It’s called Argo and it’s an acceleration program for startups and innovative SMEs that develop solutions and services for tourism and hospitality. Created by Cdp Venture Capital in collaboration with the Ministry of Tourism, it will have a total budget of 4.5 million euros (of which approximately 3.4 allocated by the CDP Accelerator Fund) and the objective of identifying and selecting the most promising startups Italian or international companies in the sector who intend to open an operational branch on the local market. Argo, which will be based in Venice at the Venisia spaces, today also opened the call for the selection of the first acceleration program, which will start in March 2023. There is time until February 19, 2023 to apply.
From business tourism to religious tourism
The initiative is aimed at companies with an established team and a functioning prototype, which have developed innovative products or services in the field of tourism, with particular reference to the sectors of business, cultural, religious and study tourism, organized travel, outdoor experiences, food and wine, sport and well-being.
Thirty startups in three years
Argo will select 10 startups each year for the next three years which will receive a pre-seed investment of 75,000 euros and which will be able to access subsequent funding after acceleration. Furthermore, the Ministry of Tourism will be able to further support the selected startups with a possible non-repayable contribution of 25 thousand euros.
The five-month acceleration program will boost the growth of startups through a training course with industry experts, aimed at validating the product and business model for go-to-market. Argo will be operationally managed by LVenture group, one of the main startup accelerators at European level and co-investor in selected startups, and Venisia, the sustainable innovation ecosystem of Ca’ Foscari University of Venice.
11 billion supply chain and 13% of GDP
“The tourism supply chain is undergoing a major transformation to become more sustainable, zero-impact and digital – said Francesca Bria, president of Cdp venture capital, – with a digital market that touched 11 billion euros in 2021, it is the sector where venture capital investments have grown the most in recent years, also thanks to the post-covid recovery.
With the launch of the Argo Accelerator, we want to support the growth of the best startups that develop innovative traveltech and hospitality services and solutions. In our country, tourism is worth 13% of GDP, and accelerating sustainable and digital innovation in this sector has a potential with a strong economic and employment impact throughout the territory”.