Rome, 13th April 2012
Italian International Growth Agenda
Who’s Who in the Start-Up Segment
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, Intesa
Sanpaolo Start-Up Initiative, Mind the Bridge, University of Insubria, Wind Business Factor
And to its national sponsors:– Alitalia, Booz & Company Italia, Enel, Enel Green Power, Eni, Fininvest, Generali, Intesa Sanpaolo,
Invitalia, Mediaset, Wind
And to its international sponsors:– Booz Allen Hamilton, Freeman & Spogli, Method Investments & Advisory, McDermott Will & Emery
LLP
And to its partners:– American Chamber of Commerce, Associazione Laureati LUISS, Consulate General of Italy New
York, Eni, Fondamenta SGR, Fulbright BEST, Italia Camp, Italian Cultural Institute New York, ItaliaTrade Commission, Kaminsky Partners, Kanso, M31, NIAF, NOVA, ReedSmith, SVIEC, US Embassy
1
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:– [email protected]– Information required: Entity and URL address
2
3
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
The Italian innovation system: 4 poles
4
Incubation Funding
CERN
CNR
Laboratories
MIUR
Incubators
TI Lab
R&Scentres
Industrialdistricts
PirelliLab
BusinessAngel
PrivateEquity
VentureCapital
FDI
Banks
CorporateSpin Off
ERC/FP7ENEA
University
Business
Finance
Public
Funds/grants
IB&II
Seed
ILLUSTRATIVE
AgenziaInnovazione
Min.Difesa
ASI
ScadaLab
(Enel)
Italy can leverage many resources
5
KEY DATA
University
Business
Finance
Public
16.000/yr graduates in scientificand engineering degrees
10.000 researchers 2.500 new patents / yr 430.000 papers published from
2001 to 2011 5.150.000 total citations from
2001 to 2011 38% of R&D funds come from
private 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 receive
public funds
Innovation resources
Sources: PNR-MIUR 2011-2013, ISTAT
6
University support to innovation is growing
# of Graduatesin Sciences and Engineering
Sources: ISTAT-Università, PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Netval report 2011, Booz & Company analysis
+114%
2009
2,541
2005
1,189
# of Patentsof Italian Universities
+54%
2010 Gap vs.best practices
27-38k
15,971
2007
10,393
Note: best practices based on Japan , EU-27 (min level) and EU-3 (UK, France, Germany)
University Finance Public Business1 2 3 4
Italian universities are ranked in the “top-10” for knowledgeproduction
7
Citations 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 Budget
Sources: PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Thomson Reuters & OECD, Analysis: Evidence, Booz & Company analysis
179
233
251
260
293
340
390
410
597
Australia
Japan
Canada
Spain
France
Germany
Italy
UK
China
USA 1,129
# of Publications on R&D ExpenditureTop 10 Countries for # of Publications (2001-2011)
/ R&D expenditure in 2011 as % of GDP
University Finance Public Business1 2 3 4
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
0.5
0.0
Cita
tions
Per
Mill
ion
GER
D(r
ebas
ed)
2.0
1.5
1.0
UKUSACanadaFranceGermanyItalyJapanChina
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 2010
17%
Italy 2004
19%
EU-27 2010
22%
UK 2010
30%
8
Top 20
40%
Top 10
60%
Top 50
25%
University Finance Public Business1 2 3 4
Risk Capital: from start-up to international development
9
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 Expansion
Source: EVCACourtesy of Innogest SGR
University Finance Public Business1 2 3 4
Seed Capital
€20k - €250kper initial deal
Prototype Stage
Early-Mid Stage
€250k - €2Mper initial deal
Pre-Revenues Stage
Expansion Capital
€2M - €10Mper deal
CommercialExpansion
European Funds Irr Last 30 Years
10,8%
12,9%
15,2%
15,6%
S&P 500
Balanced(*)Top Quartile
ExpansionTop Quartile
VentureCapital
Top Quartile
Venture Capital in Italy
10
VC Investment Trend In ItalyNumber of Companies
VC Investments in Italy (2010)Sector
Source: AIFICourtesy of Innogest SGR
University Finance Public1 2 3
Business4
ManufacturingIndustrial Services
OtherUtilities
ElectronicsMedia
Med-Tech 17,3%14,6%
3,9%5,1%5,5%
0,8%1,2%1,2%
Biotech 21,3%
0,4%0,4%
AgriculatureRetail
AutomotiveAerospaceChemicals
CommunicationsOther Services
Financial ServicesConstructions
Logistics
0,4%
1,6%
Computer 20,5%
2,4%
1,6%
0,8%
0,4%0,8%
2009 2010
41(52%)
38(48%)
106
55(52%)
79
51(48%)
30(34%)
2007
88
2008
88
58(66%)
66(75%)
22(25%)
2006
62
38(61%)
24(39%)
High TechNon High Tech
Venture Capital investments’ room for growth
11
VC Investments in Italy (M€)1
Sources: AIFI, Booz & Company analysis1) Total investments are calculated by taking also into consideration regional investment in local SMEs
89
28
+218%
20102006
University Finance Public1 2 3
Greece 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 GDP
62 106# of deals
Business4
Italian active VCs invested over ~450M€ in ~120 deals
12
NOT EXHAUSTIVESELECTED EXAMPLES
University Finance Public1 2 3
8
17
252529
3637
556365
80
TT Venture*Innogest Atlante** H FarmEporgenDpixelVertis SGR*360 CapitalPartners
Aladinn(Friulia)
GenextraNext(Finlombarda)
Principia
Active Venture CapitalsInvested Capital – M €
# of Firmsin
Portfolio
Venture Capital created following 2008
n/a
14 15 14 n/a 11n/a 231119
Sources: Interviews, company website, AIFI, Booz & Company analysis* Funds participated by Fondamenta sgr, which includes also Annapurna; ** The entire capital covers three different funds
14 11
Total Capital 100M€,including international
investments
Business4
9
EU public funds for innovation & training: an untapped resource
13
National Strategic Framework 2007-2013 – Objectives of convergence and competitiveness- Spent, invested and total resources available (bln €, 2010) -
Sources: State Accounting, Booz and Company analysis
University Finance Public1 2 3
FSE (social European fund)FESR (European fund for regional development)
Gap
7.3
10.9
4.8
5.5
Allocated
44.9
2.1
34.0
2.5
Spent
7.6
59.8
44.3
15.5
Budget
Business4
Note: These funds are not dedicated only to R&D investments
Italian regions R&D funds utilization
University Finance Public1 2 3
Examples Toscana: Fondo Toscana innovazione, owned by the region
with 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 theregion
European Fund Distribution 2007-2013for Research
14
Sources: PNR-MIUR 2011-2013, Booz & Company analysis
25%
8%
10%
11%
Others
Piemonte
Toscana
Lombardia
Emilia Romagna
24%
22%
Lazio
Business4
15
Example : Toscana exploited Fondo Sociale Europeo (FSE) tofinance the Fulbright Best scholarshipsScholarship Breakdown of past years
(up to 2012)Italian regions and the Fulbright BEST Opportunity
Sources: Fulbright Best program, Booz & Company analysis
University 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-best
Business4
Grantee Origin
46
11
10
9
42
22
21 11 1
ToscanaEmiliaLombardiaLazioSardegna
VenetoCampania
Trentino
Liguria
PugliaPiemonte
Umbria
Start Ups: the innovation engine
16
EXAMPLE
University Finance Public Business1 2 3 4
Successful SMESuccessful Start-Ups
Sources: Companies’ websites, AIFI
Italian Start Ups are mainly “digital” with early stage funding
17
University Finance Public1 2 3
Sectors
25,2%ICT
Bio/Lifescience4,5%
60,4%9,9%
Cleantech
Web/New media
29,0%
8,0%
Seed15,0%
40,0%
Venture Capitals
4,0%
Bootstrapping
GrantsBusiness Angels
4,0%
Others
Sources of Funding
39,0%Humanistic
61,0%Scientific
Education of Founder / Entrepreneur
Sources: Mind the Bridge Survey 2011
Business4
Incubators and accelerators are playing an pivotal role
18
University Finance Public1 2 3
InitiativesIncubators/Accelerators/Technological parks
Business4
19
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
Country scale is not critical in innovation
20
Sources: Booz & Company analysis, INSEAD, Global Innovation Index 2011, International Monetary Fund
41
545454555556565657575859606264
ItalyNewZealand
IsraelIrelandGermanyIcelandUKNetherlandsCanadaUSADenmarkFinlandHongKong
SingaporeSwedenSwitzerland
1 2 3 4 5 6 7 8 9 10 11 12 3513 14 15
GDP 2010Bln $
528 459 223 224 239 310 14 527 1 577 781 2 250 13 3 286 207 217 140 2 055
Global Innovation Index 2011-Booz & Company, Insead-
For example, Israel is a best practice with an integrated approach toboost entrepreneurship
21
Sources: 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 US
Insert Text Here
FinanceInsert Text Here
CorporateUniversity/R&D Centres
Public
Fund
ing K
nowledge/
Policy
Taxes
Knowledge/ Intellectual property
Policy
Royalties
Profits
Cap
itals
TTAgency
Yozma
OC
S
Fore
ign
fund
s
Israel Country Innovation Plan
Israel innovation results are truly impressive
22
Italy
1.1%
Israel
4.2%
2,14
1,26
+70%
20112010
R&D / GdP ratio
VC 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)
Israeli Venture Capital activities are highly developed also in earlystage funding …
23
Sources: Booz & Company Analysis, IVC report 2011
seed
5,0%
early stage26,0%
mid stage
42,0%
late stage
27,0%
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 2011
0,8
0,00,3
1,11,3
0,8
1,5
20062005 2007 2008 20102009 2011
Capital Raised by VC Funds by Vintage Year-$B-
2008 2009
7881,122
2007
1,072
2,075
2010
686
1,758
415
1,262
7071,287
896
2011
535
1,604366
2,139
Capital Invested in Israeli High-Tech Companies-$M-
Foreign & OthersIsraeli VCs
… and highly diversified
24
Internet
25,0%Communications
15,0%
Software23,0%
Cleantech
7,0%
4,0%Semiconductors
16,0%Life Sciences 10,0%
Other
Deal value $MNumber of deals
898819
531
803
523376
0
5
10
15
20
Deals$M
200
0Q2/10 Q3/10 Q4/10
632
Q1/11
1,000
Q2/11Q1/10
739
400
Q3/11 Q4/11
600
800
Private Equity deals by quarter-$M-
Portfolio of Most Active Venture Capitals in Israel-2010-
Most Active Venture Capital Funds in Israel-ranked by # of first investment in 2010-
Rank ManagementCompany
CapitalManaged ($M)
Total FirstInvestments
1 Evergreen 648 6
2Battery N/A 5
Pontifax 118 5
3
Gemini 696 4
Genesis 618 4
Carmel 608 4
Cedar 325 4
4
Bessemer N/A 3
Pitango 1340 3
Sequoia Israel 580 3
Magma 190 3
Aviv 77 3
Sources: Booz & Company Analysis, IVC report 2010-2011
The innovation value chain
25
Start UpLegalpractices
Fundresearch
BusinessPlanPrototypeIdeaResearch Expansion
Research departmentsIncubators
Advisors
University
Business
Public
R&D Centres
MIUR/ECR
Business Angel/Seed
Venture CapitalFinance
1
2
3
4
University spin off
Private Equity
FESR
Scholarship Grants
AcceleratorTechnological Park
The eco-system
26
University & Research Finance Public BusinessResearch
Departments AdvisorsTechnologicalParksItalian fundsVenture
CapitalsBusiness
Angels/IncubatorsIncubators R&D labs &AcceleratorsEuropean
1 2 3 4
Booz & Company 27
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
13th April 2012
Initiatives
Incubators/Technological Parks
Venture Capital
Public Association
Booz & Company
List of Italian Innovation InitiativesRegions Student Graduate Researcher Entrepreneur Start Ups SME
Italian Business & Investment Initiative
Fulbright Best
Wind Business Factor
Mind the Bridge
Intesa Sanpaolo Start Up Initiative
Forzaidea
Italia Camp
Italian Start Up Scene
CNR spin-off
CNR StartCup
Telecom Working Capital
PNI cube
Seedlab
InnovAction Lab
2813th April 2012
Booz & Company
List of Italian Incubators/Technological Parks
2913th April 2012
Regions Student Graduate Researcher Entrepreneur Start Ups SME
Tecnoparco
Reteincubatori.it
TIS innovation park
I3P
Acceleratore del Politecnico di Milano
M31
Digital Magics
H Farm
Incubatore di Navacchio
Tecnopolis PST
CISI scrl
Triboo R&D Incubator
Innovami
We Techoff
Istituto Superiore Mario Boella
Almacube
PST Valle Scrivia
Creaimpresa
Booz & Company
List of Italian Venture Capitals
3013th April 2012
Regions Student Graduate Researcher Entrepreneur Start Ups SME
Innogest
Eporgen
Genextra
Mp Venture
Alice Ventures
Atlante Ventures
Principia
Fondamenta SGR
360 Capital Partners
Dpixel
Banner Ventures
Zernike Meta Ventures
Booz & Company
List of Italian Public Association
Regions Student Graduate Researcher Entrepreneur Start Ups SME
Italian Angel for Growth
Techno Seed ICT Incubator
Piemonte High Technology
Imast
BIC Lazio
Invitalia
BAIA
Agenzia per l’Innovazione
Italian Consulate New York
Italian Consulate Boston
Italian Consulate San Francisco
American Chamber of Commerce
3113th April 2012
Booz & Company 32
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
13th April 2012
Initiatives
Incubators/Technological Parks
Venture Capital
Public Association
Booz & Company
Name Italian Business & Investment Initiative Website www.italianbusiness.orgFoundation Year 2010 Contact [email protected]
Overview 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 of
500 investors
Name Fulbright Best Website www.bestprogram.itFoundation Year 2006 Contact 06 83057613 (Enel Green Power)
Overview Targets Scholarship for Italian researchers and graduates for a training
program 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 ups
13th April 201233
Booz & Company
Name Wind Business Factor Website www.windbusinessfactor.itFoundation Year N/A Contact Costanza Esclapon/Alessandra Bianchini
Overview 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 solutions
Results achieved6500 persons registered
3500 business ideas and start ups supported
13th April 201234
Name Mind the Bridge Website www.mindthebridge.orgFoundation Year 2007 Contact [email protected]
Overview Targets Foundation that runs every year a business plan competition
with 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 idea
Available FundsPrize of 400.000 €
Booz & Company
Name Intesa Sanpaolo Start Up Initiative Website www.startupinitiative.comFoundation Year N/A Contact [email protected]
Overview 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 medical
devices– 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 And
Construction, Automotive
High-tech start ups looking for fundraising Venture capitals/ Business Angels interested in start up
opportunities Industry players interested in new technology to apply in their
businesses Incubators, accelerators can provide their help and know-how
Results 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 among
Venture Capitals, Business Angels, Corporate and privateinvestors in 5 Countries
Name Forzaidea (Eur&ca) Website www.forzaidea.itFoundation Year N/A Contact 02.48015098
Overview Targets Website with the aim of helping aspiring entrepreneurs or start
ups to get public funds or to find a partner for their business Aspiring entrepreneurs Start ups
Results achieved
13th April 201235
Booz & Company
Name Italia Camp Website www.italiacamp.itFoundation Year 2010 Contact 06.85225412
Overview Targets Association with the objective of creating a network among
national 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 Entrepreneurs
Results achieved
13th April 201236
Name Italian Start Up Scene Website www.It.startupscene.orgFoundation Year N/A Contact Only website
Overview Targets Social network with the aim of keep in contact start uppers,
aspiring entrepreneurs and Venture Capitals Startuppers Bloggers Aspiring entrepreneurs Investors
Results achieved
Booz & Company
Name CNR StartCup Website www.startcup.cnr.itFoundation Year 2010 Contact 06 4993 2617
Overview Targets Promote entrepreneurship within research institutes through a
national competition (Working Capital and PNI) Bridge the gap between laboratories of research and the
implementation 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 2010
Name CNR spin-off Website www.cnr.it/sitocnr/ilCNR/Innovazione/Spinoff.html
Foundation Year N/A Contact [email protected]
Overview Targets To boost CNR researchers to create spin-off from the research
activity 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 grants
Results achieved52 spin off has been created
13th April 201237
Booz & Company
Name Telecom Working Capital (dpixel) Website www.workingcapital.telecom.itFoundation Year 2009 Contact [email protected]
Overview Targets Telecom Italia project aims to sustain young Italian talents in
innovative 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 up
project
Results achieved Research contract and tutoring for 41 research projects Incubator contracts for 30 start up projects 36 early stage assisted companies
Name PNI cube Website www.pnicube.itFoundation Year 2003 Contact 05.14200349
Overview Targets Association that groups together the academic incubators and
Italian academic business plan Two initiatives:
– National Award for Innovation– Start Up of the year
Objectives:– Spreading the culture of entrepreneurship among
students 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 market
success
Available FundsPrize for the Start Up of the year: 10.000€
13th April 201238
Booz & Company13th April 2012
39
Name Seedlab (TT advisor) Website www.seedlab.itFoundation Year N/A Contact TT advisor
Overview Targets Entrepreneurship program that provides micro-seed funding
and 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 with
the prize of business developing trip to Silicon Valley
Young innovators with:– Innovative, high quality idea– Excellent cv
Investments in:– Patentable technology– Digital technology
Results achieved
Name InnovAction Lab Website www.innovactionlab.orgFoundation Year 2010 Contact
Overview Targets Non profit association with the aim of teach to University
students 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.
Booz & Company 40
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
13th April 2012
Initiatives
Incubators/Technological Parks
Venture Capital
Public Association
Booz & Company 41
Name Reteincubatori.it Website www.reteincubatori.itFoundation Year 2009 Contact N/a
Overview 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 in
innovative start ups
Results achieved73 assisted companies, 5 incubators, 310 employees, 25 M €annual revenues
Name Tecnoparco Website www.tecnoparco.orgFoundation Year 2005 Contact 0371.4662200
Overview Targets Parco Tecnologico Padano is the engine of the Lodi Cluster
which 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 sector
Results achieved
13th April 2012
Booz & Company 42
Name I3P Website www.i3p.itFoundation Year 1999 Contact 010.0905127
Overview Targets Incubator of Politecnico di Torino (the biggest in Italy) with the
aim of help young talent to create new start ups TreataBit: from 2011, special incubator for start ups in digital
fields
Entrepreneurs Aspiring entrepreneurs Investors interested in innovative start ups with high growth
potential Managers who are looking for collaborate with high potential
companiesResults achieved
Name TIS innovation park Website www.tis.bz.itFoundation Year 1998 Contact 0471 068000
Overview Targets Center and driver for innovation, cooperation and technology
transfer 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 area
Current portfolio
Tis has actually 15 companies in its portfolio
13th April 2012
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Name Acceleratore del Politecnico di Milano Website www.ai.polimi.itFoundation Year 2000 Contact 02 2399 2991
Overview 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 new
start ups Investors interested in participating to the capital of start ups or
using the R&D structure
Incubated companies64 totally (actually 19)
Name M31 Website www.m31.comFoundation Year 2006 Contact 049.7811811
Overview Targets US based Venture Capital with the aim of connect Italian
companies with US market and Venture Capital community M31 objective is the creation and growth of innovative
companies 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 investors
Managed fund10 M €
13th April 2012
Booz & Company 44
Name H Farm Website www.h-farmventures.comFoundation Year 2005 Contact 0422.789611
Overview Targets H-Farm is a Venture Incubator with the aim of accelerate the
development 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 sector
Current portfolio
23 companies
Name Digital Magics Website www.digitalmagics.comFoundation Year 2004 Contact 02.52505.1
Overview 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 field
Available Funds16 mln € invested
13th April 2012
Booz & Company 45
Name Incubatore di Navacchio Website www.incubatoreimpresa.itFoundation Year 2003 Contact 050.754702
Overview Targets the INCUBATOR, managed by Polo Navacchio spa, has been
conceived 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– ICT
Incubated companies29 companies incubated from 2003 to 2012
Name Tecnopolis PST Website www.tecnopolispst.it/Foundation Year 2008 Contact 080.4670663
Overview Targets Tecnopolis is a consortium with the aim of manage the
activities of Technological Park of the University of Bariincluding:
– Management of technological services– Attraction and retention of R&D centres, innovative start
ups, researchers– Creation of innovative start ups and academic spin off– Technology transfer
R&D centers Entrepreneurs Start ups Companies interested in training session
Results achieved
13th April 2012
Booz & Company 46
Name CISI scrl Website www.cisiscrl.comFoundation Year 2008 Contact 02.50320900
Overview Targets CISI scrl operates in the Biotechnology-Life Sciences arena
with 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 industry
Fund managed
Name Triboo R&D incubator Website www.triboo.it/en/r-d-incubator/r-d-incubator
Foundation Year N/A Contact N/A
Overview Targets Triboo Spa is a holding company operating on the Italian and
international 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 fields
Incubated companies9 companies
13th April 2012
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Name Innovami Website www.innovami.itFoundation Year 2005 Contact 0542.643970
Overview Targets INNOVAMI sustains the creation and growth of start ups and
companies 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– Energy
Incubated companies15 companies
Name We techoff Website www.wetechoff.euFoundation Year N/A Contact 051 6398099
Overview Targets We Tech Off is the new project that supports the creation of
innovative 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 idea
Incubated companies36 companies
13th April 2012
Booz & Company 48
Name Istituto Superiore Mario Boella Website www.ismb.it
Foundation Year 2000 Contact [email protected]
Overview 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 their
innovative idea
Projects
106 projects among completed or ongoing
13th April 2012
Name Almacube Website www.almacube.comFoundation Year N/A Contact 051.4200311
Overview 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 ups
Incubated companies
14 companies currently incubated
Booz & Company 49
Name PST Valle Scrivia Website www.pst.itFoundation Year N/A Contact 0131 860115
Overview Targets P.S.T. S.p.A. is related to the promotion and the development of
the 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 dedicated
to R&D activityResults achieved
13th April 2012
Name Creaimpresa Website Creaimpresa.itFoundation Year 1989 Contact [email protected]
Overview Targets Consulting services for aspiring entrepreneurs They provide the “creimpresa kit” that is a business plan guide
to success in all industries They provide an online incubator in order to gather all kinds of
information and support for starting new business
Aspiring entrepreneurs Start up companies willing to expand their business
Results achieved
Booz & Company 50
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
13th April 2012
Initiatives
Incubators/Technological Parks
Venture Capital
Public Association
Booz & Company 51
Name Innogest Website www.innogest.itFoundation Year 2005 Contact
Overview Targets Innogest is the most important VC in Italy. They invest in
companies 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 market
Managed fund
80 M €
Name Eporgen Website www.eporgen.comFoundation Year 2005 Contact 0125 561000
Overview Targets Private venture capital dedicated to seed capital investments in
the area of life sciences. Eporgen’s mission is to identify and select innovative projects in
the 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 field
Managed fund7.8 M €
13th April 2012
Booz & Company 52
Name Genextra Website www.genextra.itFoundation Year 2004 Contact 02 3651.5110
Overview Targets The mission of Genextra is to identify innovative research in life
science and to develop novel therapies and tools by creatingsuccessful business initiatives in a sustained and long termway.
Genextra's 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 sciencessector
Managed fund
Managed 36 M €/ available 96 M €
Name Mp Venture Website www.mpventure.itFoundation Year 2001 Contact 0552498348
Overview Targets MPVENTURE’s investment policy is focused on the Italian mid-
market. The targets of the closed end funds managed by MPVENTURE
are 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 developmentstrategies
Managed fund86 M € (Mp venture fund 3)
13th April 2012
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Name Alice Ventures Website www.aliceventures.itFoundation Year N/A Contact [email protected]
Overview 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 and
multidisciplinary 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 issues
Managed fund170 M €
Name Atlante Ventures Website www.atlanteventures.com
Foundation Year N/A Contact [email protected]
Overview Targets Seed, promoted by Intesa Sanpaolo group, invest in innovative
companies 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 the
Fund– Networking opportunities allowed by being part of Intesa
Sanpaolo Group
High growth potential SME and Startups Atlante Ventures Mezzogiorno is dedicated to companies (startups
and SME) developing ICT investments in Southern Italy
Managed fund
55 M € under management
13th April 2012
Booz & Company 54
Name Principia Website www.principiasgr.itFoundation Year N/A Contact 02 36589750
Overview Targets Principia sgr manages 2 venture capitals funds with the aim of
support with managerial and financial aids, Italian start ups andcompanies.
Aspiring entrepreneurs and start uppers with innovative idea and agood team
Managed fund
63 M €
Name Fondamenta SGR Website www.fondamentasgr.comFoundation Year 2000 Contact 02.7214.7746
Overview Targets Holding company with different funds under management
including 2 venture capital funds:– Vertis sgr: venture fund focused on early stage and seed
financing– TT Venture: venture fund dedicated to technological
transfer and to innovative researches
Existing companies Start ups Researchers Academic/Corporate spin off
Managed fund90 M €
13th April 2012
Booz & Company 55
Name 360 Capital Partners Website www.360capitalpartners.comFoundation Year 2007 Contact 02 36.56.09.50
Overview Targets 360° Capital Partners is a Venture Capital firm, investing in
Innovation 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 industries
Fund managed
Over 100 M € under management
Name Dpixel Website www.dpixel.it
Foundation Year N/A Contact [email protected]
Overview Targets Financial and managerial support for early stage companies in
internet field Aspiring entrepreneurs in internet field
Results achieved12 companies have been supported/ 9 M € fund (+7,5 M € WorkingCapital)
13th April 2012
Booz & Company 56
Name Banner Ventures Website www.bannerventures.comFoundation Year N/A Contact [email protected]
Overview Targets Banner Ventures LLC is a newly formed global venture capital
company 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 support
Fund manage
Name Zernike Meta Ventures Website www.zernikemetaventures.comFoundation Year 1987 Contact [email protected]
Overview Targets Zernike Meta Ventures is an holding company specialized in
finance 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 fields
Companies in portfolio
5 companies in portfolio
13th April 2012
Booz & Company 57
The Innovation System in Italy
A Call for Action
Innovation Players: Who’s who
13th April 2012
Initiatives
Incubators/Technological Parks
Venture Capital
Public Association
Booz & Company 58
Name Italian Angel for Growth Website www.italianangels.netFoundation Year 2007 Contact 02 76022952
Overview Targets IAG aims to finance industrial projects during early-stage
presenting 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 oneexpertise
Results achieved14 companies in portfolio
Name Techno Seed ICT incubator Website www.friulinnovazione.itFoundation Year 1999 Contact 0432.629911
Overview Targets Techno Seed incubator offers the opportunity to test a new
business 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 region
Incubated companies
15 companies
13th April 2012
Booz & Company 59
Name Piemonte High Technology Website www.piemontech.itFoundation Year 2005 Contact [email protected]
Overview Targets Venture Capital with the aim of invest in the most innovative
companies 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 services
Results achievedPiemontech has actually 10 companies in its portfolio
Name IMAST Website www.imast.bizFoundation Year N/A Contact 081 5519586
Overview Targets IMAST realizes an integrated system of research, high
education, 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 and
international environment Aspiring entrepreneurs in the field of polymeric and composite
materials
Results achieved
2 start ups have been launched
13th April 2012
Booz & Company 60
Name Invitalia Website www.invitalia.itFoundation Year 2007 Contact
Overview Targets INVITALIA Agenzia nazionale per l'attrazione degli investimenti e
lo sviluppo d'impresa 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 country'seconomic 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 support
Results achieved
13th April 2012
Name BIC Lazio Website www.biclazio.itFoundation Year N/A Contact 06 803 680
Overview Targets BIC Lazio is an in house providing company of Regione Lazio
with the aim of:– Spread entrepreneurial culture within the region– Boost entrepreneurial initiative above all in innovative
sector– Promote collaboration among companies– Promote local development
Aspiring entrepreneurs interested in starting business in Lazio Companies located within the region
Results achieved
Booz & Company 61
Name BAIA Website www.baia-network.orgFoundation Year 2006 Contact [email protected]
Overview Targets• BAIA (business association Italy America) is a business network
created 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 among
Results achieved
Name Agenzia per l’innovazione Website www.aginnovazione.gov.itFoundation Year N/A Contact 02.8515.5063
Overview Targets The Agency for the Promotion of Technologies for Innovation is
Italy's 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 Italianeconomy
Fund managed
13th April 2012
Booz & Company 62
Name Italian Consulate Boston Website www.consboston.esteri.itFoundation Year N/A Contact 722-9201/02/03
Overview Targets A special section of consulate offers specific services in order to
foster 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 area
Results achieved
Name Italian Consulate San Francisco Website www.conssanfrancisco.esteri.itFoundation Year N/A Contact (415) 292-9200
Overview Targets A special section of consulate offers specific services in order to
foster 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 area
Results achieved
Name Italian Consulate New York Website www.consnewyork.esteri.itFoundation Year N/A Contact 212 737-9100
Overview Targets A special section of consulate offers specific services in order to
foster 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 Area
Results achieved
13th April 2012
Booz & Company 6313th April 2012
Name American Chamber of commerce Website www.amcham.itFoundation Year N/A Contact 02 87 21 21 03
Overview Targets They provide support to internationalization of Italian companies
by providing different services including:– Business analysis– Commercial services– Legal and fiscal assistance
Italian companies looking for expanding their activities overseasResults