The evaluation provides findings on the effectiveness of “Nuova Sabatini” on the beneficiary companies by applying a mixed-method combining Theory-Based approaches (Contribution Analysis), counterfactual techniques (Diff-in-Diff) and Bayesian Network Analysis. One of the objectives of the analysis was to capture how the policy intervention could stimulate a variety of behavioural changes in SMEs instead of financial results such as changes in turnover and profits. Behavioural change in beneficiary SMEs may be readily observable and measurable (e.g. employing a young researcher, or purchasing technologically more advanced equipment). In contrast, others may pertain to the entrepreneur’s mindset (e.g. his/her willingness to take risks and innovate). The ex-post evaluation results, which follows the Better Regulations guidelines, will inform the policymakers at both Italian and European level about the suitability of continuing funding, introducing adjustments in its delivery process, or stopping the measure. The European Commission’s DG Competition is interested in this evaluation study since the instrument is subject to the EU Regulation 651/2014 on State Aid. The study, conducted in collaboration with MET-Economia (Rome), also includes online and CATI surveys to beneficiary SMEs and a control group.