InnovUp Launches Its Ten Proposals to Make Italy a Startup Nation

InnovUp – Italian Innovation & Startup Ecosystem , the Association that brings together and represents the Italian ecosystem of innovative entrepreneurship, has published a series of strategic proposals to strengthen and unite the innovation chain and encourage the construction of an Italian Startup Nation.

The premise is that Italy still suffers from a significant gap compared to its European competitors with investments in venture capital per capita which are 1/10 of those in France and 1/6 of those in Germany.

And this, despite exceeding the billion mark in funding raised for the third consecutive year and the resilience shown by Italian startups in response to the difficult political-economic situation of the two-year period 2022-2023.

Positive signs but there is still distance compared to the major European economies

However, there are already positive signs. The Italian resources destined for the innovation ecosystem are growing, thanks to the interventions of Cdp Venture Capital, which in its new Industrial Plan aims to mobilize up to 8 billion euros in 2028, and to the PNRR Funds for Corporate investments. But also thanks to the attraction of foreign capital and the phenomenon of second time founders.

Furthermore, the data shows how, in 2023, despite a reduction in overall investments mainly due to the absence of mega-rounds, the pre-seed and seed rounds recorded growth in both number and average size (+60% pre- seed and +84% seed in three years), helping to consolidate a new generation of Italian startups and promoting qualified employment in the country.

InnovUp proposes not only capital but also valorization of the potential of the ecosystem

In this scenario, InnovUp believes that, to enhance the potential of the Italian innovation ecosystem, capital is not sufficient but must be accompanied by a favorable competitive context to make Italy a true Startup Nation.

And it has therefore developed a series of practical proposals, including a plurality of measures that encourage innovative activity, already shared with the Ministry of Business and Made in Italy as part of the development of a Startup Act 2.0.

InnovUp proposals come from comparison with the membership base and from observation of the current regulatory context, which needs to be updated, for more than 10 years.

Cristina Angelillo , President of InnovUp, commented: “ We are confident that the implementation of these measures will lead to an increase in the competitiveness of our country with a consequent economic development and, above all, a growth in employment considering that, CERVED 2022 data, 67% of new jobs in Italy (around 360,000) were created by companies between 0-5 years old. Only by creating a new economy and new jobs – especially if of quality like that relating to startups – can we guarantee a prosperous and sustainable future for the country system.”

The 10 InnovUp proposals

InnovUp thinks that strengthening and systematizing incentives for investments in startups and innovative SMEs is crucial: financial support and regulatory simplification for investments in startups and innovative SMEs, in order to maximize their impact and make access to these incentives more efficient;

Review of the definitions and requirements for startups and innovative SMEs: updating of the criteria for access and permanence in the registers of startups and innovative SMEs to better reflect the nature and needs of the entrepreneurial ecosystem;

Review of the regulatory framework of certified incubators: adaptation of the rules that regulate the activities of the players in the supply chain to respond to market developments and enhance all the subjects active in the supply chain (incubators, accelerators, PSTs, startup studios/venture builders);

Incentives for internationalization: promotion of the international expansion of startups and innovative SMEs through targeted incentives and support for international marketing activities;

Increase in tax incentives for venture capital investments: introduction and strengthening of tax breaks to incentivize institutional investments in venture capital and innovative companies;

Promotion of Open Innovation and incentives for industrial exits: encouraging collaboration between innovative and consolidated companies to encourage the growth of startups and the international competitiveness of our companies;

New method of electronic incorporation: simplification and reduction of costs for the establishment of new businesses, encouraging the start-up of new entrepreneurial initiatives;

Attraction and retention of talent: InnovUp says incentives to support employees who want to start their own startup (e.g.: translating unemployment benefits into entrepreneurship income for those who want to start a startup, as in France) and for tools aimed at encouraging hiring in new innovative companies, ensuring a resilient and competitive system;

Support for patent protection paths: strengthening of support measures for the protection of intellectual property to encourage quality innovation and technological transfer;

Review of corporate law rules: adaptation of corporate rules to encourage international investments and the growth of innovative companies.

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(Featured image by fototommy via Pixabay)

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