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.
Italian International Growth Agenda ( 13 apr. 2013)
1. Rome, 13th April 2012
Italian International Growth Agenda
Who’s Who in the Start-Up Segment
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, 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, Italia
Trade Commission, Kaminsky Partners, Kanso, M31, NIAF, NOVA, ReedSmith, SVIEC, US Embassy
1
3. Scope of this document
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
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 address
2
5. The Italian innovation system: 4 poles
4
Incubation Funding
CERN
CNR
Laboratories
MIUR
Incubators
TI Lab
R&S
centres
Industrial
districts
Pirelli
Lab
Business
Angel
Private
Equity
Venture
Capital
FDI
Banks
Corporate
Spin Off
ERC/
FP7ENEA
University
Business
Finance
Public
Funds/
grants
IB&II
Seed
ILLUSTRATIVE
Agenzia
Innovazione
Min.
Difesa
ASI
Scada
Lab
(Enel)
6. Italy can leverage many resources
5
KEY DATA
University
Business
Finance
Public
16.000/yr graduates in scientific
and 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
7. 6
University support to innovation is growing
# of Graduates
in 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 Patents
of 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 Business
1 2 3 4
8. Italian universities are ranked in the “top-10” for knowledge
production
7
Citations per Million Gross Expenditure in R&D
High Number of Citations Per Million Gross Expenditure in R&D Show
that 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 Expenditure
Top 10 Countries for # of Publications (2001-2011)
/ R&D expenditure in 2011 as % of GDP
University Finance Public Business
1 2 3 4
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
0.5
0.0
CitationsPerMillionGERD(rebased)
2.0
1.5
1.0
UK
USA
Canada
France
Germany
Italy
Japan
China
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 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 Business
1 2 3 4
10. Risk Capital: from start-up to international development
9
Good historical returns of top funds: Venture
needs 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 based
seed, early stage expansion investments will
provide higher returns in the next years
of likely subdued macroeconomic climate
(*): Venture Capital and Expansion
Source: EVCA
Courtesy of Innogest SGR
University Finance Public Business
1 2 3 4
Seed Capital
€20k - €250k
per initial deal
Prototype Stage
Early-Mid Stage
€250k - €2M
per initial deal
Pre-Revenues Stage
Expansion Capital
€2M - €10M
per deal
Commercial
Expansion
European Funds Irr Last 30 Years
10,8%
12,9%
15,2%
15,6%
S&P 500
Balanced(*)
Top Quartile
Expansion
Top Quartile
Venture
Capital
Top Quartile
11. Venture Capital in Italy
10
VC Investment Trend In Italy
Number of Companies
VC Investments in Italy (2010)
Sector
Source: AIFI
Courtesy of Innogest SGR
University Finance Public
1 2 3
Business
4
Manufacturing
Industrial Services
Other
Utilities
Electronics
Media
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%
Agriculature
Retail
Automotive
Aerospace
Chemicals
Communications
Other Services
Financial Services
Constructions
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
12. Venture Capital investments’ room for growth
11
VC Investments in Italy (M€)1
Sources: AIFI, Booz & Company analysis
1) Total investments are calculated by taking also into consideration regional investment in local SMEs
89
28
+218%
20102006
University Finance Public
1 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
Business
4
13. Italian active VCs invested over ~450M€ in ~120 deals
12
NOT EXHAUSTIVE
SELECTED EXAMPLES
University Finance Public
1 2 3
8
17
2525
29
3637
55
6365
80
TT Venture*Innogest Atlante** H FarmEporgenDpixelVertis SGR*360 Capital
Partners
Aladinn
(Friulia)
GenextraNext
(Finlombarda)
Principia
Active Venture Capitals
Invested Capital – M €
# of Firms
in
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
Business
4
9
14. 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 Public
1 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
Business
4
Note: These funds are not dedicated only to R&D investments
15. Italian regions R&D funds utilization
University Finance Public
1 2 3
Examples
Toscana: Fondo Toscana innovazione, owned by the region
with the aim of investing in start ups and existing companies
operating in innovative fields and located in Toscana -
Toscana also exploited FESR funds for support stage and
internship outside Italy
Lazio: Filas is the Financial Development Agency of the
Regione Lazio, is part of a network of agencies created by
the regional government to operate in the field of economic
development. Filas' mission is to guide the economy of Lazio
and promote development and innovation, especially through
the adoption of new technologies.
Lombardia: NEXT is a closed-ended fund of funds,
subscribed by institutional investors, created by Regione
Lombardia with the aim of developing on the territory of the
region a venture capital market focused on innovation and
development of new technologies
Piemonte: Piemontech is a Venture Capital with the aim of
invest in the most innovative companies in Piedmont with
investments in the range of 100.000-400.000 €
Campania:
– IMAST is the holding company of the district of
engineering of polymeric and composite materials of
Campania region
– Campania Innovazione is a regional agency with the
aim of promoting R&D and innovation and of boosting
entrepreneurship and technological transfer within the
region
European Fund Distribution 2007-2013
for Research
14
Sources: PNR-MIUR 2011-2013, Booz & Company analysis
25%
8%
10%
11%
Others
Piemonte
Toscana
Lombardia
Emilia Romagna
24%
22%
Lazio
Business
4
16. 15
Example : Toscana exploited Fondo Sociale Europeo (FSE) to
finance the Fulbright Best scholarships
Scholarship Breakdown of past years
(up to 2012)
Italian regions and the Fulbright BEST Opportunity
Sources: Fulbright Best program, Booz & Company analysis
University Finance Public
1 2 3
Each region is responsible for entrepreneurial programs financed by EU through
FSE fund; part of the fund is dedicated to aspiring entrepreneurs
Regional offices stipulate an agreement (convenzione) with the US -Italy
Fulbright 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 business
proposition files an on line application to the Us-Italy Fulbright Commission
The Us-Italy Fulbright Commission runs the selection process and identifies the
winners
The winners will spend an academic year in the Us combing class work on
entrepreneurship 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 each
to set up his/her company
Detailed information: http://www.fulbright.it/it/borse-di-
studio/italiani/studio/programma-fulbright-best/programma-fulbright-best
Business
4
Grantee Origin
46
11
10
9
4
2
2
2
2
1 11 1
Toscana
Emilia
Lombardia
Lazio
Sardegna
Veneto
Campania
Trentino
Liguria
Puglia
Piemonte
Umbria
17. Start Ups: the innovation engine
16
EXAMPLE
University Finance Public Business
1 2 3 4
Successful SMESuccessful Start-Ups
Sources: Companies’ websites, AIFI
18. Italian Start Ups are mainly “digital” with early stage funding
17
University Finance Public
1 2 3
Sectors
25,2%
ICT
Bio/Lifescience
4,5%
60,4%
9,9%
Cleantech
Web/
New media
29,0%
8,0%
Seed
15,0%
40,0%
Venture Capitals
4,0%
Bootstrapping
Grants
Business Angels
4,0%
Others
Sources of Funding
39,0%
Humanistic
61,0%
Scientific
Education of Founder / Entrepreneur
Sources: Mind the Bridge Survey 2011
Business
4
19. Incubators and accelerators are playing an pivotal role
18
University Finance Public
1 2 3
InitiativesIncubators/Accelerators/Technological parks
Business
4
21. Country scale is not critical in innovation
20
Sources: Booz & Company analysis, INSEAD, Global Innovation Index 2011, International Monetary Fund
41
54545455555656565757585960
62
64
ItalyNew
Zealand
IsraelIrelandGermanyIcelandUKNetherlandsCanadaUSADenmarkFinlandHong
Kong
SingaporeSwedenSwitzerland
1 2 3 4 5 6 7 8 9 10 11 12 3513 14 15
GDP 2010
Bln $
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-
22. For example, Israel is a best practice with an integrated approach to
boost entrepreneurship
21
Sources: Booz & Company Analysis, “Israele, terra promessa dell’innovazione” by Simone Botti 2005, IVC report 2011
Agency for technology transfers
owned by University with the aim of
sell intellectual property
Office of Chief Scientist (OCS): to
fund industrial R&D and to simplify the
Venture Capital market
Yozma: private program for the
investment in Venture Capitals funds
and Start Ups
Foreign funds: Israeli foreign
branches of Venture Capitals allow
fundraising, especially in US
Insert Text Here
FinanceInsert Text Here
Corporate
University/
R&D Centres
Public
Funding
Knowledge/
Policy
Taxes
Knowledge/ Intellectual property
Policy
Royalties
Profits
Capitals
TT
Agency
Yozma
OCS
Foreign
funds
Israel Country Innovation Plan
23. 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 per
capita
Ranked 1st for the R&D expenditure as % of
GDP PPP (4,2%)
Ranked 1st for the number of engineers every
10.000 inhabitants (150)
Ranked 3rd behind the US (4836) and
Canada (152) for the number of companies
listed on Nasdaq (57 companies)
Strong entrepreneurial culture (bottom-up)
and government investment in R&D and
infrastructure (top-down)
24. Israeli Venture Capital activities are highly developed also in early
stage funding …
23
Sources: Booz & Company Analysis, IVC report 2011
seed
5,0%
early stage
26,0%
mid stage
42,0%
late stage
27,0%
Breakdown of capital raised per stage
Overview
There are 70 active Venture Capitals investing in
Israel
75% of capital comes from foreign Venture
Capitals
796 M $ of capital flowed to Israeli Venture
Capitals in 2011
0,8
0,0
0,3
1,1
1,3
0,8
1,5
20062005 2007 2008 20102009 2011
Capital Raised by VC Funds by Vintage Year
-$B-
2008 2009
788
1,122
2007
1,072
2,075
2010
686
1,758
415
1,262
707
1,287
896
2011
535
1,604
366
2,139
Capital Invested in Israeli High-Tech Companies
-$M-
Foreign & OthersIsraeli VCs
25. … and highly diversified
24
Internet
25,0%
Communications
15,0%
Software
23,0%
Cleantech
7,0%
4,0%Semiconductors
16,0%
Life Sciences
10,0%
Other
Deal value $MNumber of deals
898
819
531
803
523
376
0
5
10
15
20
Deals$M
200
0
Q2/10 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
-$M-
Portfolio of Most Active Venture Capitals in Israel
-2010-
Most Active Venture Capital Funds in Israel
-ranked by # of first investment in 2010-
Rank
Management
Company
Capital
Managed ($M)
Total First
Investments
1 Evergreen 648 6
2
Battery 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
26. The innovation value chain
25
Start Up
Legal
practices
Fund
research
Business
Plan
PrototypeIdeaResearch Expansion
Research departments
Incubators
Advisors
University
Business
Public
R&D Centres
MIUR/ECR
Business Angel/Seed
Venture Capital
Finance
1
2
3
4
University spin off
Private Equity
FESR
Scholarship Grants
Accelerator
Technological Park
27. The eco-system
26
University & Research Finance Public Business
Research
Departments
Advisors
Technological
Parks
Italian funds
Venture
Capitals
Business
Angels/Incubators
Incubators
R&D labs &
Accelerators
European
1 2 3 4
28. 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
29. Booz & Company
List of Italian Innovation Initiatives
Regions 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
28
13th April 2012
30. Booz & Company
List of Italian Incubators/Technological Parks
29
13th 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
31. Booz & Company
List of Italian Venture Capitals
30
13th 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
32. 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
31
13th April 2012
33. 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
34. Booz & Company
Name Italian Business & Investment Initiative Website www.italianbusiness.org
Foundation Year 2010 Contact info@italianbusiness.org
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 sector
through a three pillared approach:
– Provide a physical forum to connect the demand of capital to
supply and ideas between the U.S. and Italy
– Promote and sponsor academic research and insight on the
Italian economy, and offer recommendations to policy makers
on how to improve Italian economy
– Support the development of an online platform containing
information about the Italian economy and market.
Italian innovative companies that are looking for capitals and
know-how in order to reach the objective of expansion.
Results achieved
In 2011, 35 companies have been presented to a community of
500 investors
Name Fulbright Best Website www.bestprogram.it
Foundation 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 and
create new start ups in Italy. Allow Italian brightest mind to spend a
training 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 FB
scholarships. Toscana is an excellent example of how exploit
European funds for FB program (11 scholarships in the past editions)
PhD students
Graduates
PhDs
Public institutions (President of Regions)
Results achieved
In 5 years, FB has launched 19 new start ups
13th April 2012
33
35. Booz & Company
Name Wind Business Factor Website www.windbusinessfactor.it
Foundation 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 to
attend a mentorship program of 4 weeks
– For the best 3 business ideas and projects, WBF will
give them the chance to meet Venture Capitals,
Business Angels and successful entrepreneurs.
– The winner of the competition will gain a training trip to
Silicon Valley and Israel
Aspiring entrepreneurs with a business project or entrepreneurs of
new 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 achieved
6500 persons registered
3500 business ideas and start ups supported
13th April 2012
34
Name Mind the Bridge Website www.mindthebridge.org
Foundation Year 2007 Contact information@mindthebridge.com
Overview Targets
Foundation that runs every year a business plan competition
with the purpose of selecting the best innovative business idea
among Italian participants
Selected start ups will have the opportunity of attend training
courses in Italy and experience a mentoring program located in
the Silicon Valley
Objective is to create an Italian entrepreneurial ecosystem open
to internationalization and growth
Young Italian talents with an innovative business idea
Available Funds
Prize of 400.000 €
36. Booz & Company
Name Intesa Sanpaolo Start Up Initiative Website www.startupinitiative.com
Foundation Year N/A Contact startup@intesasanpaolo.com
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 private
investors in 5 Countries
Name Forzaidea (Eur&ca) Website www.forzaidea.it
Foundation 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 2012
35
37. Booz & Company
Name Italia Camp Website www.italiacamp.it
Foundation 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 the
best 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 Standford
university): 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 2012
36
Name Italian Start Up Scene Website www.It.startupscene.org
Foundation 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
38. Booz & Company
Name CNR StartCup Website www.startcup.cnr.it
Foundation 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 achieved
30 business ideas have been selected in 2010 edition and one of
those has won PNI 2010
Name CNR spin-off Website
www.cnr.it/sitocnr/ilCNR/Innovazio
ne/Spinoff.html
Foundation Year N/A Contact Daniela.lanoce@cnr.it
Overview Targets
To boost CNR researchers to create spin-off from the research
activity through training activity focused on developing
entrepreneurial skills
Industries:
– Nanotechnologies and Microelectronics
– Biomedical, Biotechnology and Pharmaceutical
– Environment
– ICT
Management consulting is provided by Rete Venture, a consulting
company owned by CNR
Financial aid is provided by Principia sgr, VC for corporate spin-off
CNR researchers
Winner of CNR grants
Results achieved
52 spin off has been created
13th April 2012
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39. Booz & Company
Name Telecom Working Capital (dpixel) Website www.workingcapital.telecom.it
Foundation Year 2009 Contact Info.workingcapital@telecomitalia.it
Overview Targets
Telecom Italia project aims to sustain young Italian talents in
innovative fields and to boost the creation of start ups by
providing 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.it
Foundation 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 and
selecting the best business ideas
– Provide an incubator, which supplies all services to make
these companies successful
Aspiring entrepreneurs
Reward the young h-tech enterprises achieving the best market
success
Available Funds
Prize for the Start Up of the year: 10.000€
13th April 2012
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40. Booz & Company
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39
Name Seedlab (TT advisor) Website www.seedlab.it
Foundation Year N/A Contact TT advisor
Overview Targets
Entrepreneurship program that provides micro-seed funding
and best-in-class training and mentorship to help promising
start 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.org
Foundation Year 2010 Contact
Overview Targets
Non profit association with the aim of teach to University
students how to approach with investors and Venture Capital
funds
InnovAction Lab organizes lessons and seminars with a
practical approach in order to boost entrepreneurship
University students interested in understanding the drivers of a
successful business plan.
41. 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
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Name Reteincubatori.it Website www.reteincubatori.it
Foundation 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 achieved
73 assisted companies, 5 incubators, 310 employees, 25 M €
annual revenues
Name Tecnoparco Website www.tecnoparco.org
Foundation 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-biotech
sector. The Park also hosts an enterprise Incubator which
makes Lodi one of the main European Agro-Biotech clusters
The mission of PTP is to build a business-oriented research
network in agro-biotech capable to promote the creation of
start-up and spin-off companies in the agro-food sector by
offering know-how, incubator facilities and administrative
services.
Aspiring entrepreneurs in the agro-biotech sector
Existing companies in the agro-food sector
Results achieved
13th April 2012
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Name I3P Website www.i3p.it
Foundation 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
companies
Results achieved
Name TIS innovation park Website www.tis.bz.it
Foundation Year 1998 Contact 0471 068000
Overview Targets
Center and driver for innovation, cooperation and technology
transfer for all South Tyrolian players of the innovation
system, especially for existing companies
They provide patent strategy, product development and
launch, research, technological analysis and networking in
order 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.it
Foundation 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 companies
64 totally (actually 19)
Name M31 Website www.m31.com
Foundation 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 market
and investors
Managed fund
10 M €
13th April 2012
45. Booz & Company
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Name H Farm Website www.h-farmventures.com
Foundation 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 seed
investment and incubation services.
The Venture Incubator is a hybrid model that reflects the dual
soul of H-Farm: that of Venture Capitalist and that of Incubator.
As a VC they invest seed capital, granting the finance
necessary for the early stage activities; as an incubator they
provide a series of services to speed up the business
development
Aspiring entrepreneurs and start uppers in the internet sector
Current portfolio
23 companies
Name Digital Magics Website www.digitalmagics.com
Foundation 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 as
well as business management support
Seed stage companies in the internet field
Available Funds
16 mln € invested
13th April 2012
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Name Incubatore di Navacchio Website www.incubatoreimpresa.it
Foundation 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 stage
of a company, its start- up. In the Incubator the best business
ideas are selected and they are integrated into a system of
relationships of orientation and support, so that they can
develop and start up successfully on the market.
Service to support the birth, the starting up and the competitive
development of “new companies” and spin offs in the hi-tech
field
Start ups in the following industries:
– Robotics/sensor
– Non-destructive diagnostic
– Energy/environment
– Services
– Electronics
– ICT
Incubated companies
29 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 Bari
including:
– 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
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Name CISI scrl Website www.cisiscrl.com
Foundation 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 into
solid technologies and companies through the access to a life
science incubator structure that provides a range of services
and skills to help scientific entrepreneurs to develop and
enhance 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 of
companies and services in e-commerce, Web marketing,
interaction design and online advertising, offering a
comprehensive range of services which includes a special
incubator for web start ups
Start ups in internet fields
Incubated companies
9 companies
13th April 2012
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Name Innovami Website www.innovami.it
Foundation 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 share
of knowledge and technology
Companies and start ups in the following industries:
– Industrial automation
– ICT
– Electronics
– Environment
– Energy
Incubated companies
15 companies
Name We techoff Website www.wetechoff.eu
Foundation 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 of
services for potential entrepreneurs and technological start-ups.
The purpose of We Tech Off is to promote the entrepreneurship
culture sustaining projects with strong innovative
characteristics.
Aspiring entrepreneurs with innovative idea
Incubated companies
36 companies
13th April 2012
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Name Istituto Superiore Mario Boella Website www.ismb.it
Foundation Year 2000 Contact webmaster@ismb.it
Overview Targets
Istituto Superiore Mario Boella (ISMB) is a research &
innovation center operating in the Information and
Communication Technologies (ICT) domain. Founded by
Compagnia di Sanpaolo and Politecnico di Torino, today ISMB
relies on the technological and process competences of around
150 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 to
technology transfer, and in this sense the evolutionary lines of
European 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.com
Foundation 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 Bologna
in Bologna and Fondazione Alma Mater to promote and sustain
entrepreneurship in the local University system.
AlmaCube offers spaces and logistic services as well as
relational capital through direct links to local economic and
political institutions and individual actors to young start-ups.
AlmaCube does not participate financially in the start-ups
hosted, but actively promotes and facilitate funding contacts
and processes with professional investors
Academic projects
Only early stage start ups
Incubated companies
14 companies currently incubated
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Name PST Valle Scrivia Website www.pst.it
Foundation 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 with
supporting the transfer of technological know-how to
businesses
P.S.T. S.p.A. studies and sets up marketing strategies and aims
to attract to its own site and the territory in general new national
and international investments. They collaborate with the
regional body CEIP to attract foreign industrial investments to
the Piedmont territory
Companies and entrepreneurs interested in investing in Piemonte
Companies interested in hiring a place inside the park dedicated
to R&D activity
Results achieved
13th April 2012
Name Creaimpresa Website Creaimpresa.it
Foundation Year 1989 Contact info@creaimpresa.it
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
51. 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
52. Booz & Company
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Name Innogest Website www.innogest.it
Foundation 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.com
Foundation 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 a
balanced portfolio of small start-up companies that are
supported in their management and controlled by Eporgen.
Aspiring entrepreneurs and start ups in the life sciences field
Managed fund
7.8 M €
13th April 2012
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Name Genextra Website www.genextra.it
Foundation 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 creating
successful business initiatives in a sustained and long term
way.
Genextra's holding structure is designed to increase the
probability of success of business initiatives that become part of
the Group by providing specialist management as well as
financial support to a new company vehicle or an existing young
start-up
Aspiring entrepreneurs and first stage companies in life sciences
sector
Managed fund
Managed 36 M €/ available 96 M €
Name Mp Venture Website www.mpventure.it
Foundation 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 internationalization
plans. Also companies in which generational handover and
changes in the ownership structure create opportunities of
reorganization of the business are preferred targets.
Target companies are characterized by high potential value
creation thanks to business model, market positioning, advanced
technologies, brand leadership and world-wide development
strategies
Managed fund
86 M € (Mp venture fund 3)
13th April 2012
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Name Alice Ventures Website www.aliceventures.it
Foundation Year N/A Contact info@aliceventures.it
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 strong
real-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 fund
170 M €
Name Atlante Ventures Website www.atlanteventures.com
Foundation Year N/A Contact atlanteventures@intesasanpaolo.com
Overview Targets
Seed, promoted by Intesa Sanpaolo group, invest in innovative
companies with high growth potential, with particular attention to
those 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
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Name Principia Website www.principiasgr.it
Foundation 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 and
companies.
Aspiring entrepreneurs and start uppers with innovative idea and a
good team
Managed fund
63 M €
Name Fondamenta SGR Website www.fondamentasgr.com
Foundation 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 fund
90 M €
13th April 2012
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Name 360 Capital Partners Website www.360capitalpartners.com
Foundation 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 particularly
in France and Italy
360° Capital Partners has the following asset allocation
strategy:
- at least 85% Venture Capital investments, in Innovative
early stage companies
- up to 10% Public Companies investments, in High-Growth
small cap
- up to 5% Seed Capital investments, in high Technology
driven 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 info@dpixel.it
Overview Targets
Financial and managerial support for early stage companies in
internet field
Aspiring entrepreneurs in internet field
Results achieved
12 companies have been supported/ 9 M € fund (+7,5 M € Working
Capital)
13th April 2012
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Name Banner Ventures Website www.bannerventures.com
Foundation Year N/A Contact info@bannerventures.net
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 exceptional
companies through human and financial capital support.
Their objective is to bring to high-potential companies a wealth
of relationships across various industries and regions.
Aspiring entrepreneurs or young companies interested in
knowledge and capital support
Fund manage
Name Zernike Meta Ventures Website www.zernikemetaventures.com
Foundation Year 1987 Contact info@zernikemetaventures.com
Overview Targets
Zernike Meta Ventures is an holding company specialized in
finance for innovation and new businesses creation, it is an
Italian-Dutch joint venture between Zernike Group and META
Group
ZMV consists of a team of professionals who provide investee
companies with an extensive network of contacts, advice for the
procurement of any additional financial resources, the
identification of managerial and professional expertise, and
support service for accelerating the commercialization of
products 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
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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
59. Booz & Company
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Name Italian Angel for Growth Website www.italianangels.net
Foundation 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 and
research in Italy by helping to promote sustainable development
in the long term.
Start ups companies in any sectors where they have at least one
expertise
Results achieved
14 companies in portfolio
Name Techno Seed ICT incubator Website www.friulinnovazione.it
Foundation 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 reduce
costs and administrative difficulties related to its launch.
Techno Seed selects innovative ideas based on Information and
communication technology (ICT) and provides assistance
including business plan, testing the idea’s eligibility, finding out
funds and financial opportunities, setting up and launching a
new enterprise
Once the new enterprise has been set up, it could have an area
equipped at the Science and Technology Park to host the start-
up (up to 3 years) as well as the assistance of qualified
consultants and financial supports.
Aspiring entrepreneurs in the ICT sector interested in starting
business in Friuli region
Incubated companies
15 companies
13th April 2012
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Name Piemonte High Technology Website www.piemontech.it
Foundation Year 2005 Contact info@piemontech.it
Overview Targets
Venture Capital with the aim of invest in the most innovative
companies in Piedmont with investments in the range of
100.000-400.000 €
Innovative companies located in Piedmont with new technologies
able to give them a competitive advantage
Main industries of interest:
– ICT
– Biotechnology
– Advanced mechanics
– Energy
– Innovative services
Results achieved
Piemontech has actually 10 companies in its portfolio
Name IMAST Website www.imast.biz
Foundation Year N/A Contact 081 5519586
Overview Targets
IMAST realizes an integrated system of research, high
education, and technological innovation. It fosters the
development of knowledge as well as innovative application of
products and technologies within Campania region.
IMAST integrates the public and private research. It assures the
transfer of research results to the enterprises. Its aim is to
improve the results, to spread information to the SMEs and to
encourage the start-up of new enterprises. It manages high
education projects in order to satisfy the growing demand for
new professional figures.
Young people interested in growing professionally in a dynamic
technological 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
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Name Invitalia Website www.invitalia.it
Foundation 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 undertaking
established 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, as
a contribution to the overall development of the country's
economic and production system
– develop industrial and entrepreneurial innovation and
competitiveness in the production sectors and regional
systems
– promote the competitiveness and potential for attraction of
the 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.it
Foundation 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
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Name BAIA Website www.baia-network.org
Foundation Year 2006 Contact info@baia-network.org
Overview Targets
• BAIA (business association Italy America) is a business network
created by and for entrepreneurs, managers, and professionals
operating between Italy and the US. As a nonprofit, BAIA is a
collaborative organization open to new members and focused
on promoting innovation.
Entrepreneurs, managers, professionals and start uppers looking
for creating a network among
Results achieved
Name Agenzia per l’innovazione Website www.aginnovazione.gov.it
Foundation 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 the
goal of enhancing the small and medium size enterprises and
industrial districts competitive potential by means of innovative
technologies and processes
Helping Italian ministries and government to get public funds and to
foster economic and innovation growth
They works to achieve best results in order to improve Italian
economy
Fund managed
13th April 2012
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Name Italian Consulate Boston Website www.consboston.esteri.it
Foundation 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 encouraging
entrepreneurs and officials from U.S. and from Italy to tighten
and promote trade and business relationships.
Italian entrepreneurs and companies interested in promoting Italian
products and services in Boston area
Results achieved
Name Italian Consulate San Francisco Website www.conssanfrancisco.esteri.it
Foundation 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 encouraging
entrepreneurs and officials from U.S. and from Italy to tighten
and promote trade and business relationships.
Italian entrepreneurs and companies interested in promoting
Italian products and services in SF area
Results achieved
Name Italian Consulate New York Website www.consnewyork.esteri.it
Foundation 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 encouraging
entrepreneurs and officials from U.S. and from Italy to tighten
and promote trade and business relationships.
Italian entrepreneurs and companies interested in promoting Italian
products and services in the Tri-State Area
Results achieved
13th April 2012
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13th April 2012
Name American Chamber of commerce Website www.amcham.it
Foundation 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 overseas
Results