{"id":1337,"date":"2020-09-02T14:22:07","date_gmt":"2020-09-02T12:22:07","guid":{"rendered":"https:\/\/capitalventureconsulting.com\/?p=1337"},"modified":"2022-11-15T15:28:03","modified_gmt":"2022-11-15T14:28:03","slug":"valutazione-startup-i-metodi","status":"publish","type":"post","link":"https:\/\/capitalventureconsulting.com\/en\/valutazione-startup-i-metodi\/","title":{"rendered":"Valutazione startup: tutti i metodi che devi conoscere"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1337\" class=\"elementor elementor-1337\" data-elementor-settings=\"{&quot;ha_cmc_init_switcher&quot;:&quot;no&quot;}\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4b8aa1a6 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"4b8aa1a6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-81ab9bc\" data-id=\"81ab9bc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a20b2f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a20b2f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c8318b7\" data-id=\"c8318b7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16e431c elementor-widget elementor-widget-heading\" data-id=\"16e431c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Valutazione Startup: Introduzione<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-629a6d2b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"629a6d2b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c3cb3bf\" data-id=\"5c3cb3bf\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a41e6c6 elementor-widget elementor-widget-text-editor\" data-id=\"4a41e6c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Il processo di valutazione di una startup \u00e8 di fondamentale importanza per molteplici motivi e per diversi shareholder. Sul valore economico della startup si basano gli <b>investimenti in capitale di rischio, <\/b>il <b>capital gain <\/b>nella fase di <b>Exit <\/b>e anche diverse forme di incentivazione dipendenti come il\u00a0<b>work for equity.\u00a0<\/b><\/p><p>La valutazione delle startup presenta maggiori insidie rispetto alla valutazione di imprese mature; difatti, pi\u00f9 un\u2019impresa \u00e8 giovane, minori sono i dati e le informazioni disponibili. Per questa motivazione, il metodo di valutazione non potr\u00e0 essere unicamente analitico, ma sar\u00e0 fondato su analisi di tipo qualitativo e analitico previsionale.\u00a0<\/p><p>La valutazione delle startup non \u00e8 quindi una scienza esatta, e dipende fortemente dalla sensibilit\u00e0 di chi effettua il processo, dal metodo utilizzato e dall\u2019analisi di aspetti non puramente finanziari.<\/p><p>In questo articolo analizzeremo i metodi di valutazioni pi\u00f9 utilizzati per le startup:\u00a0<\/p><ul><li><strong>Discounted Cash Flows (DCF)<\/strong><\/li><li><strong>Metodo dei Multipli di mercato<\/strong><\/li><li><strong>First Chicago\u00a0<\/strong><\/li><li><strong>Berkus Method<\/strong><\/li><li><strong>Risk factor summation<\/strong><\/li><li><strong>Metodo Scorecard<\/strong><\/li><li><strong>Metodo Venture Capital<\/strong><\/li><\/ul><div>Ti ricordiamo che puoi approfondire le soluzioni di fundraising di Capital Venture Consulting al seguente\u00a0<a href=\"https:\/\/capitalventureconsulting.com\/#Servizi\" target=\"_blank\" rel=\"noopener\">link<\/a>.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e0c34e6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e0c34e6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c790e7\" data-id=\"1c790e7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a4f88e elementor-widget elementor-widget-heading\" data-id=\"8a4f88e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">1) Discounted Cash Flow<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3700236 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3700236\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dad43dc\" data-id=\"dad43dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7cb81b2 elementor-widget elementor-widget-text-editor\" data-id=\"7cb81b2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Il <strong>Discounted Cash Flow<\/strong>, o metodo dei <em>Flussi di Cassa Attualizzati<\/em>, definisce l\u2019<strong>Enterprise Value <\/strong>sulla base dei flussi di cassa che esso \u00e8 capace di generare in un determinato arco temporale (t) (normalmente 4 o 5 anni).<\/p><p>In base a delle ragionevoli assunzioni su quali possano essere i flussi di cassa generati dal business, questi valori vengono attualizzati ad un determinato tasso (r) che comprende il rischio inerente le proiezioni future.<\/p><p>DCF = \u03a3 Cash Flows \/ (1+ r)^t<\/p><p>Gli svantaggi principali di questo metodo derivano dal fatto che sia completamente basato su assunzioni e previsioni ipotetiche riguardo le metriche che il business potr\u00e0 generare e che non necessariamente si verificheranno.\u00a0<\/p><p>Per questa motivazione il DCF non risulta affidabile per la valutazione di imprese in fase estremamente <em>early<\/em> che non presentano alcun tipo di dato storico su cui costruire le proiezioni. Il DCF viene spesso affiancato ad altri strumenti di valutazione come il metodo dei Multipli.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-123c32d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"123c32d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7eae040\" data-id=\"7eae040\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-874d39d elementor-widget elementor-widget-heading\" data-id=\"874d39d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">2) Multipli di mercato<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-040bb11 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"040bb11\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0660ffa\" data-id=\"0660ffa\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-15c1de2 elementor-widget elementor-widget-text-editor\" data-id=\"15c1de2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Nel <strong>metodo dei Multipli di mercato<\/strong>\u00a0la valutazione aziendale \u00e8 determinata con l\u2019applicazione di un multiplo su una metrica economica, comunemente l\u2019EBITDA o Ricavi.\u00a0<\/p><p>Il multiplo di riferimento \u00e8 selezionato attraverso database o sulla base di &#8220;aziende comparabili&#8221; in termini di settore di appartenenza e maturit\u00e0.\u00a0<br \/><br \/><b>Esempio: <\/b>a seguito di una ricerca di mercato, \u00e8 stato individuato che il multiplo per la Startup &#8220;Toduba&#8221; \u00e8 10x l&#8217;EBITDA, significa che la valutazione della startup sar\u00e0 pari al valore dell&#8217;EBITDA moltiplicato 10.\u00a0<\/p><p>Rispetto al DCF, questo metodo non richiede particolari assunzioni soggettive sul futuro del business, l&#8217;unico limite \u00e8 individuare il multiplo corretto che richiedere un importante lavoro di analisi e ricerca.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f805c97 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f805c97\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d960910\" data-id=\"d960910\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c12c7dc elementor-widget elementor-widget-heading\" data-id=\"c12c7dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">3) First Chicago<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-02db23b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"02db23b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2698efe\" data-id=\"2698efe\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e203478 elementor-widget elementor-widget-text-editor\" data-id=\"e203478\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"background-color: var(--mdc-theme-surface,#fff);\">Un altro metodo interessante di valutazione che rielabora questi metodi \u201ctradizionali\u201d \u00e8 il <\/span><strong style=\"background-color: var(--mdc-theme-surface,#fff);\">First Chicago<\/strong><span style=\"background-color: var(--mdc-theme-surface,#fff);\">. Con esso vengono elaborati <\/span><em style=\"background-color: var(--mdc-theme-surface,#fff);\"><b>tre diversi scenari di valutazione<\/b><\/em><span style=\"background-color: var(--mdc-theme-surface,#fff);\"><b> <\/b>utilizzando i metodi tradizionali (DCF o Multipli di mercato): scenario ottimista, pessimista e intermedio. Per ogni scenario viene attribuita una probabilit\u00e0. <br \/><br \/>Il valore della startup risulta essere la media ponderata dei tre scenari.<\/span><\/p><p>Questo metodo fa emergere l&#8217;utilit\u00e0 di combinare diversi metodi di valutazione per ottenere un range dal quale far partire una contrattazione, piuttosto che un valore unico.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-11391e7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11391e7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b563041\" data-id=\"b563041\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fd659cb elementor-widget elementor-widget-heading\" data-id=\"fd659cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">4) Metodo Berkus<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2631eae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2631eae\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5469718\" data-id=\"5469718\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0c88c9e elementor-widget elementor-widget-text-editor\" data-id=\"0c88c9e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Il <b>Berkus method <\/b>\u00e8 molto utile per startup in fasi iniziali ed applicabile anche in fase pre-revenue. Il metodo attribuisce alla startup un punteggio in relazione a 5 fattori di successo chiave: <b>Team<\/b>, T<b>ecnologia<\/b>, <b>Traction Commerciale<\/b>, <b>Relazioni Strategiche e Valore dell&#8217;Idea<\/b>.<\/p><p>A questi fattori si attribuisce un valore, da 0 \u20ac a 500.000 \u20ac, per determinare il valore della startup.\u00a0<\/p><p>Puoi trovare la guida completa al metodo Berkus sul nostro articolo dedicato\u00a0<a href=\"https:\/\/capitalventureconsulting.com\/valutazione-startup-il-metodo-berkus\/\" target=\"_blank\" rel=\"noopener\"><b>cliccando qui<\/b><\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ec8cd8f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ec8cd8f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6f8726e\" data-id=\"6f8726e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-732655e elementor-widget elementor-widget-heading\" data-id=\"732655e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">5) Somma dei fattori di rischio<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e2b030b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e2b030b\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c541a3\" data-id=\"4c541a3\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-83aea25 elementor-widget elementor-widget-text-editor\" data-id=\"83aea25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Con il metodo della <b>Somma dei Fattori di Rischio <\/b>si determina inizialmente un valore di partenza della startup, determinato come media delle valutazioni attribuite a startup e business dello stesso settore nella stessa area geografica. Successivamente si adegua la valutazione in base a 12 fattori di rischio come ad esempio rischio di mercato, rischio tecnologico, rischio competitivo, rischio del management ecc. Viene quindi analizzato ogni rischio nello specifico business della startup valutata, determinando se quel tipo di rischio sia per essa alto, medio, basso o nullo.<\/p><p>Se il rischio analizzato in relazione alla startup valutata \u00e8 alto o medio, il valore della startup diminuisce, poich\u00e9 essa \u00e8 sensibile in futuro a quel particolare rischio rilevato; viceversa, se il rischio analizzato \u00e8 per la startup nullo o lieve, la valutazione della startup aumenta.<\/p><p>I punteggi da attribuire alla startup per i fattori di rischio sono:<\/p><ul><li>(+2) Rischio nullo<\/li><li>(+1) Rischio lieve<\/li><li>Rischio normale, neutrale<\/li><li>(-1) Rischio medio<\/li><li>(-2) Rischio alto<\/li><\/ul><p>Determinato il punteggio per ciascun fattore di rischio, per determinare la valutazione finale si aggiungono\/tolgono al valore definito inizialmente +250.000K per ogni rischio il cui punteggio \u00e8 +1 (500.000K se +2), o -250.000K SE -1 (500.000K se -2).<\/p><p>Questo metodo \u00e8 anche applicabile in fase pre-revenue.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d0c5c78 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d0c5c78\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2b4aa20\" data-id=\"2b4aa20\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0804bfe elementor-widget elementor-widget-heading\" data-id=\"0804bfe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">6) Metodo Scorecard<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a310c94 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a310c94\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f0fc593\" data-id=\"f0fc593\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e9a65f7 elementor-widget elementor-widget-text-editor\" data-id=\"e9a65f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Il <b>metodo scorecard <\/b>parte dalla definizione di un valore iniziale della startup, determinato in base al valore attribuito precedentemente a startup dello stesso settore nella stessa regione geografica.<\/p><p>Questo valore \u2018\u2019medio\u2019\u2019 viene poi adeguato con un moltiplicatore costruito su una serie di fattori quali: management, prototipo, contesto competitivo, dimensione del mercato, etc.\u00a0<span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Ad ognuno di questi fattori viene assegnato un suo peso sul moltiplicatore al fine di definire l\u2019importanza di ognuno di essi sulla valutazione.\u00a0<\/span><\/p><p>Il moltiplicatore ottenuto verr\u00e0 infine applicato al valore iniziale per ottenere la valutazione della startup.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b2614e8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b2614e8\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-155289a\" data-id=\"155289a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-570c9fe elementor-widget elementor-widget-heading\" data-id=\"570c9fe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">7) Metodo Venture Capital<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339d820 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339d820\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682c617\" data-id=\"682c617\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-92f5699 elementor-widget elementor-widget-text-editor\" data-id=\"92f5699\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Questo metodo \u00e8 molto comune nell&#8217;ecosistema venture capital e si focalizza sul ROI dell&#8217;investimento.<\/em><\/p><p>In questo metodo si definiscono:<\/p><ul><li>la <strong>Pre-money Valuation<\/strong>, ovvero il valore della startup prima che riceva risorse finanziarie dall\u2019investitore;<\/li><li>La <strong>Post-money Valuation<\/strong>, ovvero il valore della startup dopo il finanziamento dell\u2019investitore.<\/li><\/ul><p>La Post-money Valuation \u00e8 data dal rapporto tra il <strong>Terminal Value<\/strong> ed il <strong>ROI atteso<\/strong>, determinato in base alla rischiosit\u00e0 dell\u2019investimento.<\/p><p>Il Terminal Value \u00e8 il valore della startup dopo un certo numero di anni (t) dall\u2019investimento iniziale, nel momento in cui \u00e8 solitamente programmata l\u2019<em>exit<\/em> dell\u2019investitore (normalmente 4 o 5 anni), e viene calcolato attraverso uno dei metodi tradizionali (con il metodo dei Multipli o con il DCF).<\/p><p>La formula tradizionale determina il Terminal Value come flusso di cassa futuro alla fine del periodo di tempo (t), considerando un tasso di attualizzazione (r) che comprende il rischio inerente alle proiezioni future, ed un tasso di crescita (g) che ipotizza la crescita costante dei flussi di cassa del business nel futuro.<\/p><p>TV = CF(t) * (1+g) \/ (r-g)<\/p><p>La valutazione della startup sar\u00e0 quindi data dal Terminal Value attualizzato utilizzando come tasso di attualizzazione il ROI atteso.<\/p><p>Il metodo VC \u00e8 quindi illustrato dalla seguente formula:<\/p><p><strong>Post-money Valuation = Terminal Value \/ ROI atteso<\/strong><\/p><p>Il rapporto tra l\u2019investimento iniziale dell\u2019investitore e la Pre-money Valuation restituir\u00e0 la <strong>quota di partecipazione <\/strong>dell\u2019investitore al capitale di rischio della startup a seguito dell\u2019investimento.<\/p><p>Conseguentemente \u00e8 possibile ricavare il valore della Pre-money Valuation:<\/p><p><strong>Pre-money Valuation = Post-money Valuation \u2013 Investimento iniziale<\/strong><\/p><p>Questo metodo viene solitamente affiancato ad analisi qualitative che possono far variare leggermente il risultato\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-615e145 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"615e145\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a5b170e\" data-id=\"a5b170e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2585cbc elementor-widget elementor-widget-heading\" data-id=\"2585cbc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusioni<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7b4f3e3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7b4f3e3\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9574b45\" data-id=\"9574b45\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ff5d662 elementor-widget elementor-widget-text-editor\" data-id=\"ff5d662\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Il processo di valutazione di una startup \u00e8 &#8220;un\u2019arte pi\u00f9 che una scienza&#8221;. La ridotta quantit\u00e0 di dati storici, gli aspetti qualitativi e la velocit\u00e0 con la quale si sviluppa una startup, rendono questo calcolo abbastanza complicato.\u00a0<\/p><p>Il miglior approccio consiste nel prendere in considerazione diversi metodi (almeno 3), in modo da non tralasciare fattori rilevanti.<\/p><p><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">Un altro elemento fondamentale da considerare inoltre sono le <\/span><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif;\"><b>contrattazioni<\/b><\/span><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">, un investimento \u00e8 caratterizzato non solo dalla valutazione calcolata, ma anche dalle\u00a0<\/span><a href=\"https:\/\/capitalventureconsulting.com\/clausole-di-investimento-per-startup\/\" target=\"_blank\" rel=\"noopener\"><b>clausole\u00a0<\/b><\/a><span style=\"font-family: var( --e-global-typography-text-font-family ), Sans-serif; font-weight: var( --e-global-typography-text-font-weight );\">del contratto di investimento che influenzano il risultato finale.\u00a0<\/span><\/p><p>Per completare al meglio il processo di valutazione e di contrattazione, consigliamo sempre di affidarsi ad un advisor specializzato in startup come <b>Capital Venture Consulting<\/b>, negli anni abbiamo <b>supportato con successo 40 startup <\/b>nelle operazioni di fundraising, finanza agevolata e exit.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-52fe861 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"52fe861\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-384ca31\" data-id=\"384ca31\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-847a95d elementor-align-center elementor-widget elementor-widget-button\" data-id=\"847a95d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-lg elementor-animation-float\" href=\"https:\/\/capitalventureconsulting.com\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Scopri Capital Venture Consulting<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-49e2269f elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-invisible\" data-id=\"49e2269f\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20dfeae0\" data-id=\"20dfeae0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a9e7746 elementor-widget elementor-widget-heading\" data-id=\"4a9e7746\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Newsletter Guide e Bandi Startup<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f40ee48 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f40ee48\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-18f4ea0e\" data-id=\"18f4ea0e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb8a316 elementor-widget elementor-widget-text-editor\" data-id=\"fb8a316\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Iscriviti alla nostra newsletter per ricevere le prossime guide in ambito Startup e la nostra selezione di bandi di finanza agevolata.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-1f5db68e elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f5db68e\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;none&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-35069a09\" data-id=\"35069a09\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5eb53355 elementor-button-align-end elementor-mobile-button-align-center elementor-widget elementor-widget-form\" data-id=\"5eb53355\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;none&quot;,&quot;step_next_label&quot;:&quot;Successivo&quot;,&quot;step_previous_label&quot;:&quot;Precedente&quot;,&quot;button_width&quot;:&quot;100&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Contact form\" aria-label=\"Contact form\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"1337\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"5eb53355\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"Valutazione startup: tutti i metodi che devi conoscere - Capital Venture Consulting\" \/>\n\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"queried_id\" value=\"1337\"\/>\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-above\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-50 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tNome Startup\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"Esempio SRL\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-50 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tEmail\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-sm  elementor-field-textual\" placeholder=\"esempio@gmail.com\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-select elementor-field-group elementor-column elementor-field-group-894019a elementor-col-50 elementor-field-required elementor-mark-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-894019a\" class=\"elementor-field-label\">\n\t\t\t\t\t\t\t\tFase di vita\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field elementor-select-wrapper remove-before \">\n\t\t\t<div class=\"select-caret-down-wrapper\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"eicon-caret-down\"><\/i>\t\t\t<\/div>\n\t\t\t<select name=\"form_fields[894019a]\" id=\"form-field-894019a\" class=\"elementor-field-textual elementor-size-sm\" required=\"required\">\n\t\t\t\t\t\t\t\t\t<option value=\"Da costituire\">Da costituire<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Pre revenues\">Pre revenues<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Early Stage\">Early Stage<\/option>\n\t\t\t\t\t\t\t\t\t<option value=\"Late Stage\">Late Stage<\/option>\n\t\t\t\t\t\t\t<\/select>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-recaptcha_v3 elementor-field-group elementor-column elementor-field-group-Captcha elementor-col-100 recaptcha_v3-bottomleft\">\n\t\t\t\t\t<div class=\"elementor-field\" id=\"form-field-Captcha\"><div class=\"elementor-g-recaptcha\" data-sitekey=\"6LfKz8oUAAAAAM2g_l96RdDHrcUVxpE7JnCv1Orw\" data-type=\"v3\" data-action=\"Form\" data-badge=\"bottomleft\" data-size=\"invisible\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Invia<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f02e266 elementor-widget elementor-widget-text-editor\" data-id=\"f02e266\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Le tue informazioni non verranno divulgate, vendute o utilizzate ai sensi del decreto legislativo 30 giugno 2003, n. 196<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18760f6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18760f6\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-3946ccf8\" data-id=\"3946ccf8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11ed67ec elementor-widget elementor-widget-theme-site-logo elementor-widget-image\" data-id=\"11ed67ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-site-logo.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t<a 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data-large-file=\"https:\/\/i0.wp.com\/capitalventureconsulting.com\/wp-content\/uploads\/2018\/09\/cropped-cvc-rectangular-1.png?fit=350%2C164&amp;ssl=1\" \/>\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-58b73986 elementor-widget elementor-widget-text-editor\" data-id=\"58b73986\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>La boutique finanziaria specializzata in startup e PMI innovative<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-531f4dea e-grid-align-left e-grid-align-mobile-left elementor-shape-rounded elementor-grid-0 elementor-widget elementor-widget-social-icons\" data-id=\"531f4dea\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"social-icons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-social-icons-wrapper elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-facebook-f elementor-repeater-item-0267196\" href=\"https:\/\/www.facebook.com\/CapitalVentureConsulting\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin elementor-repeater-item-dbaeb71\" href=\"https:\/\/www.linkedin.com\/company\/capital-venture-consulting\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab 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elementor-widget elementor-widget-icon-list\" data-id=\"7556f0df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capitalventureconsulting.com\/materialis\/blog\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Guide per startup<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capitalventureconsulting.com\/job-offer-venture-capital-analyst\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Lavora con noi<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capitalventureconsulting.com\/startup-ground-rome-investor-day\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Rome Investor Day<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/capitalventureconsulting.com\/privacy-policy\/\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-check\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Privacy Policy<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-3421183\" data-id=\"3421183\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37d3634b elementor-hidden-desktop elementor-widget elementor-widget-spacer\" data-id=\"37d3634b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ed4b436 elementor-widget elementor-widget-heading\" data-id=\"5ed4b436\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contatti<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2dde5b20 elementor-align-start 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116<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<footer class=\"elementor-section elementor-top-section elementor-element elementor-element-2b2af4e7 elementor-section-height-min-height elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"2b2af4e7\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;_ha_eqh_enable&quot;:false}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77d47832\" data-id=\"77d47832\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div 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