All businesses, at the beginning of their life cycle, are defined as start-ups. But only some, under certain conditions, can be considered innovative start-ups. The best-known examples are in the USA, China, Singapore, Hong Kong and Taiwan. And in Italy? In 2023, there were 13,394 active start-ups (870 fewer than in 2022), with a production value of approximately €2.17 billion (+5.6% compared to 2022).

These are companies whose importance goes far beyond the numbers, as demonstrated by the studies of Joel Mokyr, Philippe Aghion and Peter Howitt, the three winners of the 2025 Nobel Prize in Economics. This type of start-up is in fact a great stimulus to innovation and productivity throughout the entire economic system, exerting competitive pressure on existing companies and pushing them to renew themselves.

However, even in our country, they find it more difficult to obtain adequate financing. To overcome the mismatch in the financial market and correct some of the "market failures" to which innovative companies and investments are more prone, policy choices have been made to encourage public intervention and, over the years, many incentives and concessions have been introduced. With what results?