The paper, which is related to two previous works, has two objectives. The first objective is the identification of Italian startup companies that are actually financed by external investors (such as venture capital funds, business angel... more
The paper, which is related to two previous works, has two objectives. The first objective is the identification of Italian startup companies that are actually financed by external investors (such as venture capital funds, business angel networks or individual business angels, industrial firms operating as financiers of innovative firms). This identification is carried out through the empirical examination of a large sample of articles of association of s.r.l. and S.p.A. registered in the special section of the italian company register in the years 2019-2020.
The second objective is to verify how the by-laws of Italian VC-financed start-ups concretely address some specific problems posed by Italian company law, with particular regard to the reformed s.r.l. regulations. In this perspective, the study is, to the best of our knowledge, the first empirical contribution to investigate the contractual architecture of the Italian innovative start-up world.
In questo articolo proponiamo un'interpretazione adeguatrice della disciplina della s.r.l., che tenga conto non solo e non tanto del fenomeno del finanziamento via crowdfunding, ma anche e soprattutto del finanziamento via business angels... more
In questo articolo proponiamo un'interpretazione adeguatrice della disciplina della s.r.l., che tenga conto non solo e non tanto del fenomeno del finanziamento via crowdfunding, ma anche e soprattutto del finanziamento via business angels e venture capital. Avanziamo quindi una proposta di rilettura integrale della materia come uscita dalle riforme del 2012-2015-2017, tesa laddove possibile a rendere attuabili le pratiche negoziali del venture capital financing. La nuova lettura della disciplina della s.r.l. riflette gli originali intenti del le-gislatore, riduce l'ancora elevato tasso di imperatività di quella disciplina ed è coerente con i sentiti bisogni di modernizzazione del nostro diritto societario. Parole chiave: s.r.l. startup innovative-venture capital-business angels-autonomia contrattuale-norme imperative-interpretazione adeguatrice-comparazione giuridica
This article provides an innovative interpretation of the rules of limited responsibility companies (s.r.l.), which takes into account not only and not much the phenomenon of crowd-funding, but also and above all the financing via business angels and venture capital. We therefore advance a proposal for a complete re-reading of the subject as reformed in 2012-2015-2017, aimed wherever possible at making venture capital financing feasible. The proposed construction reflects the original intentions of the legislator, reduces the impact of mandatory rules and is consistent with the deeply felt need to modernise Italian company law. Keywords: close companies-LLC-venture capital-business angels-freedom of contract mandatory rules-comparative law
This article provides an innovative interpretation of the rules of Italian limited responsibility companies (s.r.l.), which takes into account not only and not much the phenome-non of crowdfunding, but also and above all the financing via... more
This article provides an innovative interpretation of the rules of Italian limited responsibility companies (s.r.l.), which takes into account not only and not much the phenome-non of crowdfunding, but also and above all the financing via business angels and venture capital. We therefore advance a proposal for a complete re-reading of the subject as reformed in 2012-2015-2017, aimed wherever possible at making venture capital financing feasible. The proposed construction reflects the original intentions of the legislator, reduces the impact of mandatory rules and is consistent with the deeply felt need to modernise Italian company law.
This article provides an innovative interpretation of the rules of Italian limited responsibility companies (s.r.l.), which takes into account not only and not much the phenome-non of crowdfunding, but also and above all the financing via... more
This article provides an innovative interpretation of the rules of Italian limited responsibility companies (s.r.l.), which takes into account not only and not much the phenome-non of crowdfunding, but also and above all the financing via business angels and venture capital. We therefore advance a proposal for a complete re-reading of the subject as reformed in 2012-2015-2017, aimed wherever possible at making venture capital financing feasible. The proposed construction reflects the original intentions of the legislator, reduces the impact of mandatory rules and is consistent with the deeply felt need to modernise Italian company law.
While much has been written about the investment criteria of business angels, few studies explore why these particular criteria are important to them. The Australian context has a diverse range of actors along with complex jurisdictional... more
While much has been written about the investment criteria of business angels, few studies explore why these particular criteria are important to them. The Australian context has a diverse range of actors along with complex jurisdictional arrangements, making for an interesting background for investigation of the angel finance phenomenon. We examine 12 business angels in the rapidly changing Australian context and use nine corroborating participants to validate responses and identify four key drivers-personal experience, trust, the need to contribute and realistic expectations-that influence business angels during the initial investment process.
