This paper investigates the interaction between radical innovation and sustainable finance in the FoodTech sector, a context characterized not only by high capital intensity and delayed returns, but also by challenges related to consumer acceptance, regulatory requirements, and scalability. Through the longitudinal qualitative case study of Futura S.r.l., an innovative startup located in Southern Italy, the research examines how sustainable ventures navigate financial constraints within a peripheral entrepreneurial ecosystem. Drawing on the triangulation of documentary and operational sources, the study reconstructs the firm’s evolution. The findings reveal that startup growth is enabled by a hybrid financing architecture combining public grants, bank debt, private equity, and ecosystem partnerships. Moreover, the analysis shows that sustainability supports scalability through both signaling and substantive mechanisms. Indeed, transparent ESG metrics enhance legitimacy and reduce information asymmetries, while sustainability-oriented investments generate measurable capabilities that facilitate access to finance and strategic collaborations. The study contributes to the literature on sustainable entrepreneurship and entrepreneurial finance by explaining how hybrid funding strategies support innovation in FoodTech ventures. Finally, it offers managerial implications for resource orchestration and network building, as well as policy implications regarding the role of public support in fostering sustainable entrepreneurship.
The Integrated Finance in FoodTech: A Qualitative Analysis of Sustainable Startup Scalability
Claudia Covucci;Dominique Lepore;Gianpaolo Basile;Alessandra Micozzi
2026-01-01
Abstract
This paper investigates the interaction between radical innovation and sustainable finance in the FoodTech sector, a context characterized not only by high capital intensity and delayed returns, but also by challenges related to consumer acceptance, regulatory requirements, and scalability. Through the longitudinal qualitative case study of Futura S.r.l., an innovative startup located in Southern Italy, the research examines how sustainable ventures navigate financial constraints within a peripheral entrepreneurial ecosystem. Drawing on the triangulation of documentary and operational sources, the study reconstructs the firm’s evolution. The findings reveal that startup growth is enabled by a hybrid financing architecture combining public grants, bank debt, private equity, and ecosystem partnerships. Moreover, the analysis shows that sustainability supports scalability through both signaling and substantive mechanisms. Indeed, transparent ESG metrics enhance legitimacy and reduce information asymmetries, while sustainability-oriented investments generate measurable capabilities that facilitate access to finance and strategic collaborations. The study contributes to the literature on sustainable entrepreneurship and entrepreneurial finance by explaining how hybrid funding strategies support innovation in FoodTech ventures. Finally, it offers managerial implications for resource orchestration and network building, as well as policy implications regarding the role of public support in fostering sustainable entrepreneurship.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
