“Startups+Crowdfunding”, presentazione di G. Dettori, CEO & Founder di dPixel. Come passare dall’idea all’impresa con il crowdfunding: possibili scenari e opportunità per finanziare startup e progetti innovativi attraverso il nuovo strumento del crowdfunding.
Scopriamo insieme a un esponente di rilievo in ambito venture capital e seed investing come gestire al meglio la rivisitazione in chiave 2.0 della raccolta fondi: raccolta capitali tramite portali online, stato dell’arte dell’equity crowdfunding in Italia, prospettive e nuovi scenari.
2. Class
1967
Università
di
Torino,
drummer/surfer
1995-‐97
Italia
online
97/98
Lycos
99/02
Vitaminic,
founder
CEO
03/04
Buongiorno
Vitaminic,
M&A
05/06
Kite-‐surfing
/
sabbaPcal
/angel
investor
07/founder
and
chairman
of
dpixel
www.dpixel.it
Part
Pme
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
3. What we do ‘hands on venture capital’ @dpixel:
- Acceleration (Barcamper >1.000 applications)
- Seed fund (9m euro) vintage 2010
- 19 investments
- 4 exits, 2 writeoffs
4. Advisor of Telecom Italia Working Capital:
- 30 grants 3.000 applications)
- 25k euro + acceleration program
- Managing accelerator of Lambrate (Milano)
5. How
does
the
Italian
innovaPon
ecosystem
looks
like?
8. New
legal
framework
for
startups
in
Italy:
-‐ Fiscal
incenPves
for
investors
(20%
tax
deducPon)
-‐ Less
red
tape,
more
flexibility
on
labour
(6
months
contracts
renewable
for
4
years)
-‐ Less
painful
to
fail
(bankrupcy
law
exempPon)
-‐ Srls
are
treated
like
Spa
(can
issue
shares
classes
and
opPons)
-‐ Stock
opPons
and
work
for
equity
(tax
free)
-‐ Equity
crowdfunding
regulated
first
country
in
the
world
to
issue
a
regulatory
framework
through
Consob
(1
equity
plaiorm
approved,
4
under
approval)
-‐ Simplified
bankrupcy
process
-‐ CerPficaPon
of
incubators
-‐ Access
to
2,5m
debt
guarantee
for
bank
loans
-‐ Startup
visa
(upcoming)
-‐ Fund
of
funds
(in
the
works)
9. Registro Startup oggi: 1.344 startup iscritte al
registro di Infocamere, 12 incubatori certificati
13. 10k business ideas
1k firms started
100 VC funded
20 IPO
2
market
leaders
Nobel
Prize
in
Economics
2006
Professor
Edmund
Phelps
Less than 10% of business ideas even get started
14. 55% of US venture capital investments are written off
0
5
10
15
20
25
30
35
40
45
50
x<0.5
0.5<=x<1
x=1
1<x<2
2<=x<5
x>=5
%
Cost
%
Value
15. 62% of EU investments are written off
0
10
20
30
40
50
60
x<0.5
0.5<=x<1
x=1
1<x<2
2<=x<5
x>=5
%
Cost
%
Value
16. 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
creaPng
440k
new
jobs
with
$545bn
in
new
annual
revenue
serving
>1bn
customers
Source:
HIS
Global
Insight
17. In fact if you have something to offer there
are now 3bn people connected to you
4,2 trillion $ market opportunity
18. In
Europe
we
are
starPng
to
build
waves
of
similar
dimensions
19. And we have a generation with nothing to lose….
20. 0,02% of GDP invested in
venture capital in Europe
2012
(0,17% in the US)
29. SEC regulation about to be issued:
1 mio USD (yearly) for any company through
regulated portals
30. How
does
it
work
in
Italy
-‐ Startups
can
raise
up
to
5m
euro
on
authorized
plaiorms
(banks,
SIM,
special
list
by
Consob)
-‐ 1
plaiorm
authorized,
4
under
process
-‐ Campaign
must
be
subscribed
at
least
5%
by
qualified
investors
in
order
to
be
completed
-‐ Qualified
investors:
banks,
bank
foundaPons,
SIM
and
Incubatori
cerPficaP
-‐ Consob
regulaPon
issued
defines
responsabiliPes
for
the
issuer,
the
plaiorm
-‐ Diripo
di
recesso
-‐ 500
euro
per
order
max
MIFID
exempPon
(1.000
euro
per
year
max),
5k
/
10k
for
companies
MIFID
exempPon
-‐ orders
must
be
passed
through
bank
or
SIM