Startups and spinoffs in Italy.Facts and trends<br />Mind the Bridge Boot Camp 2010<br />Varese, September 23<br />Alberto Onetti, Chairman, Mind the Bridge Foundation<br /> Director, CrESIT, University of Insubria<br />With the support of<br />
Mind the Bridge foundation<br />Mission:<br />to promote a new Italian entrepreneurial ecosystem that is:ethical, highly professional, internationally focused, excellence driven<br />Model:funded by foundations/companies/private sector/donorsnot government <br />partnering with the most relevant actors<br />Independent<br /><ul><li>bridging opportunities of the Silicon Valley with Italian talent
“give back” to build a bigger pie</li></ul>Connecting Talent <br />
Building The Bridge: The Pillars<br /><ul><li>Discovering and Nurturing the Italian Talents (MtB Italy Tour 2010)
Selecting the best of breed (Annual MtB Business Plan Competition)
Providing training & education to the new generation of entrepreneurs (MtBBootcamp and Coaching)
Showcasing the most promising startups and opening an international debate (MtB Venture Camp @ Corrieredella Sera)
Hosting & Mentoring the most promising startups in the Silicon Valley (MtB Gym)
Pitching US investors / partners (MtB Gran Finale events)</li></ul>Connecting Talent <br />
Building The Bridge: The Timeline<br />November 5-6, 2010Corriere della SeraMilano <br />with the support of: <br />MtB Gym<br />When?<br />Q1 2011<br />MtB Venture Camp @Corrieredella Sera<br />When?5-6 Nov 10<br />MtB Bootcamp<br />MtBCoaching<br />When?Sep-Oct 10<br />MtB Business Plan Competition/MtB Call for Ideas<br />When?Jul 10<br />With the support of:<br />MtBRoadshows<br />When?Jan-Jun 10<br />In partnership with:<br />
2009 selectedStart-ups<br />Revolutionary antenna system (Milano) <br />Wi-Fi-derivedsolutions (Milano and Boston)<br />Comprehensivenon-invasive solution for both vertebral fractures and bone strength assessment (Lecce)<br />Solutionto update anydigital information (Sassari)<br />Social-networkthatallowsusersto create musicthrough the web (Treviso)<br />Social marketplacefortravel, whereexperts can provideuserswith information and personalizedoffers (Milano)<br />Virtual and Augmented Reality technology (Pisa) <br />
2010: Who are the next Italian Pioneers to Silicon Valley?<br /><ul><li>The challenge is open: who’s next?
We need a new wave of startups, operating on innovative fields</li></ul>ITALY: INDUSTRY CONTRIBUTION TO GDP (2009)<br />Source: CrESIT 2010<br />
Starting up Business in Italy:Key Issues<br /><ul><li>A few startups often lacking high-quality business plans (deal “trickle”)</li></ul>Legal barriers to entry and exit (Italy is not a “corporate haven”)<br />Obstacles in bridging research into business<br />Managerial skills<br /><ul><li>High mortality rates (“crisi del primo miglio”) and “Dwarfism”</li></ul>Lack of an established venture capital community<br />Mindset<br /><ul><li>No exits on the domestic market</li></ul>Technology hot-shots aspire to sell out to new economy “leviathans”<br />Small size of the stock market and lack of large corporations doesn’t help<br /><ul><li>Language barriers</li></li></ul><li>Italian Startups:MTB Participants Profile<br />Startup by Geography<br />It is 14 months old<br />77% originate in Northern Italy<br />16% are incubated in a technology park<br />20% are an academic spin-off<br />46% are Web-based firms<br />The founder’s team is composed of 3/4 people<br />Only 7% have just one founder<br />97% are looking for funding<br />Initial capital investment is €33k<br />19% received some external funding (mostly research grants)<br />Source: Mind the Bridge - CrESIT 2010<br />Source: Mind the Bridge - CrESIT 2010<br />
He/She is 35<br />86% is male, only 16% is female<br />67% has a scientific/technological background , while 33% has a business/humanistic education<br />42% holds a Ph.D. or MBA<br />33% got it abroad<br />Only 5% does not hold a university degree<br />28% has prior entrepreneurial experience<br />Italian Entrepreneurs: MTB Participants Profile<br />Source: Mind the Bridge - CrESIT 2010<br />
What does make a succesful StartupLessons learned<br />Education matters a lot<br />2.0 Startups are founded by highly educated people<br />Experience matters as well<br />Being a serial entrepreneur is a job<br />The right startup is never the first one you found<br />Working/Studying abroad does open your mind<br />It means more network, opportunities, ideas, experience<br />A successful startup is a team effort<br />One-man bands do not go too far<br />
Areas of improvementLessons learned<br />We need more female entrepreneurs<br />Break cultural barriers<br />We still need more academic spin-offs<br />Lack of efficient technologytransfer offices <br />Universities do not offer incentives forlecturers to spin-off business initiatives<br />Italian scientists do not think business<br />Scarcity of skilled executives withstrong entrepreneurial skills<br />Source: Piccaluga 2007<br />
THANK YOU FOR YOUR ATTENTION<br />SOCIAL MEDIA: <br />Facebook: Mind the Bridge - Connecting Talent<br />Twitter: MindTheBridge<br />BLOGS: <br />mindthebridge.blogspot.com<br />siliconvalley.corriere.it<br />USEFUL LINKS: <br />www.mindthebridge.org<br />www.cresit.it<br />
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