• JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
  • JoomlaWorks Simple Image Rotator
 
  Bookmark and Share
 
 
Master's Dissertation
DOI
https://doi.org/10.11606/D.96.2014.tde-18092014-145658
Document
Author
Full name
Reinaldo Tsuyoshi Igarashi
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
Ribeirão Preto, 2014
Supervisor
Committee
Porto, Geciâne Silveira (President)
Campello, Carlos Alberto Gabrielli Barreto
Pinho, Marcelo Silva
Title in Portuguese
As dificuldades encontradas pelos gestores de fundos de venture capital e as empresas de biotecnologia no Brasil
Keywords in Portuguese
Biotecnologia
Empresas de base tecnológica
Venture capital
Abstract in Portuguese
O venture capital (VC) é uma importante fonte de captação de recursos para as empresas de base tecnológica ao realizar aporte financeiro temporário e suporte gerencial em troca de participação societária. Trata-se de uma alternativa que se enquadra nos estágios iniciais de desenvolvimento das empresas de biotecnologia. A biotecnologia é considerada uma das áreas mais promissores do século XXI e representa o segundo maior segmento investido pelo mercado nos EUA. No Brasil, o mercado de VC é pouco explorado em comparação com os EUA, resultando no menor número de trabalhos realizados nesta área. A contribuição desta pesquisa na literatura está na análise das dificuldades encontradas pelos gestores de fundos de VC e as empresas de biotecnologia no Brasil. A metodologia utilizada contempla entrevistas com gestores de fundos de VC e questionários junto às empresas de biotecnologia. Concluiu-se que as dificuldades estão presentes nas três funções do ciclo de VC analisadas: captação de recursos, investimentos e desinvestimentos. Na captação de recursos, dificuldades relacionadas ao pequeno histórico e cultura de investimentos em VC no Brasil foram constatadas, além da influência de variáveis macroeconômicas, desestimulando os investidores a atuarem neste mercado. Em relação aos investimentos, há diferenças de percepção entre as gestoras e as empresas quanto aos critérios utilizados no processo de seleção, além da dificuldade de se realizar co-investimentos. No aspecto do desinvestimento, a falta de alternativas viáveis de mecanismos de saída disponíveis no mercado de VC nacional força as gestoras a buscarem a venda estratégica. A pesquisa limitou-se a analisar somente o mercado de VC brasileiro e empresas atuantes no segmento de biotecnologia, não sendo objeto de análise o mercado de PE e empresas atuantes em outros segmentos.
Title in English
Difficulties between venture capitalist and biotech companies in Brazil
Keywords in English
biotechnology
technology based-firms
Venture capital
Abstract in English
Venture capital is an important source of fund raising for technology based-firms by providing temporary financial and managerial support in exchange for equity. It is an alternative that fits in the early stages of development of biotechnology companies. Biotechnology is considered one of the most promising areas of the twenty-first century and it is the second largest segment of the investment market in the USA. In Brazil, the venture capital market is underexplored compared to the USA, resulting in fewer works done in this area. The contribution of this research in the literature is the analysis of the difficulties between venture capitalists and biotechnology companies in Brazil. Methodology includes interviews with venture capitalists and questionnaires with biotechnology companies. It was concluded that the difficulties are present in the functions of the VC cycle analyzed: fundraising, investments and exits. In fundraising, difficulties related to the history and culture of small investments in VC in Brazil have been verified, as well as the influence of macroeconomic variables, discouraging investors to act in this market. Regarding investments, there are differences of perception between venture capitalists and firms as for criteria used in the selection process, in addition to the difficulty to perform co-investments. In the aspect of exits, the lack of feasible alternative exit mechanisms available in the domestic VC market force the management to seek strategic sale. The research was limited to examining only the VC market and Brazilian firms operating in the biotechnology segment, not being subject to analysis the private equity market and firms operating in other segments.
 
WARNING - Viewing this document is conditioned on your acceptance of the following terms of use:
This document is only for private use for research and teaching activities. Reproduction for commercial use is forbidden. This rights cover the whole data about this document as well as its contents. Any uses or copies of this document in whole or in part must include the author's name.
Publishing Date
2014-10-09
 
WARNING: Learn what derived works are clicking here.
All rights of the thesis/dissertation are from the authors
CeTI-SC/STI
Digital Library of Theses and Dissertations of USP. Copyright © 2001-2024. All rights reserved.