italian international growth agenda ( 13 apr. 2013)

Rome, 13th April 2012

Italian International Growth Agenda

Who’s Who in the Start-Up Segment

Acknowledgments

This document would not have been possible without the support of many players

The Italian Business & Investment Initiative wishes to express its gratitude to:– BAIA, Consiglio Nazionale delle Ricerche – CNR, dPixel, Fondamenta SGR, Innogest SGR, Intesa

Sanpaolo Start-Up Initiative, Mind the Bridge, University of Insubria, Wind Business Factor

And to its national sponsors:– Alitalia, Booz & Company Italia, Enel, Enel Green Power, Eni, Fininvest, Generali, Intesa Sanpaolo,

Invitalia, Mediaset, Wind

And to its international sponsors:– Booz Allen Hamilton, Freeman & Spogli, Method Investments & Advisory, McDermott Will & Emery

LLP

And to its partners:– American Chamber of Commerce, Associazione Laureati LUISS, Consulate General of Italy New

York, Eni, Fondamenta SGR, Fulbright BEST, Italia Camp, Italian Cultural Institute New York, ItaliaTrade Commission, Kaminsky Partners, Kanso, M31, NIAF, NOVA, ReedSmith, SVIEC, US Embassy

1

Scope of this document

This document’s objective is to become a census registry of “Who’s Who” in Italy in the vital sectorof high-tech start-up’s eco-system

It will identify and summarize each player: universities, incubators, accelerators, financial players,scholarship providers, domestic and international institutions and that provide support in thisspace

It is a living document

Players that wish to be represented should kindly send information to the following e-mail:– [email protected]– Information required: Entity and URL address

2

3

The Innovation System in Italy

A Call for Action

Innovation Players: Who’s who

The Italian innovation system: 4 poles

4

Incubation Funding

CERN

CNR

Laboratories

MIUR

Incubators

TI Lab

R&Scentres

Industrialdistricts

PirelliLab

BusinessAngel

PrivateEquity

VentureCapital

FDI

Banks

CorporateSpin Off

ERC/FP7ENEA

University

Business

Finance

Public

Funds/grants

IB&II

Seed

ILLUSTRATIVE

AgenziaInnovazione

Min.Difesa

ASI

ScadaLab

(Enel)

Italy can leverage many resources

5

KEY DATA

University

Business

Finance

Public

16.000/yr graduates in scientificand engineering degrees

10.000 researchers 2.500 new patents / yr 430.000 papers published from

2001 to 2011 5.150.000 total citations from

2001 to 2011 38% of R&D funds come from

private sectors

89 million VC investments € in 2010 1000+ fundraising requests / yr 106 deals in 2010

O,56% of GDP spent on R&D 60+ active incubators 59 bln € of European funds available

(2007-2013)

0,55% of GDP spent on R&D 200 industrial districts 14% of companies receive

public funds

Innovation resources

Sources: PNR-MIUR 2011-2013, ISTAT

6

University support to innovation is growing

# of Graduatesin Sciences and Engineering

Sources: ISTAT-Università, PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Netval report 2011, Booz & Company analysis

+114%

2009

2,541

2005

1,189

# of Patentsof Italian Universities

+54%

2010 Gap vs.best practices

27-38k

15,971

2007

10,393

Note: best practices based on Japan , EU-27 (min level) and EU-3 (UK, France, Germany)

University Finance Public Business1 2 3 4

Italian universities are ranked in the “top-10” for knowledgeproduction

7

Citations per Million Gross Expenditure in R&DHigh Number of Citations Per Million Gross Expenditure in R&D Showthat Italian Scientists Achieve Good Results on a relatively Low Budget

Sources: PNR-MIUR 2011-2013, Essential Science Indicators Thomson Reuters 2011, Thomson Reuters & OECD, Analysis: Evidence, Booz & Company analysis

179

233

251

260

293

340

390

410

597

Australia

Japan

Canada

Spain

France

Germany

Italy

UK

China

USA 1,129

# of Publications on R&D ExpenditureTop 10 Countries for # of Publications (2001-2011)

/ R&D expenditure in 2011 as % of GDP


1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

0.5

0.0

Cita

tions

Per

Mill

ion

GER

D(r

ebas

ed)

2.0

1.5

1.0

UKUSACanadaFranceGermanyItalyJapanChina

Brain export: a real challenge!

% of Graduates in Qualified Work PositionsBrain Export- Top Italian Scientists who are Working Abroad -

Sources: ISTAT-Università, PNR-MIUR 2011-2013, top Italian scientists Via Academy H index March 2012, Booz & Company analysis,

Italy 2010

17%

Italy 2004

19%

EU-27 2010

22%

UK 2010

30%

8

Top 20

40%

Top 10

60%

Top 50

25%


Risk Capital: from start-up to international development

9

Good historical returns of top funds: Ventureneeds to be part of an investor’s portfolio

Expansion Capital offers an attractive,mainstream asset for an investor portfolio

We believe that focusing on innovation basedseed, early stage expansion investments willprovide higher returns in the next yearsof likely subdued macroeconomic climate

(*): Venture Capital and Expansion

Source: EVCACourtesy of Innogest SGR


Seed Capital

€20k - €250kper initial deal

Prototype Stage

Early-Mid Stage

€250k - €2Mper initial deal

Pre-Revenues Stage

Expansion Capital

€2M - €10Mper deal

CommercialExpansion

European Funds Irr Last 30 Years

10,8%

12,9%

15,2%

15,6%

S&P 500

Balanced(*)Top Quartile

ExpansionTop Quartile

VentureCapital

Top Quartile

Venture Capital in Italy

10

VC Investment Trend In ItalyNumber of Companies

VC Investments in Italy (2010)Sector

Source: AIFICourtesy of Innogest SGR

University Finance Public1 2 3

Business4

ManufacturingIndustrial Services

OtherUtilities

ElectronicsMedia

Med-Tech 17,3%14,6%

3,9%5,1%5,5%

0,8%1,2%1,2%

Biotech 21,3%

0,4%0,4%

AgriculatureRetail

AutomotiveAerospaceChemicals

CommunicationsOther Services

Financial ServicesConstructions

Logistics

0,4%

1,6%

Computer 20,5%

2,4%

1,6%

0,8%

0,4%0,8%

2009 2010

41(52%)

38(48%)

106

55(52%)

79

51(48%)

30(34%)

2007

88

2008

88

58(66%)

66(75%)

22(25%)

2006

62

38(61%)

24(39%)

High TechNon High Tech

Venture Capital investments’ room for growth

11

VC Investments in Italy (M€)1

Sources: AIFI, Booz & Company analysis1) Total investments are calculated by taking also into consideration regional investment in local SMEs

89

28

+218%

20102006


Greece 0,01%

Italy 0,01%

Poland 0,01%

Portugal 0,04%

Germany 0,04%

Switzerland 0,05%

Europe 0,05%

France 0,06%

Spain 0,07%

Ireland 0,09%

Scandinavia 0,09%

UK 0,09%

Sweden 0,15%

USA 0,20%

Israel 1,03%

VC Investment as % of National GDP

62 106# of deals

Business4

Italian active VCs invested over ~450M€ in ~120 deals

12

NOT EXHAUSTIVESELECTED EXAMPLES


8

17

252529

3637

556365

80

TT Venture*Innogest Atlante** H FarmEporgenDpixelVertis SGR*360 CapitalPartners

Aladinn(Friulia)

GenextraNext(Finlombarda)

Principia

Active Venture CapitalsInvested Capital – M €

# of Firmsin

Portfolio

Venture Capital created following 2008

n/a

14 15 14 n/a 11n/a 231119

Sources: Interviews, company website, AIFI, Booz & Company analysis* Funds participated by Fondamenta sgr, which includes also Annapurna; ** The entire capital covers three different funds

14 11

Total Capital 100M€,including international

investments

Business4

9

EU public funds for innovation & training: an untapped resource

13

National Strategic Framework 2007-2013 – Objectives of convergence and competitiveness- Spent, invested and total resources available (bln €, 2010) -

Sources: State Accounting, Booz and Company analysis


FSE (social European fund)FESR (European fund for regional development)

Gap

7.3

10.9

4.8

5.5

Allocated

44.9

2.1

34.0

2.5

Spent

7.6

59.8

44.3

15.5

Budget

Business4

Note: These funds are not dedicated only to R&D investments

Italian regions R&D funds utilization


Examples Toscana: Fondo Toscana innovazione, owned by the region

with the aim of investing in start ups and existing companiesoperating in innovative fields and located in Toscana -Toscana also exploited FESR funds for support stage andinternship outside Italy

Lazio: Filas is the Financial Development Agency of theRegione Lazio, is part of a network of agencies created bythe regional government to operate in the field of economicdevelopment. Filas' mission is to guide the economy of Lazioand promote development and innovation, especially throughthe adoption of new technologies.

Lombardia: NEXT is a closed-ended fund of funds,subscribed by institutional investors, created by RegioneLombardia with the aim of developing on the territory of theregion a venture capital market focused on innovation anddevelopment of new technologies

Piemonte: Piemontech is a Venture Capital with the aim ofinvest in the most innovative companies in Piedmont withinvestments in the range of 100.000-400.000 €

Campania:

– IMAST is the holding company of the district ofengineering of polymeric and composite materials ofCampania region

– Campania Innovazione is a regional agency with theaim of promoting R&D and innovation and of boostingentrepreneurship and technological transfer within theregion

European Fund Distribution 2007-2013for Research

14

Sources: PNR-MIUR 2011-2013, Booz & Company analysis

25%

8%

10%

11%

Others

Piemonte

Toscana

Lombardia

Emilia Romagna

24%

22%

Lazio

Business4

15

Example : Toscana exploited Fondo Sociale Europeo (FSE) tofinance the Fulbright Best scholarshipsScholarship Breakdown of past years

(up to 2012)Italian regions and the Fulbright BEST Opportunity

Sources: Fulbright Best program, Booz & Company analysis


Each region is responsible for entrepreneurial programs financed by EU throughFSE fund; part of the fund is dedicated to aspiring entrepreneurs

Regional offices stipulate an agreement (convenzione) with the US -ItalyFulbright Commission defining the number of scholarships’ donations

The Us-Italy Fulbright Commission issues a “bando” every year

Applicant: graduate or PhD under 35 years of age with a high-tech businessproposition files an on line application to the Us-Italy Fulbright Commission

The Us-Italy Fulbright Commission runs the selection process and identifies thewinners

The winners will spend an academic year in the Us combing class work onentrepreneurship with hands-on experience on how to set up and run a start-up

Fulbright BEST will provide a 6 month mentoring period in Italy to support eachto set up his/her company

Detailed information: http://www.fulbright.it/it/borse-di-studio/italiani/studio/programma-fulbright-best/programma-fulbright-best

Business4

Grantee Origin

46

11

10

9

42

22

21 11 1

ToscanaEmiliaLombardiaLazioSardegna

VenetoCampania

Trentino

Liguria

PugliaPiemonte

Umbria

Start Ups: the innovation engine

16

EXAMPLE


Successful SMESuccessful Start-Ups

Sources: Companies’ websites, AIFI

Italian Start Ups are mainly “digital” with early stage funding

17


Sectors

25,2%ICT

Bio/Lifescience4,5%

60,4%9,9%

Cleantech

Web/New media

29,0%

8,0%

Seed15,0%

40,0%

Venture Capitals

4,0%

Bootstrapping

GrantsBusiness Angels

4,0%

Others

Sources of Funding

39,0%Humanistic

61,0%Scientific

Education of Founder / Entrepreneur

Sources: Mind the Bridge Survey 2011

Business4

Incubators and accelerators are playing an pivotal role

18


InitiativesIncubators/Accelerators/Technological parks

Business4

19


A Call for Action


Country scale is not critical in innovation

20

Sources: Booz & Company analysis, INSEAD, Global Innovation Index 2011, International Monetary Fund

41

545454555556565657575859606264

ItalyNewZealand

IsraelIrelandGermanyIcelandUKNetherlandsCanadaUSADenmarkFinlandHongKong

SingaporeSwedenSwitzerland

1 2 3 4 5 6 7 8 9 10 11 12 3513 14 15

GDP 2010Bln $

528 459 223 224 239 310 14 527 1 577 781 2 250 13 3 286 207 217 140 2 055

Global Innovation Index 2011-Booz & Company, Insead-

For example, Israel is a best practice with an integrated approach toboost entrepreneurship

21

Sources: Booz & Company Analysis, “Israele, terra promessa dell’innovazione” by Simone Botti 2005, IVC report 2011

Agency for technology transfersowned by University with the aim ofsell intellectual property

Office of Chief Scientist (OCS): tofund industrial R&D and to simplify theVenture Capital market

Yozma: private program for theinvestment in Venture Capitals fundsand Start Ups

Foreign funds: Israeli foreignbranches of Venture Capitals allowfundraising, especially in US

Insert Text Here

FinanceInsert Text Here

CorporateUniversity/R&D Centres

Public

Fund

ing K

nowledge/

Policy

Taxes

Knowledge/ Intellectual property

Policy

Royalties

Profits

Cap

itals

TTAgency

Yozma

OC

S

Fore

ign

fund

s

Israel Country Innovation Plan

Israel innovation results are truly impressive

22

Italy

1.1%

Israel

4.2%

2,14

1,26

+70%

20112010

R&D / GdP ratio

VC Investments-bln $-

Sources: Booz & Company Analysis, IVC report 2011

Ranked 1st for the number of start ups percapita

Ranked 1st for the R&D expenditure as % ofGDP PPP (4,2%)

Ranked 1st for the number of engineers every10.000 inhabitants (150)

Ranked 3rd behind the US (4836) andCanada (152) for the number of companieslisted on Nasdaq (57 companies)

Strong entrepreneurial culture (bottom-up)and government investment in R&D andinfrastructure (top-down)

Israeli Venture Capital activities are highly developed also in earlystage funding …

23

Sources: Booz & Company Analysis, IVC report 2011

seed

5,0%

early stage26,0%

mid stage

42,0%

late stage

27,0%

Breakdown of capital raised per stageOverview

There are 70 active Venture Capitals investing inIsrael

75% of capital comes from foreign VentureCapitals

796 M $ of capital flowed to Israeli VentureCapitals in 2011

0,8

0,00,3

1,11,3

0,8

1,5

20062005 2007 2008 20102009 2011

Capital Raised by VC Funds by Vintage Year-$B-

2008 2009

7881,122

2007

1,072

2,075

2010

686

1,758

415

1,262

7071,287

896

2011

535

1,604366

2,139

Capital Invested in Israeli High-Tech Companies-$M-

Foreign & OthersIsraeli VCs

… and highly diversified

24

Internet

25,0%Communications

15,0%

Software23,0%

Cleantech

7,0%

4,0%Semiconductors

16,0%Life Sciences 10,0%

Other

Deal value $MNumber of deals

898819

531

803

523376

0

5

10

15

20

Deals$M

200

0Q2/10 Q3/10 Q4/10

632

Q1/11

1,000

Q2/11Q1/10

739

400

Q3/11 Q4/11

600

800

Private Equity deals by quarter-$M-

Portfolio of Most Active Venture Capitals in Israel-2010-

Most Active Venture Capital Funds in Israel-ranked by # of first investment in 2010-

Rank ManagementCompany

CapitalManaged ($M)

Total FirstInvestments

1 Evergreen 648 6

2Battery N/A 5

Pontifax 118 5

3

Gemini 696 4

Genesis 618 4

Carmel 608 4

Cedar 325 4

4

Bessemer N/A 3

Pitango 1340 3

Sequoia Israel 580 3

Magma 190 3

Aviv 77 3

Sources: Booz & Company Analysis, IVC report 2010-2011

The innovation value chain

25

Start UpLegalpractices

Fundresearch

BusinessPlanPrototypeIdeaResearch Expansion

Research departmentsIncubators

Advisors

University

Business

Public

R&D Centres

MIUR/ECR

Business Angel/Seed

Venture CapitalFinance

1

2

3

4

University spin off

Private Equity

FESR

Scholarship Grants

AcceleratorTechnological Park

The eco-system

26

University & Research Finance Public BusinessResearch

Departments AdvisorsTechnologicalParksItalian fundsVenture

CapitalsBusiness

Angels/IncubatorsIncubators R&D labs &AcceleratorsEuropean

1 2 3 4

Booz & Company 27


A Call for Action


13th April 2012

Initiatives

Incubators/Technological Parks

Venture Capital

Public Association

Booz & Company

List of Italian Innovation InitiativesRegions Student Graduate Researcher Entrepreneur Start Ups SME

Italian Business & Investment Initiative

Fulbright Best

Wind Business Factor

Mind the Bridge

Intesa Sanpaolo Start Up Initiative

Forzaidea

Italia Camp

Italian Start Up Scene

CNR spin-off

CNR StartCup

Telecom Working Capital

PNI cube

Seedlab

InnovAction Lab

2813th April 2012

Booz & Company

List of Italian Incubators/Technological Parks

2913th April 2012

Regions Student Graduate Researcher Entrepreneur Start Ups SME

Tecnoparco

Reteincubatori.it

TIS innovation park

I3P

Acceleratore del Politecnico di Milano

M31

Digital Magics

H Farm

Incubatore di Navacchio

Tecnopolis PST

CISI scrl

Triboo R&D Incubator

Innovami

We Techoff

Istituto Superiore Mario Boella

Almacube

PST Valle Scrivia

Creaimpresa

Booz & Company

List of Italian Venture Capitals

3013th April 2012


Innogest

Eporgen

Genextra

Mp Venture

Alice Ventures

Atlante Ventures

Principia

Fondamenta SGR

360 Capital Partners

Dpixel

Banner Ventures

Zernike Meta Ventures

Booz & Company

List of Italian Public Association


Italian Angel for Growth

Techno Seed ICT Incubator

Piemonte High Technology

Imast

BIC Lazio

Invitalia

BAIA

Agenzia per l’Innovazione

Italian Consulate New York

Italian Consulate Boston

Italian Consulate San Francisco

American Chamber of Commerce

3113th April 2012

Booz & Company 32


A Call for Action


13th April 2012

Initiatives


Venture Capital

Public Association

Booz & Company

Name Italian Business & Investment Initiative Website www.italianbusiness.orgFoundation Year 2010 Contact [email protected]

Overview Targets IB&II is committed to promote Italy as an attractive investment for U.S.

venture capital firms, specifically in the country’s talented SME sectorthrough a three pillared approach:

– Provide a physical forum to connect the demand of capital tosupply and ideas between the U.S. and Italy

– Promote and sponsor academic research and insight on theItalian economy, and offer recommendations to policy makerson how to improve Italian economy

– Support the development of an online platform containinginformation about the Italian economy and market.

Italian innovative companies that are looking for capitals andknow-how in order to reach the objective of expansion.

Results achievedIn 2011, 35 companies have been presented to a community of

500 investors

Name Fulbright Best Website www.bestprogram.itFoundation Year 2006 Contact 06 83057613 (Enel Green Power)

Overview Targets Scholarship for Italian researchers and graduates for a training

program in US with the objective of stimulate entrepreneurship andcreate new start ups in Italy. Allow Italian brightest mind to spend atraining period in US in which they can:

– Deepen entrepreneurship topics in the best Business Schools

– Experience a work period in H-tech companies

– Come into contact with US investor community

Italian regions can activate FSE funds in order to provide FBscholarships. Toscana is an excellent example of how exploitEuropean funds for FB program (11 scholarships in the past editions)

PhD students Graduates PhDs Public institutions (President of Regions)

Results achievedIn 5 years, FB has launched 19 new start ups

13th April 201233

Booz & Company

Name Wind Business Factor Website www.windbusinessfactor.itFoundation Year N/A Contact Costanza Esclapon/Alessandra Bianchini

Overview Targets Web platform for aspiring entrepreneurs and start uppers Wind business factor competition 2012:

– The best 10 business idea will have the opportunity toattend a mentorship program of 4 weeks

– For the best 3 business ideas and projects, WBF willgive them the chance to meet Venture Capitals,Business Angels and successful entrepreneurs.

– The winner of the competition will gain a training trip toSilicon Valley and Israel

Aspiring entrepreneurs with a business project or entrepreneurs ofnew start ups (founded after January 2011) who:

– Invented new product or service– Found a practical use of new technology– Developed a high level of know-how– Found innovative organizational or market solutions

Results achieved6500 persons registered

3500 business ideas and start ups supported

13th April 201234

Name Mind the Bridge Website www.mindthebridge.orgFoundation Year 2007 Contact [email protected]

Overview Targets Foundation that runs every year a business plan competition

with the purpose of selecting the best innovative business ideaamong Italian participants

Selected start ups will have the opportunity of attend trainingcourses in Italy and experience a mentoring program located inthe Silicon Valley

Objective is to create an Italian entrepreneurial ecosystem opento internationalization and growth

Young Italian talents with an innovative business idea

Available FundsPrize of 400.000 €

Booz & Company

Name Intesa Sanpaolo Start Up Initiative Website www.startupinitiative.comFoundation Year N/A Contact [email protected]

Overview Targets Provide the Arena meeting to the best high-tech start ups where

– Meet international investors– Meet potential partners

Industries:– Biotechnologies, life science, healthcare and medical

devices– ICT, electronics and automation, Mobile– CleanTech and renewable energies– Nanotechnologies and high performance materials– Social Ventures

Cross Technologies Vertical:– Agri-Food, Fashion Tech and Design Building And

Construction, Automotive

High-tech start ups looking for fundraising Venture capitals/ Business Angels interested in start up

opportunities Industry players interested in new technology to apply in their

businesses Incubators, accelerators can provide their help and know-how

Results achieved 1.000 projects screened and potential start ups contacted 250 have entered the training program 165 projects have had the opportunity to meet 2.900 among

Venture Capitals, Business Angels, Corporate and privateinvestors in 5 Countries

Name Forzaidea (Eur&ca) Website www.forzaidea.itFoundation Year N/A Contact 02.48015098

Overview Targets Website with the aim of helping aspiring entrepreneurs or start

ups to get public funds or to find a partner for their business Aspiring entrepreneurs Start ups

Results achieved

13th April 201235

Booz & Company

Name Italia Camp Website www.italiacamp.itFoundation Year 2010 Contact 06.85225412

Overview Targets Association with the objective of creating a network among

national and international universities with the aim of realize thebest ideas regarding all fields:

– Research, science and technology– Energy, infrastructure and environment– Economics, finance and market– Politics, Institution and public administration– Job, enterprises, culture and society

Association works through BarCamp system (from Standforduniversity): collaborative conference without any type of hierarchy,in which each member is directly involved

Currently there are 4 BarCamps (Rome, Lecce, Bruxelles, Milan)

Professionals Researchers Students Entrepreneurs

Results achieved

13th April 201236

Name Italian Start Up Scene Website www.It.startupscene.orgFoundation Year N/A Contact Only website

Overview Targets Social network with the aim of keep in contact start uppers,

aspiring entrepreneurs and Venture Capitals Startuppers Bloggers Aspiring entrepreneurs Investors

Results achieved

Booz & Company

Name CNR StartCup Website www.startcup.cnr.itFoundation Year 2010 Contact 06 4993 2617

Overview Targets Promote entrepreneurship within research institutes through a

national competition (Working Capital and PNI) Bridge the gap between laboratories of research and the

implementation of solutions in real businesses Industries:

– ICT, social innovation– Agro, food, cleantech– Industrial

CNR researchers or employees Researchers or employees from other research institutes

(CRA, ENEA, INAF, INFN E ISS)

Results achieved30 business ideas have been selected in 2010 edition and one ofthose has won PNI 2010

Name CNR spin-off Website www.cnr.it/sitocnr/ilCNR/Innovazione/Spinoff.html

Foundation Year N/A Contact [email protected]

Overview Targets To boost CNR researchers to create spin-off from the research

activity through training activity focused on developingentrepreneurial skills

Industries:– Nanotechnologies and Microelectronics– Biomedical, Biotechnology and Pharmaceutical– Environment– ICT

Management consulting is provided by Rete Venture, a consultingcompany owned by CNR

Financial aid is provided by Principia sgr, VC for corporate spin-off

CNR researchers Winner of CNR grants

Results achieved52 spin off has been created

13th April 201237

Booz & Company

Name Telecom Working Capital (dpixel) Website www.workingcapital.telecom.itFoundation Year 2009 Contact [email protected]

Overview Targets Telecom Italia project aims to sustain young Italian talents in

innovative fields and to boost the creation of start ups byproviding them with different supports

Young talent with innovative idea Brilliant students from Italian university to develop a start up

project

Results achieved Research contract and tutoring for 41 research projects Incubator contracts for 30 start up projects 36 early stage assisted companies

Name PNI cube Website www.pnicube.itFoundation Year 2003 Contact 05.14200349

Overview Targets Association that groups together the academic incubators and

Italian academic business plan Two initiatives:

– National Award for Innovation– Start Up of the year

Objectives:– Spreading the culture of entrepreneurship among

students and researchers of our universities andselecting the best business ideas

– Provide an incubator, which supplies all services to makethese companies successful

Aspiring entrepreneurs Reward the young h-tech enterprises achieving the best market

success

Available FundsPrize for the Start Up of the year: 10.000€

13th April 201238

Booz & Company13th April 2012

39

Name Seedlab (TT advisor) Website www.seedlab.itFoundation Year N/A Contact TT advisor

Overview Targets Entrepreneurship program that provides micro-seed funding

and best-in-class training and mentorship to help promisingstart ups succeed

Learn basics of management from experienced mentors Create a network with investors & industrial partners Give the opportunity to take part to a business competition with

the prize of business developing trip to Silicon Valley

Young innovators with:– Innovative, high quality idea– Excellent cv

Investments in:– Patentable technology– Digital technology

Results achieved

Name InnovAction Lab Website www.innovactionlab.orgFoundation Year 2010 Contact

Overview Targets Non profit association with the aim of teach to University

students how to approach with investors and Venture Capitalfunds

InnovAction Lab organizes lessons and seminars with apractical approach in order to boost entrepreneurship

University students interested in understanding the drivers of asuccessful business plan.

Booz & Company 40


A Call for Action


13th April 2012

Initiatives


Venture Capital

Public Association

Booz & Company 41

Name Reteincubatori.it Website www.reteincubatori.itFoundation Year 2009 Contact N/a

Overview Targets Start up services:

– Idea analysis and implementation– Management, financial, patent consulting– Marketing and promotion services– International network and research laboratories– Network of Venture Capitals and Business Angels

Aspiring entrepreneurs in Milan area with innovative ideas Existing companies interested in innovative start ups Venture capitals and Business Angels interested in investing in

innovative start ups

Results achieved73 assisted companies, 5 incubators, 310 employees, 25 M €annual revenues

Name Tecnoparco Website www.tecnoparco.orgFoundation Year 2005 Contact 0371.4662200

Overview Targets Parco Tecnologico Padano is the engine of the Lodi Cluster

which hosts many organizations involved in the agro-biotechsector. The Park also hosts an enterprise Incubator whichmakes Lodi one of the main European Agro-Biotech clusters

The mission of PTP is to build a business-oriented researchnetwork in agro-biotech capable to promote the creation ofstart-up and spin-off companies in the agro-food sector byoffering know-how, incubator facilities and administrativeservices.

Aspiring entrepreneurs in the agro-biotech sector Existing companies in the agro-food sector

Results achieved

13th April 2012

Booz & Company 42

Name I3P Website www.i3p.itFoundation Year 1999 Contact 010.0905127

Overview Targets Incubator of Politecnico di Torino (the biggest in Italy) with the

aim of help young talent to create new start ups TreataBit: from 2011, special incubator for start ups in digital

fields

Entrepreneurs Aspiring entrepreneurs Investors interested in innovative start ups with high growth

potential Managers who are looking for collaborate with high potential

companiesResults achieved

Name TIS innovation park Website www.tis.bz.itFoundation Year 1998 Contact 0471 068000

Overview Targets Center and driver for innovation, cooperation and technology

transfer for all South Tyrolian players of the innovationsystem, especially for existing companies

They provide patent strategy, product development andlaunch, research, technological analysis and networking inorder to make companies of the area more successful

Existing companies located in the South Tyrol area

Current portfolio

Tis has actually 15 companies in its portfolio

13th April 2012

Booz & Company 43

Name Acceleratore del Politecnico di Milano Website www.ai.polimi.itFoundation Year 2000 Contact 02 2399 2991

Overview Targets Services for incubated companies Promotion of “Start Cup Milano Lombardia” Organization of meetings and promotional activities Main industries of interest:

– ICT– Bioengineering– Clean Technologies– Design– Innovation services

Aspiring entrepreneurs Start ups Managers interested in sharing their competences Companies interested in collaborating with the centre and with new

start ups Investors interested in participating to the capital of start ups or

using the R&D structure

Incubated companies64 totally (actually 19)

Name M31 Website www.m31.comFoundation Year 2006 Contact 049.7811811

Overview Targets US based Venture Capital with the aim of connect Italian

companies with US market and Venture Capital community M31 objective is the creation and growth of innovative

companies in the ICT fields

Young Italians interested in creating new businesses Italian start ups in innovative industries (Biomed, Clean Tech, Web

& digital media, ICT) interested in creating a bridge with US marketand investors

Managed fund10 M €

13th April 2012

Booz & Company 44

Name H Farm Website www.h-farmventures.comFoundation Year 2005 Contact 0422.789611

Overview Targets H-Farm is a Venture Incubator with the aim of accelerate the

development of Internet startups via a combination of seedinvestment and incubation services.

The Venture Incubator is a hybrid model that reflects the dualsoul of H-Farm: that of Venture Capitalist and that of Incubator.As a VC they invest seed capital, granting the financenecessary for the early stage activities; as an incubator theyprovide a series of services to speed up the businessdevelopment

Aspiring entrepreneurs and start uppers in the internet sector

Current portfolio

23 companies

Name Digital Magics Website www.digitalmagics.comFoundation Year 2004 Contact 02.52505.1

Overview Targets Create an incubator for online initiatives Provide an aid to start ups through financial, administrative,

strategic, logistical, technological and marketing services aswell as business management support

Seed stage companies in the internet field

Available Funds16 mln € invested

13th April 2012

Booz & Company 45

Name Incubatore di Navacchio Website www.incubatoreimpresa.itFoundation Year 2003 Contact 050.754702

Overview Targets the INCUBATOR, managed by Polo Navacchio spa, has been

conceived and equipped to make easier the most critical stageof a company, its start- up. In the Incubator the best businessideas are selected and they are integrated into a system ofrelationships of orientation and support, so that they candevelop and start up successfully on the market.

Service to support the birth, the starting up and the competitivedevelopment of “new companies” and spin offs in the hi-techfield

Start ups in the following industries:– Robotics/sensor– Non-destructive diagnostic– Energy/environment– Services– Electronics– ICT

Incubated companies29 companies incubated from 2003 to 2012

Name Tecnopolis PST Website www.tecnopolispst.it/Foundation Year 2008 Contact 080.4670663

Overview Targets Tecnopolis is a consortium with the aim of manage the

activities of Technological Park of the University of Bariincluding:

– Management of technological services– Attraction and retention of R&D centres, innovative start

ups, researchers– Creation of innovative start ups and academic spin off– Technology transfer

R&D centers Entrepreneurs Start ups Companies interested in training session

Results achieved

13th April 2012

Booz & Company 46

Name CISI scrl Website www.cisiscrl.comFoundation Year 2008 Contact 02.50320900

Overview Targets CISI scrl operates in the Biotechnology-Life Sciences arena

with the aim of help entrepreneurs develop their innovations intosolid technologies and companies through the access to a lifescience incubator structure that provides a range of servicesand skills to help scientific entrepreneurs to develop andenhance their portfolio of projects and innovative ideas.

Entrepreneurs Start ups Companies in the life science industry

Fund managed

Name Triboo R&D incubator Website www.triboo.it/en/r-d-incubator/r-d-incubator

Foundation Year N/A Contact N/A

Overview Targets Triboo Spa is a holding company operating on the Italian and

international internet markets and incorporates a number ofcompanies and services in e-commerce, Web marketing,interaction design and online advertising, offering acomprehensive range of services which includes a specialincubator for web start ups

Start ups in internet fields

Incubated companies9 companies

13th April 2012

Booz & Company 47

Name Innovami Website www.innovami.itFoundation Year 2005 Contact 0542.643970

Overview Targets INNOVAMI sustains the creation and growth of start ups and

companies in the region of Emilia Romagna through the shareof knowledge and technology

Companies and start ups in the following industries:– Industrial automation– ICT– Electronics– Environment– Energy


Name We techoff Website www.wetechoff.euFoundation Year N/A Contact 051 6398099

Overview Targets We Tech Off is the new project that supports the creation of

innovative enterprises in Emilia-Romagna, through the supply ofservices for potential entrepreneurs and technological start-ups.

The purpose of We Tech Off is to promote the entrepreneurshipculture sustaining projects with strong innovativecharacteristics.

Aspiring entrepreneurs with innovative idea


13th April 2012

Booz & Company 48

Name Istituto Superiore Mario Boella Website www.ismb.it

Foundation Year 2000 Contact [email protected]

Overview Targets

Istituto Superiore Mario Boella (ISMB) is a research &innovation center operating in the Information andCommunication Technologies (ICT) domain. Founded byCompagnia di Sanpaolo and Politecnico di Torino, today ISMBrelies on the technological and process competences of around150 researchers working in close cooperation with companies,academia and Public Administration.

It plays an active role not only in devising innovative solutions,but also in their implementation and consequent developments.This approach represents a step forward with respect totechnology transfer, and in this sense the evolutionary lines ofEuropean research are taken into account.

Researchers Companies interested in collaborating with the R&D centers Aspiring entrepreneurs or start ups interested in developing their

innovative idea

Projects

106 projects among completed or ongoing

13th April 2012

Name Almacube Website www.almacube.comFoundation Year N/A Contact 051.4200311

Overview Targets AlmaCube is the Incubator of the University of Bologna ,

founded jointly with Fondazione Cassa di Risparmio di Bolognain Bologna and Fondazione Alma Mater to promote and sustainentrepreneurship in the local University system.

AlmaCube offers spaces and logistic services as well asrelational capital through direct links to local economic andpolitical institutions and individual actors to young start-ups.

AlmaCube does not participate financially in the start-upshosted, but actively promotes and facilitate funding contactsand processes with professional investors

Academic projects Only early stage start ups

Incubated companies

14 companies currently incubated

Booz & Company 49

Name PST Valle Scrivia Website www.pst.itFoundation Year N/A Contact 0131 860115

Overview Targets P.S.T. S.p.A. is related to the promotion and the development of

the Park, with the management of on site properties and withsupporting the transfer of technological know-how tobusinesses

P.S.T. S.p.A. studies and sets up marketing strategies and aimsto attract to its own site and the territory in general new nationaland international investments. They collaborate with theregional body CEIP to attract foreign industrial investments tothe Piedmont territory

Companies and entrepreneurs interested in investing in Piemonte Companies interested in hiring a place inside the park dedicated

to R&D activityResults achieved

13th April 2012

Name Creaimpresa Website Creaimpresa.itFoundation Year 1989 Contact [email protected]

Overview Targets Consulting services for aspiring entrepreneurs They provide the “creimpresa kit” that is a business plan guide

to success in all industries They provide an online incubator in order to gather all kinds of

information and support for starting new business

Aspiring entrepreneurs Start up companies willing to expand their business

Results achieved

Booz & Company 50


A Call for Action


13th April 2012

Initiatives


Venture Capital

Public Association

Booz & Company 51

Name Innogest Website www.innogest.itFoundation Year 2005 Contact

Overview Targets Innogest is the most important VC in Italy. They invest in

companies in early stages (less than 5 years old companies)with initial investment in the range of 200.000-2 M €

The main industries of interest are:– Advanced mechanics– New materials– Ict– Biomedical technology and appliances– Clean energy– Innovative services

Start ups and aspiring entrepreneurs in double digits growth market

Managed fund

80 M €

Name Eporgen Website www.eporgen.comFoundation Year 2005 Contact 0125 561000

Overview Targets Private venture capital dedicated to seed capital investments in

the area of life sciences. Eporgen’s mission is to identify and select innovative projects in

the area of life sciences, in which it invests in order to create abalanced portfolio of small start-up companies that aresupported in their management and controlled by Eporgen.

Aspiring entrepreneurs and start ups in the life sciences field

Managed fund7.8 M €

13th April 2012

Booz & Company 52

Name Genextra Website www.genextra.itFoundation Year 2004 Contact 02 3651.5110

Overview Targets The mission of Genextra is to identify innovative research in life

science and to develop novel therapies and tools by creatingsuccessful business initiatives in a sustained and long termway.

Genextra's holding structure is designed to increase theprobability of success of business initiatives that become part ofthe Group by providing specialist management as well asfinancial support to a new company vehicle or an existing youngstart-up

Aspiring entrepreneurs and first stage companies in life sciencessector

Managed fund

Managed 36 M €/ available 96 M €

Name Mp Venture Website www.mpventure.itFoundation Year 2001 Contact 0552498348

Overview Targets MPVENTURE’s investment policy is focused on the Italian mid-

market. The targets of the closed end funds managed by MPVENTURE

are Italian companies with development and internationalizationplans. Also companies in which generational handover andchanges in the ownership structure create opportunities ofreorganization of the business are preferred targets.

Target companies are characterized by high potential valuecreation thanks to business model, market positioning, advancedtechnologies, brand leadership and world-wide developmentstrategies

Managed fund86 M € (Mp venture fund 3)

13th April 2012

Booz & Company 53

Name Alice Ventures Website www.aliceventures.itFoundation Year N/A Contact [email protected]

Overview Targets Leading venture fund management firm in Europe and Israel,

with two most significant hubs of activity – Israel and the UK The Alice Ventures trademark is its multinational and

multidisciplinary team of seasoned professionals with strongreal-life experience from the medical, financial, venture capital,semiconductor and telecommunications fields

Start uppers looking for defining strategies Companies interested in expanding their activities Companies looking for recruiting new executives Companies facing with fundraising issues


Name Atlante Ventures Website www.atlanteventures.com


Overview Targets Seed, promoted by Intesa Sanpaolo group, invest in innovative

companies with high growth potential, with particular attention tothose belonging to the high technology sectors

Atlante provides to SME with:– Required capital for growth– Business and managerial expertise developed by the

Fund– Networking opportunities allowed by being part of Intesa

Sanpaolo Group

High growth potential SME and Startups Atlante Ventures Mezzogiorno is dedicated to companies (startups

and SME) developing ICT investments in Southern Italy

Managed fund

55 M € under management

13th April 2012

Booz & Company 54

Name Principia Website www.principiasgr.itFoundation Year N/A Contact 02 36589750

Overview Targets Principia sgr manages 2 venture capitals funds with the aim of

support with managerial and financial aids, Italian start ups andcompanies.

Aspiring entrepreneurs and start uppers with innovative idea and agood team

Managed fund

63 M €

Name Fondamenta SGR Website www.fondamentasgr.comFoundation Year 2000 Contact 02.7214.7746

Overview Targets Holding company with different funds under management

including 2 venture capital funds:– Vertis sgr: venture fund focused on early stage and seed

financing– TT Venture: venture fund dedicated to technological

transfer and to innovative researches

Existing companies Start ups Researchers Academic/Corporate spin off


13th April 2012

Booz & Company 55

Name 360 Capital Partners Website www.360capitalpartners.comFoundation Year 2007 Contact 02 36.56.09.50

Overview Targets 360° Capital Partners is a Venture Capital firm, investing in

Innovation at full scale, in Europe and more particularlyin France and Italy

360° Capital Partners has the following asset allocationstrategy:

- at least 85% Venture Capital investments, in Innovativeearly stage companies- up to 10% Public Companies investments, in High-Growthsmall cap- up to 5% Seed Capital investments, in high Technologydriven projects

European start ups in high growth and innovative industries

Fund managed

Over 100 M € under management

Name Dpixel Website www.dpixel.it


Overview Targets Financial and managerial support for early stage companies in

internet field Aspiring entrepreneurs in internet field

Results achieved12 companies have been supported/ 9 M € fund (+7,5 M € WorkingCapital)

13th April 2012

Booz & Company 56

Name Banner Ventures Website www.bannerventures.comFoundation Year N/A Contact [email protected]

Overview Targets Banner Ventures LLC is a newly formed global venture capital

company with offices in the U.S., Asia and Europe (Milan),focused on helping talented entrepreneurs build exceptionalcompanies through human and financial capital support.

Their objective is to bring to high-potential companies a wealthof relationships across various industries and regions.

Aspiring entrepreneurs or young companies interested inknowledge and capital support

Fund manage

Name Zernike Meta Ventures Website www.zernikemetaventures.comFoundation Year 1987 Contact [email protected]

Overview Targets Zernike Meta Ventures is an holding company specialized in

finance for innovation and new businesses creation, it is anItalian-Dutch joint venture between Zernike Group and METAGroup

ZMV consists of a team of professionals who provide investeecompanies with an extensive network of contacts, advice for theprocurement of any additional financial resources, theidentification of managerial and professional expertise, andsupport service for accelerating the commercialization ofproducts through the available global network

Zernike manages also 3 regional funds

Small companies interested in founding a network Aspiring entrepreneurs in innovative fields

Companies in portfolio

5 companies in portfolio

13th April 2012

Booz & Company 57


A Call for Action


13th April 2012

Initiatives


Venture Capital

Public Association

Booz & Company 58

Name Italian Angel for Growth Website www.italianangels.netFoundation Year 2007 Contact 02 76022952

Overview Targets IAG aims to finance industrial projects during early-stage

presenting a high level of innovation and potential for success,to realise a profitable exit for the Angels in about 5 years.

Through the funding supports entrepreneurship, innovation andresearch in Italy by helping to promote sustainable developmentin the long term.

Start ups companies in any sectors where they have at least oneexpertise

Results achieved14 companies in portfolio

Name Techno Seed ICT incubator Website www.friulinnovazione.itFoundation Year 1999 Contact 0432.629911

Overview Targets Techno Seed incubator offers the opportunity to test a new

business idea before starting a new enterprise and to reducecosts and administrative difficulties related to its launch.

Techno Seed selects innovative ideas based on Information andcommunication technology (ICT) and provides assistanceincluding business plan, testing the idea’s eligibility, finding outfunds and financial opportunities, setting up and launching anew enterprise

Once the new enterprise has been set up, it could have an areaequipped at the Science and Technology Park to host the start-up (up to 3 years) as well as the assistance of qualifiedconsultants and financial supports.

Aspiring entrepreneurs in the ICT sector interested in startingbusiness in Friuli region

Incubated companies

15 companies

13th April 2012

Booz & Company 59

Name Piemonte High Technology Website www.piemontech.itFoundation Year 2005 Contact [email protected]

Overview Targets Venture Capital with the aim of invest in the most innovative

companies in Piedmont with investments in the range of100.000-400.000 €

Innovative companies located in Piedmont with new technologiesable to give them a competitive advantage

Main industries of interest:– ICT– Biotechnology– Advanced mechanics– Energy– Innovative services

Results achievedPiemontech has actually 10 companies in its portfolio

Name IMAST Website www.imast.bizFoundation Year N/A Contact 081 5519586

Overview Targets IMAST realizes an integrated system of research, high

education, and technological innovation. It fosters thedevelopment of knowledge as well as innovative application ofproducts and technologies within Campania region.

IMAST integrates the public and private research. It assures thetransfer of research results to the enterprises. Its aim is toimprove the results, to spread information to the SMEs and toencourage the start-up of new enterprises. It manages higheducation projects in order to satisfy the growing demand fornew professional figures.

Young people interested in growing professionally in a dynamictechnological field

Companies looking for innovative initiatives Researchers interested in working in a challenging and

international environment Aspiring entrepreneurs in the field of polymeric and composite

materials

Results achieved

2 start ups have been launched

13th April 2012

Booz & Company 60

Name Invitalia Website www.invitalia.itFoundation Year 2007 Contact

Overview Targets INVITALIA Agenzia nazionale per l'attrazione degli investimenti e

lo sviluppo d'impresa S.p.A. is a special-purpose undertakingestablished at central government level with the mission,especially with regards to the Southern regions of the country, of:

– foster the attraction of high-quality foreign investments, asa contribution to the overall development of the country'seconomic and production system

– develop industrial and entrepreneurial innovation andcompetitiveness in the production sectors and regionalsystems

– promote the competitiveness and potential for attraction ofthe regions concerned

Aspiring entrepreneurs interested in starting business in Italy Investors interested in investing in Italian companies Companies looking for human or financial support

Results achieved

13th April 2012

Name BIC Lazio Website www.biclazio.itFoundation Year N/A Contact 06 803 680

Overview Targets BIC Lazio is an in house providing company of Regione Lazio

with the aim of:– Spread entrepreneurial culture within the region– Boost entrepreneurial initiative above all in innovative

sector– Promote collaboration among companies– Promote local development

Aspiring entrepreneurs interested in starting business in Lazio Companies located within the region

Results achieved

Booz & Company 61

Name BAIA Website www.baia-network.orgFoundation Year 2006 Contact [email protected]

Overview Targets• BAIA (business association Italy America) is a business network

created by and for entrepreneurs, managers, and professionalsoperating between Italy and the US. As a nonprofit, BAIA is acollaborative organization open to new members and focusedon promoting innovation.

Entrepreneurs, managers, professionals and start uppers lookingfor creating a network among

Results achieved

Name Agenzia per l’innovazione Website www.aginnovazione.gov.itFoundation Year N/A Contact 02.8515.5063

Overview Targets The Agency for the Promotion of Technologies for Innovation is

Italy's national innovation agency and was established with thegoal of enhancing the small and medium size enterprises andindustrial districts competitive potential by means of innovativetechnologies and processes

Helping Italian ministries and government to get public funds and tofoster economic and innovation growth

They works to achieve best results in order to improve Italianeconomy

Fund managed

13th April 2012

Booz & Company 62

Name Italian Consulate Boston Website www.consboston.esteri.itFoundation Year N/A Contact 722-9201/02/03

Overview Targets A special section of consulate offers specific services in order to

foster and assure the best results in terms of encouragingentrepreneurs and officials from U.S. and from Italy to tightenand promote trade and business relationships.

Italian entrepreneurs and companies interested in promoting Italianproducts and services in Boston area

Results achieved

Name Italian Consulate San Francisco Website www.conssanfrancisco.esteri.itFoundation Year N/A Contact (415) 292-9200



Italian entrepreneurs and companies interested in promotingItalian products and services in SF area

Results achieved

Name Italian Consulate New York Website www.consnewyork.esteri.itFoundation Year N/A Contact 212 737-9100



Italian entrepreneurs and companies interested in promoting Italianproducts and services in the Tri-State Area

Results achieved

13th April 2012

Booz & Company 6313th April 2012

Name American Chamber of commerce Website www.amcham.itFoundation Year N/A Contact 02 87 21 21 03

Overview Targets They provide support to internationalization of Italian companies

by providing different services including:– Business analysis– Commercial services– Legal and fiscal assistance

Italian companies looking for expanding their activities overseasResults

italian international growth agenda ( 13 apr. 2013)

Economy & Finance