agreed. I really wish the startup scene blossoms in Italy in the near future as there is great potential there - One of my favourite italian startups is http://stereomood.com/

How would you monetize that site?

Buy buttons on every track. Lots of music I've never heard about that I might like to download to my music player.

EDIT: There are buy buttons on every track, but frankly they're almost too inobtrusive - I didn't notice them at first.

You could try mood based ads. Very difficult to sell to an advertiser, but it could have some interesting applications. I wonder if depressed or happy people buy more.

Interesting approach! I generally think happy people would buy more...

I think the opposite, that sad people would buy more. Would be an interesting experiment :)

there could also be potential for B2B services: think airport lounges, auto salons, etc etc ...

Lot of potential but little money.

"Italian VC investors (I mean the ones based in Italy) are, in general, famously useless at identifying high growth businesses in their own country"

Sad but true.

The money is in hiring good hackers at good prices.