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This presentation explores the revolution of startups. It's divided into three parts. The first part is dedicated to the description of the phenomenon, the analysis of its origins, and its new values. The second describes the operation of this ecosystem, all the actors involved and their roles, and goes through all the stages and funding stages of the startup, from concept to final consecration. The third part is focused to the interpretation of this phenomenon in terms of business and its consequences on traditional models, processes and skills, in terms of opportunities and threats, as well as to understand the "dark side" of this revolution.
Citation preview
STARTUP amp THE NEW ENTREPRENEURS
04042014
INSPIRING ROUTE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where does this story start
2
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Natbat sept 13
This is the story of Natalie amp Simon
From idea to exit
3
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Dissapore aug 2012 La Stampa jul 2013
The history of Eataly
From microwave to Culatello
4
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Testo slide
What do they have in common
5
They are STARTUPS
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where does this story start
2
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Natbat sept 13
This is the story of Natalie amp Simon
From idea to exit
3
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Dissapore aug 2012 La Stampa jul 2013
The history of Eataly
From microwave to Culatello
4
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Testo slide
What do they have in common
5
They are STARTUPS
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Natbat sept 13
This is the story of Natalie amp Simon
From idea to exit
3
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Dissapore aug 2012 La Stampa jul 2013
The history of Eataly
From microwave to Culatello
4
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Testo slide
What do they have in common
5
They are STARTUPS
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Dissapore aug 2012 La Stampa jul 2013
The history of Eataly
From microwave to Culatello
4
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Testo slide
What do they have in common
5
They are STARTUPS
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Testo slide
What do they have in common
5
They are STARTUPS
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What is a ldquostartuprdquo
6
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Eric Ries
7
Source Lean Startup 2010
A human institution designed
to deliver a new product or service under conditions of extreme uncertainty
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8
ITrsquoS NOT ABOUT
DIGITALINDUSTRYSIZE
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
RISKINNOVATIONPEOPLE
9
ITrsquoS ABOUT
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Google Trends 2013
Media blog social TV newspaper magazine
A skyrocketing interest
10
ldquostartupsrdquo
but is it just a buzzword
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Whitehouse feb 2009
11
The future of our economy relies on the imagination of our
entrepreneurs
Barack Obama
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia 2013 Geekwire sept 2011
Long story short
Ok but whats new around here
12
1998-2000 dot-com Bubble
2004-today The ldquonew waverdquo
1973-1998 The golden age
1950-1970 The early days
Therersquos something new (and more)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013
3 drivers
13
Economic
bull Economic Crisis bull Youth unemployment bull Failure of the traditional
business models bull Economic pressure from
emerging markets
Technological
bull Exponential growth in various technologies
bull Know-how sharing bull Development of a global
real-time communication network
Cultural
bull Mixture of counterculture utopias and neo-capitalism optimism
bull Loss of authority of the institutions
bull Craving for meaning and realization
bull Cult of failure bull Emergence of role model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Where everything was born
The reasons why Silicon Valley was (and is) the epicenter
14
Colleges
Research centers
Labs
Ultraliberalism
Hippie culture
Technology as a religion
Cult of failure
ldquoDo than discussrdquo
Technology
Venture capital
Lean juridical system
ldquoResourcesrdquoValuesPlace
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
15
A global community of people who relying on their
creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm
solve global problems and create value for themselves
and the community itself
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The new paradigm
16
vision
disruption
explorationfrom execution to
from management to
from retention to
valuefrom profit to
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How does it work
17
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Market Revolution nov 2013
An highly connected ecosystem
The startup framework
18
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Entrepreneurcom 2013
Colleges research labs business schools foundations public institutions
Where ideas and people come from
Institutions
19
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Founders coders designers makers mentors angels
Networking is the Word
Community
20
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Websites blogs magazines webzines
Not only the specialized ones
Media
21
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Where you get to know and be known
Events
22
Fairs events competition hackathons demo days
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Finance legal administration
skills and services to run a company
Services amp support
23
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Coworking fablabs
Where companies are built and can share ideas experiences skills and network
Spaces amp places
24
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
INVESTMENT amp CORPORATELetrsquos focus on
25
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26
SourcePaul Graham nov 2005
Paul Graham
Venture funding works like gears
A typical startup goes through several rounds of funding
A each round you take just enough money to reach the speed where you can shift into the next gear
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
two friends an idea
Lets start a company
27
This girl
This guy
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Letrsquos follow the story of a (imaginary) startup called
28
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The first funding aimed at company set up prototyping and living expenses
Pre-seed round
29
Goal - Fine tuning of the idea - Build the prototype
Timing 3 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Friends amp Family
Pre-seed round
30
Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors
asymp15k5 of the equity
20Option pool
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Grants amp Competitions
Pre-seed round
31
Pros smart money visibility and PR few constraints Cons no business network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startupbro 2013
Crowdfunding
Pre-seed round
32
Pros no constraints awareness and PR Cons hard to get no business network high expectations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Paul Graham nov 2005
Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash
Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases
polynomially with the age of the company
Key concepts
Pre-seed round
33
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
The first boost to build the company
Seed round
34
Goal concept validation - Minimum Valuable Product - Business plan value proposition target
maket size revenue model competitors competitive advantage
Timing 3-6 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Funders and Founders may 2013
Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking
Incubatorsaccelerators
Seed round
35
Goal profitable disinvestment of the shares
People
Main focus
Big batch
Model
15-100K
Funding
5-30
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2012 Startup Weekend 2013
Incubatorsaccelerators
Seed round
36
Cons Small funding strong competition for ldquobrandsrdquo lower commitment
Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Bernardi nov 2013
Organizations which internally generate ideas for new startups and hire people to develop them
Startup foundries
Seed round
37
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013
Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets
Business model - how an organization creates delivers and captures value (economic social cultural or other forms)
Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth
Track record - the percentage return of invested assets
Key concepts
Seed round
38
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012
Itrsquos time to make things seriously
Early stage round
39
Goal customer validation - Generate traction - Generate revenue - Hiring staff
Timing 12-18 months
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Rich people who invest in new companies
Goal invest in startups with high-speed growth
Angel investors
Early stage round
40
market captivity
Main focus
15-20
Equity
up to 200k
Funding
Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management
Pros SME networking mentoring less investment constraints
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013
Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year
Evaluation - ldquoin early stage investing valuations are voodoordquo
Exit strategy - is the way of cashing out an investment
Key concepts
Early stage round
41
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techinasia dec 2012 Wikipedia 2013
Grow And keep growing
Series A-B-C round
42
Goal from revenue to profit - Scaling business - International expansion - Hiring executive
Timing 1-2 year
Pre-seed
Early stage
Seed
A-B-C round
Late stage
COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures
Goal cash-out with a strong multiplier (2-3x)
Venture capital
Series A-B-C round
43
Exit
Focus
Mgmt fee
Model
gt 1 million
Funding
10-40
Equity
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005
Venture capital
Series A-B-C round
44
Cons control on the management strict regulation on investment
Pros capital experience network
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013
Term sheet - summary of what the deal terms will be when and if they do a deal
Due diligence - the background check of the business technological financial and legal aspects of the company
Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock
Key concepts
Series A-B-C round
45
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
Get bought or go public
Later stage round
46
Goal cash-out - Solid growth - Acquisition - Financial stabilization
Timing 3-4 years
Pre-seed
Early stage
Seed
A-B-C round
Late stage COOLBOX
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Startup Italia nov 2013
Acquisition
Later stage
47
EOS is an italian biopharmaceutic startup founded
in 2006 with private capital and investment
of Sofinnova Partners and
Principia
In 2010 created their flagship
innovative product Lucitanib
The 2012 itrsquos licensed for using in US Japan and China markets
Few days ago was acquired by
Clovis US biopharmaceutical company for $
400 million in cash + shares
Itrsquos (perhaps) the biggest exit of the history of Italian startup
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013
IPO
Later stage
48
After 7 years and $116B of
funding on November 6
2013 Twitter was listed on the New
York Stock Exchange (NYSE)
70 million shares were priced at US
$26
Twitter raised $182B
In the first day of trading shares closed at US
$4490 for $31b evaluation
In one day Twitter created
1600 new millionaries
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Forbes apr 2013 Crunchbase nov 2013
Testo slide
Large private company
Later stage
49
GoPro was founded in 2004
by Nick Woodman to capture and
share our livesrsquo most exciting
moments in high definition
Over the years received funding
from several investors The
latest was in 2012 from Foxconn of
$200 million
Today GoPro evaluation is $225 billion
The estimated revenues in 2013 are more $900+
million
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whorsquos financing who
50
Pre-seed Early stageSeed A-B-C round Late stage
Self-financing
Grant
Crowdfunding
Incubator
Accelerator
VCs
Angel Investors
Companies
Some examples
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
(Some) figures and data
51
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The global start-up ecosystem
52
httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf
The startup output index represents the total activity of entrepreneurship in the region controlling for 13
population size and the maturity of startups in the region
Silicon Valley
Tel Aviv
Los Angeles
New York
Boston
LondonToronto
Vancouver
Sydney
Sao Paulo
Moscow
Paris
Berlin
Singapore
Melbourne
Bangalore
Santiago
Waterloo
to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups
Source Start-up Ecosystem Report 2012 Telefonica
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the US
53
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $86 billion
Seed
725million dollars
274companies
Early stage
7800million dollars
1638companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
VC investment in the EU
54
Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012
Total VC investment in 2012 $19 billion
Seed
138million dollars
353companies
Early stage
1792million dollars
1796companies
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
Million euros in 2012
VC investment in the EU
55
477
355
274
5628
in 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source OECD 2013 Che Future oct 2013
Far from the average yet (002)
of GDP in venture capital
56
ISRAEL USA
05 02ITA
0004
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How many startups
57
23
Number startup per 1000 working age people
1112
16
SourceWorld Bank 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
US-based companies initially funded by venture capital between 2006 and 2011
How many survive
58
Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012
6613 startup founded
5555 operating independently
727 were acquired or made initial public offerings
66 currently in IPO registration
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Fear of Failure Rate Percentage of 18-64 population with positive perceived
opportunities who indicate that fear of failure would prevent them from setting up a business
What can stop them
59
Source Global Entrepreneurship Research Association (GERA)
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
And what about Italy
60
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Gazzetta Ufficiale june 13
I requisiti
la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)
la societagrave deve essere costituita e operare da non piugrave di 48 mesi
deve avere la sede principale dei propri affari e interessi in Italia
il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro
non deve distribuire o aver distribuito utili
deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico
non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda
La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote
non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione
Il Decreto Startup dl n 762013
61
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio
Esenzione da imposta di bollo diritti di segreteria e diritto annuale
Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato
Incentivi allrsquoinvestimento in start-up innovative
Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)
Sostegno allrsquointernazionalizzazione
Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo
I vantaggi
Il Decreto Startup dl n 762013
62
Source Gazzetta Ufficiale june 13
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
1 startup every 4 minutes
63
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Testo slide
Milan startup capital
64
Source StartupItalia 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source StartupItalia 2013
Testo slide
4 out of 5 are services
65
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Whatrsquos going on in Italy
66
300 k
29 mln
53 mln
35 mln
1456
Internet Users
Would invest in start-ups
Would invest much money in start-ups
Know where to invest
Create an innovative startupStartuppers
Wanna-be Startuppers
Committed Wanna-be startuppers
Potential Startuppers
Source Human Highway per Italia Startup 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
Sottotitolo slide
Italy by numbers
67
113Funded startup
97Incubators accelerators
40Science parks
32Institutional
investors
65Coworking
spaces
33Startup
competitions
20
Associations
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Who is who nov 2013
30 sicialian startups
68
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
ldquofrom a business point of viewrdquomodels strategy consequences
69
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
70
Whatrsquos going on
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What Companies Want
71
THEMSELVES Get noticed in a highly competitive industry
INDUSTRY Find the next big idea
INTERNALLY Smart talented employees
Increase efficiency and effectiveness
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source
The next big idea
How can startups help
72
Source Harvard Business Review dec 2008 Wikipedia nov 2013
Open innovation
Itrsquos not convenient to innovate on its own
Find and access to new ideas and paths to market through partenership and collaborations
ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward
and outwardrdquo
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Steve Blank
73
Source Steve Blank jan 2010
A temporary organization formed to search for a
repeatable and scalable business model
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
3 company-incubator model
74
Corporate Business Incubator
PartnershipSponsorship
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013
In 2013 75 new investments 9 exit +$300 million of venture funding
From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo
75
4 year from now 225 funded companies $12 billion of capital under management
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Fortune jun 2013 Nike Fuel lab 2014
An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform
Supporting the creation of an innovation ecosystem
NIKE
76
bull 10 startups bull 12 weeks bull $50000 grant for each startup
bull Business and technology mentorship with executives and developers from Nike
bull Training bull Full access to NikeFuel platform
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Techcrunch feb 2014 Disney Accelerator 2014
An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property
The startup accelerator for innovative services and entertainment experiences
DISNEY
77
bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters
resources and networks of The Walt Disney Company
bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs
bull Coworking space Disney HQ
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78
Source Privco2012
The TOP 10 Acquirers of 2012
1
2
3
4
5
6
7
8
9
10
16
16
12
10
10
9
8
7
6
6
Number of acquisitions in 2012
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Nymag 2013
Get noticed in a highly competitive industry
79
PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo
for $30 millionrdquo
like BEST STORY EVER for PR
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Smart talented employees
80
ACQ-HIRE
Source Fortune2013
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Wikipedia nov 2013
Increase efficiency and effectiveness
81
NEW MANAGERIAL METHODS
LEAN STARTUP a set of methodologies and tools for developing businesses and products
Validated learning minimum viable product actionable metrics pivoting
How can startups help
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
The dark side of startup revolution
82
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
What are the risks
83
Startup Ecosystem Corporate
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Focus on hyped but with little value segments
For startups
Can I be sexy too
84
Especially for social and consumer internet
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013
For the ecosystem
Are we in a new bubble
85
$100m investmet nov 2012
asymp$1b acquisition apr 2012
asymp$3b evaluation nov 2013
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others
for the ecosystem
Donrsquot you mind if we disrupt
86
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS
for corporate
Well it is not my job
87
Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88
Startup revolution is not a passing hype but its a
growing movement that is
changing the way people and businesses
infomarketrevolutionitwwwmarketrevolutionit
89
infomarketrevolutionitwwwmarketrevolutionit
89