STEM skills correlate with higher Milano Hub project scores
STEM qualifications correlate with higher fintech project evaluation scores at the Bank of Italy's Milano Hub. Published on October 12, 2026, the research analyzes 97 submissions across three calls covering AI, distributed ledgers and digital payments.
Technical skills carry more weight
Matteo Amoroso, Andrea Azzola, Camilla Bignotti and Lorenza Masoero analyze 97 project observations: 31 from the first call, 50 from the second and 16 from the third.
Regressions use evaluation scores standardized within each call.
In baseline model 1a, STEM qualifications correlate with a 0.553-standard-deviation higher score, with p=0.008; PhD qualifications correlate with 0.493, with p=0.064. Each additional year of average board-member age correlates with 0.020, with p=0.068. Adjusted R-squared is 0.416. Economics qualifications show no consistent positive association.
Project relevance to each call's theme is a strong predictor, while firm age and collective participation are not statistically significant in the regressions.
Young firms, experienced professionals
Average participant ages range from 44 to 52 across roles; women account for 15.0 percent of individuals.
Female representation falls to 10.0 percent among economics-qualified participants and 4.0 percent among STEM-qualified participants.
Milano Hub provides technical support, not funding, for pre-commercial projects.
The authors propose considering more flexible project-maturity requirements, diversity initiatives and university partnerships.
These are research proposals, not adopted Bank of Italy policy; the paper expresses the authors' views.
Scores are not success
The analysis establishes associations with evaluation scores, not causal effects or commercial success.
Only three calls underpin the sample, limiting controls and reliable call-level clustering.
The authors also acknowledge omitted variables, subjective scoring and incomplete multicollinearity diagnostics.