ItaliaStartup Report WhoIsWho

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The Italian Startup

Ecosystem:
Whos Who
CONTENTS
. Preface by The Italian Ministry of Economic Development
3
. Introduction
5

5
1.
The Italian Startup Ecosystem: the players
7
1.1.Innovative Startups
10
1.2.Funded Startups
11
1.3.Institutional Investors
12
1.4.Incubators and Accelerators
13
1.5.Science and Technology Parks
14
1.6.Coworking spaces
15
1.7.Startup competitions
16
1.8.Associations, Online Resources & Communities
17

17
2.
The Italian Startup Ecosystem: the regions
19
2.1.Valle dAosta
20
2.2.Piemonte 21
2.3.Lombardia 22
2.4.Veneto 23
2.5.Trentino-Alto Adige
24
2.6.Friuli-Venezia Giulia
25
2.7.Liguria
26
2.8.Emilia-Romagna 27
2.9.Toscana 28
2.10.Marche 29
2.11.Umbria 30
2.12.Lazio 31
2.13.Abruzzo 32
2.14.Molise 33
2.15.Campania 34
2.16.Puglia 35
2.17.Basilicata 36
2.18.Calabria
37
2.19.Sicilia 38
2.20.Sardegna 39

39
3.
Investments in hi-tech startups in Italy
41
3.1.Investments 42
3.2.Funded Startups
44

44
. Methodology
47
| 1 |
. Preface
by The Italian Ministry of Economic Development
Dear reader,
As you might already know, Italy has recently passed
robust and innovative legislation recognising the role
the startup ecosystem plays in promoting sustainable
growth, technological development and employment,
especially for young people.
With the same goal in mind, this publication aims to
give you a picture of who in Italy is engaged in making
our country more innovative and competitive.
At the Italian Ministry of Economic Development, the
institution that drew up and implemented the new legislation, we believe that startups can considerably help
our country develop a new business culture, create an
atmosphere open to entrepreneurship and innovation,
increase social mobility and attract investment and talented people from abroad.
We are confident that, while reading through the
following pages, you too will be impressed by the
richness and variety of the Italian startup ecosystem. We hope you will be inspired to explore deeper by looking up the online version of this project
(www.italiastartup.it/whoiswho, a living document
subject to continuous update and improvement) and
get in touch with some of Italys top players in this
industry.
As you can imagine, this new generation of innovative

companies was born earlier than our policy, which was
approved in 2012. Our startup ecosystem had to struggle for many years before receiving the public recognition it deserves.
However, you might be glad to know that thanks to our
legislation Italys startups can now benefit from a huge and
diverse range of incentives, support and benefits, including:
1. No registration fees for the creation and registration of a startup;
2. Tailored and flexible labour law applicable within
their team;
3. Possibility to remunerate team members and consultants with stock options and work for equity
respectively, and to
4. split the workers salary in two parts, one fixed
and one dynamic, the latter depending on the performance of the startup;
5. Tax credits for the employment of highly qualified personnel;
6. Tax incentives for corporate and private investments in startups for the years 2013, 2014, 2015
and 2016, ranging from 19 to 27%;
7. More flexible corporate governance tools;
8. Access to equity crowdfunding portals (by the
way, Italy has become the first country in the world
to introduce a legal framework for this type of fundraising);
| 3 |
9. Fast-track, simplified and free-of-charge access for

startups to a government fund providing guarantees on bank loans of 80%;
10. Targeted and tailored support in internationalisation,
provided by the Italian Trade Promotion Agency;
11. Fail-fast procedure, allowing the entrepreneur to
start a new business project as soon as possible.
Moreover, the recent policy Destinazione Italia
(destinazioneitalia.gov.it/english), whose goal is to attract foreign investment and improve the competitiveness of Italian firms, includes further measures
supporting the Italian startup ecosystem, such as fast-
track procedures to provide anyone choosing to start

up an innovative business in Italy with a Startup Visa.
These developments attest the continuity and perseverance of our commitment to supporting innovative
startups and startup-related businesses.
We are really determined to make entrepreneurs lives
easier. Interacting and sharing skills with overseas talent like you can contribute to this goal.
We really hope you enjoy getting to know the world of
Italian startups.
THE ITALIAN MINISTRY

OF ECONOMIC DEVELOPMENT
| 4 |
. Introduction
Italia Startup and the Politecnico di Milano School of

Managements Osservatori Research Centre, in collaboration with SMAU and officially supported by the Ministry of Economic Development, are pleased to present
The Italian Startup Ecosystem: Whos Who. It is a permanent initiative, whose objective is to provide both the
national politico-economic system and international
stakeholders with an accurate and continually up-todate picture of the main players in the Italian startup
ecosystem.
The project is closely connected to the first Osservatorio Italia Startup-Politecnico di Milano, which was also
introduced at SMAU: an Observatory that provides a
quali-quantitative analysis of the Italian startup ecosystem and the dynamics that characterise it. This publication presents the Observatorys initial analysis of
the investments made in hi-tech startups in Italy in the
last two years.
The map is a complementary tool, which is online, dynamic, and regularly updated, that represents a starting point from which to monitor the ecosystem. It will
be made available in two formats:
a printed publication that summarises using digital infographics for Italy as a whole and for each
individual Region the main players that make up
the startup ecosystem in Italy; the first publication
will be distributed at SMAU Milan 2013, but will be
updated and reprinted several times a year in correspondence with the other regional sessions of the
SMAU Roadshow;
an online map, updated regularly, subdivided into
the same categories as the publication, where it is possible to consult the profile of each recognised player,
including internet site and contact information
(www.italiastartup.it/whoiswho).
The ecosystem members displayed on the map belong
to the following categories: innovative startups (according to the definition established by law through
Decreto Sviluppo Bis), funded startups, institutional
investors, incubators and accelerators, scientific and
technological parks, coworking spaces, startup competitions, associations, online resources & communities. Inspired by similar initiatives in other countries, this project provides a picture that identifies the
main players in Italy, subdivided into regional areas,
that portrays the full extent of the national ecosystem
in real time.
All ecosystem players that are not shown on the map,
but wish to be included, are invited to click on the button tell us who you are available on the Association
website (www.italiastartup.it).
To underline the extent of internationalisation that underlies this project, with strong backing from the Min-
| 5 |
istry of Economic Development, the publication and

the online map are published in English.
This important project is the first of its kind in Italy.
It was established with the aim of creating a structure
within a complex, heterogeneous and rapidly evolving
sector and is a strategic asset for the country.
By supporting this important initiative along with its

partners, Italia Startup confirms its role not only as
an entity charged with developing a constructive dialogue with the institutions but also as a frontline player in the realisation of a solid and competitive Italian
startup ecosystem, aiming to turn Italy too into a real
startup nation.
FEDERICO BARILLI
ITALIA STARTUP
ANDREA RANGONE
SCHOOL OF MANAGEMENT
POLITECNICO DI MILANO
| 6 |
1.
The Italian Startup
Ecosystem: the players
| 7 |
LAST UPDATE, OCTOBER 14TH 2013
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See Methodology for the definitions

of all the categories of ecosystem members
FOR THE NAMES AND CONTACT INFORMATION OF THE PLAYERS MENTIONED ON THIS PAGE,
PLEASE VISIT THE WEBSITE WWW.ITALIASTARTUP.IT/WHOISWHO
Ct
| 8 |
GEOGRAPHICAL DISTRIBUTION
FUNDED
STARTUPS
INNOVATIVE
STARTUPS
north
%
46
INCUBATORS
AND ACCELERATORS
INSTITUTIONAL
INVESTORS
north
%
50
north
%
73
north
%
45
centre
36
centre
26
centre
23
centre
34
south
14
south
28
south
south
21
COWORKING
SPACES
SCIENCE
AND TECNOLOGY
PARKS
STARTUP
COMPETITIONS
ASSOCIATIONS, ONLINE
RESOURCES
& COMMUNITIES
north
%
45
north
%
57
north
centre
28
centre
29
centre
27
centre
33
south
27
south
14
south
15
south
%
58
north
%
67
NUMBERS
* According to the definition of innovative startup
INNOVATIVE STARTUPS *
established by law through Decreto Sviluppo Bis
FUNDED STARTUPS
INSTITUTIONAL INVESTORS
PUBLIC
PRIVATE
INCUBATORS AND ACCELERATORS
PUBLIC
PRIVATE
SCIENCE AND TECHNOLOGY PARKS
PUBLIC
PRIVATE
COWORKING SPACES
STARTUP COMPETITIONS
ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES

ASSOCIATIONS
ONLINE RESOURCES & COMMUNITIES
| 9 |
1.1.INNOVATIVE STARTUPS
TOT
1227
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
INNOVATIVE
STARTUPS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
50
north
Ro
Ra
centre
36
south
14
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Last update, October 14th 2013.

It is continuously updated and can be consulted,
together with a vast range of information on each startup,
at http://startup.registroimprese.it/report/startup.pdf
Ct
Sr
| 10 |
1.2.FUNDED STARTUPS
TOT
113
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
FUNDED
STARTUPS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
46
north
Ro
Ra
centre
26
south
28
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 11 |
1.3.INSTITUTIONAL INVESTORS
TOT
32
PUBLIC
PRIVATE
26
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
INSTITUTIONAL
INVESTORS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
73
north
Ro
Ra
centre
23
south
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 12 |
1.4.INCUBATORS AND ACCELERATORS

TOT
97
PUBLIC
64
PRIVATE
33
certified
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
INCUBATORS
AND ACCELERATORS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
45
north
Ro
Ra
centre
34
south
21
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 13 |
1.5.SCIENCE AND TECHNOLOGY PARKS

TOT
40
PUBLIC
37
PRIVATE
certified
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
SCIENCE AND
TECHNOLGY
PARKS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
45
north
Ro
Ra
centre
28
south
27
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 14 |
1.6.COWORKING SPACES
TOT
65
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
COWORKING
SPACES
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
57
north
Ro
Ra
centre
29
south
14
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 15 |
1.7.STARTUP COMPETITIONS
TOT
33
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
STARTUP
COMPETITIONS
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
58
north
Ro
Ra
centre
27
south
15
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 16 |
1.8.ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES

TOT
20
ASSOCIATIONS
7
13
ONLINE RESOURCES
& COMMUNITIES
Bz
Vb
Ao
Vc
To
Bs
Lo
Vi
Pr
Tv
Pd
Ts
Ve
Pv
Al
Cn
Vr
Pd
Bg
Mi
ASSOCIATIONS,
ONLINE RESOURCES
& COMMUNITIES
Ud
No
Bi
Tn
Co
Mo
Fe
Bo
Ge
67
north
Ro
Ra
centre
33
south
Fc
Pt
Lu
Pi
Pu
Fi
Li
Si
Gr
Ar
An
Pg
Ap
Tr
Pe
Rt
Aq
Rm
Fr
Cb
Ba
Ss
Na
Sa
Pz
Mt
Le
Ca
Cs
Kr
Cz
Vv
Pa
Me
Cl
En
Ct
Sr
| 17 |
2.
The Italian Startup
Ecosystem: the regions
| 19 |
2.1.VALLE DAOSTA
OG
OR
RK
PA
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
T
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TO LE
BA CE
CU AC
D
CE N
N CH
IE TE
SC ND
A
IN
PS
ES
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 20 |
0
0
0
2
0
0
PERCENTAGE OF ITALIAN TOTAL
AR
IV
ST
AT
OV
DE
FU
Ao
0
0
0
0
2
0
0
6
NUMBERS
2.2.PIEMONTE
NUMBERS
111
10
N
S
OG
Y
PA
RK
To
Vc
Al
Cn
3
15
13
9
0
3
| 21 |
ES
No
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N
LI UN
ON MM
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N CO
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CI CE
SO UR
AS ESO
R
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OR
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P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
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TO LE
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CU AC
D
AN
TU
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AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
Vb
Bi
2.3.LOMBARDIA
NUMBERS
232
39
19
18
14
12
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
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P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
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TO LE
BA CE
CU AC
D
AN
TU
PS
AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Co
Bg
Mi
Bs
Lo
Pv
36
22
13
19
60
30
| 22 |
2.4.VENETO
NUMBERS
113
17
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
TU
PS
AR
TU
ST
T
RS RA
TO LE
BA CE
CU AC
D
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Vr
Vi
Tv
Pd
Ro
18
12
8
6
10
11
| 23 |
Ve
2.5.TRENTINO-ALTO ADIGE
NUMBERS
62
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
AN
TU
PS
AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Bz
Tn
0
2
8
4
0
0
| 24 |
2.6.FRIULI-VENEZIA GIULIA
NUMBERS
48
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
TU
PS
AR
TU
ST
T
RS RA
TO LE
BA CE
CU AC
D
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Ud
Pd
Ts
0
3
5
4
3
1
| 25 |
2.7.LIGURIA
OG
OR
RK
PA
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
T
RS RA
TO LE
BA CE
CU AC
D
PS
ES
CE N
N CH
IE TE
SC ND
A
IN
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 26 |
0
3
0
0
0
0
AR
IV
ST
AT
OV
DE
FU
Ge
0
0
2
0
0
0
0
23
NUMBERS
2.8.EMILIA-ROMAGNA
NUMBERS
135
11
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
AN
TU
PS
AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Pr
Mo
Bo
Fe
Ra
Fc
3
9
3
12
3
4
| 27 |
2.9.TOSCANA
NUMBERS
92
12
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
TU
PS
AR
TU
ST
T
RS RA
TO LE
BA CE
CU AC
D
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Pt
Lu
Pi
Li
Si
Gr
Fi
6
8
10
13
3
6
| 28 |
Ar
2.10.MARCHE
RK
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
PA
ES
An
N
KI
OR
W ES
CO AC
OG
OR
PS
SP
OL
T
RS RA
TO LE
BA CE
CU AC
D
CE N
N CH
IE TE
SC ND
A
IN
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 29 |
3
3
0
1
3
2
AR
IV
ST
AT
OV
DE
FU
Pu
0
1
2
0
1
1
2
61
NUMBERS
2.11.UMBRIA
OG
OR
RK
PA
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
T
RS RA
TO LE
BA CE
CU AC
D
CE N
N CH
IE TE
SC ND
A
IN
PS
ES
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 30 |
0
0
8
1
0
2
AR
IV
ST
AT
OV
DE
FU
Tr
Ap
Pg
0
0
0
3
1
0
2
11
NUMBERS
2.12.LAZIO
NUMBERS
120
10
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
AN
TU
PS
AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Rt
Rm
Fr
15
9
8
8
10
10
| 31 |
2.13.ABRUZZO
OG
OR
PA
RK
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
ES
IN
PS
Aq
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 32 |
0
0
0
2
0
1
AR
IV
ST
AT
OV
DE
FU
Pe
0
0
0
0
2
0
1
17
NUMBERS
2.14.MOLISE
OG
OR
RK
PA
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
T
RS RA
TO LE
BA CE
CU AC
D
CE N
N CH
IE TE
SC ND
A
IN
PS
ES
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 33 |
0
0
0
0
0
0
AR
IV
ST
AT
OV
DE
FU
Cb
0
0
0
0
0
0
0
8
NUMBERS
2.15.CAMPANIA
OG
OR
PA
RK
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
ES
IN
PS
Sa
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 34 |
3
0
10
6
3
11
AR
IV
ST
AT
OV
DE
FU
Na
0
1
0
4
6
1
11
49
NUMBERS
2.16.PUGLIA
OG
RK
PA
PS
OR
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
T
RS RA
TO LE
BA CE
CU AC
D
CE N
N CH
IE TE
SC ND
A
IN
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
ES
| 35 |
AR
IV
ST
AT
OV
DE
FU
Le
3
2
3
1
0
2
0
1
1
1
1
0
2
51
NUMBERS
Ba
2.17.BASILICATA
OG
RK
PA
PS
OR
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
ES
IN
AR
IV
ST
AT
OV
DE
FU
| 36 |
0
0
0
3
0
0
Mt
Pz
0
0
0
0
3
0
0
7
NUMBERS
2.18.CALABRIA
NUMBERS
15
N
S
OG
Y
OR
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
OL
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
TU
PS
AR
TU
ST
T
RS RA
TO LE
BA CE
CU AC
D
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Cs
Kr
Cz
Vv
3
2
8
1
0
4
| 37 |
2.19.SICILIA
NUMBERS
30
OL
Y
OR
OG
RK
PA
PS
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
CE N
N CH
IE TE
SC ND
A
T
RS RA
TO LE
BA CE
CU AC
D
AN
TU
PS
AR
TU
ST
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
IN
AR
IV
ST
AT
OV
DE
FU
ES
Pa
Me
Cl
En
Ct
Sr
3
9
3
6
0
4
| 38 |
2.20.SARDEGNA
OG
PA
RK
E ITI
N
LI UN
ON MM
S,
N CO
IO &
AT S
CI CE
SO UR
AS ESO
R
P IO
TU TIT
AR PE
ST OM
C
N
KI
OR
W ES
CO AC
SP
OL
ES
3
2
5
3
0
6
CE N
N CH
IE TE
SC ND
A
OR
T
RS RA
TO LE
BA CE
CU AC
D
Ca
IN
PS
AN
AL
N
IO
UT S
IT R
ST TO
N ES
V
IN
TU
PS
AR
TU
ST
| 39 |
AR
IV
ST
AT
OV
DE
FU
Ss
0
1
1
2
3
0
6
36
3.
Investments in hi-tech
startups in Italy
| 41 |
3.1.INVESTMENTS
TOTAL INVESTMENT IN HI-TECH STARTUPS IN 2012 AND 2013
120
112
110
* Values for 2013

are estimated
Million
100
80
60
40
20
0
2012
2013*
Year
DISTRIBUTION OF INVESTMENTS BY INVESTOR TYPE
2012
29%
"Institutional" Investors
Business Angels, Family Offices,

Incubators and Accelerators
71%
| 42 |
TOTAL: 112 Million
DISTRIBUTION OF INVESTMENTS BY SECTOR
2%
9%
2012
16%
Life Sciences
Cleantech and Energy
ICT
Other
73%
TOTAL: 112 Million
| 43 |
3.2.FUNDED STARTUPS
DISTRIBUTION OF FUNDED STARTUPS BY INVESTOR TYPE
2012
100%
TOTAL FUNDED STARTUPS: 167
80%
65%
60%
39%
40%
20%
0%
"Institutional" Investors
Business Angels, Family Offices,

Incubators and Accelerators
DISTRIBUTION OF FUNDED STARTUPS BY SECTOR
3%
2012
17%
Life Sciences
7%
Cleantech and Energy

ICT
Other
72%
| 44 |
DISTRIBUTION OF FUNDED STARTUPS BY REGION
2012
18%
North
Centre
22%
South and Islands
60%
BACKGROUND AND AGE RANGE OF STARTUP FOUNDERS
2012
17%
26%
30%
83%
Managerial
44%
< 30 years
Technical
Founder profile refers only to those startups that

obtained financing from Institutional Investors
| 45 |
> 40 years
30-40 years
. Methodology
The results presented in this report issue from two

main research activities carried out by the Osservatorio Italia Startup Politecnico di Milano:
the creation of a map depicting the Italian startup
ecosystem;
an assessment of investments in hi-tech startups in
Italy.
Italian startup ecosystem

The members of this ecosystem belong to the following
categories:
1. innovative startups: startups listed in the special
section of the Business Register held by the Chambers of Commerce;
2. funded startups: hi-tech startups that obtained financing in 2012 and/or 2013 from at least one of
the players in the institutional investors category;
3. 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.);
4. incubators and accelerators: public and private
incubators and accelerators that provide associated
services to support startups (mentorship, networking, etc.) in addition to rental space;
5. coworking spaces: work spaces specifically intended for startups that may also provide some addi-
tional services;
6. startup competitions: all competitions taking
place in 2013 were considered (already concluded
or planned by the end of the year);
7. science and technology parks: public and private
organisations whose primary aim is to promote
the growth and development of highly technological enterprises and facilitate the transfer of
knowledge and innovation from the University and research centres to the businesses based
there.
The creation of the ecosystem map involved two activities:
A census survey of the main players in each category
based on a review of secondary sources (online resources, press search, etc.);
Interviews with each identified player to understand
their actual role within the ecosystem.
The ecosystem map published in this Report is a snapshot of the ecosystem up to the 15th of October. However, given the nature of the studied phenomenon, the
mapping activity will be an open and dynamic process, with regular updates to the online version of the
ecosystem that will be available at the following link:
www.italiastartup.it/whoiswho.
All ecosystem players that do not appear on this first
release of the map, but wish to be included, can provide
| 47 |
us with information about their organisation through

the Italia Startup website (www.italiastartup.it) by
clicking on the button tell us who you are.
Investments in hi-tech startups in Italy
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 Angels;
all startups funded in 2012 and 2013 by the abovementioned investors.
Where possible, the amount actually paid during the
year was considered, rather than the total amount
committed.
Data collected from the 2012 IBAN survey was added
to the data collected through these primary sources (cf.
for additional information please consult the following
link: www.iban.it/Sintesi_Survey_2012.pdf ).
The Work Group

Coordination
Andrea Rangone, Politecnico di Milano
Federico Barilli, Italia Startup
Mattia Corbetta, Italian Ministry of Economic Development
Researchers and analysts
Andrea Cavallaro, Politecnico di Milano
Beatrice Rossi, Politecnico di Milano
Angelo Cavallo, Politecnico di Milano
Riccardo Dal Pr, Politecnico di Milano
Mario De Santo, Politecnico di Milano
Simone Trivini Bellini, Politecnico di Milano
Collaboration
IBAN Italian Business Angels Network
AIFI Associazione Italiana del Private Equity e Venture Capital
| 48 |

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S

The Italian Startup

by The Italian Ministry of Economic Development

As you can imagine, this new generation of innovative

9. Fast-track, simplified and free-of-charge access for

track procedures to provide anyone choosing to start

THE ITALIAN MINISTRY

Italia Startup and the Politecnico di Milano School of

istry of Economic Development, the publication and

By supporting this important initiative along with its

LAST UPDATE, OCTOBER 14TH 2013

See Methodology for the definitions

established by law through Decreto Sviluppo Bis

ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES

Last update, October 14th 2013.

1.4.INCUBATORS AND ACCELERATORS

1.5.SCIENCE AND TECHNOLOGY PARKS

1.8.ASSOCIATIONS, ONLINE RESOURCES & COMMUNITIES

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

PERCENTAGE OF ITALIAN TOTAL

TOTAL INVESTMENT IN HI-TECH STARTUPS IN 2012 AND 2013

* Values for 2013

DISTRIBUTION OF INVESTMENTS BY INVESTOR TYPE

Business Angels, Family Offices,

TOTAL: 112 Million

DISTRIBUTION OF INVESTMENTS BY SECTOR

TOTAL: 112 Million

DISTRIBUTION OF FUNDED STARTUPS BY INVESTOR TYPE

TOTAL FUNDED STARTUPS: 167

Business Angels, Family Offices,

DISTRIBUTION OF FUNDED STARTUPS BY SECTOR

Cleantech and Energy

TOTAL FUNDED STARTUPS: 167

DISTRIBUTION OF FUNDED STARTUPS BY REGION

South and Islands

TOTAL FUNDED STARTUPS: 167

BACKGROUND AND AGE RANGE OF STARTUP FOUNDERS

Founder profile refers only to those startups that

TOTAL FUNDED STARTUPS: 80

The results presented in this report issue from two

Italian startup ecosystem

us with information about their organisation through

The Work Group

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