Innovative small start-ups in Italy: a successful business model?
by Guido Migliaccio; Pietro Pavone
International Journal of Management and Enterprise Development (IJMED), Vol. 20, No. 4, 2021

Abstract: In recent years, the ecosystem of innovation in Italy has been populated by new players. This paper aims to investigate the validity of innovative start-ups' business model. A large sample of innovative start-ups was developed to understand how they performed from an economic-financial point of view, in the period from 2014 to 2017, starting from the consideration of six fundamental parameters: localisation, sector, skills, finance, assistance, and control. A disaggregated analysis is carried out, with the typical tools of statistical analysis of variance applied to balance sheet data, to understand differences in profitability and/or financial structure between innovative start-ups in different geographical areas within the Italian economic system. The results show good profitability, with average values higher than those normally recorded in traditional forms of business. However, further evidence relates to the increase in debt, with a low propensity for internal financing. Finally, the analysis on the dependence of performance from the geographical variable showed that the success of this particular business model is linked to the characteristics of the geographical macro-area.

Online publication date: Wed, 08-Dec-2021

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