Unlocking Digital Start-up Funding: How Innovation Intermediaries make It Happen. An Empirical Evidence from Italy

Start-ups are pivotal to the contemporary economy, yet securing essential growth capital remains a considerable challenge due to financial constraints arising from asymmetric information, regulatory frameworks and market conditions. Extant research has rigorously examined both traditional and non-traditional funding sources, addressing the myriad obstacles that entrepreneurs encounter when seeking finance. Despite substantial scholarly attention to the role of innovation intermediaries in supporting start-ups, there remains a paucity of understanding regarding their facilitation of access to both conventional and alternative finance. This study, through a comprehensive analysis of 157 Italian digital start-ups, elucidates that innovation intermediaries significantly enhance funding opportunities across diverse sources, including equity crowdfunding, venture capital and traditional bank loans. The findings contribute to the academic literature highlighting the crucial role of innovation intermediaries in shaping the financial ecosystem for digital start-ups, providing nuanced insights crucial for fostering sustainable growth and innovation.