inspiring route - startup & the new entrepreneurs

89
STARTUP & THE NEW ENTREPRENEURS 04.04.2014 INSPIRING ROUTE

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DESCRIPTION

This presentation explores the revolution of startups. It's divided into three parts. The first part is dedicated to the description of the phenomenon, the analysis of its origins, and its new values. The second describes the operation of this ecosystem, all the actors involved and their roles, and goes through all the stages and funding stages of the startup, from concept to final consecration. The third part is focused to the interpretation of this phenomenon in terms of business and its consequences on traditional models, processes and skills, in terms of opportunities and threats, as well as to understand the "dark side" of this revolution.

TRANSCRIPT

Page 1: Inspiring Route - Startup & The New Entrepreneurs

STARTUP amp THE NEW ENTREPRENEURS

04042014

INSPIRING ROUTE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where does this story start

2

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Natbat sept 13

This is the story of Natalie amp Simon

From idea to exit

3

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Dissapore aug 2012 La Stampa jul 2013

The history of Eataly

From microwave to Culatello

4

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Testo slide

What do they have in common

5

They are STARTUPS

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 2: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where does this story start

2

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Natbat sept 13

This is the story of Natalie amp Simon

From idea to exit

3

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Dissapore aug 2012 La Stampa jul 2013

The history of Eataly

From microwave to Culatello

4

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Testo slide

What do they have in common

5

They are STARTUPS

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 3: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Natbat sept 13

This is the story of Natalie amp Simon

From idea to exit

3

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Dissapore aug 2012 La Stampa jul 2013

The history of Eataly

From microwave to Culatello

4

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Testo slide

What do they have in common

5

They are STARTUPS

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 4: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Dissapore aug 2012 La Stampa jul 2013

The history of Eataly

From microwave to Culatello

4

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Testo slide

What do they have in common

5

They are STARTUPS

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 5: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Testo slide

What do they have in common

5

They are STARTUPS

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 6: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What is a ldquostartuprdquo

6

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 7: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Eric Ries

7

Source Lean Startup 2010

A human institution designed

to deliver a new product or service under conditions of extreme uncertainty

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 8: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 8

ITrsquoS NOT ABOUT

DIGITALINDUSTRYSIZE

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 9: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

RISKINNOVATIONPEOPLE

9

ITrsquoS ABOUT

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 10: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Google Trends 2013

Media blog social TV newspaper magazine

A skyrocketing interest

10

ldquostartupsrdquo

but is it just a buzzword

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 11: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Whitehouse feb 2009

11

The future of our economy relies on the imagination of our

entrepreneurs

Barack Obama

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 12: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia 2013 Geekwire sept 2011

Long story short

Ok but whats new around here

12

1998-2000 dot-com Bubble

2004-today The ldquonew waverdquo

1973-1998 The golden age

1950-1970 The early days

Therersquos something new (and more)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 13: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Forbes nov 2013 Doppiozero oct 2013

3 drivers

13

Economic

bull Economic Crisis bull Youth unemployment bull Failure of the traditional

business models bull Economic pressure from

emerging markets

Technological

bull Exponential growth in various technologies

bull Know-how sharing bull Development of a global

real-time communication network

Cultural

bull Mixture of counterculture utopias and neo-capitalism optimism

bull Loss of authority of the institutions

bull Craving for meaning and realization

bull Cult of failure bull Emergence of role model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 14: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Where everything was born

The reasons why Silicon Valley was (and is) the epicenter

14

Colleges

Research centers

Labs

Ultraliberalism

Hippie culture

Technology as a religion

Cult of failure

ldquoDo than discussrdquo

Technology

Venture capital

Lean juridical system

ldquoResourcesrdquoValuesPlace

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 15: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

15

A global community of people who relying on their

creativity skills and commitment create new organizations as a tool to disrupt conservative paradigm

solve global problems and create value for themselves

and the community itself

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 16: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The new paradigm

16

vision

disruption

explorationfrom execution to

from management to

from retention to

valuefrom profit to

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 17: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How does it work

17

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 18: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Market Revolution nov 2013

An highly connected ecosystem

The startup framework

18

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 19: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Entrepreneurcom 2013

Colleges research labs business schools foundations public institutions

Where ideas and people come from

Institutions

19

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 20: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Founders coders designers makers mentors angels

Networking is the Word

Community

20

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 21: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Websites blogs magazines webzines

Not only the specialized ones

Media

21

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 22: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Where you get to know and be known

Events

22

Fairs events competition hackathons demo days

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 23: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Finance legal administration

skills and services to run a company

Services amp support

23

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 24: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Coworking fablabs

Where companies are built and can share ideas experiences skills and network

Spaces amp places

24

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 25: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

INVESTMENT amp CORPORATELetrsquos focus on

25

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 26: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 26

SourcePaul Graham nov 2005

Paul Graham

Venture funding works like gears

A typical startup goes through several rounds of funding

A each round you take just enough money to reach the speed where you can shift into the next gear

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 27: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

two friends an idea

Lets start a company

27

This girl

This guy

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 28: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Letrsquos follow the story of a (imaginary) startup called

28

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 29: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The first funding aimed at company set up prototyping and living expenses

Pre-seed round

29

Goal - Fine tuning of the idea - Build the prototype

Timing 3 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 30: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Friends amp Family

Pre-seed round

30

Pros easy to find no interferences Cons mix together business and personal life no business network not accredited as investors

asymp15k5 of the equity

20Option pool

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 31: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Grants amp Competitions

Pre-seed round

31

Pros smart money visibility and PR few constraints Cons no business network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 32: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startupbro 2013

Crowdfunding

Pre-seed round

32

Pros no constraints awareness and PR Cons hard to get no business network high expectations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 33: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Paul Graham nov 2005

Burn rate - monthly cost of mantainance of the company Tells you when you are running out of cash

Option pool - Shares of stock reserved for employees of a private company Are used to attract talents The amount of stock an employee gets decreases

polynomially with the age of the company

Key concepts

Pre-seed round

33

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 34: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

The first boost to build the company

Seed round

34

Goal concept validation - Minimum Valuable Product - Business plan value proposition target

maket size revenue model competitors competitive advantage

Timing 3-6 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 35: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Funders and Founders may 2013

Firms that offer small amounts of funding working spaces business and technical advisorship staff services (PR lawyers accountants etc) networking

Incubatorsaccelerators

Seed round

35

Goal profitable disinvestment of the shares

People

Main focus

Big batch

Model

15-100K

Funding

5-30

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 36: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2012 Startup Weekend 2013

Incubatorsaccelerators

Seed round

36

Cons Small funding strong competition for ldquobrandsrdquo lower commitment

Pros low control over the startup easy to reach standardized investment process personal relationship access to VC network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 37: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Bernardi nov 2013

Organizations which internally generate ideas for new startups and hire people to develop them

Startup foundries

Seed round

37

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 38: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Investopedia 2013 Business Model Generation 2013 Grasshopperherder 2013 Lean Startup 2010 Investment law group 2013

Equity - stocks or any other security representing an ownership interest For a startup is one of its main assets

Business model - how an organization creates delivers and captures value (economic social cultural or other forms)

Pivoting - structured course correction designed to test a new fundamental hypothesis about the product strategy and engine of growth

Track record - the percentage return of invested assets

Key concepts

Seed round

38

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 39: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012

Itrsquos time to make things seriously

Early stage round

39

Goal customer validation - Generate traction - Generate revenue - Hiring staff

Timing 12-18 months

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 40: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Rich people who invest in new companies

Goal invest in startups with high-speed growth

Angel investors

Early stage round

40

market captivity

Main focus

15-20

Equity

up to 200k

Funding

Cons potential issues for subsequent rounds push to exit less reputation to protect involved in the management

Pros SME networking mentoring less investment constraints

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 41: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013

Accredited investors - people with over a million dollars in liquid assets or an income of over $200000 a year

Evaluation - ldquoin early stage investing valuations are voodoordquo

Exit strategy - is the way of cashing out an investment

Key concepts

Early stage round

41

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 42: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techinasia dec 2012 Wikipedia 2013

Grow And keep growing

Series A-B-C round

42

Goal from revenue to profit - Scaling business - International expansion - Hiring executive

Timing 1-2 year

Pre-seed

Early stage

Seed

A-B-C round

Late stage

COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 43: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Investment firms that manage either private or general funds in equity stakes of high-riskhigh-return ventures

Goal cash-out with a strong multiplier (2-3x)

Venture capital

Series A-B-C round

43

Exit

Focus

Mgmt fee

Model

gt 1 million

Funding

10-40

Equity

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 44: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005

Venture capital

Series A-B-C round

44

Cons control on the management strict regulation on investment

Pros capital experience network

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 45: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Paul Graham nov 2005 Investopedia 2013 Investopedia 2013

Term sheet - summary of what the deal terms will be when and if they do a deal

Due diligence - the background check of the business technological financial and legal aspects of the company

Diluition - reduction in the ownership percentage of a share of stock caused by the issuance of new stock

Key concepts

Series A-B-C round

45

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 46: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

Get bought or go public

Later stage round

46

Goal cash-out - Solid growth - Acquisition - Financial stabilization

Timing 3-4 years

Pre-seed

Early stage

Seed

A-B-C round

Late stage COOLBOX

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 47: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Startup Italia nov 2013

Acquisition

Later stage

47

EOS is an italian biopharmaceutic startup founded

in 2006 with private capital and investment

of Sofinnova Partners and

Principia

In 2010 created their flagship

innovative product Lucitanib

The 2012 itrsquos licensed for using in US Japan and China markets

Few days ago was acquired by

Clovis US biopharmaceutical company for $

400 million in cash + shares

Itrsquos (perhaps) the biggest exit of the history of Italian startup

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 48: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013 Crunchbase nov 2013 Business Insider nov 2013

IPO

Later stage

48

After 7 years and $116B of

funding on November 6

2013 Twitter was listed on the New

York Stock Exchange (NYSE)

70 million shares were priced at US

$26

Twitter raised $182B

In the first day of trading shares closed at US

$4490 for $31b evaluation

In one day Twitter created

1600 new millionaries

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 49: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Forbes apr 2013 Crunchbase nov 2013

Testo slide

Large private company

Later stage

49

GoPro was founded in 2004

by Nick Woodman to capture and

share our livesrsquo most exciting

moments in high definition

Over the years received funding

from several investors The

latest was in 2012 from Foxconn of

$200 million

Today GoPro evaluation is $225 billion

The estimated revenues in 2013 are more $900+

million

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 50: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whorsquos financing who

50

Pre-seed Early stageSeed A-B-C round Late stage

Self-financing

Grant

Crowdfunding

Incubator

Accelerator

VCs

Angel Investors

Companies

Some examples

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 51: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

(Some) figures and data

51

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 52: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The global start-up ecosystem

52

httpmultisite-blogdigitaltelefonicacoms3amazonawscomwp-contentuploads201301Startup-Eco_14012013pdf

The startup output index represents the total activity of entrepreneurship in the region controlling for 13

population size and the maturity of startups in the region

Silicon Valley

Tel Aviv

Los Angeles

New York

Boston

LondonToronto

Vancouver

Sydney

Sao Paulo

Moscow

Paris

Berlin

Singapore

Melbourne

Bangalore

Santiago

Waterloo

to ta l ac t iv i ty o f entrepreneurshipcontrolling for population size and the maturity of startups

Source Start-up Ecosystem Report 2012 Telefonica

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 53: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the US

53

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $86 billion

Seed

725million dollars

274companies

Early stage

7800million dollars

1638companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 54: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

VC investment in the EU

54

Source PricewaterhouseCoopers and the National Venture Capital Association (NVCA)2012

Total VC investment in 2012 $19 billion

Seed

138million dollars

353companies

Early stage

1792million dollars

1796companies

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 55: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

Million euros in 2012

VC investment in the EU

55

477

355

274

5628

in 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 56: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source OECD 2013 Che Future oct 2013

Far from the average yet (002)

of GDP in venture capital

56

ISRAEL USA

05 02ITA

0004

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 57: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How many startups

57

23

Number startup per 1000 working age people

1112

16

SourceWorld Bank 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 58: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

US-based companies initially funded by venture capital between 2006 and 2011

How many survive

58

Source The Venture Capital Secret 3 Out of 4 Start-Ups Fail 2012

6613 startup founded

5555 operating independently

727 were acquired or made initial public offerings

66 currently in IPO registration

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 59: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Fear of Failure Rate Percentage of 18-64 population with positive perceived

opportunities who indicate that fear of failure would prevent them from setting up a business

What can stop them

59

Source Global Entrepreneurship Research Association (GERA)

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 60: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

And what about Italy

60

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 61: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Gazzetta Ufficiale june 13

I requisiti

la maggioranza del capitale sociale e dei diritti di voto nellrsquoassemblea ordinaria deve essere detenuto da persone fisiche al momento della costituzione e per i successivi 24 mesi (requisito soppresso dal dl n 762013)

la societagrave deve essere costituita e operare da non piugrave di 48 mesi

deve avere la sede principale dei propri affari e interessi in Italia

il totale del valore della produzione annua a partire dal secondo anno di attivitagrave non deve superare i 5 milioni di euro

non deve distribuire o aver distribuito utili

deve avere quale oggetto sociale esclusivo o prevalente lo sviluppo la produzione e la commercializzazione di prodotti o servizi innovativi ad alto valore tecnologico

non deve essere stata costituita per effetto di una fusione scissione societaria o a seguito di cessione di azienda o di ramo di azienda

La ldquostart-up innovativardquo egrave societagrave di capitali costituita anche in forma cooperativa di diritto italiano oppure Societas Europea le cui azioni o quote

non sono quotate su un mercato regolamentato o su un sistema multilaterale di negoziazione

Il Decreto Startup dl n 762013

61

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 62: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Deroghe al diritto societario e riduzione degli oneri per lrsquoavvio

Esenzione da imposta di bollo diritti di segreteria e diritto annuale

Remunerazione con strumenti finanziari della start-up innovativa e dellrsquoincubatore certificato

Incentivi allrsquoinvestimento in start-up innovative

Raccolta diffusa di capitali di rischio tramite portali online (crowdfunding)

Sostegno allrsquointernazionalizzazione

Gestione della crisi nellrsquoimpresa startup innovativa e attivitagrave di controllo

I vantaggi

Il Decreto Startup dl n 762013

62

Source Gazzetta Ufficiale june 13

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 63: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

1 startup every 4 minutes

63

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 64: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Testo slide

Milan startup capital

64

Source StartupItalia 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 65: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source StartupItalia 2013

Testo slide

4 out of 5 are services

65

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 66: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Whatrsquos going on in Italy

66

300 k

29 mln

53 mln

35 mln

1456

Internet Users

Would invest in start-ups

Would invest much money in start-ups

Know where to invest

Create an innovative startupStartuppers

Wanna-be Startuppers

Committed Wanna-be startuppers

Potential Startuppers

Source Human Highway per Italia Startup 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 67: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

Sottotitolo slide

Italy by numbers

67

113Funded startup

97Incubators accelerators

40Science parks

32Institutional

investors

65Coworking

spaces

33Startup

competitions

20

Associations

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 68: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Who is who nov 2013

30 sicialian startups

68

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 69: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

ldquofrom a business point of viewrdquomodels strategy consequences

69

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 70: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

70

Whatrsquos going on

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 71: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What Companies Want

71

THEMSELVES Get noticed in a highly competitive industry

INDUSTRY Find the next big idea

INTERNALLY Smart talented employees

Increase efficiency and effectiveness

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 72: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source

The next big idea

How can startups help

72

Source Harvard Business Review dec 2008 Wikipedia nov 2013

Open innovation

Itrsquos not convenient to innovate on its own

Find and access to new ideas and paths to market through partenership and collaborations

ldquoThe boundaries between a firm and its environment have become more permeable innovations can easily transfer inward

and outwardrdquo

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 73: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Steve Blank

73

Source Steve Blank jan 2010

A temporary organization formed to search for a

repeatable and scalable business model

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 74: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

3 company-incubator model

74

Corporate Business Incubator

PartnershipSponsorship

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 75: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source GVcom 2014 TechCrunch nov 2011 TechCrunch dec 2013

In 2013 75 new investments 9 exit +$300 million of venture funding

From ldquocorporate venture investmentrdquo to ldquoprivate VCrdquo

GOOGLE

75

4 year from now 225 funded companies $12 billion of capital under management

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 76: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Fortune jun 2013 Nike Fuel lab 2014

An acceleration program dedicated to running companies which are given tools resources and support to create products or solutions integrated with NikeFuel platform

Supporting the creation of an innovation ecosystem

NIKE

76

bull 10 startups bull 12 weeks bull $50000 grant for each startup

bull Business and technology mentorship with executives and developers from Nike

bull Training bull Full access to NikeFuel platform

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 77: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Techcrunch feb 2014 Disney Accelerator 2014

An immersive mentorship and seed investment program to develop ideas and build new products related to Disney existing assets and property

The startup accelerator for innovative services and entertainment experiences

DISNEY

77

bull 10 weeks bull $120000 grant for each startup bull Full access to the stories characters

resources and networks of The Walt Disney Company

bull Mentorship by Disney executives entertainment industry experts venture capitalists entrepreneurs

bull Coworking space Disney HQ

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 78: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 78

Source Privco2012

The TOP 10 Acquirers of 2012

1

2

3

4

5

6

7

8

9

10

16

16

12

10

10

9

8

7

6

6

Number of acquisitions in 2012

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 79: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Nymag 2013

Get noticed in a highly competitive industry

79

PR amp ReputationldquoA 17-year-old whiz kid who sold his company to Yahoo

for $30 millionrdquo

like BEST STORY EVER for PR

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 80: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Smart talented employees

80

ACQ-HIRE

Source Fortune2013

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 81: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Wikipedia nov 2013

Increase efficiency and effectiveness

81

NEW MANAGERIAL METHODS

LEAN STARTUP a set of methodologies and tools for developing businesses and products

Validated learning minimum viable product actionable metrics pivoting

How can startups help

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 82: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

The dark side of startup revolution

82

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 83: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

What are the risks

83

Startup Ecosystem Corporate

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 84: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Focus on hyped but with little value segments

For startups

Can I be sexy too

84

Especially for social and consumer internet

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 85: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

Source Infoworld nov 2013 Instagram jan 2013 Businessweek nov 2013

For the ecosystem

Are we in a new bubble

85

$100m investmet nov 2012

asymp$1b acquisition apr 2012

asymp$3b evaluation nov 2013

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 86: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

How can a speculative system foster breakthrough innovation that create new markets and at the same time destroy others

for the ecosystem

Donrsquot you mind if we disrupt

86

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 87: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS

for corporate

Well it is not my job

87

Discover communicate acquire integrate and collaborate with startups require a whole new set of skills and processes

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 88: Inspiring Route - Startup & The New Entrepreneurs

INSPIRING ROUTE - STARTUP amp ENTREPRENEURS 88

Startup revolution is not a passing hype but its a

growing movement that is

changing the way people and businesses

infomarketrevolutionitwwwmarketrevolutionit

89

Page 89: Inspiring Route - Startup & The New Entrepreneurs

infomarketrevolutionitwwwmarketrevolutionit

89