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&
22
INNOVATION & CAPITAL ECOSYSTEM
STATE OF THE ART
Competition
Challenges
Venture Capital
Angels
Projects
Start-ups
Source of
capitalIncubators
Source of
innovation
Source of
experience
Ideas
3
EU CULTURE vs
USA
EU INVESTMENT
APPROACH
ITALIAN
OPPORTUNITY
VENTURE INVESTMENT: COMPARISON
MAIN
CONSIDERATIONS
4
COMPETITOR RESEARCH
AND FIRST MARKET TEST
EARLY PRODUCT
DEVELOPMENT
COMPANY STRUCTURE
AND DEVELOPMENT IDEA
BUSINESS MODEL &
PRODUCT-MARKET FITS
SEED ROUND: NO FIRST CASH, NO START
WHAT SEED ROUND
IS USED FOR:
€ 500k «stable»
5
START-UPS: A LOTTERY, CLEARLY
HIGH RISK OF
FAILURE
GAP OF MGT
EXPERIENCE
FINANCIAL
STRESS
TIME TO
MARKET
MAIN
CLAIMS
6
KEY ACTORS: A DEEP INFLUENCE FOR START-UPS' SUCCESS
PEOPLE
EXPERTISE
LOW
REVENEUS
HORIZON
SUPPORT
ASYMMETRICAL
COMPETITION
FIXED
DURATION
TIPICALLY
FEE-BASED
TECHNICAL
FACILITIES
PHYSICAL
SPACE
TRAINING &
MENTORING
BUSINESS
SUPPORT
ACCESS
INVESTORS
FIXED
DURATION
FEE-BASED,
occasionally EQUITY
LEGAL & ADMIN
SUPPORT
DEMO DAYS
NETWORKING
CONNECTION
SEMINARS /
WORKSHOPS
MAIN
CLAIMSINCUBATORS ACCELERATORS
7
VENTURE INVESTING TRENDS IN EUROPE (€ 19.2B)
NOT LISTED
SHARES
HIGH MARKET
RISK
PROJECTS WITH
NO TRACK RECORD
LOW INVESTMENT
CONTROL
MAIN
CLAIMS
8
LIMITS OVERVIEW
ILLIQUID
ASSETS
FINANCIAL
RISKS
MISALIGNMENT OF
ACTORS’ GOALS
MGT GAP’S &
LACK OF CONTROL
LIMITS
DEFOCUSING OF
START-UPS TEAM
SIZE OF
INVESTIMENT SOLU-
TIONS
9
10
LIMITS AND SOLUTIONS, IN A NUTSHELL
ILLIQUID
ASSETS
FINANCIAL
RISKS
MISALIGNMENT OF
ACTORS’ GOALS
MGT GAP’S &
LACK OF CONTROL
LIMITS
TOKENIZATION OF
CAPITAL
HIGH DISTRIBUTION
OF INVESTMENTS
CONVERGIN
INTERESTS
QUALIFIED BUSINESS
PARTNERS
DEFOCUSING OF
START-UPS TEAM
MORE CHANCE TO
SUCCESS
SIZE OF
INVESTIMENT
QUALIFICATION, NO
COSTRAINTS
THE GAME
CHANGER

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Crypto Coinference 2018 - Start-ups, Venture Capital e tecnologia blockchain: la tokenizzazione del capitale di rischio e l’affiancamento d’impresa sin dall’incubazione. La piattaforma SEED Venture.

  • 1. 1 &
  • 2. 22 INNOVATION & CAPITAL ECOSYSTEM STATE OF THE ART Competition Challenges Venture Capital Angels Projects Start-ups Source of capitalIncubators Source of innovation Source of experience Ideas
  • 3. 3 EU CULTURE vs USA EU INVESTMENT APPROACH ITALIAN OPPORTUNITY VENTURE INVESTMENT: COMPARISON MAIN CONSIDERATIONS
  • 4. 4 COMPETITOR RESEARCH AND FIRST MARKET TEST EARLY PRODUCT DEVELOPMENT COMPANY STRUCTURE AND DEVELOPMENT IDEA BUSINESS MODEL & PRODUCT-MARKET FITS SEED ROUND: NO FIRST CASH, NO START WHAT SEED ROUND IS USED FOR: € 500k «stable»
  • 5. 5 START-UPS: A LOTTERY, CLEARLY HIGH RISK OF FAILURE GAP OF MGT EXPERIENCE FINANCIAL STRESS TIME TO MARKET MAIN CLAIMS
  • 6. 6 KEY ACTORS: A DEEP INFLUENCE FOR START-UPS' SUCCESS PEOPLE EXPERTISE LOW REVENEUS HORIZON SUPPORT ASYMMETRICAL COMPETITION FIXED DURATION TIPICALLY FEE-BASED TECHNICAL FACILITIES PHYSICAL SPACE TRAINING & MENTORING BUSINESS SUPPORT ACCESS INVESTORS FIXED DURATION FEE-BASED, occasionally EQUITY LEGAL & ADMIN SUPPORT DEMO DAYS NETWORKING CONNECTION SEMINARS / WORKSHOPS MAIN CLAIMSINCUBATORS ACCELERATORS
  • 7. 7 VENTURE INVESTING TRENDS IN EUROPE (€ 19.2B) NOT LISTED SHARES HIGH MARKET RISK PROJECTS WITH NO TRACK RECORD LOW INVESTMENT CONTROL MAIN CLAIMS
  • 8. 8 LIMITS OVERVIEW ILLIQUID ASSETS FINANCIAL RISKS MISALIGNMENT OF ACTORS’ GOALS MGT GAP’S & LACK OF CONTROL LIMITS DEFOCUSING OF START-UPS TEAM SIZE OF INVESTIMENT SOLU- TIONS
  • 9. 9
  • 10. 10 LIMITS AND SOLUTIONS, IN A NUTSHELL ILLIQUID ASSETS FINANCIAL RISKS MISALIGNMENT OF ACTORS’ GOALS MGT GAP’S & LACK OF CONTROL LIMITS TOKENIZATION OF CAPITAL HIGH DISTRIBUTION OF INVESTMENTS CONVERGIN INTERESTS QUALIFIED BUSINESS PARTNERS DEFOCUSING OF START-UPS TEAM MORE CHANCE TO SUCCESS SIZE OF INVESTIMENT QUALIFICATION, NO COSTRAINTS