Funded Startups 53% of

8 1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy 3_ A selection of significant startups

9 Total investments in hi-tech startups * Values for 2014 are estimated Milion * +15% -9% Quantification of these investments was carried out through primary sources. Direct interviews were therefore conducted with all institutional entities plus the main incubators/ accelerators, Family Offices and Business Angel Networks Data collected from the 2013 IBAN Survey was added to the data collected through these primary sources

Direct interviews were therefore conducted with all institutional entities plus the main incubators/ accelerators,

10 Milion Distribution of investments by investor type % % +17% -23% 118* 55* * Values for 2014 are estimated Business Angels, Family Offices, Incubators and Accelerators Institutional Investors 30% 70% 36% 64% 47% 53%

2013 2014 * Values for 2014 are estimated Business Angels, Family

11 Venture Capital Investments: a benchmark Investment from Institutional Investors in high-tech startups in Italy is: 1/8 vs France and Germany 1/5 vs United Kingdom 1/2 vs Spain

12 Distribution of investments by sector Investments refer only to those startups that obtained financing from Institutional Investors (79 startups) 100% 80% 3% 6% 17% 100% 80% 5% 4% 23% 60% 60% 40% 20% 0% 74% % 20% 0% 68% 2014 Total: 63 Million Total startup: 79 ICT Life Science Cleantech and Energy Other

100% 80% 3% 6% 17% 100% 80% 5% 4% 23% 60% 60% 40% 20% 0% 74% 2014 40% 20% 0%

13 Background and age of startup founders Founder profile refers only to those startups that obtained financing from Institutional Investors in 2014 (79 startups) Technical Managerial 85 % of the startup founders are male 34% 26% 43% 66% 31% < 30 years years > 40 years 19% not Graduated Graduated 8% 92% 15% 66% No Laurea PhD Master Laurea

Managerial 85 % of the startup founders are male 34% 26% 43% 66% 31% < 30 years 30 40

14 1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy 3_ A selection of significant startups

15 Startups with the highest financing rounds 10 mln 5 mln 8,7 mln 4,6 mln 2013/2014 Financing rounds 6,5 mln 6,3 mln 4 mln 3,8 mln

16 Startups with the highest exit value* 732 mln 185 mln 578 mln 100 mln 2013/2014 Exits 450 mln 330 mln 71 mln 250 mln 64 mln * Under consideration only those startups with publicized exit values

17 The Startup Ecosystem & the Investments in Hi-tech Startups in Italy Observatory on Hi-Tech Startups in Italy Andrea Rangone School of Management, Politecnico di Milano IN COLLABORATION WITH WITH THE INSTITUTIONAL SUPPORT OF

1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy. 3_ A selection of significant startups

1_ The Italian Startup Ecosystem: "Who s Who" 2_ Investments in hi-tech startups in Italy 3_ A selection of significant startups The Italian Startup Ecosystem The players Funded Startups Innovative Startups