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1、October2001IFISEPROJECT–WP5AQUESTIONNAIREFORTHEITALIANVENTURECAPITALANDPRIVATEEQUITYPLAYERS22TableofContentsTheItalianVentureCapitalandPrivateEquityIndustry31HistoryoftheItalianVentureCapitalandEarlystageIndustry31.1Theevolutionintheplayersmatrix51.2TheM
2、arketin200061.3AFocusonSeedandStartUpInvestments91.4TheMarketintheFirstHalfof2001122Introduction:methodologyandcriteriaoftheResearch132.1Theinstitutionalcontext142.2TheMainbarriersoftheinstitutionalsystem152.3TheItaliannormativeandinstitutionalcontextwit
3、hfocusonHighTechsectors162.4Themostimportantproblemsthatobstaclehightechinvestments162.5Specificpoliciesforhightechinvestments182.6Thebusinessideaselectionprocess192.7InvestmentAreas20Conclusions2222TheItalianVentureCapitalandPrivateEquityIndustry1Histor
4、yoftheItalianVentureCapitalandEarlystageIndustryTheItalianventurecapitalmarkethasovercomedifferentwavesofgrowthandspecializationtrendsinthepast15years.Themarkethasnotablybeenaffectedbytheeconomiccycleandbysomemajorfactsthathaveinfluencedtheholeeconomyasw
5、ell.Table1:HistoryoftheItalianriskcapitalmarketSource:A.I.F.I.Table1showshowthisevolutioncanbefocusedinspecificperiods.Inparticular,from1900till1986(almostacentury)venturecapitalhasbeenpresentinthecountryonlyinaformthatwemightcall“InformalVC”.Importanten
6、trepreneurscontributed,bywayofprivateinvestments,tothefoundationofnewcompanies.Inthe70sthoughthecapitalneededtofinancethegrowthofnewandconsolidatedbusinesseswasprimarilycomingfromthebanksystem.BoththeCapitalMarketandtheriskcapitalwerenotbroadlyusedbyItal
7、ianentrepreneurs.22In1986,yearinwhichA.I.F.I.(ItalianVentureCapitalandPrivateEquityAssociation)wasformed,15operatorstookoff,startingtoimplementsomepureventurecapitalinvestments.ThisfirstwaveofInstitutionalriskcapitalplayers,decidedtoentertheItalianmarket
8、alsoduetothegreatsuccessthatVCwashavingintheUnitedStates.Italy,atthattime,didnotpresentthemostfavorableconditionsforthatkindofdeals.Asaconsequence,thoseplayershadtogothroughadifficultperiodinwhichnotalltheinvestmentshadthe
