An "innovative startup" is a new company whose business model is characterized by a strong technological character. An innovative start-up is an unlisted limited liability company. It should be newly incorporated or has been operating for less than 5 years. It has headquarters in Italy or has at least a branch in Italy if based in the EU/EEA areas. The annual turnover of the company is lower than 5 million euros. It does not and have not distributed profits in the past. The exclusive or prevalent corporate purpose is the production, development and marketing of innovative goods or services of high technological value. It is not the result of a merger, split-up or selling-off of a company or branch. Lastly, its innovative character is identified by at least one of the following criteria: at least 15% of the greater value between annual costs and turnover can be attributed to R&D activities; at least 1/3 of the total workforce are Ph.D. students, holders of a PhD or researchers; alternatively, 2/3 of the total workforce holds a master’s degree. It is the holder, depositary or licensee of a registered patent, or the owner and author of an original registered software. The company may operate in any economic sector.
