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This case examines some drivers and challenges that can shape the development of Italy's entrepreneurial ecosystem. Italy was specifically chosen as it faces a paradoxical condition: despite being one of the most advanced and largest economies in the world, it is not considered an important ecosystem for start-ups. To better under-stand this paradox, the case offers a comparison with the French ecosystem. Besides being geographically close to each other, France and Italy are comparable economies, and the two countries compete in many areas, including automotive, cosmetics, fashion, tourism, and wine, to name a few. The comparison between the two ecosystems is helpful as it allows to identify elements and strategies that could be replicated also in the Italian entrepreneurial ecosystem. In 2022, the first Italian start-ups to achieve unicorn status were Satispay and Scalapay, both in the financial tech sector (FinTech). This is in sharp contrast with France's ecosystem, which has produced over 20 unicorns in the last ten years. The case identifies three main areas of intervention that could help Italy's entrepreneurial ecosystem to achieve a new stage of development. These three areas focus on the role of the national government in fostering entrepreneurship, the intermediary role of incubators and accelerators, and the presence of local start-up 'heroes' as contextual factors that could enhance Italian's international reputation as a country where successful ventures could be created.