LA BANCABILITÀ DELLE START-UP

[Autom. eng. transl.] In the early years of their life, start-ups are typically debt-free, unable to generate positive cash flows or grant adequate guarantees. The capital raised is therefore attributable to equity, which represents the cash reservoir that allows start-ups to survive until they accrue a surplus of liquidity. When a start-up reaches its maturity and financial break-even, thanks also to the bridging finance of specialized intermediaries (venture capital, private equity, subsidized finance) it can begin to get into debt. This represents an important milestone, reserved for scale-ups that survive the Darwinian selection, crossing the "valley of death" (which involves the elimination of liquidity and equity).