Between the stock market, funds and minibonds: the right capital to grow

There are patient capitals and demanding capitals. For most of our companies, for a very long time that lasted practically until the day before yesterday, those capitals - "patient" by their very nature - made available by the founding family, added for operational needs to the credit generously granted by the banking system, were sufficient to grow.

But times are changing and the fuel needed to support the development of the North-Eastern economic system must increasingly be sought outside the family-bank scheme, turning to the world of venture capital . There remains, without a doubt, a certain atavistic distrust towards funds and the regulated capital market , as demonstrated by some numerical evidence: in 2024, the number of companies that left the Stock Exchange was higher than those that entered; private equity operations are still counted in a few hundred cases per year. However, the financialization of the economy - which not everyone likes - is now an established fact and the economic news reports increasingly highlight the "assault" of investment funds on SMEs with greater growth prospects. 

Therefore, as Professor Paolo Gubitta suggests in his editorial for the new issue of Corriere Imprese Nordest, «venture capital is sought when needed and with awareness, outside of any ideological drift and without rhetoric». With disenchanted pragmatism. The front page of the monthly insert (tomorrow in Corriere della Sera) and a special event, scheduled for next Thursday, May 22, at Villa Ottoboni in Padua, are dedicated to the vast and very current theme of «Capital for growth - strategies for the development of SMEs in the Northeast». Organized by Corriere Imprese, with the collaboration of Cortellazzo&Soatto and Banco BPM, the event will see the participation of Consob - the market regulatory authority - and a rich array of protagonists from the world of business, specialized consultancy and università .

The program includes initial greetings from Francesco Nalini, vice president of Confindustria Veneto Est and head of Carel, a Padua-based company listed on the stock exchange, and Alessandro Russello, head of Corriere del Veneto. An initial in-depth panel, dedicated to the theme "Patient capital and demanding capital: what balance?", will offer reflections by Paolo Gubitta ( Università of Padua-CUOA Business School) and Chiara Frigerio ( Università Cattolica and secretary general Cetif ). Following this, Daniela Costa, Consob advisor and senior economist in the Scientific Committee of the PMI–Consob Capital Market Observatory, will discuss the Stock Exchange and other capital markets. Cetif , and Antonio Santocono, president of the Chamber of Commerce of Padua and Unioncamere.

The final part of the event will feature a round table with four protagonists, led by Professor Paolo Gubitta and the editorial coordinator of Corriere Imprese Nordest, Alessandro Zuin. The voices and experiences in the field will be those of Bruno Conterno, CEO of Nice Footwear (a fashion company that was listed on the stock exchange and then left the list when Palladio Holding entered its capital); Federico Girotto, CEO of Masi Agricola (the only Veneto wine company to have taken the path of listing); Giuseppe Puccio, general manager of Banca Akros of the Banco BPM Group; Giovanni Tagliavini, lawyer and partner of Cortellazzo&Soatto (registration at the link https://eventi.corriere.it/locali/evento/capitali-per-crescere/ or eventiveneto@corriereveneto.it).