1.
Startups + crowdfunding
@Centuria Innovazione
Faenza, 2013
Credits Saul Klein template
EVCA, AIFI, Klein for data

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?

6.
loosely connected small islands

7.
What we aim for

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

10.
TOP FIVE!
269 Lombardia
146 Emilia Romagna
137 Lazio
117 Veneto
114 Piemonte
50% delle startup

11.
Italy
(AIFI,
2012)
in
a
snapshot:
28
firms
acPve
in
early
stage
136
investments
totalling
135
mln
euro
40%
high
tech
46%
iniPal
-­‐
54%
follow
on

12.
Some home truths about business of innovation

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)

21.
European outlook
35x
difference
0,17% in the US (10x Europe)

22.
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
.

23.
1,9BN divested by venture in 2012
(1.000 companies)
5
IPO
159
trade
sale
300
write
offs/
sale
to
mgmt

24.
Plus a new generation of angels, superangels,
angel networks, accelerators, seed funds,
incubators

25.
And a new generation of funding and crowdfunding platforms
Startups
SMEs

26.
How it all started: donation based

27.
then reward based

28.
then equity crowdfunding

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

31.
gianluca@dpixel.it
Twiper:
dgiluz
blog:
dgil.uz
Thank you, questions?