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the key challenges of ICT entrepreneurship in Europe
@Digital Agenda AssemblyBrussels, 2013
Credits Saul Klein templateEVCA, AIFI, Klein for data
Class 1967Università di Torino, drummer/surfer1995-97 Italia online97/98 Lycos 99/02 Vitaminic, founder CEO03/04 Buongiorno Vitaminic, M&A05/06 Kite-surfing / sabbatical /angel investor07/founder and chairman of dpixel www.dpixel.itPart time journalist and blogger (Sole 24 Ore / Wired / dgil.uz / CheFuturo)Kauffman Fellow (KFP Class 14)Mentor Fullbright, Startup Sauna (Helsinki)Teacher @LED Luiss, TechNest/Unical
nice to meet you
What we do @dpixel:- Acceleration (Barcamper >1.000
applications)- Seed fund (9m euro)- Advisory: Working Capital/Telecom Italia
(3k applications), StartCup Calabria, Sinnova, YouthPark, NIDI, Digital Energy
How does the European innovation ecosystem looks like?
loosely connected small islands
22 actions in 5 categories: training, access to talent, access to capital, data policy,
leadership
What we aim for
Some home truths about business of innovation
10k business ideas1k firms started
100 VC funded
20 IPO
2 market leaders
Nobel Prize in
Economics2006
ProfessorEdmund Phelps
Less than 10% of business ideas even get started
55% of US venture capital investments are written off
x<0.5 0.5<=x<1 x=1 1<x<2 2<=x<5 x>=50
5
10
15
20
25
30
35
40
45
50
% Cost % Value
62% of EU investments are written off
x<0.5 0.5<=x<1 x=1 1<x<2 2<=x<5 x>=50
10
20
30
40
50
60
% Cost % Value
But the capital which survives, backs businesses accounting for 21% of US GDP…..
1978 1981 1987 1995 1995 1997 1999 1999 2005
and $1.4tn in new market value
creating 440k new jobs
with $545bn in new annual revenue
serving >1bn customers
Source: HIS Global Insight
In fact if you have something to offer there are now 3bn people connected
to you
4,2 trillion $ market opportunity
In Europe we are starting to build waves of similar dimensions
And we have a generation with nothing to lose….
0,02% of GDP invested in venture capital in 2012
(0,17% in the US)
Some venture stats of Europe
European outlook
35x difference
0,17% in the US (10x Europe)
3.6 BN raised in 2012 by 102 new venture funds (it was 5.2 BN in 2011)
1,9BN divested by venture in 2012 (1.000 companies)
5 IPO
159 trade sale
300 write offs/sale to
mgmt
3.2 BN invested in 2012 (-14%)2.900 startups funded by 556 firms
0,1BN seed 1,8BN early stage 1,3BN later stage
.
353 seed startups > 280k average
1.796 early stage > 1 mln average
839 later stage > 1,5 mln average
Plus a new generation of angels, superangels, angel networks, accelerators,
seed funds, incubators
And a new generation of funding and crowdfunding platforms
Creative & Consumer Electronics Startups
Microfinance SMEs