Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Ferrari owner Exor wants to build the Italian Y Combinator

sifted.eu

Post reply on HN
Print view View original

71–80 of 143 posts

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#71

Post by riffraff »

darkwater wrote: post #5

Good luck with that, Italy and Italians are one of the most bureaucracy-obsessed country on the planet. You can think you own country has bureaucracy issues? Go check Italy, and it will be for sure worse. I mean, in 2022 AFAIK and still not every salaried person can have a default pre-compiled tax draft that they can just sign on the Internet and get approved. You have to go and compile it one from scratch (I think t…

> Go check Italy, and it will be for sure worse.

I live in Hungary, am Italian, Hungary is worse for most things.

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#72

Post by L_226 »

alexdoesstuff wrote: post #46
L_226 wrote: post #41

Earlier quoted context omitted.

London probably won't work for me. I have not pulled the trigger yet, tbh I am less worried about German taxes than I am running a C Corp from outside the US. Mainly because of the litigation heavy US culture, opaque paperwork overhead etc.

As a German having gone through the experience, I feel I am reasonably qualified to give a perspective: The US setup is a breeze administratively, but fairly costly. You definitely need a tax accountant onshore ($3-5k per year at least, more if the setup is more complex) but that will take care of a good share of the minutiae. You probably also eventually need somebody helping you in Germany to take care of employmen…

Thanks, I was expecting to have a German subsidiary eventually. Also considering Netherlands

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#73

Post by L_226 »

trh0awayman wrote: post #50
L_226 wrote: post #16

Earlier quoted context omitted.

I am doing this right now, Stripe Atlas Delaware C-corp but operating in Germany. I could have incorporated a GmbH for €25,000 (goes into an account to act as collateral against future liability) - which uses all my savings basically, or a UG for €1 - but then I can't add other shareholders until I pay an additional €25k to convert it to a GmbH. For my startup, which is capital intensive, I have no choice but to use…

Can you talk about this a bit more? Or have any guidance? I'm in Germany and wanted to do this with my cofounders, but couldn't wrap my head around the legality. Don't you also have to maintain a German presence basically? And what are the implications in regard to exit taxes?

> Don't you also have to maintain a German presence basically? Probably easiest, with all the required trips to the notary

> And what are the implications in regard to exit taxes? No idea

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#74

Post by riffraff »

lnxg33k1 wrote: post #2

As Italian, when I read something involving Agnellis willing to do something for Italy, I am a bit scared about taxpayers money, like Fiat has always got tax discounts and subsidies and as a thank you has closed factories, and fired people, can we just keep the people related to Agnellis in the Silicon Valley?

FIAT is not EXOR, a ton of EXOR initiatives came and went (remember Ciaoweb?) without government intervention.

The issue with car manufacturing is that it employees a fuckton of people, so it becomes political.

Also, if there is a person who can run this thing well is mr. Piacentini, so I would not be too negative.

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#75

Post by L_226 »

tluyben2 wrote: post #43
L_226 wrote: post #41

Earlier quoted context omitted.

London probably won't work for me. I have not pulled the trigger yet, tbh I am less worried about German taxes than I am running a C Corp from outside the US. Mainly because of the litigation heavy US culture, opaque paperwork overhead etc.

The problem with taxes and capital and incorporation is that usually fixing it beforehand is easy while after you start to make money, you are perhaps too late. We went for London because not as litigious, light on paperwork, cheap to incorporate and there is a lot of money slushing around. Not America sized investments but close enough. And easy ramp to the US if you wish. Taxes are quite high once money starts pori…

I'll have a look again, got any useful links? I need to relocate to south EU anyway to build my thing, so I am not specifically tied to incorporating in Germany beyond being a citizen.

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#76

Post by hardware2win »

wlecometo wrote: post #23

Well the main issue in italy is not lack of funding or lack of talent but rather the amount of taxation companies had to go through and the uncertainty behind a big and complex legal system which makes an average of 8 years for civil processing . these two things alone and the fact there are better places in europe to make a startup (hint: netherlands, germany, france, czech republic, romania, poland) makes me wonder…

Why poland?

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#77

Post by rmbyrro »

gman83 wrote: post #57
dotancohen wrote: post #55

Title: "Ferrari owner Exor wants to build the Italian Y Combinator" Piacentini's own words: "We have no ambition to emulate the likes of Y Combinator" I agree with HN's reluctance to alter titles, but in cases where the title itself a lie, clickbait, or gross exaggeration I think that it should be edited.

The full quote: “We have no ambition to emulate the likes of Y Combinator, or even Kima Ventures, from the start. But we aspire to what they have built — our ultimate goal is to get to that level.”. When read like this it sounds like eventually he would like to build something like Y Combinator.

I was also confused

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#78

Post by samatman »

johnthewise wrote: post #67
dmitriid wrote: post #66

Earlier quoted context omitted.

> fantastic job of explaining why that is while touting it as benefits Because, as we all know, all businesses are IT startups that can afford to pay for comprehensive medical care, every employee of every company can afford the dissolution of a company (or just an emergency) etc.

One could argue that IT startups are all that matter.

One wouldn't even have to argue such a thing to limit the discussion in that way for an "Italian Y Combinator" article.

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#79

Post by rmbyrro »

wlecometo wrote: post #23

Well the main issue in italy is not lack of funding or lack of talent but rather the amount of taxation companies had to go through and the uncertainty behind a big and complex legal system which makes an average of 8 years for civil processing . these two things alone and the fact there are better places in europe to make a startup (hint: netherlands, germany, france, czech republic, romania, poland) makes me wonder…

Also missing in Italy are the networking and connections to relevant people and organizations.

I think very few founders look for money at YCombinator, they're primarily interested in the connections.

Re: Ferrari owner Exor wants to build the Italian Y Combinator

#80

Post by cosenal »

rmbyrro wrote: post #77
gman83 wrote: post #57

Earlier quoted context omitted.

The full quote: “We have no ambition to emulate the likes of Y Combinator, or even Kima Ventures, from the start. But we aspire to what they have built — our ultimate goal is to get to that level.”. When read like this it sounds like eventually he would like to build something like Y Combinator.

I was also confused

I posted it with the original title from Sifted after reading "“Our application format will be familiar, similar to that of Y Combinator’s — simplicity will be key for deploying capital fast,” says Piacentini."
Post reply on HN