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.

3. In April, the Minister of Economic Development, Corrado Passera, asked us to use our
professional experience to personally reflect upon and propose solutions on how to transform
Italy 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 Camillo
Annibale D’Elia
Donatella Solda-Kutzmann
Enrico Pozzi
Giorgio Carcano
Giuseppe Ragusa
Luca De Biase
Massimiliano Magrini
Mario Mariani
Paolo Barberis
Riccardo Donadon
Selene Biffi

9. 9

11. 11
Joint-stock company
and self-regulation regime
A flexible investment vehicle,
with standard establishment procedures,
subject to transparency and to the control
of a trade association.

12. 12
From accrual
to cash accounting
Payment of VAT and IRES tax, at the end
of each accounting year end, based on cash
rather than accrual accounting

14. 14
Work for equity
Remunerating an external collaboration
by allowing the supplier to hold a stake
in the start-up Sharing outlooks without
worsening the financial position.

15. 15
The fund of funds
An “anchor investor” that supports
the fundraising process of private and
institutional investors.
It supports the VC by investing in the fund
and the informal investor by matching
the single transactions

16. 16
The reserve for start-ups
with a social focus
The Fund of Funds will allocate up to 20%
of its capital in support of funds specialised
in start-ups with a social focus.

17. 17
The fund for ‘seed’
investments
A ‘Seed’ fund funded by the Deposits
and Loans fund and private fundraising
(also by the management).
It provides financial support up to
500,000 euros, only as co-investment
according to a Convertible Loan
standard formula.

18. 18

19. 19
LIFT TAX
PRIVATE INVESTMENTS
START-UPS
Lift the taxes on private
investments in start-ups
A 30% tax deduction for investments
in minority stakes of up to 1 million euros.

21. 21
Social lending
An online platform specialised in the collection
of debt capital for start-ups with a social focus
through the participation of a high number
of subjects.

23. 23
Indicators to assess the track
record (and the performance)
of an incubator or accelerator
A certification mechanism for incubators
and accelerators based on their track record,
to evaluate access to preferential terms
and conditions

24. 24

25. 25
Promoting the industrial
acquisition of start-ups
A 50% tax deduction for investments aimed
at the purchase of the entire stake of a start-up
within the first 4 years of life.

27. 27
The creation of a social
stock exchange
A true financial market, managed by
an existing investment company and
a promoting company to facilitate
the interaction of supply and demand
and the offer of stakes and securities
of start-ups with a social focus.

28. 28
Fast liquidation of start-ups
The founder being also the receiver.
The transaction closes within 60 days,
with a simplified set of financial statements
and without any chamber of commerce fees.

29. 29
Business continuity?
Easy if it’s a start-up!
Simplifying access to creditors’ agreement
procedures to liquidate the start-up by
exploiting the intellectual property and
by preserving the commercial assets.

30. 30

31. 31

32. 32

33. 33

34. 34
PLAN
IMPLEMENTATION
DATE
Plan implementation date
Date of the call for tenders:
November 2012
Projects to be filed by:
February 2013
Evaluation and selection by:
March 2012
Contract signature:
April 2013
Project execution:
start date 1 May 2013