The impact of venture capital on the Italian SMEs development. In the search for a comprehensive model

Despite the strong concentration process in the Italian banking system in the last decade, new areas of support for local SMEs can be explored beginning with two Italian features: the presence of small and medium banks and of new investors in venture capital. An e fficient network of local banks, closer to SMEs needs, requires new medium-long range financial forms for innovative firms, especially in high-tech, such as venture capital and private equity. In this paper the financial needs of the Italian SMEs are anal ysed and, in the end, a theoretical model is proposed in order to measure the impact of venture capital.