THE ITALIAN STARTUP AGENDA
POLICIES AND STRATEGIES
FOR STARTUPS
STEFANO FIRPO
ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT,
HEAD OF THE MINISTER’S TECHNICAL SECRETARIAT
LAST UPDATE:
10 FEBRUARY 2015
#RESTARTITALIA
ENTREPRENEURSHIP
JOB CREATION
MERITOCRACY
INNOVATION
SOCIAL MOBILITY
GROWTH
#RESTARTITALIA
BUILDING A NEW POLICY
PUBLIC TASK FORCE
(12 TOP EXPERTS)
OPEN CONSULTATION
WITH +2,000
KEY PLAYERS
LAW 221/2012
ITALY’S STARTUP ACT
INNOVATIVE STARTUP
DEFINITION
LAW 221/2012
ITALY’S STARTUP ACT
INNOVATIVE STARTUP
• ESTABLISHED FOR NO LONGER THAN 48 MONTHS
• RESIDE OR BE SUBJECT TO TAXATION IN ITALY
• TURNOVER LOWER THAN 5 MILLION € (6.4 MILLION $)
• IT DOES NOT DISTRIBUTE PROFIT
• ITS CORE BUSINESS CONSISTS OF INNOVATIVE GOODS OR
SERVICES OF SIGNIFICANT TECHNOLOGICAL VALUE
•
IT DOES NOT ORIGINATE FROM A MERGER, DEMERGER OR
DIVESTMENT PROCESS
LAW 221/2012
ITALY’S STARTUP ACT
INNOVATIVE STARTUP
•
MEETS AT LEAST ONE OF THE FOLLOWING CRITERIA:
1. R&D EXPENDITURE: 15% OF ITS COSTS CONCERN R&D
ACTIVITIES
2. QUALIFIED TEAM: AT LEAST 1/3 OF THE TEAM
IS MADE UP
OF PEOPLE WHO EITHER HOLD A PHD OR ARE PHD
CANDIDATES AT AN ITALIAN OR FOREIGN UNIVERSITY OR
HAVE CONDUCTED RESEARCH FOR AT LEAST
3 YEARS OR
2/3 OF THE TEAM IS MADE UP OF PEOPLE
HOLDING A MASTER’S DEGREE
3. IP: IT IS THE OWNER OR THE LICENSEE OF A REGISTERED
AT LEAST
SOFTWARE OR PATENT
LAW 221/2012
ITALY’S STARTUP ACT
THE ITALIAN STARTUP ACT
MAIN SUPPORT MEASURES
LAW 221/2012
ITALY’S STARTUP ACT
THE ITALIAN STARTUP ACT
CUTS IN RED TAPE
• ONLINE REGISTRATION THROUGH SELF-CERTIFICATION
• NO FEES DUE TO THE CHAMBER OF COMMERCE FOR ANY
DOCUMENT
• FLEXIBLE CORPORATE MANAGEMENT TOOLS – LTD. = INC.
• ZERO TAX REGIME FOR COMPANIES SUFFERING FROM SYSTEMATIC
LOSSES
• FAIL FAST MECHANISM
• FLEXIBILITY IN CAPITAL REPLENISHMENT AFTER LOSSES
LAW 221/2012
ITALY’S STARTUP ACT
THE ITALIAN STARTUP ACT
TAILOR-MADE LABOUR LAW
• FIXED-TERM LABOUR CONTRACTS APPLICABLE FOR THE WHOLE
STARTUP’S LIFE CYCLE
• VARIABLE PAY DEPENDING ON THE STARTUP’S PERFORMANCE
• WORKERS & CONSULTANTS PAID WITH STOCK OPTIONS AND WORK
FOR EQUITY (TAXABLE AS CAPITAL GAIN!)
• 35% TAX CREDIT ON ALL COSTS FOR HIRING HIGHLY QUALIFIED
PERSONNEL
LAW 221/2012
ITALY’S STARTUP ACT
THE ITALIAN STARTUP ACT
INCENTIVES FOR FUNDING & INVESTMENTS
• ROBUST TAX RELIEF (FROM 19 TO 27%) ON INVESTMENTS INTO
STARTUP’S EQUITY BY ANGEL INVESTORS, VCS AND CORPORATES
• POSSIBILITY OF RAISING MONEY THROUGH EQUITY CROWDFUNDING
ONLINE PORTALS (FIRST TAILOR-MADE LAW ON AN INTERNATIONAL
LEVEL )
• FREE, FAST-TRACK PUBLIC GUARANTEE ON BANK LOANS, COVERING
80% OF THE LENT SUM
• FOR MORE INFO, HERE IS A SUMMARY OF ALL SUPPORT MEASURES
LAW 221/2012
ITALY’S STARTUP ACT
Italia Startup Visa
THE ITALIAN GOVERNMENT POLICY TO ATTRACT INNOVATIVE
ENTREPRENEURS FROM ALL OVER THE WORLD
Italia Startup Visa
•
VISA FOR EXTRA-EU CITIZENS WILLING TO SET UP AN INNOVATIVE
STARTUP IN ITALY
•
CENTRALIZED, ONLINE PROCEDURE (ISV TECHNICAL COMMITTEE)
•
THE COMMITTEE EVALUATES THE APPLICATION (CV + BUSINESS
MODEL) WITHIN 30 DAYS
•
FINANCIAL RESOURCES FOR AT LEAST 50,000 € ARE REQUIRED
•
PROCESS ENTIRELY MANAGED ONLINE, THROUGH A DEDICATED
WEBSITE: HTTP://ITALIASTARTUPVISA.MISE.GOV.IT/
#ItaliaStartupVisa
NURTURING HIGH-TECH STARTUPS
•
220 MILLION € MADE AVAILABLE FOR ZERO INTEREST RATE STARTUP LOANS
•
LENDING COVERS UP TO 80% OF INVESTMENT PROGRAMS AMOUNTING UP TO 1,5
MILLION €
•
TARGET: INNOVATIVE STARTUPS AND INDIVIDUALS WILLING TO SET UP ONE WITHIN 60
DAYS, INCLUDING EXTRA-EU CITIZENS HOLDING A STARTUP VISA
•
FAST-TRACK FOR PROGRAMS FINANCED FOR AT LEAST 30% WITH CAPITAL PROVIDED
BY QUALIFIED INVESTORS
•
KICK-OFF DATE: 16TH OF FEBRUARY 2015
(HTTP://WWW.SMARTSTART.INVITALIA.IT/SITE/SMART/HOME.HTML)
#SmartStart2
THE ITALIAN STARTUP ECOSYSTEM
MORE THAN 3,200 HIGH-TECH REGISTERED STARTUPS:
57% LOCATED IN NORTHERN, 21% IN CENTRAL AND
22% IN SOUTHERN ITALY
SECTORS: 77% OPERATE IN SERVICES (ICT, SOFTWARE,
APP, MEDIA ETC.), 18% IN INDUSTRY & CRAFTSMANSHIP,
4% IN TRADE
≈700 MILLION EURO TURNOVER WITH OVER ≈13,000
PARTNERS AND EMPLOYEES
ONLINE DATABASE:
HTTP://STARTUP.REGISTROIMPRESE.IT/
ITALY’S TOP STARTUP INCUBATORS
29 CERTIFIED INCUBATORS (20 IN NORTHERN ITALY)
30 EMPLOYEES AND 3 MILLION EURO TURNOVER PER COMPANY
THE ITALIAN STARTUP ECOSYSTEM
RESULTS SO FAR
 3,212 NEW REGISTERED STARTUPS (+40 PER WEEK)
 351 BANK LOANS TO 279 INNOVATIVE STARTUPS (TOTAL AMOUNT: 128 MILLION;
AVERAGE SIZE: 366.000 €) THANKS TO PUBLIC GUARANTEE FUND
 29 CERTIFIED INCUBATORS
 20 STARTUP VISA APPLICATIONS UNDER EVALUATION
 14 EQUITY CROWDFUNDING PORTALS
THE ITALIAN STARTUP ECOSYSTEM
STRENGHTS
•
MADE IN ITALY: A KEY DRIVER FOR THE SCALING-UP OF STARTUPS
•
HIGH-QUALITY AND COMPETITIVE SKILLS
•
GRASSROOTS
PROTOTYPING)
•
ARTISTIC AND CULTURAL HERITAGE, AN UNTAPPED ASSET
•
ITALY IS A GATEWAY TO STRATEGIC
•
ADVANCED
MANUFACTURING
CONSUMPTION
CULTURE
(FAST
AND
CHEAP
MARKETS
HABITS,
WITH
OPPORTUNITIES
EXPANSION FOR INNOVATIVE PRODUCTS AND SERVICES
FOR
RECENT INTERNATIONAL EVENT
ITALIARESTARTSUP - 9-10 DECEMBER 2014, MILAN
THE ITALIAN MINISTRY OF ECONOMIC DEVELOPMENT AND
THE ITALIAN TRADE AGENCY
(HTTP://WWW.INNOVATIONITALY.IT/EN/) HAVE TEAMED UP TO
CREATE THE FIRST DEDICATED EVENT FOR CO-FINANCING
OPPURTINITIES ITALIAN AND +50 INTERNATIONAL INVESTORS
ON A POOL OF ≈60 HIGHLY SELECTED HI-TECH, BIOTECH &
CLEANTECH STARTUPS
UPCOMING INTERNATIONAL EVENTS
GEC 2015 – 16-19 MARCH 2015, MILAN
THE GLOBAL ENTREPRENEURSHIP CONGRESS
(HTTP://GEC.CO/) IS AN INTER-DISCIPLINARY GATHERING OF
STARTUP CHAMPIONS FROM AROUND THE WORLD WHERE
ENTREPRENEURS, INVESTORS, RESEARCHERS, THOUGHT
LEADERS AND POLICYMAKERS FROM +140 COUNTRIES
WORK TOGETHER TO HELP BRING IDEAS TO LIFE, DRIVE
ECONOMIC GROWTH AND EXPAND HUMAN WELFARE
UPCOMING INTERNATIONAL EVENTS
EXPO MILANO 2015 – 1 MAY - 31 OCTOBER 2015
EXPO MILANO 2015 (HTTP://GEC.CO/) IS A NONCOMMERCIAL UNIVERSAL EXPOSITION WITH VERY UNIQUE
AND INNOVATIVE FEATURES. IT IS AN INCREDIBLE SOCIAL
AND ENTREPRENEURIAL PROCESS WHICH GATHERS A LARGE
NUMBER OF IMPORTANT PLAYERS FROM ALL OVER THE
WORLD TO CONTRIBUTE TO THE THEMES OF FEEDING THE
PLANET AND ENERGY FOR LIFE
• EXTEND THE APPLICABILITY OF THE STARTUP ACT TO ALL ITALIAN INNOVATIVE
SMES (DONE!)
• REFINANCING OF VC FUND OF FUNDS HELD BY THE ITALIAN INVESTMENT FUND
(DONE!)
• FACILITATE NETWORKING BETWEEN TRADITIONAL COMPANIES AND STARTUPS VIA
TAX CREDIT ON CONTRACTED R&D ACTIVITIES (DONE!)
• DEVELOP AND INTERNATIONALIZE VC AND CORPORATE VC FINANCING,
ESPECIALLY FOR MATURE INVESTMENT ROUNDS (UNDER WAY)
FOR FURTHER
INFORMATION
WEB: WWW.MISE.GOV.IT
EMAIL: STARTUP@MISE.GOV.IT
TWITTER: @MINSVILUPPO