Date post: | 05-Dec-2014 |
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Economy & Finance |
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Startups + crowdfunding
@Centuria Innovazione Faenza, 2013 Credits Saul Klein template
EVCA, AIFI, Klein for data
Class 1967 Università di Torino, drummer/surfer 1995-‐97 Italia online 97/98 Lycos 99/02 Vitaminic, founder CEO 03/04 Buongiorno Vitaminic, M&A 05/06 Kite-‐surfing / sabbaPcal /angel investor 07/founder and chairman of dpixel www.dpixel.it Part Pme journalist and blogger (Sole 24 Ore / Wired / dgil.uz / CheFuturo) Kauffman Fellow (KFP Class 14) Mentor Fullbright, Startup Sauna (Helsinki) Teacher @LED Luiss, TechNest/Unical
nice to meet you
What we do ‘hands on venture capital’ @dpixel: - Acceleration (Barcamper >1.000 applications) - Seed fund (9m euro) vintage 2010 - 19 investments - 4 exits, 2 writeoffs
Advisor of Telecom Italia Working Capital: - 30 grants 3.000 applications) - 25k euro + acceleration program - Managing accelerator of Lambrate (Milano)
How does the Italian innovaPon ecosystem looks like?
loosely connected small islands
What we aim for
New legal framework for startups in Italy: -‐ Fiscal incenPves for investors (20% tax deducPon) -‐ Less red tape, more flexibility on labour (6 months contracts
renewable for 4 years) -‐ Less painful to fail (bankrupcy law exempPon) -‐ Srls are treated like Spa (can issue shares classes and opPons) -‐ Stock opPons and work for equity (tax free) -‐ Equity crowdfunding regulated first country in the world to issue a
regulatory framework through Consob (1 equity plaiorm approved, 4 under approval)
-‐ Simplified bankrupcy process -‐ CerPficaPon of incubators -‐ Access to 2,5m debt guarantee for bank loans -‐ Startup visa (upcoming) -‐ Fund of funds (in the works)
Registro Startup oggi: 1.344 startup iscritte al registro di Infocamere, 12 incubatori certificati
TOP FIVE! 269 Lombardia
146 Emilia Romagna 137 Lazio
117 Veneto 114 Piemonte
50% delle startup
Italy (AIFI, 2012) in a snapshot: 28 firms acPve in early stage
136 investments totalling 135 mln euro 40% high tech
46% iniPal -‐ 54% follow on
Some home truths about business of innovation
10k business ideas
1k firms started
100 VC funded
20 IPO
2 market leaders
Nobel Prize in
Economics 2006
Professor Edmund Phelps
Less than 10% of business ideas even get started
55% of US venture capital investments are written off
0
5
10
15
20
25
30
35
40
45
50
x<0.5 0.5<=x<1 x=1 1<x<2 2<=x<5 x>=5
% Cost % Value
62% of EU investments are written off
0
10
20
30
40
50
60
x<0.5 0.5<=x<1 x=1 1<x<2 2<=x<5 x>=5
% Cost % Value
But the capital which survives, backs businesses accounting for 21% of US GDP…..
1978 1981 1987 1995 1995 1997 1999 1999 2005
and $1.4tn in new market value
creaPng 440k new jobs
with $545bn in new annual revenue
serving >1bn customers
Source: HIS Global Insight
In fact if you have something to offer there are now 3bn people connected to you
4,2 trillion $ market opportunity
In Europe we are starPng to build waves of similar dimensions
And we have a generation with nothing to lose….
0,02% of GDP invested in venture capital in Europe
2012 (0,17% in the US)
European outlook
35x difference
0,17% in the US (10x Europe)
3.2 BN invested in 2012 (-14%) 2.900 startups funded by 556 firms
0,1BN seed 1,8BN early stage 1,3BN later stage
.
1,9BN divested by venture in 2012 (1.000 companies)
5 IPO
159 trade sale
300 write offs/sale to mgmt
Plus a new generation of angels, superangels, angel networks, accelerators, seed funds,
incubators
And a new generation of funding and crowdfunding platforms
Startups
SMEs
How it all started: donation based
then reward based
then equity crowdfunding
SEC regulation about to be issued: 1 mio USD (yearly) for any company through
regulated portals
How does it work in Italy -‐ Startups can raise up to 5m euro on authorized plaiorms
(banks, SIM, special list by Consob) -‐ 1 plaiorm authorized, 4 under process -‐ Campaign must be subscribed at least 5% by qualified
investors in order to be completed -‐ Qualified investors: banks, bank foundaPons, SIM and
Incubatori cerPficaP -‐ Consob regulaPon issued defines responsabiliPes for the
issuer, the plaiorm -‐ Diripo di recesso -‐ 500 euro per order max MIFID exempPon (1.000 euro per
year max), 5k / 10k for companies MIFID exempPon -‐ orders must be passed through bank or SIM