In an Italy that is rediscovering innovation as a strategic lever for economic and cultural growth, investing in startups is not just an opportunity, it’s a responsibility. It’s a concrete way to drive change. It means stepping into the arena, actively contributing to the transformation of entire industries and supporting the companies that will shape tomorrow’s markets.
On one hand, Italy’s startup ecosystem is finally gaining momentum. On the other, the overall quality of angel investing remains uneven.
For those looking to get started - whether as a business angel or even just as an LP - the environment can seem opaque, technical, and sometimes even unwelcoming.
The risk? Wasting capital, time, and trust. Not just your own, but that of the entire ecosystem.
If you feel it’s time to play your part, know this: the role of the business angel has never been more important.
But doing it well - with vision, method, and awareness- requires preparation. You need to know how to read risk, recognize potential, and evaluate the people behind each project.
Intuition alone isn’t enough. It takes courage to learn, to engage, to grow.
So... who is a business angel, really?
No, it’s not (just) “the one with the money.”
An angel is the first to bet on an idea when it’s still fragile, the first to take the risk. Yes, they invest capital, but also their time, network, experience, and strategic insight. And that can make all the difference.
Too often in our ecosystem, the business angel is seen as secondary to venture capital funds. But the numbers (and the founders) tell a different story.
A good business angel can change the fate of a startup. An unprepared one, even with the best intentions, can slow it down.
The problem? Too much passion, too little preparation.
In recent years, startup investing has become trendy. Funding rounds are increasing, more capital is flowing in, more funds are being created. But behind the excitement lies a hard truth: venture investing is one of the most complex professions out there. And like any complex profession, it cannot be improvised.
That’s exactly why we offer our angels (and not only them) a way to bridge the gap between enthusiasm and expertise: Venture Play, a learning journey for those who want to lead the change, not just watch it happen.
Venture Play by IAG: The missing experience
Whether you’re considering your first investment or looking to refine your current approach, Venture Play gives you the tools, language, and methods to act with clarity and confidence.
No boring theory. No memorizing manuals.
Venture Play is hands-on, grounded in real-world experience.
Interactive workshops, real cases, direct dialogue with founders and investors. You’ll work on authentic scenarios, analyze mistakes, decisions, and strategies. The goal? To give you practical, immediately usable tools.
All in a dynamic, open environment where learning and meaningful exchange go hand in hand. A real opportunity to connect with high-level professionals, share visions, and build relationships that matter.
What will you walk away with?
A clear investment thesis is a competitive edge
No more “gut-feeling” investing driven by instinct or hype. Without a clear thesis, it’s hard to build consistency, attract the right founders, or carve out a clear position in the market.
You’ll craft an investment thesis that reflects who you are, your interests, and your values:
“Why this market? Why this type of founder? And what do I bring to the table?”
Scouting and selection: saying no is an art
Knowing how to read a pitch, spot red flags, evaluate teams and traction within the first minutes - these are essential skills. More importantly, you need to build your own personal filter to cut through the noise. Knowing when to say “no” is just as crucial as saying “yes” to the right project.
Portfolio strategy is everything
Here’s the brutal truth: a few investments generate most of the returns.
You need the right balance between number of deals, ticket size, timing, and follow-ons. The right models help you think probabilistically, not emotionally. (Spoiler: barbell strategy isn’t just for the gym, and power law is our mantra.)
Beyond capital: the real value for founders
More and more founders are choosing their investors not just for money, but for the support they provide. A great angel knows when to step in, and when to step back.
They build valuable networks, open doors, and offer invisible yet game-changing value that can be the difference between a startup scaling or stalling.
How do VC funds think and talk?
If you want to invest alongside them, you need to understand how they think, how they assess the market, what metrics they use, how they structure investment vehicles.
It’s a different craft - but knowing both sides of the table gives you a serious advantage.
You don’t need an investor pedigree…
…You need curiosity, vision, and the drive to truly contribute.
Italy’s innovation future needs business angels ready to lead the change. And what if the next one to make a real difference is you?
Venture Play launches in September 2025. Will you be there? Sign up now!