The Italian government wants to take the Artificial Intelligence sector seriously and quickly move from a semi-academic level to concrete entrepreneurial ventures.
The idea is to set up a Corporate venture capital fund what vehicles overall 600 million su startup e Innovative SMEs of the sector, also to encourage the adoption of artificial intelligence (AI) in the Public Administration, as reported by Sol24ore.
“Italy lags behind other European countries in terms of investments in the artificial intelligence sector” says the Department for Digital Transformation and this proposal should be able to fill the gap.
Cdp venture capital at the forefront
The fund should be managed by CDP Venture Capital Sgr, owner of the National Innovation Fund, with the support of an investment committee and an advisory board for guidance and input on operations. The Department for Digital Transformation, therefore the Presidency of the Council, should contribute 45 million euros, the National Cybersecurity Agency with 40 million while the aim is to raise another 115 million from companies in the sector and institutions such as the CDP itself. This basis, of 200 million, should be leveraged three times by private investment, reaching the target of 600 million. With this dowry, the fund would intervene to subscribe start-up shares, specialized funds, accelerators and incubators. In the division of tasks, Cdp Venture as an implementing entity would also provide support services to help businesses, for example in accessing public tenders. The Department, as administration responsible for the project, would coordinate a nucleus of representatives of public administrations to identify synergies with businesses; the National Cybersecurity Agency would help define the fund's strategic direction.
Waiting for the appointment of the heads of CDP
The project was already examined in July during the meeting of the Interministerial Committee for the digital transition and therefore has a solid political basis, under the direction of the Undersecretary to the Prime Minister with responsibility for Innovation, Alessio Butti. But for it to materialize, at least one decisive step is missing. An acceleration and also the inclusion of a specific rule in a provision could only take place after the appointment of the new ones top management of Cdp Venture Capital Sgr (Francesa Bria is the current president, Enrico Resmini is the managing director and general manager). The stalemate on the board of directors, which will remain in office until the approval of the financial statements at 31 December 2022, has lasted for several months and several startup associations have urged the government to take a quick decision.
