Startup basics
What is a startup? A plain-English definition with examples
Two definitions founders and investors actually use, the three words that separate a startup from a small business, and a…
Insights
Data and guides for better decisions.
Fundraising, public funding and new markets: analysis and practical guides for founders, SMEs and investors.
Fundraising
How much money to start a startup: real costs for 2026
The runway formula, what an SRL or SRLS really costs in Italy in 2026, the yearly bills nobody mentions and…
Fundraising
Liquidation preference explained: 1x, participating and a €12M exit
A 1x non-participating preference gives investors their money back or their share of the sale, whichever is higher. We run…
Fundraising
Pre-money vs post-money valuation: a worked example
Pre-money is what the company is worth just before the investment, post-money just after. One round, worked through with an…
Fundraising
What “fully diluted” means on a term sheet, with an example
Fully diluted counts every share that exists or could exist, from granted options to the unallocated pool and converting SAFEs.…
Fundraising
How much equity to give away at pre-seed and seed: the numbers in 2026
The median seed round sold 19.5% of the company in Carta's latest data. What pre-seed SAFEs cost by round size,…
Fundraising
Tax breaks for startup investors in 2026: Italy vs the United States
What an investor can deduct in Italy in 2026, why the 30% regime is on hold, how the US QSBS…
Fundraising
Italian unicorns in 2026: the full list and what they have in common
The full list of Italian companies valued at $1 billion or more in 2026, with founding year, city and sector,…
Cross-border growth
EU–Mercosur agreement: what changes for Italian SMEs
Since 1 May 2026 the EU–Mercosur trade agreement has applied provisionally: duties by sector, the schedule of cuts, rules of…
Public funding
Smart&Start Italia: eligibility, funding and how to apply (2026 guide)
Smart&Start Italia in 2026: who can apply, how much the zero-interest loan covers, the grant share in Southern Italy, how…
Adaxit Brief
Every two weeks, the capital markets in a five-minute read.