Observatory on Hi-Tech Startups in Italy · Observatory on hi-tech startups in Italy 24 Ottobre 2014 The Italian Startup Ecosystem Fablabs FABLABS: 46 Fablabs : Workshops for digital

The Startup Ecosystem & the Investments in Hi-tech Startups in Italy

Andrea Rangone School of Management, Politecnico di Milano

Observatory on Hi-Tech Startups in Italy

IN COLLABORATION WITH WITH THE INSTITUTIONAL SUPPORT OF

1_ The Italian Startup Ecosystem: "Who’s Who"

3_ A selection of significant startups

2_ Investments in hi-tech startups in Italy

www.osservatori.net Observatory on hi-tech startups in Italy 24 Ottobre 2014

Funded Startups

The Italian Startup Ecosystem The players

“Innovative Startups”

“Institutional” Investors

Incubators and Accelerators

Crowdfunding Platforms

Science and Technology Parks

Coworking spaces

Fablabs

Startup Competitions

Hackathons Empowerment programs

Associations, Online Resources & Communities

Call for tenders


The Italian Startup Ecosystem The methodology

§  A census survey of the main players in each category based on a review of secondary sources (online re-sources, press search, etc.)

§  Interviews with each identified player to understand their actual role within the ecosystem


1227

2716

0

1000

2000

3000

2013 2014

The Italian Startup Ecosystem "Innovative Startups"

57% 21%

22% North

Centre

South and Islands

"INNOVATIVE STARTUPS": 2716

"Innovative Startups": According to the definition established by law through Decreto Sviluppo Bis and later revised through Decreto Lavoro. Startup listed in the special section of the Business Register held by the Chambers of Commerce. Last update, October 13th 2014

FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE, PLEASE VISIT THE WEBSITE WWW.ITALIASTARTUP.IT/WHOISWHO

2014


1227

2716

0

1000

2000

3000

2013 2014

The Italian Startup Ecosystem "Innovative Startups"

50% 36%

14%

57% 21%

22% North

Centre

South and Islands

"INNOVATIVE STARTUPS": 2716

"Innovative Startups": According to the definition established by law through Decreto Sviluppo Bis and later revised through Decreto Lavoro. Startup listed in the special section of the Business Register held by the Chambers of Commerce. Last update, October 13th 2014


2013 2014


113

197

0

100

200

300

2013 2014

The Italian Startup Ecosystem Funded Startups

FUNDED STARTUPS: 197

Funded Startups: High-tech startups that obtained financing in the last two years from at least one of the players included in the "institutional investors" category


62%

23%

15% North

Centre

South and Islands

2014


113

197

0

100

200

300

2013 2014

The Italian Startup Ecosystem Funded Startups

FUNDED STARTUPS: 197

Funded Startups: High-tech startups that obtained financing in the last two years from at least one of the players included in the "institutional investors" category


46%

26%

28%

62% 23%

15% North

Centre

South and Islands

2013 2014


31 36

0

10

20

30

40

2013 2014

75%

19% 6%

North

Centre

South and Islands

The Italian Startup Ecosystem "Institutional" Investors

"INSTITUTIONAL" INVESTORS: 36

“Institutional” Investors: Investors that manage capital for third parties and invest in startups through a structured process that involves an evaluation team, regardless of their legal nature (Sgr, Sicar, SpA, etc)


2014


31 36

0

10

20

30

40

2013 2014

73% 23%

4%

75%

19% 6%

North

Centre

South and Islands

The Italian Startup Ecosystem "Institutional" Investors

"INSTITUTIONAL" INVESTORS: 36

“Institutional” Investors: Investors that manage capital for third parties and invest in startups through a structured process that involves an evaluation team, regardless of their legal nature (Sgr, Sicar, SpA, etc)


2013 2014


The Italian Startup Ecosystem Crowdfunding platforms

CROWDFUNDING PLATFORMS: 48

Crowdfunding platforms: Online platforms that enable the collection of financial resources from a large pool of individuals (i.e. the “crowd”) to be destined to the development of startups and/or entrepreneurial projects


65%

20%

15% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Incubators and Accelerators

INCUBATORS AND ACCELERATORS: 100

Incubators and Accelerators: Public and private incubators and accelerators that provides associated services to support startups (mentorship, networking, etc) in addition to rental space. Certified Incubators and Accelerators (ref. Decreto Sviluppo Bis) are identified by an asterisk FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,

PLEASE VISIT THE WEBSITE WWW.ITALIASTARTUP.IT/WHOISWHO

97 100

0

50

100

150

2013 2014

58% 21%

21% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Incubators and Accelerators

INCUBATORS AND ACCELERATORS: 100

Incubators and Accelerators: Public and private incubators and accelerators that provides associated services to support startups (mentorship, networking, etc) in addition to rental space. Certified Incubators and Accelerators (ref. Decreto Sviluppo Bis) are identified by an asterisk FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,


97 100

0

50

100

150

2013 2014

45% 34%

21%

58% 21%

21% North

Centre

South and Islands

2013 2014


The Italian Startup Ecosystem Science and Technology Parks

SCIENCE AND TECHNOLOGY PARKS: 38

Science and Technology Parks: Public and private organisations whose primary aim is to promote the growth and development of highly technological enterprises and to facilitate the transfer of knowledge and innovation from the University and research centres to the businesses based there


40 38

0

20

40

60

2013 2014

50% 24%

26% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Science and Technology Parks

SCIENCE AND TECHNOLOGY PARKS: 38

Science and Technology Parks: Public and private organisations whose primary aim is to promote the growth and development of highly technological enterprises and to facilitate the transfer of knowledge and innovation from the University and research centres to the businesses based there


40 38

0

20

40

60

2013 2014

45%

28%

27%

50% 24%

26% North

Centre

South and Islands

2013 2014


The Italian Startup Ecosystem Coworking spaces

COWORKING SPACES: 62

Coworking spaces: Work spaces specifically intended for startups that may also provide some additional services


65 62

0

20

40

60

80

2013 2014 69%

19%

12% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Coworking spaces

COWORKING SPACES: 62

Coworking spaces: Work spaces specifically intended for startups that may also provide some additional services


65 62

0

20

40

60

80

2013 2014

57% 29%

14%

69%

19%

12% North

Centre

South and Islands

2013 2014


The Italian Startup Ecosystem Fablabs

FABLABS: 46

Fablabs: Workshops for digital fabrication that dispose of a common set of core tools and processes (e.g. Laser Cutter, CNC Large Scale Wood Router, 3D printer, Vinyl Cutter) and give everyone in the community, including entrepreneurs, the capability to turn their ideas and concepts into reality FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,


52% 26%

22% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Startup Competitions

STARTUP COMPETITIONS: 52

Startup Competitions: Programs and competitions that evaluate startups and entrepreneurial projects and that provide some rewards (e.g. grants, mentorship, and incubation) to the winners. All competitions taking place in 2014 were considered (already concluded or planned before the end of the year) FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,


33

52

0

20

40

60

2013 2014

60%

25%

15% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Startup Competitions

STARTUP COMPETITIONS: 52

Startup Competitions: Programs and competitions that evaluate startups and entrepreneurial projects and that provide some rewards (e.g. grants, mentorship, and incubation) to the winners. All competitions taking place in 2014 were considered (already concluded or planned before the end of the year) FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS SLIDE,


33

52

0

20

40

60

2013 2014

58% 27%

15%

60%

25%

15% North

Centre

South and Islands

2013 2014


The Italian Startup Ecosystem Hackathons

HACKATHONS: 21

Hackathons: Marathons of cooperative software development, whose duration may vary between one day and a week, where computer science and software development experts and “gurus” define a core topic for the event, form heterogeneous teams merging different interests and backgrounds, and compete to develop an idea and design a prototype of it


71%

29% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Empowerment programs

EMPOWERMENT PROGRAMS: 38

Empowerment programs: Educational and training programs delivered online or face-to-face to new entrepreneurs or startuppers with the aim to update and develop necessary competencies and skills


58% 21%

21% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Call for tenders

CALL FOR TENDERS: 46

Call for tenders: Public calls to get access to public funding and financial incentives (without equity participation) aimed at supporting and facilitating the’ launch and development of startups


39%

35%

26% North

Centre

South and Islands

2014


The Italian Startup Ecosystem Associations, Online Resources & Communities

ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES: 27

Associations, Online Resources & Communities: Only those associations, online resources and communities with a specific focus on startup


20 27

0

10

20

30

2013 2014

40%

60%

Associations

Online Resources &Communities

2014


The Italian Startup Ecosystem Associations, Online Resources & Communities

ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES: 27

Associations, Online Resources & Communities: Only those associations, online resources and communities with a specific focus on startup


20 27

0

10

20

30

2013 2014

35%

65%

40%

60%

Associations

Online Resources &Communities

2013 2014


The Italian Startup Ecosystem The regions

§  22% of "Innovative Startups" §  34% of Funded Startups §  53% of "Institutional" Investors §  35% of Crowdfunding Platforms §  21% of Incubators and Accelerators §  13% of Science and Technology Parks §  31% of Coworking spaces §  17% of Fablabs §  35% of Startup Competitions §  24% of Hackathons §  13% of Empowerment programs §  15% of Call for tenders

Percentage of Italian total


LOMBARDIA





Total investments in hi-tech startups

0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €

112 •  Quantification of these investments was carried out through primary sources. Direct interviews were therefore conducted with all institutional entities plus the main incubators/accelerators, Family Offices and Business Angel Networks

•  Data collected from the 2013 IBAN Survey was added to the data collected through these primary sources



0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €

+15%

112 129*

* The 2013 value is a rectification of the 110 million euro estimate given in October 2013

•  Quantification of these investments was carried out through primary sources. Direct interviews were therefore conducted with all institutional entities plus the main incubators/accelerators, Family Offices and Business Angel Networks




0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €

+15%

≈110** 112 129*

* The 2013 value is a rectification of the 110 million euro estimate given in October 2013

-15%

•  Quantification of these investments was carried out through primary sources. Direct interviews were therefore conducted with all institutional entities plus the main incubators/accelerators, Family Offices and Business Angel Networks


** Values for 2014 are estimated


Distribution of investments by investor type

77

35

0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €

Business Angels, Family Offices, Incubators and Accelerators

Institutional Investors

112

70%

30%



77 82

35 47

0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €



+6%

+34%

112 129

70%

30%

64%

36%



77 82 55

35 47

55

0

20

40

60

80

100

120

140

2012 2013 2014

Mili

on €



+6%

+34%

≈110** 112 129

-33%

+17%

70%

30%

50% 50%

64%

36%

** Values for 2014 are estimated


Venture Capital Investments: a benchmark

-20%

0,010% 0,030% 0,020% 0,040% 0,050% 0,10% 0,20%

20%

30%

40%

50%

10%

VC in

vest

men

t gr

owth

rat

e (2

013

vs 2

012)

VC investment as %GDP (2013)

-10%


Distribution of investments by sector

Total: 77 Million € Total: 82 Million €

ICT Other Life Science

Investments refer only to those startups that obtained financing from Institutional Investors

68% 75%

16% 11% 15% 10% 1% 4%

0% 20% 40% 60% 80%

100%

2012 2013

72% 78%

13% 9% 13% 9% 2% 4%

0%

20%

40%

60%

80%

100%

2012 2013 Total startup: 67 Total startup: 78

Cleantech and Energy


60% 53%

19% 15%

21% 32%

0% 20% 40% 60% 80%

100%

2012 2013

Distribution of investments by region

Total: 77 Million € Total: 82 Million €

45% 55%

21% 20%

34% 25%

0% 20% 40% 60% 80%

100%

2012 2013 Total startups: 67 Total startups: 78

North Centre South and Islands

Investments refer only to those startups that obtained financing from Institutional Investors


Founder profile refers only to those startups that obtained financing from Institutional Investors

Background and age range of startup founders

26% 30%

74% 71%

0%

20%

40%

60%

80%

100%


26% 25%

30% 33%

44% 42%

0%

20%

40%

60%

80%

100%


Technical Managerial < 30 years 30 – 40 years > 40 years





Startups with the highest financing rounds

2013/2014 Financing rounds

2 mln €

3,3 mln €

3 mln €

2,5 mln €

2,35 mln €

3,5 mln €

7 mln €

6,3 mln €

4 mln €

3,8 mln €

Startups: •  headquartered in Italy •  founded after 2009 •  funded by “institutional” investors


Startups with the highest turnovers

2013 Turnover

0,83 mln €

1,2 mln €

1,1 mln €

0,88 mln €

1,9 mln €

3,8 mln €

2,5 mln €

2 mln €

2 mln €

Startups: •  headquartered in Italy •  founded after 2009 •  funded by “institutional” investors


Startups with the highest exit value*

2013/2014 Exits

* Under consideration only those startups with publicized exit values

20 mln €

185 mln €

100 mln €

64 mln €

30 mln €

250 mln €

732 mln €

578 mln €

450 mln €

330 mln €

IPOs, trade sales of Startups with: •  Italian main investor and/or •  Italian headquarters and/or •  Italian founder and/or •  significant activities based in Italy

The Startup Ecosystem & the Investments in Hi-tech Startups in Italy

Andrea Rangone School of Management, Politecnico di Milano

Observatory on Hi-Tech Startups in Italy


Ugo Parodi Giusino Founder, Executive Chairman and CEO, Mosaicoon


"Italia Startup: la strategia e la squadra"


Marco Bicocchi Pichi Consigliere con delega all'internazionalizzazione Enrico Gallorini Consigliere con delega al marketing e allo sviluppo associativo Pierantonio Macola Consigliere con delega allo sviluppo dei territori Andrea Monti Consigliere con delega all'open innovation Antonio Perdichizzi Consigliere con delega all'education Caterina Siclari Consigliere con delega ai servizi agli associati

Documents

Observatory on Hi-Tech Startups in Italy · Observatory on hi-tech startups in Italy 24 Ottobre 2014 The Italian Startup Ecosystem Fablabs FABLABS: 46 Fablabs : Workshops for digital