Milan, Rome, and Turin lead Italian innovation ecosystems

A report by the Rome Business School titled ‘Who innovates and where? Rome, Milan, Turin: players, infrastructures and comparative numbers’ analyzes the three primary innovation ecosystems in Italy.

Milano remains the country’s leading innovation hub, securing 4.1 billion euros in venture capital between 2020 and 2024 through 1,134 operations and supporting 2,417 innovative startups. The city accounts for nearly half of Italy’s B2B startups, though it faces challenges in talent retention and accessibility for younger companies.

Roma leads in public research and access to European funds, having secured 776 million euros from Horizon 2020. While it ranks second in the number of innovative startups, its venture capital collection over the last five years reached 295 million euros across 357 operations, with an average funding amount of less than 1 million euros per startup.

Torino shows strength in hard tech, with an ecosystem value of approximately 3 billion dollars and an annual growth rate of 19%, contrasting with a global decline in innovation ecosystems. However, the city lacks sufficient growth-stage capital and senior talent to help companies scale beyond their initial stages.