This study was carried out in order to better understand the economic and managerial characteristics of the biotechnology industry, which has taken hold in Italy at a much slower rate than in other industrialized countries. In particular, the specific aims of this paper are to analyse the business models of new Italian biopharmaceutical firms and to examine how these firms, with their different business models, successfully overcome the initial stage of starting up. On the basis of interviews conducted with sector experts and managers, we will conclude that the success factors behind the startups comprise a diverse range of distinct competencies that depend on the type of business model adopted.