Innovative firms unveiled: economic and financial insights from Italian start-ups

Maria Giulia Cassinis (), Andrea Cintolesi (), Sara Formai (), Andrea Locatelli (), Francesco Manaresi (), Elisabetta Manzoli (), Giulio Papini (), Fabio Parlapiano (), Pasquale Recchia () and Simone Zuccolalà ()
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Maria Giulia Cassinis: Bank of Italy
Andrea Cintolesi: Bank of Italy
Sara Formai: Bank of Italy
Andrea Locatelli: Bank of Italy
Francesco Manaresi: Bank of Italy
Elisabetta Manzoli: Bank of Italy
Giulio Papini: Bank of Italy
Fabio Parlapiano: Bank of Italy
Pasquale Recchia: Bank of Italy
Simone ZuccolalÃ: Bank of Italy

No 967, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This study analyzes the economic and financial characteristics of innovative firms in Italy from 2010 to 2024, focusing on two key groups: innovative start-ups as defined by the Italian 'Start-up Act' (INN-SUs) and venture capital-backed start-ups (VCB-SUs). Both groups are then compared with a broader group of young, limited liability companies (OTH-SUs). Despite representing a small share of the start-up population (2.2 per cent and 0.2 per cent, respectively), INN-SUs and VCB-SUs are disproportionately active in innovation, particularly in patenting. Their ownership structures are more diversified, with younger, predominantly male investors often located outside the firm's province. While initially smaller in revenues and employment, innovative firms exhibit higher asset intensity and a more robust long-term growth trajectory. Notably, VCB-SUs experience significant post-investment expansion, highlighting the role of venture capital in easing financial constraints and providing strategic support. The findings suggest that regulatory and market-based definitions of innovation capture complementary dimensions of entrepreneurial potential, with policy frameworks enabling broader access and VC investments signalling high-growth prospects.

Keywords: start-up; innovative firms; venture capital; firm performance (search for similar items in EconPapers)
JEL-codes: G24 G3 L2 O3 (search for similar items in EconPapers)
Date: 2025-10
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_967_25

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