The first-mile incubator of AREA Science Park

knowledge is a network

Innovation Factory
The first mile incubator of AREA Science Park

Ing. Paolo Cattapan
CEO of Innovation Factory s.c.r.l.
Director of the Technology Transfer Department - AREA Science Park
1

From European, National and Regional Funds

1997
2001
2006 PAT LIB
PROJECT unit
to transfer innovative IP management
tive
products and processes initia ator
to FVG companies le incub
a f ir st mi

2003
2002 R&D
COMPETITIVENESS oach
appr rs
roke
me t h
ods ation b ld
sities SYSTEM innov the fie
eUniver lts on
hanc esu
res r
to en &D Cent
R
and

2001 2006
2001
Quasi-Empresa
project Business and
tive management
to move researchers initia n brokers
tio unit
to industry nova
to tr ain in

2

Life Cycle of a start up company

R&D managerial and financial Establishment of the
support at the very first mile Start-up for IF EXIT
EXIT
Start
Start up risk
up
price

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6

• Inn. Idea •Patents First First Market •Trade
• R&D •Prototypes Product Sale Established •Sale
activities to be launched •IPO
on the market

Pre-seed Seed Start up Expansion

Incubators as usual

3

The Process
from the Business Dream to the Business Plan

Entrepreneurial
training

Scouting and Project Establishment Venture
analysis Development of the company Capital

Technical,
managerial and
financial support
“Business Dream” Business Plan

IF supports the Development Group IF supports the company
1 – 1,5 years 1 – 1,5 years
4

Way out

At the end of the pre incubation period of the Group:

Failure: The company is not
some milestones established, and Innovation
have note been Factory loses its investment
achieved

The entrepreneur and Innovation
Factory establish the Start up
company (the entrepreneur has
Success: always the control of the company,
2 possible and IF is a shareholder)
way out
The entrepreneur pays back to
Innovation Factory the investment,
and becomes the only shareholder of
his Start up company

5

Results

After 2 years work:

• Innovation Factory evaluated 20 project ideas

• 4 Development Groups (20%) have been incubated

• One of these established the first company:
AMPED s.r.l.

• We expect ModeFinance to establish the second
company in a few months

• Of the 2 of the other potential companies:
1 doing well – 1 question mark

• Innovation Factory will support 2 other Development
Groups starting from the end of this year
6

For more information

Thank you for your attention

Innovation Factory s.c.r.l.
AREA Science Park
Padriciano, 99 – 34012 Trieste
Phone +39 040.3755152
segreteria@innovationfactory.it 7
www.innovationfactory.it

AMPED FIVE
The New Forensic Image
Processing Software

www.amped.it

AMPED: COMPANY PRESENTATION
Amped develops software for analysis and
enhancement of videos for forensic and investigative
applications
How many times do we read things such as:
“The police has the video of the criminal but the
image is too bad to read the license plate”?

2005: started as University project , together with
scientific investigation units of Carabinieri (RIS of Parma)
2006: won 2° prize at the business plan competition
StartCup Trieste 2006
2007: project supported by Innovation Factory 2

April 2008: Amped SRL officially established

AMPED FIVE
One single software for all security‐related tasks: from
CCTV enhancement to fingerprint analysis

Complete: more cases solved (better national security)
Fast: dramatically reduces investigation times and
costs (more than 90%)
Easy: no need for external specialists
Secure: scientifically documents the processing to
certify images to the court

LET’S TAKE A LOOK… 3

Contacts:

Martino Jerian
Amped SRL, Area Science Park
Padriciano 99, 34012 Trieste, Italy
Web:     www.amped.it
Mail:     martino.jerian@amped.it
Phone:  0039.040.3755333
Fax:        0039.040.3755335
Mobile: 0039.333.4455518

THANKS FOR YOUR TIME

modeFinance rating: the right tool to
comprehend the financial strengths of
New Europe companies.

For more information visit:
www.modefinance.com or send an
e‐mail to: info@modefinance.com Trieste, 26/09/2008

Today…

Lehman Brothers crack
Alitalia
Parmalat
Cirio
…

BUT…
Tue Sep 9, 2008 2:42pm EDT S&P said it cannot rule out cutting Lehman's ratings
by more than one notch. A two‐notch downgrade
NEW YORK (Reuters) would cut Lehman's current quot;Aquot; rating, the sixth‐
highest investment grade, to the quot;triple‐Bquot; range.

… so we need…

New, clear and transparent methods to evaluate the
financial risk of companies.

New methods for RATING assessment with new visions:

1.Clear source of information;
2.Direct and strong relation between financial figures
and final rating;
3.Completeness and comparability of data;
4.Innovative methodologies .


Our solution: MORE
Multi Objective Rating Evaluation

Our innovation: observe, study and evaluate a
company as an engineering system, without “a priori”
assumptions.

This innovation permits a transparent evaluation of the
financial and economical quality of every companies in
Europe.

MORE: Multi Objective Rating Evaluation, based on the
more recent technologies in engineering design
(Decision Theories, Fuzzy Logic, Game Theories).

The MORE result

MORE Rating Class Rating Macro class Assessment
The company's capacity to meet its financial commitments is extremely
AAA strong. The company shows an excellent economic and financial flow
and fund equilibrium.
The company has very strong creditworthiness. It also has a good
AA capital structure and economic and financial equilibrium. Difference
from 'AAA' is slight.

Investment Grade The company has a high solvency, The company is however more
A susceptible to the adverse effects of changes in circumstances and
economic conditions than companies in higher rated categories.

Capital structure and economic equilibrium are considered adequate.
BBB The company's capacity to meet its financial commitments could be
affected by serious unfavourable events.

A company rated 'BB' is more vulnerable than companies rated 'BBB'.
BB The company faces major ongoing uncertainties or exposure to adverse
business, financial, or economic conditions.

The company presents vulnerable financial signals. Adverse business,
Non ‐ Investment
B financial or economic conditions will be likely to impair the company's
Grade capacity to meet its financial commitments.

A company rated 'CCC' has a dangerous disequilibrium in its capital
structure and financial fundamentals. Adverse market events or
CCC inadequate management are highly likely to affect the company's
solvency.
The company shows signals of high vulnerability. In the event of
CC adverse market and economic conditions, the company's strong
disequilibrium could increase.

C Distressed The company shows considerable danger signs. The company's capacity
to meet its financial commitments is very low.
The company no longer has the capacity to meet its financial
D commitments.


modeFinance & Bureau Van Dijk

Rating for more than 11 millions of companies in 41 European
countries: from Portugal to Ukraine.
#
ID # ID # ratings
# ratings Country companies
Countr Country companies Country assigned
assigned evaluated
y evaluated

…… …… …… ……
1 AUSTRIA
165.311 475.589

…… …… …… ……
2 BELARUS
5.091 10.875
RUSSIAN
3 BELGIUM 33 FEDERATION 814.840 2.876.654
359.827 2.589.439
BOSNIA
AND 34 SERBIA
21.498 231.488
4 HERZEGOVI 7.085 35.536
NA
35 SLOVAKIA
10.460 33.734
5 BULGARIA
200.519 965.670
36 SLOVENIA
32.638 68.678
6 CROATIA
21.146 164.268
37 SPAIN
971.489 4.793.305
7 CYPRUS
387 1.338

CZECH 38 SWEDEN
262.847 2.062.756
8 REPUBLIC 93.869 301.349

9 DENMARK
39 SWITZERLAND
33.912 155.843
175.064 716.376

10 ESTONIA 40 UKRAINE
309.125 1.831.926
70.630 339.593

UNITED
11 FINLAND
82.589 538.909
41 KINGDOM 2.354.818 10.845.504

modeFinance Credit Report

For every European company we produce
a credit report to evaluate the financial
risk: rating and probability of default.


modeFinance advantages

Thanks to its innovative model, modeFinance evaluates every
company in Europe: MORE methodology doesn’t need the
knowledge of bankrupted companies for the rating and the
probability of default attribution.
The modeFinance rating is particularly useful for all the countries
where financial information are missing (East Europe).


Euroregione

In order to explain how rating could be useful for
public and private institutions we present a
study that compares three regions:
•Slovenia
•Croatia
•Triveneto
We segregate the companies also according to
their turnover.


The companies according to turnovers


The Distribution of the companies’ ratings


Why the differences in rating?


modeFinance Exclusivity

The others... …but we provide more!

Lack of knowledge Clear source of
Objectivity of the used information: only
information AMADEUS data

Direct and strong
No clear
relation between
Transparency explanation of the
financial figures
rating assessment
and final rating

Rated only “big” 11 million of
Completeness
companies companies


modeFinance

• Professor at Mechanical Engineering, University of Trieste, Italy
• Professor at Mechanical Engineering, University of Trieste, Italy
• PhD in Numerical Methods.
• PhD in Numerical Methods.
Valentino Pediroda • modeFinance co‐founder
• modeFinance co‐founder
Tel: +39 334 6717480
Tel: +39 334 6717480
email: valentino.pediroda@modefinance.com
email: valentino.pediroda@modefinance.com

• Advisor for Italian rating agencies
• Advisor for Italian rating agencies
• PhD in Corporate Finance
• PhD in Corporate Finance
Mattia Ciprian • modeFinance co‐founder
• modeFinance co‐founder
Tel: +39 340 2948054
Tel: +39 340 2948054
email: mattia.ciprian@modefinance.com
email: mattia.ciprian@modefinance.com

•MBA in Corporate Finance
•MBA in Corporate Finance
• modeFinance Financial Analyst
• modeFinance Financial Analyst
Pinar Dilek
email: pinar.dilek@modefinance.com
email: pinar.dilek@modefinance.com


Where we are

Trieste, Italy: AREA Science and Technology Park
• The leading Science and Technology Park in Italy
• Established in 1978
• Key point: only companies with high innovative
technologies.

modeFinance Headquarter
building R3, 2nd floor c/o Innovation
Factory
AREA Science Park, Padriciano 99
34012 Trieste
ITALY
Phone1: +39 334 6717480
Phone2: +39 340 2948054
Fax: +39 040 3755176
e‐mail: info@modefinance.com
Web: www.modefinance.com

The first-mile incubator of AREA Science Park

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