No. 967 - Innovative firms unveiled: economic and financial insights from Italian start-ups

Questioni di Economia e Finanza (Occasional papers)
by Maria Giulia Cassinis, Andrea Cintolesi, Sara Formai, Andrea Locatelli, Francesco Manaresi, Elisabetta Manzoli, Giulio Papini, Fabio Parlapiano, Pasquale Recchia and Simone Zuccolalà
October 2025
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This paper analyzes the characteristics of Italian innovative firms, focusing on two groups: start-ups classified as innovative under the 'Start-up Act' (administrative criterion) and those financed by venture capital firms (market criterion). It documents the main differences in economic and financial indicators, ownership structure, and innovation activities between these firms and non-innovative startups over the period 2010-24.

Innovative start-ups in both groups are more likely to patent, display more open ownership structures, and - although initially smaller and less profitable - grow more rapidly than other start-ups. These firms also exhibit higher short-term survival rates, but in the long run the selection process proves to be tougher in their case than for other firms.

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  1. 09 October 2025
    No. 967 - Innovative firms unveiled: economic and financial insights from Italian start-ups
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