Mitos e verdades sobre a indústria de venture capital

• Ano de defesa: 2014
• Autor(a) principal: Solange Gomes Leonel
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Inovação; Venture capital; Financiamento da inovação; Capital de risco ses Brasil; Inovações tecnológicas
• Link de acesso: http://hdl.handle.net/1843/AMSA-9K9LVA

This thesis discusses some myths and realities about the venture capital (VC) industry, trying to clarify its role and institutional aspects as a component of the national innovation system, as well as its replicability outside the United States. The main goal is to bring together elements that help to understand whether VC firms could be part of a catching up friendly financial system to help Brazil in its quest for technological catching up. The discussion starts with the analysis of the relationship between finance and innovation based on the evolutionary approach. This analysis reveals that innovation is a systematic process that involves many actors and demands different types of financial arrangement, including the VC industry. Data from the U.S economy show that VC firms play only a minor role in funding the first stage of the innovation process the period in which a firm begins to produce basic scientific knowledge and initial prototypes of new products. They tend to be more helpful when innovative new firms begin to commercialize the outcomes of their R&D activities. They also have a tendency to concentrate their investments in few industries, particularly in fast-growing segments. VC investments in high-growth segment are likely to have an exit by an initial public offering or trade sale. More disturbing than those trends for the financing of innovation is the high volatility of the venture capital industry. VC firms fundraising and investments are influenced by the fluctuations of the financial market. However, the big issue is that the VC industry is strongly dependent on institutions and mechanism that are not easily replicated. This becomes clearer when evidences from the Brazilian VC industry come out. The Brazilian VC industry has a low appetite for risk. By and large, it invests in firms from sectors with technology trajectories known or copycats from established and successful business models. Moreover, the boundaries between the role played by VC public and private are not clear. Nevertheless, there is no doubt that in Brazil the government is the main character of the Brazilian VC industry. The conclusion is that the VC firms play only a minor role in funding new opportunities for the Brazilian technological dynamism and catching-up.