Italian International Growth Agenda ( 13 apr. 2013)

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This document’s objective is to become a census registry of “Who’s Who” in Italy in the vital sector of high-tech start-up’s eco-system. It will identify and summarize each player: universities, incubators, accelerators, financial players, scholarship providers, domestic and international institutions and that provide support in this space.

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Italian International Growth Agenda ( 13 apr. 2013)

  1. 1. Rome, 13th April 2012Italian International Growth AgendaWho’s Who in the Start-Up Segment
  2. 2. Acknowledgments This document would not have been possible without the support of many players The Italian Business & Investment Initiative wishes to express its gratitude to:– BAIA, Consiglio Nazionale delle Ricerche – CNR, dPixel, Fondamenta SGR, Innogest SGR, IntesaSanpaolo Start-Up Initiative, Mind the Bridge, University of Insubria, Wind Business FactorAnd to its national sponsors:– Alitalia, Booz & Company Italia, Enel, Enel Green Power, Eni, Fininvest, Generali, Intesa Sanpaolo,Invitalia, Mediaset, WindAnd to its international sponsors:– Booz Allen Hamilton, Freeman & Spogli, Method Investments & Advisory, McDermott Will & EmeryLLPAnd to its partners:– American Chamber of Commerce, Associazione Laureati LUISS, Consulate General of Italy NewYork, Eni, Fondamenta SGR, Fulbright BEST, Italia Camp, Italian Cultural Institute New York, ItaliaTrade Commission, Kaminsky Partners, Kanso, M31, NIAF, NOVA, ReedSmith, SVIEC, US Embassy1
  3. 3. Scope of this document This document’s objective is to become a census registry of “Who’s Who” in Italy in the vital sectorof high-tech start-up’s eco-system It will identify and summarize each player: universities, incubators, accelerators, financial players,scholarship providers, domestic and international institutions and that provide support in thisspace It is a living document Players that wish to be represented should kindly send information to the following e-mail:– info@italianbusiness.org– Information required: Entity and URL address2
  4. 4. 3The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who
  5. 5. The Italian innovation system: 4 poles4Incubation FundingCERNCNRLaboratoriesMIURIncubatorsTI LabR&ScentresIndustrialdistrictsPirelliLabBusinessAngelPrivateEquityVentureCapitalFDIBanksCorporateSpin OffERC/FP7ENEAUniversityBusinessFinancePublicFunds/grantsIB&IISeedILLUSTRATIVEAgenziaInnovazioneMin.DifesaASIScadaLab(Enel)
  6. 6. Italy can leverage many resources5KEY DATAUniversityBusinessFinancePublic 16.000/yr graduates in scientificand engineering degrees 10.000 researchers 2.500 new patents / yr 430.000 papers published from2001 to 2011 5.150.000 total citations from2001 to 2011 38% of R&D funds come fromprivate sectors 89 million VC investments € in 2010 1000+ fundraising requests / yr 106 deals in 2010 O,56% of GDP spent on R&D 60+ active incubators 59 bln € of European funds available(2007-2013) 0,55% of GDP spent on R&D 200 industrial districts 14% of companies receivepublic fundsInnovation resourcesSources: PNR-MIUR 2011-2013, ISTAT
  7. 7. 6University support to innovation is growing# of Graduatesin Sciences and EngineeringSources: ISTAT-Università, PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Netval report 2011, Booz & Company analysis+114%20092,54120051,189# of Patentsof Italian Universities+54%2010 Gap vs.best practices27-38k15,971200710,393Note: best practices based on Japan , EU-27 (min level) and EU-3 (UK, France, Germany)University Finance Public Business1 2 3 4
  8. 8. Italian universities are ranked in the “top-10” for knowledgeproduction7Citations per Million Gross Expenditure in R&DHigh Number of Citations Per Million Gross Expenditure in R&D Showthat Italian Scientists Achieve Good Results on a relatively Low BudgetSources: PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Thomson Reuters & OECD, Analysis: Evidence, Booz & Company analysis179233251260293340390410597AustraliaJapanCanadaSpainFranceGermanyItalyUKChinaUSA 1,129# of Publications on R&D ExpenditureTop 10 Countries for # of Publications (2001-2011)/ R&D expenditure in 2011 as % of GDPUniversity Finance Public Business1 2 3 41998 1999 2000 2001 2002 2003 2004 2005 2006 20070.50.0CitationsPerMillionGERD(rebased)2.01.51.0UKUSACanadaFranceGermanyItalyJapanChina
  9. 9. Brain export: a real challenge!% of Graduates in Qualified Work PositionsBrain Export- Top Italian Scientists who are Working Abroad -Sources: ISTAT-Università, PNR-MIUR 2011-2013, top Italian scientists Via Academy H index March 2012, Booz & Company analysis,Italy 201017%Italy 200419%EU-27 201022%UK 201030%8Top 2040%Top 1060%Top 5025%University Finance Public Business1 2 3 4
  10. 10. Risk Capital: from start-up to international development9 Good historical returns of top funds: Ventureneeds to be part of an investor’s portfolio Expansion Capital offers an attractive,mainstream asset for an investor portfolio We believe that focusing on innovation basedseed, early stage expansion investments willprovide higher returns in the next yearsof likely subdued macroeconomic climate(*): Venture Capital and ExpansionSource: EVCACourtesy of Innogest SGRUniversity Finance Public Business1 2 3 4Seed Capital€20k - €250kper initial dealPrototype StageEarly-Mid Stage€250k - €2Mper initial dealPre-Revenues StageExpansion Capital€2M - €10Mper dealCommercialExpansionEuropean Funds Irr Last 30 Years10,8%12,9%15,2%15,6%S&P 500Balanced(*)Top QuartileExpansionTop QuartileVentureCapitalTop Quartile
  11. 11. Venture Capital in Italy10VC Investment Trend In ItalyNumber of CompaniesVC Investments in Italy (2010)SectorSource: AIFICourtesy of Innogest SGRUniversity Finance Public1 2 3Business4ManufacturingIndustrial ServicesOtherUtilitiesElectronicsMediaMed-Tech 17,3%14,6%3,9%5,1%5,5%0,8%1,2%1,2%Biotech 21,3%0,4%0,4%AgriculatureRetailAutomotiveAerospaceChemicalsCommunicationsOther ServicesFinancial ServicesConstructionsLogistics0,4%1,6%Computer 20,5%2,4%1,6%0,8%0,4%0,8%2009 201041(52%)38(48%)10655(52%)7951(48%)30(34%)20078820088858(66%)66(75%)22(25%)20066238(61%)24(39%)High TechNon High Tech
  12. 12. Venture Capital investments’ room for growth11VC Investments in Italy (M€)1Sources: AIFI, Booz & Company analysis1) Total investments are calculated by taking also into consideration regional investment in local SMEs8928+218%20102006University Finance Public1 2 3Greece 0,01%Italy 0,01%Poland 0,01%Portugal 0,04%Germany 0,04%Switzerland 0,05%Europe 0,05%France 0,06%Spain 0,07%Ireland 0,09%Scandinavia 0,09%UK 0,09%Sweden 0,15%USA 0,20%Israel 1,03%VC Investment as % of National GDP62 106# of dealsBusiness4
  13. 13. Italian active VCs invested over ~450M€ in ~120 deals12NOT EXHAUSTIVESELECTED EXAMPLESUniversity Finance Public1 2 3817252529363755636580TT Venture*Innogest Atlante** H FarmEporgenDpixelVertis SGR*360 CapitalPartnersAladinn(Friulia)GenextraNext(Finlombarda)PrincipiaActive Venture CapitalsInvested Capital – M €# of FirmsinPortfolioVenture Capital created following 2008n/a14 15 14 n/a 11n/a 231119Sources: Interviews, company website, AIFI, Booz & Company analysis* Funds participated by Fondamenta sgr, which includes also Annapurna; ** The entire capital covers three different funds14 11Total Capital 100M€,including internationalinvestmentsBusiness49
  14. 14. EU public funds for innovation & training: an untapped resource13National Strategic Framework 2007-2013 – Objectives of convergence and competitiveness- Spent, invested and total resources available (bln €, 2010) -Sources: State Accounting, Booz and Company analysisUniversity Finance Public1 2 3FSE (social European fund)FESR (European fund for regional development)Gap7.310.94.85.5Allocated44.92.134.02.5Spent7.659.844.315.5BudgetBusiness4Note: These funds are not dedicated only to R&D investments
  15. 15. Italian regions R&D funds utilizationUniversity Finance Public1 2 3Examples Toscana: Fondo Toscana innovazione, owned by the regionwith the aim of investing in start ups and existing companiesoperating in innovative fields and located in Toscana -Toscana also exploited FESR funds for support stage andinternship outside Italy Lazio: Filas is the Financial Development Agency of theRegione Lazio, is part of a network of agencies created bythe regional government to operate in the field of economicdevelopment. Filas mission is to guide the economy of Lazioand promote development and innovation, especially throughthe adoption of new technologies. Lombardia: NEXT is a closed-ended fund of funds,subscribed by institutional investors, created by RegioneLombardia with the aim of developing on the territory of theregion a venture capital market focused on innovation anddevelopment of new technologies Piemonte: Piemontech is a Venture Capital with the aim ofinvest in the most innovative companies in Piedmont withinvestments in the range of 100.000-400.000 € Campania:– IMAST is the holding company of the district ofengineering of polymeric and composite materials ofCampania region– Campania Innovazione is a regional agency with theaim of promoting R&D and innovation and of boostingentrepreneurship and technological transfer within theregionEuropean Fund Distribution 2007-2013for Research14Sources: PNR-MIUR 2011-2013, Booz & Company analysis25%8%10%11%OthersPiemonteToscanaLombardiaEmilia Romagna24%22%LazioBusiness4
  16. 16. 15Example : Toscana exploited Fondo Sociale Europeo (FSE) tofinance the Fulbright Best scholarshipsScholarship Breakdown of past years(up to 2012)Italian regions and the Fulbright BEST OpportunitySources: Fulbright Best program, Booz & Company analysisUniversity Finance Public1 2 3 Each region is responsible for entrepreneurial programs financed by EU throughFSE fund; part of the fund is dedicated to aspiring entrepreneurs Regional offices stipulate an agreement (convenzione) with the US -ItalyFulbright Commission defining the number of scholarships’ donations The Us-Italy Fulbright Commission issues a “bando” every year Applicant: graduate or PhD under 35 years of age with a high-tech businessproposition files an on line application to the Us-Italy Fulbright Commission The Us-Italy Fulbright Commission runs the selection process and identifies thewinners The winners will spend an academic year in the Us combing class work onentrepreneurship with hands-on experience on how to set up and run a start-up Fulbright BEST will provide a 6 month mentoring period in Italy to support eachto set up his/her company Detailed information: http://www.fulbright.it/it/borse-di-studio/italiani/studio/programma-fulbright-best/programma-fulbright-bestBusiness4Grantee Origin4611109422221 11 1ToscanaEmiliaLombardiaLazioSardegnaVenetoCampaniaTrentinoLiguriaPugliaPiemonteUmbria
  17. 17. Start Ups: the innovation engine16EXAMPLEUniversity Finance Public Business1 2 3 4Successful SMESuccessful Start-UpsSources: Companies’ websites, AIFI
  18. 18. Italian Start Ups are mainly “digital” with early stage funding17University Finance Public1 2 3Sectors25,2%ICTBio/Lifescience4,5%60,4%9,9%CleantechWeb/New media29,0%8,0%Seed15,0%40,0%Venture Capitals4,0%BootstrappingGrantsBusiness Angels4,0%OthersSources of Funding39,0%Humanistic61,0%ScientificEducation of Founder / EntrepreneurSources: Mind the Bridge Survey 2011Business4
  19. 19. Incubators and accelerators are playing an pivotal role18University Finance Public1 2 3InitiativesIncubators/Accelerators/Technological parksBusiness4
  20. 20. 19The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who
  21. 21. Country scale is not critical in innovation20Sources: Booz & Company analysis, INSEAD, Global Innovation Index 2011, International Monetary Fund41545454555556565657575859606264ItalyNewZealandIsraelIrelandGermanyIcelandUKNetherlandsCanadaUSADenmarkFinlandHongKongSingaporeSwedenSwitzerland1 2 3 4 5 6 7 8 9 10 11 12 3513 14 15GDP 2010Bln $528 459 223 224 239 310 14 527 1 577 781 2 250 13 3 286 207 217 140 2 055Global Innovation Index 2011-Booz & Company, Insead-
  22. 22. For example, Israel is a best practice with an integrated approach toboost entrepreneurship21Sources: Booz & Company Analysis, “Israele, terra promessa dell’innovazione” by Simone Botti 2005, IVC report 2011 Agency for technology transfersowned by University with the aim ofsell intellectual property Office of Chief Scientist (OCS): tofund industrial R&D and to simplify theVenture Capital market Yozma: private program for theinvestment in Venture Capitals fundsand Start Ups Foreign funds: Israeli foreignbranches of Venture Capitals allowfundraising, especially in USInsert Text HereFinanceInsert Text HereCorporateUniversity/R&D CentresPublicFundingKnowledge/PolicyTaxesKnowledge/ Intellectual propertyPolicyRoyaltiesProfitsCapitalsTTAgencyYozmaOCSForeignfundsIsrael Country Innovation Plan
  23. 23. Israel innovation results are truly impressive22Italy1.1%Israel4.2%2,141,26+70%20112010R&D / GdP ratioVC Investments-bln $-Sources: Booz & Company Analysis, IVC report 2011 Ranked 1st for the number of start ups percapita Ranked 1st for the R&D expenditure as % ofGDP PPP (4,2%) Ranked 1st for the number of engineers every10.000 inhabitants (150) Ranked 3rd behind the US (4836) andCanada (152) for the number of companieslisted on Nasdaq (57 companies) Strong entrepreneurial culture (bottom-up)and government investment in R&D andinfrastructure (top-down)
  24. 24. Israeli Venture Capital activities are highly developed also in earlystage funding …23Sources: Booz & Company Analysis, IVC report 2011seed5,0%early stage26,0%mid stage42,0%late stage27,0%Breakdown of capital raised per stageOverview There are 70 active Venture Capitals investing inIsrael 75% of capital comes from foreign VentureCapitals 796 M $ of capital flowed to Israeli VentureCapitals in 20110,80,00,31,11,30,81,520062005 2007 2008 20102009 2011Capital Raised by VC Funds by Vintage Year-$B-2008 20097881,12220071,0722,07520106861,7584151,2627071,28789620115351,6043662,139Capital Invested in Israeli High-Tech Companies-$M-Foreign & OthersIsraeli VCs
  25. 25. … and highly diversified24Internet25,0%Communications15,0%Software23,0%Cleantech7,0%4,0%Semiconductors16,0%Life Sciences10,0%OtherDeal value $MNumber of deals89881953180352337605101520Deals$M2000Q2/10 Q3/10 Q4/10632Q1/111,000Q2/11Q1/10739400Q3/11 Q4/11600800Private Equity deals by quarter-$M-Portfolio of Most Active Venture Capitals in Israel-2010-Most Active Venture Capital Funds in Israel-ranked by # of first investment in 2010-RankManagementCompanyCapitalManaged ($M)Total FirstInvestments1 Evergreen 648 62Battery N/A 5Pontifax 118 53Gemini 696 4Genesis 618 4Carmel 608 4Cedar 325 44Bessemer N/A 3Pitango 1340 3Sequoia Israel 580 3Magma 190 3Aviv 77 3Sources: Booz & Company Analysis, IVC report 2010-2011
  26. 26. The innovation value chain25Start UpLegalpracticesFundresearchBusinessPlanPrototypeIdeaResearch ExpansionResearch departmentsIncubatorsAdvisorsUniversityBusinessPublicR&D CentresMIUR/ECRBusiness Angel/SeedVenture CapitalFinance1234University spin offPrivate EquityFESRScholarship GrantsAcceleratorTechnological Park
  27. 27. The eco-system26University & Research Finance Public BusinessResearchDepartmentsAdvisorsTechnologicalParksItalian fundsVentureCapitalsBusinessAngels/IncubatorsIncubatorsR&D labs &AcceleratorsEuropean1 2 3 4
  28. 28. Booz & Company27The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who13th April 2012InitiativesIncubators/Technological ParksVenture CapitalPublic Association
  29. 29. Booz & CompanyList of Italian Innovation InitiativesRegions Student Graduate Researcher Entrepreneur Start Ups SMEItalian Business & Investment InitiativeFulbright BestWind Business FactorMind the BridgeIntesa Sanpaolo Start Up InitiativeForzaideaItalia CampItalian Start Up SceneCNR spin-offCNR StartCupTelecom Working CapitalPNI cubeSeedlabInnovAction Lab2813th April 2012
  30. 30. Booz & CompanyList of Italian Incubators/Technological Parks2913th April 2012Regions Student Graduate Researcher Entrepreneur Start Ups SMETecnoparcoReteincubatori.itTIS innovation parkI3PAcceleratore del Politecnico di MilanoM31Digital MagicsH FarmIncubatore di NavacchioTecnopolis PSTCISI scrlTriboo R&D IncubatorInnovamiWe TechoffIstituto Superiore Mario BoellaAlmacubePST Valle ScriviaCreaimpresa
  31. 31. Booz & CompanyList of Italian Venture Capitals3013th April 2012Regions Student Graduate Researcher Entrepreneur Start Ups SMEInnogestEporgenGenextraMp VentureAlice VenturesAtlante VenturesPrincipiaFondamenta SGR360 Capital PartnersDpixelBanner VenturesZernike Meta Ventures
  32. 32. Booz & CompanyList of Italian Public AssociationRegions Student Graduate Researcher Entrepreneur Start Ups SMEItalian Angel for GrowthTechno Seed ICT IncubatorPiemonte High TechnologyImastBIC LazioInvitaliaBAIAAgenzia per l’InnovazioneItalian Consulate New YorkItalian Consulate BostonItalian Consulate San FranciscoAmerican Chamber of Commerce3113th April 2012
  33. 33. Booz & Company32The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who13th April 2012InitiativesIncubators/Technological ParksVenture CapitalPublic Association
  34. 34. Booz & CompanyName Italian Business & Investment Initiative Website www.italianbusiness.orgFoundation Year 2010 Contact info@italianbusiness.orgOverview Targets IB&II is committed to promote Italy as an attractive investment for U.S.venture capital firms, specifically in the country’s talented SME sectorthrough a three pillared approach:– Provide a physical forum to connect the demand of capital tosupply and ideas between the U.S. and Italy– Promote and sponsor academic research and insight on theItalian economy, and offer recommendations to policy makerson how to improve Italian economy– Support the development of an online platform containinginformation about the Italian economy and market. Italian innovative companies that are looking for capitals andknow-how in order to reach the objective of expansion.Results achievedIn 2011, 35 companies have been presented to a community of500 investorsName Fulbright Best Website www.bestprogram.itFoundation Year 2006 Contact 06 83057613 (Enel Green Power)Overview Targets Scholarship for Italian researchers and graduates for a trainingprogram in US with the objective of stimulate entrepreneurship andcreate new start ups in Italy. Allow Italian brightest mind to spend atraining period in US in which they can:– Deepen entrepreneurship topics in the best Business Schools– Experience a work period in H-tech companies– Come into contact with US investor community Italian regions can activate FSE funds in order to provide FBscholarships. Toscana is an excellent example of how exploitEuropean funds for FB program (11 scholarships in the past editions) PhD students Graduates PhDs Public institutions (President of Regions)Results achievedIn 5 years, FB has launched 19 new start ups13th April 201233
  35. 35. Booz & CompanyName Wind Business Factor Website www.windbusinessfactor.itFoundation Year N/A Contact Costanza Esclapon/Alessandra BianchiniOverview Targets Web platform for aspiring entrepreneurs and start uppers Wind business factor competition 2012:– The best 10 business idea will have the opportunity toattend a mentorship program of 4 weeks– For the best 3 business ideas and projects, WBF willgive them the chance to meet Venture Capitals,Business Angels and successful entrepreneurs.– The winner of the competition will gain a training trip toSilicon Valley and Israel Aspiring entrepreneurs with a business project or entrepreneurs ofnew start ups (founded after January 2011) who:– Invented new product or service– Found a practical use of new technology– Developed a high level of know-how– Found innovative organizational or market solutionsResults achieved6500 persons registered3500 business ideas and start ups supported13th April 201234Name Mind the Bridge Website www.mindthebridge.orgFoundation Year 2007 Contact information@mindthebridge.comOverview Targets Foundation that runs every year a business plan competitionwith the purpose of selecting the best innovative business ideaamong Italian participants Selected start ups will have the opportunity of attend trainingcourses in Italy and experience a mentoring program located inthe Silicon Valley Objective is to create an Italian entrepreneurial ecosystem opento internationalization and growth Young Italian talents with an innovative business ideaAvailable FundsPrize of 400.000 €
  36. 36. Booz & CompanyName Intesa Sanpaolo Start Up Initiative Website www.startupinitiative.comFoundation Year N/A Contact startup@intesasanpaolo.comOverview Targets Provide the Arena meeting to the best high-tech start ups where– Meet international investors– Meet potential partners Industries:– Biotechnologies, life science, healthcare and medicaldevices– ICT, electronics and automation, Mobile– CleanTech and renewable energies– Nanotechnologies and high performance materials– Social Ventures Cross Technologies Vertical:– Agri-Food, Fashion Tech and Design Building AndConstruction, Automotive High-tech start ups looking for fundraising Venture capitals/ Business Angels interested in start upopportunities Industry players interested in new technology to apply in theirbusinesses Incubators, accelerators can provide their help and know-howResults achieved 1.000 projects screened and potential start ups contacted 250 have entered the training program 165 projects have had the opportunity to meet 2.900 amongVenture Capitals, Business Angels, Corporate and privateinvestors in 5 CountriesName Forzaidea (Eur&ca) Website www.forzaidea.itFoundation Year N/A Contact 02.48015098Overview Targets Website with the aim of helping aspiring entrepreneurs or startups to get public funds or to find a partner for their business Aspiring entrepreneurs Start upsResults achieved13th April 201235
  37. 37. Booz & CompanyName Italia Camp Website www.italiacamp.itFoundation Year 2010 Contact 06.85225412Overview Targets Association with the objective of creating a network amongnational and international universities with the aim of realize thebest ideas regarding all fields:– Research, science and technology– Energy, infrastructure and environment– Economics, finance and market– Politics, Institution and public administration– Job, enterprises, culture and society Association works through BarCamp system (from Standforduniversity): collaborative conference without any type of hierarchy,in which each member is directly involved Currently there are 4 BarCamps (Rome, Lecce, Bruxelles, Milan) Professionals Researchers Students EntrepreneursResults achieved13th April 201236Name Italian Start Up Scene Website www.It.startupscene.orgFoundation Year N/A Contact Only websiteOverview Targets Social network with the aim of keep in contact start uppers,aspiring entrepreneurs and Venture Capitals Startuppers Bloggers Aspiring entrepreneurs InvestorsResults achieved
  38. 38. Booz & CompanyName CNR StartCup Website www.startcup.cnr.itFoundation Year 2010 Contact 06 4993 2617Overview Targets Promote entrepreneurship within research institutes through anational competition (Working Capital and PNI) Bridge the gap between laboratories of research and theimplementation of solutions in real businesses Industries:– ICT, social innovation– Agro, food, cleantech– Industrial CNR researchers or employees Researchers or employees from other research institutes(CRA, ENEA, INAF, INFN E ISS)Results achieved30 business ideas have been selected in 2010 edition and one ofthose has won PNI 2010Name CNR spin-off Websitewww.cnr.it/sitocnr/ilCNR/Innovazione/Spinoff.htmlFoundation Year N/A Contact Daniela.lanoce@cnr.itOverview Targets To boost CNR researchers to create spin-off from the researchactivity through training activity focused on developingentrepreneurial skills Industries:– Nanotechnologies and Microelectronics– Biomedical, Biotechnology and Pharmaceutical– Environment– ICT Management consulting is provided by Rete Venture, a consultingcompany owned by CNR Financial aid is provided by Principia sgr, VC for corporate spin-off CNR researchers Winner of CNR grantsResults achieved52 spin off has been created13th April 201237
  39. 39. Booz & CompanyName Telecom Working Capital (dpixel) Website www.workingcapital.telecom.itFoundation Year 2009 Contact Info.workingcapital@telecomitalia.itOverview Targets Telecom Italia project aims to sustain young Italian talents ininnovative fields and to boost the creation of start ups byproviding them with different supports Young talent with innovative idea Brilliant students from Italian university to develop a start upprojectResults achieved Research contract and tutoring for 41 research projects Incubator contracts for 30 start up projects 36 early stage assisted companiesName PNI cube Website www.pnicube.itFoundation Year 2003 Contact 05.14200349Overview Targets Association that groups together the academic incubators andItalian academic business plan Two initiatives:– National Award for Innovation– Start Up of the year Objectives:– Spreading the culture of entrepreneurship amongstudents and researchers of our universities andselecting the best business ideas– Provide an incubator, which supplies all services to makethese companies successful Aspiring entrepreneurs Reward the young h-tech enterprises achieving the best marketsuccessAvailable FundsPrize for the Start Up of the year: 10.000€13th April 201238
  40. 40. Booz & Company13th April 201239Name Seedlab (TT advisor) Website www.seedlab.itFoundation Year N/A Contact TT advisorOverview Targets Entrepreneurship program that provides micro-seed fundingand best-in-class training and mentorship to help promisingstart ups succeed Learn basics of management from experienced mentors Create a network with investors & industrial partners Give the opportunity to take part to a business competition withthe prize of business developing trip to Silicon Valley Young innovators with:– Innovative, high quality idea– Excellent cv Investments in:– Patentable technology– Digital technologyResults achievedName InnovAction Lab Website www.innovactionlab.orgFoundation Year 2010 ContactOverview Targets Non profit association with the aim of teach to Universitystudents how to approach with investors and Venture Capitalfunds InnovAction Lab organizes lessons and seminars with apractical approach in order to boost entrepreneurship University students interested in understanding the drivers of asuccessful business plan.
  41. 41. Booz & Company40The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who13th April 2012InitiativesIncubators/Technological ParksVenture CapitalPublic Association
  42. 42. Booz & Company41Name Reteincubatori.it Website www.reteincubatori.itFoundation Year 2009 Contact N/aOverview Targets Start up services:– Idea analysis and implementation– Management, financial, patent consulting– Marketing and promotion services– International network and research laboratories– Network of Venture Capitals and Business Angels Aspiring entrepreneurs in Milan area with innovative ideas Existing companies interested in innovative start ups Venture capitals and Business Angels interested in investing ininnovative start upsResults achieved73 assisted companies, 5 incubators, 310 employees, 25 M €annual revenuesName Tecnoparco Website www.tecnoparco.orgFoundation Year 2005 Contact 0371.4662200Overview Targets Parco Tecnologico Padano is the engine of the Lodi Clusterwhich hosts many organizations involved in the agro-biotechsector. The Park also hosts an enterprise Incubator whichmakes Lodi one of the main European Agro-Biotech clusters The mission of PTP is to build a business-oriented researchnetwork in agro-biotech capable to promote the creation ofstart-up and spin-off companies in the agro-food sector byoffering know-how, incubator facilities and administrativeservices. Aspiring entrepreneurs in the agro-biotech sector Existing companies in the agro-food sectorResults achieved13th April 2012
  43. 43. Booz & Company42Name I3P Website www.i3p.itFoundation Year 1999 Contact 010.0905127Overview Targets Incubator of Politecnico di Torino (the biggest in Italy) with theaim of help young talent to create new start ups TreataBit: from 2011, special incubator for start ups in digitalfields Entrepreneurs Aspiring entrepreneurs Investors interested in innovative start ups with high growthpotential Managers who are looking for collaborate with high potentialcompaniesResults achievedName TIS innovation park Website www.tis.bz.itFoundation Year 1998 Contact 0471 068000Overview Targets Center and driver for innovation, cooperation and technologytransfer for all South Tyrolian players of the innovationsystem, especially for existing companies They provide patent strategy, product development andlaunch, research, technological analysis and networking inorder to make companies of the area more successful Existing companies located in the South Tyrol areaCurrent portfolioTis has actually 15 companies in its portfolio13th April 2012
  44. 44. Booz & Company43Name Acceleratore del Politecnico di Milano Website www.ai.polimi.itFoundation Year 2000 Contact 02 2399 2991Overview Targets Services for incubated companies Promotion of “Start Cup Milano Lombardia” Organization of meetings and promotional activities Main industries of interest:– ICT– Bioengineering– Clean Technologies– Design– Innovation services Aspiring entrepreneurs Start ups Managers interested in sharing their competences Companies interested in collaborating with the centre and with newstart ups Investors interested in participating to the capital of start ups orusing the R&D structureIncubated companies64 totally (actually 19)Name M31 Website www.m31.comFoundation Year 2006 Contact 049.7811811Overview Targets US based Venture Capital with the aim of connect Italiancompanies with US market and Venture Capital community M31 objective is the creation and growth of innovativecompanies in the ICT fields Young Italians interested in creating new businesses Italian start ups in innovative industries (Biomed, Clean Tech, Web& digital media, ICT) interested in creating a bridge with US marketand investorsManaged fund10 M €13th April 2012
  45. 45. Booz & Company44Name H Farm Website www.h-farmventures.comFoundation Year 2005 Contact 0422.789611Overview Targets H-Farm is a Venture Incubator with the aim of accelerate thedevelopment of Internet startups via a combination of seedinvestment and incubation services. The Venture Incubator is a hybrid model that reflects the dualsoul of H-Farm: that of Venture Capitalist and that of Incubator.As a VC they invest seed capital, granting the financenecessary for the early stage activities; as an incubator theyprovide a series of services to speed up the businessdevelopment Aspiring entrepreneurs and start uppers in the internet sectorCurrent portfolio23 companiesName Digital Magics Website www.digitalmagics.comFoundation Year 2004 Contact 02.52505.1Overview Targets Create an incubator for online initiatives Provide an aid to start ups through financial, administrative,strategic, logistical, technological and marketing services aswell as business management support Seed stage companies in the internet fieldAvailable Funds16 mln € invested13th April 2012
  46. 46. Booz & Company45Name Incubatore di Navacchio Website www.incubatoreimpresa.itFoundation Year 2003 Contact 050.754702Overview Targets the INCUBATOR, managed by Polo Navacchio spa, has beenconceived and equipped to make easier the most critical stageof a company, its start- up. In the Incubator the best businessideas are selected and they are integrated into a system ofrelationships of orientation and support, so that they candevelop and start up successfully on the market. Service to support the birth, the starting up and the competitivedevelopment of “new companies” and spin offs in the hi-techfield Start ups in the following industries:– Robotics/sensor– Non-destructive diagnostic– Energy/environment– Services– Electronics– ICTIncubated companies29 companies incubated from 2003 to 2012Name Tecnopolis PST Website www.tecnopolispst.it/Foundation Year 2008 Contact 080.4670663Overview Targets Tecnopolis is a consortium with the aim of manage theactivities of Technological Park of the University of Bariincluding:– Management of technological services– Attraction and retention of R&D centres, innovative startups, researchers– Creation of innovative start ups and academic spin off– Technology transfer R&D centers Entrepreneurs Start ups Companies interested in training sessionResults achieved13th April 2012
  47. 47. Booz & Company46Name CISI scrl Website www.cisiscrl.comFoundation Year 2008 Contact 02.50320900Overview Targets CISI scrl operates in the Biotechnology-Life Sciences arenawith the aim of help entrepreneurs develop their innovations intosolid technologies and companies through the access to a lifescience incubator structure that provides a range of servicesand skills to help scientific entrepreneurs to develop andenhance their portfolio of projects and innovative ideas. Entrepreneurs Start ups Companies in the life science industryFund managedName Triboo R&D incubator Websitewww.triboo.it/en/r-d-incubator/r-d-incubatorFoundation Year N/A Contact N/AOverview Targets Triboo Spa is a holding company operating on the Italian andinternational internet markets and incorporates a number ofcompanies and services in e-commerce, Web marketing,interaction design and online advertising, offering acomprehensive range of services which includes a specialincubator for web start ups Start ups in internet fieldsIncubated companies9 companies13th April 2012
  48. 48. Booz & Company47Name Innovami Website www.innovami.itFoundation Year 2005 Contact 0542.643970Overview Targets INNOVAMI sustains the creation and growth of start ups andcompanies in the region of Emilia Romagna through the shareof knowledge and technology Companies and start ups in the following industries:– Industrial automation– ICT– Electronics– Environment– EnergyIncubated companies15 companiesName We techoff Website www.wetechoff.euFoundation Year N/A Contact 051 6398099Overview Targets We Tech Off is the new project that supports the creation ofinnovative enterprises in Emilia-Romagna, through the supply ofservices for potential entrepreneurs and technological start-ups. The purpose of We Tech Off is to promote the entrepreneurshipculture sustaining projects with strong innovativecharacteristics. Aspiring entrepreneurs with innovative ideaIncubated companies36 companies13th April 2012
  49. 49. Booz & Company48Name Istituto Superiore Mario Boella Website www.ismb.itFoundation Year 2000 Contact webmaster@ismb.itOverview Targets Istituto Superiore Mario Boella (ISMB) is a research &innovation center operating in the Information andCommunication Technologies (ICT) domain. Founded byCompagnia di Sanpaolo and Politecnico di Torino, today ISMBrelies on the technological and process competences of around150 researchers working in close cooperation with companies,academia and Public Administration. It plays an active role not only in devising innovative solutions,but also in their implementation and consequent developments.This approach represents a step forward with respect totechnology transfer, and in this sense the evolutionary lines ofEuropean research are taken into account. Researchers Companies interested in collaborating with the R&D centers Aspiring entrepreneurs or start ups interested in developing theirinnovative ideaProjects106 projects among completed or ongoing13th April 2012Name Almacube Website www.almacube.comFoundation Year N/A Contact 051.4200311Overview Targets AlmaCube is the Incubator of the University of Bologna ,founded jointly with Fondazione Cassa di Risparmio di Bolognain Bologna and Fondazione Alma Mater to promote and sustainentrepreneurship in the local University system. AlmaCube offers spaces and logistic services as well asrelational capital through direct links to local economic andpolitical institutions and individual actors to young start-ups. AlmaCube does not participate financially in the start-upshosted, but actively promotes and facilitate funding contactsand processes with professional investors Academic projects Only early stage start upsIncubated companies14 companies currently incubated
  50. 50. Booz & Company49Name PST Valle Scrivia Website www.pst.itFoundation Year N/A Contact 0131 860115Overview Targets P.S.T. S.p.A. is related to the promotion and the development ofthe Park, with the management of on site properties and withsupporting the transfer of technological know-how tobusinesses P.S.T. S.p.A. studies and sets up marketing strategies and aimsto attract to its own site and the territory in general new nationaland international investments. They collaborate with theregional body CEIP to attract foreign industrial investments tothe Piedmont territory Companies and entrepreneurs interested in investing in Piemonte Companies interested in hiring a place inside the park dedicatedto R&D activityResults achieved13th April 2012Name Creaimpresa Website Creaimpresa.itFoundation Year 1989 Contact info@creaimpresa.itOverview Targets Consulting services for aspiring entrepreneurs They provide the “creimpresa kit” that is a business plan guideto success in all industries They provide an online incubator in order to gather all kinds ofinformation and support for starting new business Aspiring entrepreneurs Start up companies willing to expand their businessResults achieved
  51. 51. Booz & Company50The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who13th April 2012InitiativesIncubators/Technological ParksVenture CapitalPublic Association
  52. 52. Booz & Company51Name Innogest Website www.innogest.itFoundation Year 2005 ContactOverview Targets Innogest is the most important VC in Italy. They invest incompanies in early stages (less than 5 years old companies)with initial investment in the range of 200.000-2 M € The main industries of interest are:– Advanced mechanics– New materials– Ict– Biomedical technology and appliances– Clean energy– Innovative services Start ups and aspiring entrepreneurs in double digits growth marketManaged fund80 M €Name Eporgen Website www.eporgen.comFoundation Year 2005 Contact 0125 561000Overview Targets Private venture capital dedicated to seed capital investments inthe area of life sciences. Eporgen’s mission is to identify and select innovative projects inthe area of life sciences, in which it invests in order to create abalanced portfolio of small start-up companies that aresupported in their management and controlled by Eporgen. Aspiring entrepreneurs and start ups in the life sciences fieldManaged fund7.8 M €13th April 2012
  53. 53. Booz & Company52Name Genextra Website www.genextra.itFoundation Year 2004 Contact 02 3651.5110Overview Targets The mission of Genextra is to identify innovative research in lifescience and to develop novel therapies and tools by creatingsuccessful business initiatives in a sustained and long termway. Genextras holding structure is designed to increase theprobability of success of business initiatives that become part ofthe Group by providing specialist management as well asfinancial support to a new company vehicle or an existing youngstart-up Aspiring entrepreneurs and first stage companies in life sciencessectorManaged fundManaged 36 M €/ available 96 M €Name Mp Venture Website www.mpventure.itFoundation Year 2001 Contact 0552498348Overview Targets MPVENTURE’s investment policy is focused on the Italian mid-market. The targets of the closed end funds managed by MPVENTUREare Italian companies with development and internationalizationplans. Also companies in which generational handover andchanges in the ownership structure create opportunities ofreorganization of the business are preferred targets. Target companies are characterized by high potential valuecreation thanks to business model, market positioning, advancedtechnologies, brand leadership and world-wide developmentstrategiesManaged fund86 M € (Mp venture fund 3)13th April 2012
  54. 54. Booz & Company53Name Alice Ventures Website www.aliceventures.itFoundation Year N/A Contact info@aliceventures.itOverview Targets Leading venture fund management firm in Europe and Israel,with two most significant hubs of activity – Israel and the UK The Alice Ventures trademark is its multinational andmultidisciplinary team of seasoned professionals with strongreal-life experience from the medical, financial, venture capital,semiconductor and telecommunications fields Start uppers looking for defining strategies Companies interested in expanding their activities Companies looking for recruiting new executives Companies facing with fundraising issuesManaged fund170 M €Name Atlante Ventures Website www.atlanteventures.comFoundation Year N/A Contact atlanteventures@intesasanpaolo.comOverview Targets Seed, promoted by Intesa Sanpaolo group, invest in innovativecompanies with high growth potential, with particular attention tothose belonging to the high technology sectors Atlante provides to SME with:– Required capital for growth– Business and managerial expertise developed by theFund– Networking opportunities allowed by being part of IntesaSanpaolo Group High growth potential SME and Startups Atlante Ventures Mezzogiorno is dedicated to companies (startupsand SME) developing ICT investments in Southern ItalyManaged fund55 M € under management13th April 2012
  55. 55. Booz & Company54Name Principia Website www.principiasgr.itFoundation Year N/A Contact 02 36589750Overview Targets Principia sgr manages 2 venture capitals funds with the aim ofsupport with managerial and financial aids, Italian start ups andcompanies. Aspiring entrepreneurs and start uppers with innovative idea and agood teamManaged fund63 M €Name Fondamenta SGR Website www.fondamentasgr.comFoundation Year 2000 Contact 02.7214.7746Overview Targets Holding company with different funds under managementincluding 2 venture capital funds:– Vertis sgr: venture fund focused on early stage and seedfinancing– TT Venture: venture fund dedicated to technologicaltransfer and to innovative researches Existing companies Start ups Researchers Academic/Corporate spin offManaged fund90 M €13th April 2012
  56. 56. Booz & Company55Name 360 Capital Partners Website www.360capitalpartners.comFoundation Year 2007 Contact 02 36.56.09.50Overview Targets 360° Capital Partners is a Venture Capital firm, investing inInnovation at full scale, in Europe and more particularlyin France and Italy 360° Capital Partners has the following asset allocationstrategy:- at least 85% Venture Capital investments, in Innovativeearly stage companies- up to 10% Public Companies investments, in High-Growthsmall cap- up to 5% Seed Capital investments, in high Technologydriven projects European start ups in high growth and innovative industriesFund managedOver 100 M € under managementName Dpixel Website www.dpixel.itFoundation Year N/A Contact info@dpixel.itOverview Targets Financial and managerial support for early stage companies ininternet field Aspiring entrepreneurs in internet fieldResults achieved12 companies have been supported/ 9 M € fund (+7,5 M € WorkingCapital)13th April 2012
  57. 57. Booz & Company56Name Banner Ventures Website www.bannerventures.comFoundation Year N/A Contact info@bannerventures.netOverview Targets Banner Ventures LLC is a newly formed global venture capitalcompany with offices in the U.S., Asia and Europe (Milan),focused on helping talented entrepreneurs build exceptionalcompanies through human and financial capital support. Their objective is to bring to high-potential companies a wealthof relationships across various industries and regions. Aspiring entrepreneurs or young companies interested inknowledge and capital supportFund manageName Zernike Meta Ventures Website www.zernikemetaventures.comFoundation Year 1987 Contact info@zernikemetaventures.comOverview Targets Zernike Meta Ventures is an holding company specialized infinance for innovation and new businesses creation, it is anItalian-Dutch joint venture between Zernike Group and METAGroup ZMV consists of a team of professionals who provide investeecompanies with an extensive network of contacts, advice for theprocurement of any additional financial resources, theidentification of managerial and professional expertise, andsupport service for accelerating the commercialization ofproducts through the available global network Zernike manages also 3 regional funds Small companies interested in founding a network Aspiring entrepreneurs in innovative fieldsCompanies in portfolio5 companies in portfolio13th April 2012
  58. 58. Booz & Company57The Innovation System in ItalyA Call for ActionInnovation Players: Who’s who13th April 2012InitiativesIncubators/Technological ParksVenture CapitalPublic Association
  59. 59. Booz & Company58Name Italian Angel for Growth Website www.italianangels.netFoundation Year 2007 Contact 02 76022952Overview Targets IAG aims to finance industrial projects during early-stagepresenting a high level of innovation and potential for success,to realise a profitable exit for the Angels in about 5 years. Through the funding supports entrepreneurship, innovation andresearch in Italy by helping to promote sustainable developmentin the long term. Start ups companies in any sectors where they have at least oneexpertiseResults achieved14 companies in portfolioName Techno Seed ICT incubator Website www.friulinnovazione.itFoundation Year 1999 Contact 0432.629911Overview Targets Techno Seed incubator offers the opportunity to test a newbusiness idea before starting a new enterprise and to reducecosts and administrative difficulties related to its launch. Techno Seed selects innovative ideas based on Information andcommunication technology (ICT) and provides assistanceincluding business plan, testing the idea’s eligibility, finding outfunds and financial opportunities, setting up and launching anew enterprise Once the new enterprise has been set up, it could have an areaequipped at the Science and Technology Park to host the start-up (up to 3 years) as well as the assistance of qualifiedconsultants and financial supports. Aspiring entrepreneurs in the ICT sector interested in startingbusiness in Friuli regionIncubated companies15 companies13th April 2012
  60. 60. Booz & Company59Name Piemonte High Technology Website www.piemontech.itFoundation Year 2005 Contact info@piemontech.itOverview Targets Venture Capital with the aim of invest in the most innovativecompanies in Piedmont with investments in the range of100.000-400.000 € Innovative companies located in Piedmont with new technologiesable to give them a competitive advantage Main industries of interest:– ICT– Biotechnology– Advanced mechanics– Energy– Innovative servicesResults achievedPiemontech has actually 10 companies in its portfolioName IMAST Website www.imast.bizFoundation Year N/A Contact 081 5519586Overview Targets IMAST realizes an integrated system of research, higheducation, and technological innovation. It fosters thedevelopment of knowledge as well as innovative application ofproducts and technologies within Campania region. IMAST integrates the public and private research. It assures thetransfer of research results to the enterprises. Its aim is toimprove the results, to spread information to the SMEs and toencourage the start-up of new enterprises. It manages higheducation projects in order to satisfy the growing demand fornew professional figures. Young people interested in growing professionally in a dynamictechnological field Companies looking for innovative initiatives Researchers interested in working in a challenging andinternational environment Aspiring entrepreneurs in the field of polymeric and compositematerialsResults achieved2 start ups have been launched13th April 2012
  61. 61. Booz & Company60Name Invitalia Website www.invitalia.itFoundation Year 2007 ContactOverview Targets INVITALIA Agenzia nazionale per lattrazione degli investimenti elo sviluppo dimpresa S.p.A. is a special-purpose undertakingestablished at central government level with the mission,especially with regards to the Southern regions of the country, of:– foster the attraction of high-quality foreign investments, asa contribution to the overall development of the countryseconomic and production system– develop industrial and entrepreneurial innovation andcompetitiveness in the production sectors and regionalsystems– promote the competitiveness and potential for attraction ofthe regions concerned Aspiring entrepreneurs interested in starting business in Italy Investors interested in investing in Italian companies Companies looking for human or financial supportResults achieved13th April 2012Name BIC Lazio Website www.biclazio.itFoundation Year N/A Contact 06 803 680Overview Targets BIC Lazio is an in house providing company of Regione Laziowith the aim of:– Spread entrepreneurial culture within the region– Boost entrepreneurial initiative above all in innovativesector– Promote collaboration among companies– Promote local development Aspiring entrepreneurs interested in starting business in Lazio Companies located within the regionResults achieved
  62. 62. Booz & Company61Name BAIA Website www.baia-network.orgFoundation Year 2006 Contact info@baia-network.orgOverview Targets• BAIA (business association Italy America) is a business networkcreated by and for entrepreneurs, managers, and professionalsoperating between Italy and the US. As a nonprofit, BAIA is acollaborative organization open to new members and focusedon promoting innovation. Entrepreneurs, managers, professionals and start uppers lookingfor creating a network amongResults achievedName Agenzia per l’innovazione Website www.aginnovazione.gov.itFoundation Year N/A Contact 02.8515.5063Overview Targets The Agency for the Promotion of Technologies for Innovation isItalys national innovation agency and was established with thegoal of enhancing the small and medium size enterprises andindustrial districts competitive potential by means of innovativetechnologies and processes Helping Italian ministries and government to get public funds and tofoster economic and innovation growth They works to achieve best results in order to improve ItalianeconomyFund managed13th April 2012
  63. 63. Booz & Company62Name Italian Consulate Boston Website www.consboston.esteri.itFoundation Year N/A Contact 722-9201/02/03Overview Targets A special section of consulate offers specific services in order tofoster and assure the best results in terms of encouragingentrepreneurs and officials from U.S. and from Italy to tightenand promote trade and business relationships. Italian entrepreneurs and companies interested in promoting Italianproducts and services in Boston areaResults achievedName Italian Consulate San Francisco Website www.conssanfrancisco.esteri.itFoundation Year N/A Contact (415) 292-9200Overview Targets A special section of consulate offers specific services in order tofoster and assure the best results in terms of encouragingentrepreneurs and officials from U.S. and from Italy to tightenand promote trade and business relationships. Italian entrepreneurs and companies interested in promotingItalian products and services in SF areaResults achievedName Italian Consulate New York Website www.consnewyork.esteri.itFoundation Year N/A Contact 212 737-9100Overview Targets A special section of consulate offers specific services in order tofoster and assure the best results in terms of encouragingentrepreneurs and officials from U.S. and from Italy to tightenand promote trade and business relationships. Italian entrepreneurs and companies interested in promoting Italianproducts and services in the Tri-State AreaResults achieved13th April 2012
  64. 64. Booz & Company6313th April 2012Name American Chamber of commerce Website www.amcham.itFoundation Year N/A Contact 02 87 21 21 03Overview Targets They provide support to internationalization of Italian companiesby providing different services including:– Business analysis– Commercial services– Legal and fiscal assistance Italian companies looking for expanding their activities overseasResults

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