Abstract
Since 2012 attention to innovative start-ups has grown in Italy. This quantitative research analyzes the trend of the main income ratios of 673 large companies from 2014 to 2018. A disaggregated analysis by cohorts is also carried out, comparing the profitability of 4 start-up groups set up in the same year. Statistical tools are also used to better interpret the phenomenon including the Anova test, despite the sometimes-modest number of observations which reduces its information value. The general profitability of the company and that of the main business are on average increasing. This is true of all cohorts, already in the first two years of their establishment. In fact, Roe and Roi are always growing despite different values justifiable also in relation to macroeconomic phenomena. The main limitation of the study is its purely quantitative nature based on a heterogeneous sample, with companies operating in different sectors. However, it can be useful to those who govern and to companies in need of spatial and temporal comparisons. In the method, it promotes governance and control of innovative business models, re-evaluating classic performance measurement tools adapted to new production contexts.
This paper is the result of a collaboration between the authors. However, it is possible to attribute to Pietro Pavone the paragraphs, with relative sub-paragraphs, “Research” and “Findings”. The others are by Guido Migliaccio.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Andersen, T.M., Maibom, J., Svarer, M., Sørensen, A.: Do business cycles have long-term impact for particular cohorts? Labour 31(3), 309–336 (2017)
Bukstein, D., Gandelman, N.: Cohort, age and business cycle effects in entrepreneurship in Latin America. Entrepreneurship Res. J. 8(3) (2017). art. no. 20170055
Calenda, C. (a cura di) Relazione Annuale al Parlamento sullo stato d’attuazione e l’impatto delle policy a sostegno di startup e PMI innovative, Ministero dello Sviluppo Economico - Agenzia Nazionale per l’attrazione degli Investimenti e lo Sviluppo d’Impresa, Roma, Italia, pp. 1–79 (2017)
Capozza, C., Salomone, S., Somma, E.: Local industrial structure, agglomeration economies and the creation of innovative start-ups: evidence from the Italian case. Entrepreneurship Reg. Dev. 30(7–8), 749–775 (2018)
Confimprenditori - Centro Studi. Startup: tanto rumore per nulla?, Roma (2016). http://www.confimprenditori.it. Accessed 13 June 2019
De Massis, A., Minola, T., Viviani, D.: Entrepreneurial learning in Italian high-tech start-ups: an exploratory study. Int. J. Innov. Learn. 11(1), 94–114 (2012)
Fava, C.F.: Start-up. Manuale per giovani imprenditori nell’era della globalizzazione. Egea, Milano (2010)
Filion, L.J., Brenner, G.A., Ramangalahy, C., Menzies, T.V.: Business start-up by the Chinese, Italians and Sikhs in Canada: some empirical results. J. Small Bus. Entrepreneurship 16(3–4), 41–65 (2003)
Fusco, F., Migliaccio, G.: Cooperatives and crisis: economic dynamics in italian context. Int. J. Bus. Glob. 22(4), 638–654 (2019)
Fusco, F., Migliaccio, G.: Crisis, sectoral and geographical factors: financial dynamics of italian cooperatives. Euromed J. Bus. 13(2), 130–148 (2018)
Gu, C.: Smoothing Spline ANOVA Models, II edn. Springer, New York (2013)
Iovino, F., Migliaccio, G.: Financial dynamics of energy companies during global economic crisis. Int. J. Bus. Glob. 22(4), 541–554 (2019)
Liao, Q., Li, J.: An adaptive reduced basis ANOVA method for high-dimensional Bayesian inverse problems (2018). arXiv:1811.05151 [math.NA]
Lukeš, M., Longo, M.C., Zouhar, J.: Do business incubators really enhance entrepreneurial growth? Evidence from a large sample of innovative Italian start-ups, Technovation (2018). in press
Migliaccio, G.: The profitability of Italian hotels during and after the 2008 economic crisis. Afr. J. Hosp. Tour. Leisure 7(6), 1–21 (2018). article No 2
Migliaccio, G., Pavone, P.: La performance economico-finanziaria delle start-up innovative italiane: un’indagine empirica macroregionale sui bilanci con metodo Anova. In: Culasso, F., Pizzo, M. (eds) Atti del XXXIX Convegno Nazionale Accademia Italiana di Economia Aziendale: Identità, innovazione e impatto dell’aziendalismo italiano - Dentro l’economia digitale, Torino, 12 e 13/9/ 2019, Collane@unito.it, pp. 54–71 (2019)
Migliaccio, G., Tucci, L.: Economic assets and financial performance of Italian wine companies. Int. J. Wine Bus. Res. 32(3), 325–352 (2020)
Mise-Istat Ministero dello Sviluppo Economico - Istituto Nazionale di Statistica: Startup Survey 2016, La prima indagine sulle neoimprese innovative in Italia, Istituto nazionale di statistica, Roma, Italia, pp. 1–79 (2018)
Nicolò, D., Ricca, B.: Under-capitalization and other factors that influence the survival of young Italian companies. Int. J. Adv. Manag. Econ. 8(2), 37–51 (2019)
Nicolò, D., Nania, I.: Risk, capitalization and survival of young firms: empirical survey on Italian companies. Diem Dubrovnik Int. Econ. Meet. 3(1), 2–15 (2017)
Nicolò, D.: La vulnerabilità delle imprese nella fase di start-up. Analisi ed interpretazione delle cause. Giappichelli, Torino (2019)
Nicolò, D.: Young firms sustainability and corporate reputation: a comparison of the survival rates in the US and EU. In: Andrei Jean Vasile, A.J., Nicolò, D. (eds.) Sustainable Entrepreneurship and Investments in the Green Economy, pp. 1–27. IGI Global, Hershey (2017)
Pais, I., Peretti, P., Spinelli, C.: Crowdfunding. La via collaborativa all’imprenditorialità. Egea, Milano (2018)
Pavan, A.: Le start-up innovative, gli incubatori certificati ed il crowdfunding. Altalex, Milano (2015)
Peruffo, E., Franco, S., Cappa, F., Pinelli, M.: Competenze dei fondatori e performance delle start-up: un’analisi empirica. Piccola impresa 1, 59–80 (2018)
Pirone, F.: Quanto mobile? I percorsi lavorativi di due coorti di ultracinquantenni beneficiari dell’indennità di mobilità. La rivista delle politiche sociali 14(2), 245–267 (2017)
Rasticova, M., Kolarova, I.: Employment of women and female entrepreneurship in age cohorts 50–64 and 65+ and comparison with Eu. In: Conference: International Scientific Conference on Knowledge for Market Use - Women in Business in the Past and Present Location, Olomouc, Czech Republic, pp. 809–824 (2015)
Ricci, S., Palma, I.: Controllo e analisi delle performance nelle start up. Controllo di gestione 15(2), 5–15 (2018)
Ross, A., Willson V.L.: One-way anova. In: Ross, A., Willson, V.L. (eds.) Basic and Advanced Statistical Tests. Sense Publishers, Rotterdam (2017)
Santarelli, E., Piergiovanni, R.: The determinants of firm start-up and entry in italian producer services. In: Conference: 20th Annual E A R I E Conference Location, Tel Aviv, Israel, 04–07 September 1993, vol. 7, no. 3, pp. 221–230 (1995). Small Business Economics
Scarpa, D.: Start up e PMI. Giuffrè, Milano (2017)
Tognazzo, A., Mazzurana, P.A.M.: Friends doing business. an explorative longitudinal case study of creativity and innovation in an italian technology-based start-up. J. Entrepreneurship Manag. Innov. 13(2), 77–103 (2017)
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2021 Springer Nature Switzerland AG
About this paper
Cite this paper
Migliaccio, G., Pavone, P. (2021). Italian Innovative Start-up Cohorts: An Empirical Survey on Profitability. In: Bevilacqua, C., Calabrò, F., Della Spina, L. (eds) New Metropolitan Perspectives. NMP 2020. Smart Innovation, Systems and Technologies, vol 178. Springer, Cham. https://doi.org/10.1007/978-3-030-48279-4_78
Download citation
DOI: https://doi.org/10.1007/978-3-030-48279-4_78
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-48278-7
Online ISBN: 978-3-030-48279-4
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)