Startups in Milan on Heet.io
Italy is by no means a leading world startup country yet, but it seems that things might be getting on track. Italy as a whole was hit hard by the recession and is still suffering with high unemployment rates and a lack of capital. Whilst this has meant a lot of people have turned to the startup scene for employment, a result of this has been high numbers of inexperienced entrepreneurs who don’t fill investors with confidence. Moreover, the culture of reinvestment of resources and expertise has not yet been established for any entrepreneurs who are successful and international links are yet to be solidified.
Extremely high taxes- among the highest in the world- in Italy make starting up a business even harder and investors are notoriously hard to please and slow at making decisions, often making unreasonable demands of entrepreneurs.
However, it’s not all doom and gloom. Whilst there is no strong history of international successes to reference yet, there is certainly talent in Italy and infrastructure is gradually being put in place to get the most out of it.
The Italian economy ministry recently launched Invitalia, a scheme which will fund projects nationwide with half the investment coming from the government and the other half from private investors.
Specifically in Milan co-working spaces such as TalentGarden and StartMiUp are playing a vital role in connecting startups and maximising potential. A city which is itself a mixture of business and creativity, Milan seems to be an ideal startup environment. Add to that it’s well connected location between the mediterranean and central europe and you can start to see its potential as a startup hub. Milan already hosts Italy’s most important ICT event SMAU and sees large numbers of startups emerging every year. Success stories include AdEspresso, Nuvolab and Beintoo.
It’s clear that there are challenges to overcome before the Italian startup ecosystem becomes an international force to be reckoned with, namely attracting international develops, fostering an ecosystem for entrepreneurs and improving the process of starting up a business at all, but it is by no means a lost cause yet.
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