Osservatorio Startup Hi-tech · 2017-01-31 · 1 Osservatorio Startup Hi-tech Antonio Ghezzi School...

1

Osservatorio Startup Hi-tech

Antonio GhezziSchool of Management, Politecnico di Milano

Risultati della Ricerca 2016

IN COLLABORAZIONE CON:

1_ Investments in hi-tech startups in Italy

3_

A selection of significant startups

2_

Funded startups’ performance and dynamics

2

www.osservatori.netOpen Digital Innovation: imprese e startup insieme per ridisegnare il futuro 28 Novembre 2016

112129

120

147

182*

0

20

40

60

80

100

120

140

160

180

200

2012 2013 2014 2015 2016

Million

€Total investments in hi-tech startups

+15% -7%

1

1 The 2015 value is an adjustment of the 133 million Euros estimate given in October 2015

* Values for 2016 are estimated

+24%

+22%


77 8263 76

101

3547

5771

81

0

20

40

60

80

100

120

140

160

180

200

2012 2013 2014 2015 2016

Million

€

Informal

Formal

Distribution of investments by investor type

+6% -23% +21%

+34% +21% +25%

112129

120

147


Italian formaldomestic investmentin 2015 is:

o 1/7 compared to Germany

o 1/6 compared to France

o comparable to Spain

182*

+33%

+14%

3


77 82 63 76101

3547

5771

81

0

50

100

150

200

250

2012 2013 2014 2015 2016

Million

€

International

Informal

Formal

+14%

+33%

182*

77 82 63 76101

3547

5771

81

35

0

50

100

150

200

250

2012 2013 2014 2015 2016

Million

€

International

Informal

Formal

217*

+14%

+33%

1

Distribution of investments by investor type

+6% -23% +21%

+34% +21% +25%

112129 120

147


1 Investments from international investors are estimated based on a combination of primary and secondary sources on significant rounds, and may be roundedup in future research updates


Distribution of investments by industry

68% 75% 74% 70%

16%11% 6% 8%

15% 10% 17% 21%

1% 4% 3% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

Other

Life Science

Cleantech & Energy

Digital

TOTAL: 77 mln € TOTAL: 82 mln € TOTAL: 63 mln € TOTAL: 76 mln €

Investments refer only to those startups that obtained financing rounds from Formal investors

4


Distribution of investments by region

60% 53% 54% 58%

19%15% 16% 6%

21%32% 30% 36%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

South and Islands

Center

North

TOTAL: 77 mln € TOTAL: 82 mln € TOTAL: 63 mln € TOTAL: 76 mln €

Investments refer only to those startups that obtained financing rounds from Formal investors


Distribution of funded startups by industry

72% 78%68% 75%

13% 9%

4%7%

13% 9%23%

17%2% 4% 5% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

Other

Life Science

Cleantech & Energy

Digital

TOTAL STARTUPS: 67 TOTAL STARTUPS: 78 TOTAL STARTUPS: 79 TOTAL STARTUPS: 90

Funded startups refer only to those startups that obtained financing rounds from Formal investors

5


Distribution of funded startups by region

45%55% 48%

65%

21%20%

24%

18%34%

25% 28%17%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

South and Islands

Center

North




Distribution of funded startups by investment size

40%

70% 63%44%

11%

13% 24%

27%

45%

16% 9%22%

4% 1% 4% 7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

> €3mln

€1mln-3mln

€500K-1mln

€0-500K



6


3_


2_



129146

184

247

020406080

100120140160180200220240260

2012 2013 2014 2015

Million

€

Total turnover generated

+13%

+26%

TOTAL STARTUPS: 242*

*For further information see «Methodology»

TOTAL STARTUPS: 323* TOTAL STARTUPS: 340* TOTAL STARTUPS: 458*

+34%

7


10121252

1565

0200400600800

100012001400160018002000220024002600

2012 2013 2014 2015

# E

mplo

yees

10121252

1565

2420

0200400600800

100012001400160018002000220024002600

2012 2013 2014 2015

# E

mplo

yees

Total hired employees

+24%

+25%

*For further information see «Methodology»

TOTAL STARTUPS: 242* TOTAL STARTUPS: 323* TOTAL STARTUPS: 340* TOTAL STARTUPS: 458*

+55%


2420

0

2000

4000

6000

8000

10000

12000

14000

16000

Hired

# E

mplo

yees

(2015)

2420

14520

0

2000

4000

6000

8000

10000

12000

14000

16000

Hired FTE

# E

mplo

yees

(2015)

Startups’ hired employees vs. FTEs

FTE: Full Time Equivalent (internal & external collaborators)

Total MultiplierFTE = X6

8


Funded startups: innovative vs. non innovative

70%

30%

Total funded startups in the time span 2012-2015

InnovativeNon Innovative

Innovative startups: those included in the special

section of the Italian Chambers of Commerce’s

Companies Register


3_


2_


9


Startups with the highest financing rounds

2016 Financingrounds

23 mln €

Startups:

• headquartered in Italy

• funded by Formal and Informal

investors

Data gathered from primary sources. Missing data collected from secondary sources

12 mln €

12 mln € 10 mln €

8.7 mln € 8.7 mln €

8 mln €8 mln €

7.5 mln € 6.5 mln €


37 37

3236

45

0

5

10

15

20

25

30

35

40

45

50

2012 2013 2014 2015 2016

# R

ounds

≥ 1

mln

€

Startups with the highest financing rounds: trends 2012-2016

+0%

- 14% +13%

+25%

# STARTUPS: 35 # STARTUPS: 37 # STARTUPS: 31 # STARTUPS: 35 # STARTUPS: 44

10


Startups with the highest turnovers

>10 mln €

2015 Turnovers

Startups:

• headquartered in Italy

• funded by Formal and Informal

investors


4 mln €

3.9 mln € 3.5 mln €

2.2 mln €2.4 mln €

1.4 mln €1.5 mln €

1.1 mln € 1.1 mln €

1.1 mln €


Startups with the highest turnover:trends 2012-2015

3137

51

67

0

10

20

30

40

50

60

70

80

2012 2013 2014 2015

# S

tart

ups

wit

h t

urn

over

≥ 1

mln

€ +19%

+38%

+31%

11


Startups with the highest exit value

16.7 mln € 4.2 mln € 3.8 mln €

3.5 mln € 2.3 mln € 1.5 mln €

0.4 mln €0.5 mln € 0.15 mln €

Exits listed include:

• Initial Public Offering (IPO)1

• Trade Sale

1 The IPO is realized by means of share subscription

so technically it cannot be considered as a real

“exit”

2016Exit

IPO

T

R

A

D

E

S

A

L

E



Startups with undisclosed exit value

2016Undisclosed Exit


12


Startups with the highest exit values: trends 2013-2016

19 20

25

19*

0

5

10

15

20

25

30

2013 2014 2015 2016

# E

xit

s

+5%

+25%

* As of

October 7 2016

th

Osservatorio Startup Hi-tech

Antonio GhezziSchool of Management, Politecnico di Milano

Risultati della Ricerca 2016

IN COLLABORAZIONE CON:

Osservatorio Startup Hi-tech · 2017-01-31 · 1 Osservatorio Startup Hi-tech Antonio Ghezzi School...

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