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Italian startups

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An overview on italian startups funded in the last 20 years

An overview on italian startups funded in the last 20 years

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  • 1. Italian startups IED Lesson 1Frieda Brioschifrieda.brioschi@gmail.com
  • 2. Course program1. Italian Startups2. Set up a startup in Italy3. Ive got an idea. And now?4. Value analysis5. Business model6. Communicate, communicate, communicate7. Being net8. Find your market9. Funding: venture capital, business angel and otherways of financing10. Pitch
  • 3. Todays table of content1. Alive and kicking startups2. #EpicFAILS3. Lessons learned
  • 4. Buongiorno“Buongiorno, a DOCOMO Company, is known in theworldwide mobile commerce ecosystem fordeveloping and managing paid apps and servicesthat help consumers get greater enjoyment frommobile devices. Buongiorno is now a global leader atthe heart of the mobile internet revolution.” http://www.buongiorno.com/
  • 5. BuongiornoBuongiorno is an Italian company that providescontent (such as games, music, and information) formobile phones.Buongiorno started out in 1995 when currentchairman Mauro Del Rio started sending humorouse-mail messages with the subject "Buongiorno" to 11friends. The business expanded quickly—by 1998 hewas sending e-mail newsletters to 25,000 people. http://en.wikipedia.org/wiki/Buongiorno
  • 6. BuongiornoDel Rio launched Buongiorno SpA to providedservices for the telecommunications market,beginning a policy of growth through internationalacquisitions, the first of which was of the Spanishcompany MyAlert in 2001. Buongiorno merged withVitaminic in July 2003 to form Buongiorno VitaminicSpA. The company continued with its policy ofacquisitions, the most significant of which were theItalian company Gsmbox in 2004, and the Frenchcompany Freever in 2005. http://en.wikipedia.org/wiki/Buongiorno
  • 7. Buongiorno http://www.buongiorno.com/history-infographic
  • 8. Buongiorno http://www.buongiorno.com/history-infographic
  • 9. Buongiorno http://www.buongiorno.com/history-infographic
  • 10. Buongiorno http://www.buongiorno.com/history-infographic
  • 11. BuongiornoIn 2006 the group Buongiorno delivered almost 1.4billion "digital objects" (ringtones, Java games,wallpapers, etc.) to over 60 million end users (uniquemobile phone numbers).As reported on the 2009 balance sheet, theBuongiorno group has a net worth of around €158.1million and revenues of about €259,5 million.In 2009 the Buongiorno group employed 1000+employees. http://en.wikipedia.org/wiki/Buongiorno - http://it.wikipedia.org/wiki/Buongiorno
  • 12. YooxYOOX Group S.p.A is an Italian internet mail order retailer of mens andwomens multibrand clothing and accessories. Founded by FedericoMarchetti, a former investment banker, in Zola Predosa near Bologna in2000, Yoox Group has become a profitable e-commerce company thatserves "more than 100 countries worldwide". http://en.wikipedia.org/wiki/YOOX
  • 13. Yoox It has established itself amongst the market leaders with the multi-brandstores yoox.com, thecorner.com and shoescribe.comSince 2006, YOOX Group designs and manages mono-brand onlinestores for fashion brands looking to offer their latest collection on theInternet (Emporio Armani, Diesel, Valentino, Moschino, ecc.) http://www.yooxgroup.com/en/press_area/press_kit/yoox_group.asp
  • 14. YooxAs reported on the 2011 balance sheet, Yoox grouphas a net worth of around €10 million and revenuesof about €291,2 million.In 2011 the Yoox group employed 469 employees(+26% than 2010). http://cdn2.yoox.biz/yooxgroup/pdf/Bil_YOOX_11_07tris_lr.pdf
  • 15. VolagratisThe website was created in 2004, spawning from the success of low-costflight companies.Low-costs were usually not considered in the traditional channels ofdistribution (booking sites and travel agencies): an hassle for thecustomer willing to book a flight, who had to check all the companiessites one by one.This intuition pushed the founders to “ride the wave”, gaining instantsuccess. Later, they broadened the range of services offered, includinghotels and full holiday packages, therefore improving the perceived valueof the service.http://www.ict4executive.it/executive/interviste/volagratiscom-sul-web-un-successo-made-in-italy---intervista-a-marco-corradino-fondatore_4367215330.htm
  • 16. Volagratis2004 – First incorporation of the society, with 50.000€ capital, by two founder (Marco Corradino and abusiness parntner), one employeeSale of first flight2005 – Scheduled flights are introduced (CRS)First internal customer service, with four employees2006 - Bravofly Group is constituted, service for theEuropean market starts, in four languages http://www.volagratis.com/content/it/chisiamo.html
  • 17. Jobrapido“Jobrapido is one of the largest job search engines in the world, delivering660m visits per year in more than 50 countries. It helps job seekers searchmillions of jobs globally, and provides employers with access to one of theworlds largest candidate audiences.” http://www.evenbase.com/
  • 18. Jobrapido“Looking for a job on the web is annoying”. From this thought of VitoLomele (an engineer from Conversano, who lived in UK and Germany) wasborn the idea to limit to the minumum this unavoidable phase: “I waslooking for a hob, and I realized how it was difficult and complicated. So Isaid myself: there are no search engines for job offers? Ill make one”Started in 2004, in 2006 became a company. http://it.wikipedia.org/wiki/Jobrapido
  • 19. JobrapidoWith the project growing, more people and money were needed: 200k €were raised from some friends, including the former boss, and 150k € wereinvested by an european entrepreneur, Oliver Samwer.2011s turnover was 24 million Euro, with 3 of net profit; 660 million users,80 employees from all over the world.In 2012 Evenbase, from the publishing group DMGT (Daily Mail andGeneral Trust) bought out 49% of the company (it is said, for 30 millions),leaving Lomele at the helm with 51%. http://it.wikipedia.org/wiki/Jobrapido
  • 20. GlanceeGlancee is an app that let you discover peoplenearby who share friends and interests with you.Behind the scenes, Glancee uses Facebook to findcommon friends and Wikipedia to match users basedon interests relevant to one another.It is a social discovery tool that reveals the hiddenconnections we share with the people we stumbleupon everyday in bars, campuses, even grocerystores. http://www.crunchbase.com/company/glancee
  • 21. GlanceeFounded in 2010 by Andrea Vaccari, Alberto Trettiand Gabriel Grisé, it was bought out in 2012 byFacebook.It was bought before having earned any money, andwithout having received any funding.
  • 22. Glancee“We are therefore very excited to announce thatFacebook has acquired Glancee and that we havejoined the team in Menlo Park to build great productsfor over 900 million Facebook users. Weve had sucha blast connecting people through Glancee, and wetruly thank our users for being a part of the Glanceecommunity.” http://www.glancee.com/
  • 23. Timbuktu“Mag.0” research projectfunded by WorkingCapital in 2010.
  • 24. TimbuktuIn 2011 they won “Mind The Bridge”, then took part in“500startups” program, where they raised $515K andwon Best Design Award at LAUNCH Education. http://timbuktu.me/blog/category/startup/
  • 25. AppsBuilder“AppsBuilder is the new cross-platform tool to createapps in a cost-effective way and without having anycoding skills. The project was born in 2010, when thetwo computer engineers Luigi Giglio and DanielePelleri acknowledged the mobile as the majortechnology shift of our times and decided to developa do-it-yourself app platform to create, edit andpromote mobile apps with no programmingskills at all.” http://www.apps-builder.com/en/about
  • 26. AppsBuilder http://www.apps-builder.com/en/about
  • 27. Balsamiq“Balsamiq is the maker of Mockups, the rapid wireframing software thatcombines the simplicity of paper sketching with the power of a digital tool sothat teams can focus on what’s important. We’re a fast-growing, but smalland personable company that competes on usability and service. Webelieve work should be fun, and that life is too short for bad software.” http://www.balsamiq.com/company/press
  • 28. BalsamiqBalsamiq was profitable in 3 weeks after launch.(it was developed while Peldi was working for Adobe in the US, coding atnight)
  • 29. Passpack“Since 2006 Passpack is the leading innovator in web-based passwordmanagement and secure collaboration. Passpack employs the highestgrade encryption systems, coupled with security patterns built specificallyfor the Internet to guarantee complete data privacy. Businesses worldwidetrust Passpack to protect their logins every day.” http://www.passpack.com/en/media/
  • 30. Passpack2006: Passpack, the free online password manager, launched andimmediately started to grow.2008: Passpack incorporated with headquarters in Italy.It received seed funding from Zernike Meta Ventures S.p.A (ZMV),representing Ingenium and members of Italian Angels for Growth.2009: ZMV renewed their dedication with additional funding.2010: Founders move to California, and release Passpack Mobile. http://www.passpack.com/en/company/
  • 31. Changing perspective..
  • 32. Napster
  • 33. Napster
  • 34. Napster
  • 35. WebvanBorn in 1999 as a online shop and delivery servicefor groceries in Silicon Valley, California.Founded by Louis Borders, a successful entrepreneur(founder of Borders Bookstores)Promised 30 minutes deliveries anywhere in town, 24/7.Within an year and still in the red, it expanded businessto 10 major US cities, aiming to reach 26 biggest cities inthe country.
  • 36. WebvanGained 375 million $ in investment money within 18 months(from Goldman Sachs, Yahoo, Sequoia Capital etc)Worth 1.2 billion after two years(despite no sustainable revenues)13 million sales in its first 6 months(despite reporting 35 million losses)Over 2000 employees, presence in the most importantUS markets (west coast)Bought out its direct competitor with 1 billion $ in stocks
  • 37. WebvanHuge investments in infrastructure (inspired by Amazon)300,000-square-foot distribution centres(the “most automated in the world”)Lots of advertising200 trucks for the Atlanta area only(grand total actually unknown)Refitted company headquarters → 92.000$ for 115 chairs(800$ ea)
  • 38. WebvanGrocery business in the US works on razor-thin margins2-3 cents per dollar are considered good margin1 cent per dollar is commonBurned through 1 billion $ in investment money withoutachieving a sustainable business modelNo one on the board had any experience in managementOperating expenses much higher than traditional channels
  • 39. WebvanUltimately:- bad management decisions- customers advantages did not justified higher prices- too much money avalaible induced lavish spending- dotcom bubble collapsedLARGEST DOT COM FLOP EVERAccording to CNET
  • 40. Further analysis
  • 41. http://gallery.mailchimp.com/8c534f3b5ad611c0ff8aeccd5/files/Startup_Genome_Report_Extra_Premature_Scaling_1.56.pdf
  • 42. http://gallery.mailchimp.com/8c534f3b5ad611c0ff8aeccd5/files/Startup_Genome_Report_Extra_Premature_Scaling_1.56.pdf
  • 43. http://gallery.mailchimp.com/8c534f3b5ad611c0ff8aeccd5/files/Startup_Genome_Report_Extra_Premature_Scaling_1.56.pdf
  • 44. http://venturevillage.eu/startup-genome-report-europe
  • 45. http://www.sviluppoeconomico.gov.it/images/stories/documenti/rapporto-startup-2012.pdf
  • 46. Dont do it!Galateas 5 points against founding a startup:1. A startup is not only a good idea2. A startup is an enterprise3. A startup is a work group4. A startup must have a good product5. A startup is stressful http://www.techeconomy.it/2012/10/10/lorgia-della-start-up-e-sei-consigli-per-non-fondarla/
  • 47. www.fi.com/join/dna
  • 48. www.fi.com/join/dna
  • 49. www.fi.com/join/dna
  • 50. www.fi.com/join/dna
  • 51. http://www.chubbybrain.com/blog/top-reasons-startups-fail-analyzing-startup-failure-post-mortem/
  • 52. Dont forget....to choose the right name for your company!Have you ever heard of Skypho? http://www.chefuturo.it/2013/02/come-dare-un-nome-ad-una-startup-la-storia-di-adespresso/
  • 53. Next weekHow to set up a startup in Italy!