Fail Fast for innovative start up - D.L. n. 179/2012
Italian Parliament is working to simplify the bankruptcy low, to avoid the stigmatization and to ease the restart of honest failed entrepreneurs.
On February 2017, the Italian Parlament approved the Bankruptcy Low Reform - D.L. 59/2016, introducing innovative and unprecedented procedures such as debt settlement and debt restructuring. With this measure they anticipate the alert procedures, they try to prevent the default risk when it is still possible.
On 2012 the Italian Parliament approved the Fail Fast for innovative start up - D.L. n. 179/2012, regarding only innovative startups. They have own register and specific legislation in Italy, aims at facilitating sustainable growth, technological development, new entrepreneurship and employment, especially youth, creating systemic conditions conducive to enterprises capable of introducing innovative high-tech goods, services and production modes.
This support measures were introduced for innovative startups, including simplification of administrative compliance, free and priority intervention by the SME Guarantee Fund regarding bank loans and fiscal benefits: among them also fail-fast: that is, not subject to innovative startups to the discipline of bankruptcy.
Evidence of success
It is important to not stigmatize bankruptcy and to not penalize the entrepreneur, the innovative startups are exempt from bankruptcy discipline and put in place, in the event of failure, to immediately start with a new project.
The most important issue is overcoming stigma and support the re-start, developing new business ideas.
Potential for learning or transfer
It is important to not stigmatize bankruptcy and to not penalize the entrepreneurs. In this way the innovative startups are exempt from bankruptcy discipline and put in place, in the event of failure, to immediately start with a new project.