Restart Italia 2011 - Fare startup in Italia


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Summary of the Ministry of Economic Development report by the Startup Task Force Set up. The work was coordinated by Alessandro Fusacchia and presented to Mr. Corrado Passera, former Minister of Economic Development.

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Restart Italia 2011 - Fare startup in Italia

  1. 1. In April, the Minister of Economic Development, Corrado Passera, asked us to use ourprofessional experience to personally reflect upon and propose solutions on how to transformItaly into a country that encourages the development of startups.The results of these reflections, which were coordinated by Alessandro Fusacchia,are the contents of the report “Restart, Italia!”The report was presented to Minister Passera on July 9th and will be publicly shared today,September 13th, 2012.This document contains a graphic summary of these reflections.Andrea Di CamilloAnnibale D’EliaDonatella Solda-KutzmannEnrico PozziGiorgio CarcanoGiuseppe RagusaLuca De BiaseMassimiliano MagriniMario MarianiPaolo BarberisRiccardo DonadonSelene Biffi
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  3. 3. 11Joint-stock companyand self-regulation regimeA flexible investment vehicle,with standard establishment procedures,subject to transparency and to the controlof a trade association.
  4. 4. 12From accrualto cash accountingPayment of VAT and IRES tax, at the endof each accounting year end, based on cashrather than accrual accounting
  5. 5. 14Work for equityRemunerating an external collaborationby allowing the supplier to hold a stakein the start-up Sharing outlooks withoutworsening the financial position.
  6. 6. 15The fund of fundsAn “anchor investor” that supportsthe fundraising process of private andinstitutional investors.It supports the VC by investing in the fundand the informal investor by matchingthe single transactions
  7. 7. 16The reserve for start-upswith a social focusThe Fund of Funds will allocate up to 20%of its capital in support of funds specialisedin start-ups with a social focus.
  8. 8. 17The fund for ‘seed’investmentsA ‘Seed’ fund funded by the Depositsand Loans fund and private fundraising(also by the management).It provides financial support up to500,000 euros, only as co-investmentaccording to a Convertible Loanstandard formula.
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  10. 10. 19LIFT TAXPRIVATE INVESTMENTSSTART-UPSLift the taxes on privateinvestments in start-upsA 30% tax deduction for investmentsin minority stakes of up to 1 million euros.
  11. 11. 21Social lendingAn online platform specialised in the collectionof debt capital for start-ups with a social focusthrough the participation of a high numberof subjects.
  12. 12. 23Indicators to assess the trackrecord (and the performance)of an incubator or acceleratorA certification mechanism for incubatorsand accelerators based on their track record,to evaluate access to preferential termsand conditions
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  14. 14. 25Promoting the industrialacquisition of start-upsA 50% tax deduction for investments aimedat the purchase of the entire stake of a start-upwithin the first 4 years of life.
  15. 15. 27The creation of a socialstock exchangeA true financial market, managed byan existing investment company anda promoting company to facilitatethe interaction of supply and demandand the offer of stakes and securitiesof start-ups with a social focus.
  16. 16. 28Fast liquidation of start-upsThe founder being also the receiver.The transaction closes within 60 days,with a simplified set of financial statementsand without any chamber of commerce fees.
  17. 17. 29Business continuity?Easy if it’s a start-up!Simplifying access to creditors’ agreementprocedures to liquidate the start-up byexploiting the intellectual property andby preserving the commercial assets.
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  22. 22. 34PLANIMPLEMENTATIONDATEPlan implementation dateDate of the call for tenders:November 2012Projects to be filed by: February 2013Evaluation and selection by:March 2012Contract signature:April 2013Project execution:start date 1 May 2013