NTV was created in 2006 by four Italian businessmen (among them Luca Cordero di Montezemolo) with the aim of creating a privately-owned high speed rail operator to compete with state-owned incumbent Trenitalia.[7] The company was launched with an initial investment of €967 million, €625 million of which was spent on rolling stock.[8] NTV’s shareholders took on a significant risk in their startup as Italy was the first country in the world to open its high speed rail market to competition.[9]