Who Is Who - Osservatorio Startup Hi-Tech

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

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

www.osservatori.netObservatory on Hi-tech Startups in Italy 17 Marzo 2015
Funded
Startups
The Italian Startup Ecosystem
The players
“Innovative
Startups”
“Institutional”
Investors
Incubators
and Accelerators
Crowdfunding
Platforms
Science and
Technology Parks
Coworking
spaces
Fablabs
Startup
Competitions
Hackathons Empowerment
programs
Associations, Online
Resources & Communities
Call for
tenders

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

The numbers
The players 2013 2014
"Innovative Startups" 1227 2716
Funded Startups 108 118
"Institutional" investors 32 36
Incubators & Accelerators 97 100
Science & Technology parks 40 38
Coworking spaces 65 62
Startup Competitions 33 52
Associations, Online resources & communities 20 27
Hackathons - 21
Empowerment programs - 38
Call for tenders - 46
Crowdfunding platforms - 48
Fablabs - 46
LAST UPGRADE, OCTOBER 13th 2014

The national map: an example
INCUBATORS AND ACCELERATORS: 100 (2014)
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 asteriskFOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,
PLEASE VISIT THE WEBSITE WWW.ITALIASTARTUP.IT/WHOISWHO
58%
21%
21%
North
Centre
South and Islands

The regional map: an example
 22% 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
Percentage of Italian total
FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,
PLEASE VISIT THE WEBSITE WWW.ITALIASTARTUP.IT/WHOISWHO
LOMBARDIA

The Italian startup ecosystem:
a new “renaissance”
 New political focus and legislative initiatives (Decreto Crescita 2.0,
Decreto del Fare, etc.) ..
 Italian ecosystem in ferment: new investors, new incubators, etc.
 … and above all: a virtuous cycle has started

Total investments in hi-tech startups
0
20
40
60
80
100
120
140
2012 2013 2014
Milion€
+15%
≈118*112
129
-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
* Values for 2014 are estimated

Distribution of investments
by investor type
77 82
63
35
47
55*
0
20
40
60
80
100
120
140
2012 2013 2014
Milion€
Business Angels,
Family Offices,
Incubators and
Accelerators
Institutional Investors
+6%
+34%
≈118*112
129
-23%
+17%
70%
30%
53%
47%
64%
36%
* Values for 2014 are estimated

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

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

Founder profile refers only to those startups that obtained financing from Institutional Investors in 2014 (79 startups)
Background and age of startup founders
66%
34% 26%
31%
43%
Technical
Managerial
< 30 years
30 – 40 years
> 40 years
85 % of the startup founders are male
8%
14%
17%61%
Not Graduated
Ph.D
MBA
Bachelor/MSc

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

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

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

Who Is Who - Osservatorio Startup Hi-Tech

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