While there is a general consensus that young innovative companies (YICs) need special attention by public policy which should aim at alleviating the financial constraints these firms commonly suffer, much less agreement has been reached on the most effective policy instruments reputed to accomplish the task. In this respect, if the scientific debate has very much revolved around the dilemma about the crowding-in or crowding-out effect of public R&D subsidies to firms, there is a dearth of scientific studies which analyse the effectiveness and potential interrelations of different policy instruments which at the same time and in the same institutional context are offered to YICs. By taking advantage of the Italian Startup Act issued in 2012, we analyse, for the first time, the possible existence of interrelationships between firm access to a Government-guaranteed (GG) bank loan program and fiscal incentives for venture capital (VC) equity investments. Results suggest two important facts. First, the two mechanisms appear to be functional to different typologies of YICs. Second, VC investments significantly reduce the probability to access GG bank loans. Overall, our analysis highlights a sort of "institutional division of labour" between the two measures and depicts what we label as a Task segmentation effect.

Artificial lighting systems are used in commercial greenhouses to ensure year-round yields. Current Light Emitting Diode (LED) technologies improved the system efficiency. Nevertheless, having artificial lighting systems extended for hectares with power densities over 50W/m2 causes energy and power demand of greenhouses to be really significant. The present paper introduces an innovative supervisory and predictive control strategy to optimize the energy performance of the artificial lights of greenhouses. The controller has been implemented in a multi-span plastic greenhouse located in North Italy. The proposed control strategy has been tested on a greenhouse of 1 hectare with a lighting system with a nominal power density of 50 Wm−2 requiring an overall power supply of 1 MW for a period of 80 days. The results have been compared with the data coming from another greenhouse of 1 hectare in the same conditions implementing a state-of-the-art strategy for artificial lighting control. Results outlines that potential 19.4% cost savings are achievable. Moreover, the algorithm can be used to transform the greenhouse in a viable source of energy flexibility for grid reliability.

Prior research shows that entrepreneurship enhances economic development. However, it is becoming increasingly evident that it is not the number of new startups that matter but rather their quality. This study investigates the effect of a comprehensive industrial policy intervention targeting innovative startups, i.e., the Italian Startup Act, on the composition of innovative entrepreneurs in terms of their human capital endowment. By decomposing the impact of lowering entry and growth barriers and by comparing the “before” and the “after” of the reform, we explore if the industrial policy has modified the composition of innovative entrepreneurs in terms of their human capital characteristics. The findings indicate that the reform, and in particular lowering growth barriers, was particularly able to push individuals with a relatively higher level of industry-specific, managerial, and entrepreneurial experience towards the creation of a new innovative venture. Overall, we show that a policy reform that decreases barriers to innovative entrepreneurship may attract entrepreneurs endowed with greater specific human capital than what occurred before the reform.

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