Goodnews from Italy: crowdfunding has been legalized and 200 million for startups

The Monti government during the recent approval of the Decreto Crescita has legalized crowdfunding in our country. The law proposal includes a set of urgent measures for innovation and growth: digital agenda and startups. Among a wide number of reforms aimed at the digitalization of our public administration there is a full chapter dedicated to startup. A new term for regulators, that in Italy will also have a legal meaning.

Under certain definitions, set by the law, startups that have a professional investor or a vc as coinvestor will be able to raise capital online, through specialized portals. All the regulations for such portals to be approved and operated, will be defined by CONSOB, the Italian Security Exchange Commission.

It is a more restricted version than the US JOBS Act, which is taking a more cautious way to the topic. But still I’m must say that this is a time I fell proud to be Italian. I strongly believe crowdfunding will be in the future a disruptive force that will have a significant impact on the economy. Embracing this opportunity from our government is very a forward looking point of view, that honestly surprised me. But hey! Way to go! How often does it happen to be happy of your politicians?

Most of the decreto is dedicated to the digitalization of the public administration, but it has a full chapter dedicated to startups and includes a certain number of reforms that should make the life (and death) of a startup easier, faster and cheaper. The proposed law includes fiscal incentives for investment in startups and changes in the bankruptcsy law:

– fiscal incentives are provided to startups, to people that invest in startups and a new fiscal treatment enable access to stock options in a startup

– crowdfunding for startups is legalized

– changes in the bankruptcy law enable a faster and more manageable liquidation of companies that have failed

There was some expectation for the government to include a fund of fund initiative. This did not happen, but the proposed law says that “For startups the government will make 200 million available through fiscal incentives and funding to Fondo Italiano Investimenti of Cassa Depositi e Prestiti”. Also in the next weeks, through a different law more resources will be added for Southern Italy. The norm will include an investment of 110 per year after this first installment. It’s unclear what this means, particularly how much actual cash will be invested in venture financing for startups.

The Decreto now will go through Parliament, for discussions, changes and approval within 60 days. So there is still time for improvements, but when this will be done, it will be a great step forward for entrepreneurship in Italy.

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11 commenti on “Goodnews from Italy: crowdfunding has been legalized and 200 million for startups”

  1. ValentinaP ha detto:

    Questa è davvero una GRANDE notizia. Siamo agli inizi di una nuova era e mi sembra di vivere le stesse “sensazioni” di 18 anni fa (era il 1994) quando accesi per la prima volta il modem e aprii il browser! ero davvero entusiasta. Adesso bisogna costruire le piattaforme di crowdfunding e non vedo l’ora di poter fare il mio primo investimento! Mi sento un “soggetto” perfetto per far parte di questa nuova grande “famiglia”. Consiglierei, poi, di dare uno sguardo al sito di The Funders Club: https://thefundersclub.com/
    Non è esattamente una piattaforma di crowdfunding perchè, per investire, bisogna essere investitori qualificati ma anche loro ci stanno arrivando e, non appena sarà operativo il JOBS Act, allora sarà possibile a chiunque investire nelle startup selezionate che, tra l’altro, provengono dall’incubatore YCombinator.
    Eppoi, se posso dare un suggerimento per l’Italia, quello su cui si dovrebbe puntare di più – o, se non altro, quello in cui a me piacerebbe investire – sono le start up che nascono nelle università e nei centri di ricerca (CNR, Enea….).
    Sempre in USA stanno lanciando una piattaforma di crowdfunding “donation-based” per finanziare le start up provenienti dalle migliori università statunitensi. Il sito è:
    ustartpus.com ed è ancora in fase di sperimentazione. Sarà operativo tra qualche mese. Insomma, come dice Jason Best, siamo solo a pagina 5 di un libro che ne ha 1000!

  2. Jason Best ha detto:

    This is great news! Many Congratulations Gianluca and to all startups and small businesses in Italy! I hope the 60 day period of rule writing period is productive and provides regulations that allow the industry to succeed!

    The grouping of a professional investor with regular investors via crowdfunding has also been discussed informally in the U.S. It is an interesting concept and if it moves forward, I hope it can be organized in a way that is easy to manage for both investors and entrepreneurs. It also increases the importance and value of a “ratings system’ for investors. This will be much like the ratings/scores for buyers/sellers on Amazon or eBay.

  3. […] is only one part of the Decreto Crescita (Growth Decree), which aims to “digitize public administration,” make it easier for individuals to find capital for their ideas, and simplify bankruptcy […]

  4. […] the Decreto Crescita mainly focused on digitizing public administration, it also included several sections on helping entrepreneurs get access to capital and making it […]

  5. […] that amongst other things legalizes equity-based crowdfunding (more about this here and here). Some of the most successful case examples around the world were discussed, highlighting issues […]

  6. […] that amongst other things legalizes equity-based crowdfunding (more about this here and here). Some of the most successful case examples around the world were discussed, highlighting issues […]

  7. […] Goodnews from Italy: crowdfunding has been legalized and 200 million for startups […]

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