Recent path of venture capital institutionalization in Brazil: implications for the future / A trajetoria recente da institucionalização do venture capital no Brasil : implicações para o futuro

AUTOR(ES)
DATA DE PUBLICAÇÃO

2006

RESUMO

Venture capital is a funding alternative to technological-based enterprises which presents great growth potential. The emergence of a venture capital market depends on the arrangement of an appropriate economic, institutional and legal environment for agent s activities. Formal venture capital began in the United States during the 1950s, by way of adoption of foment measures devised for the development of this market. The spreading to other countries required the adjustments on the venture capital American model, defining specific policies and actions to each country. Researches about venture capital activities highlight some elements that affect this market growth: a) appropriate regulations; b) exit mechanisms; c) fiscal incentives to investors; d) pension funds as players; e) pro-entrepreneur environment; f) well established financial market; g) favorable economic environment; and others. The establishment of these elements depends on the efforts of institutions involved in the promotion of these activities, the so-called "institucional arrangement". This dissertation aims to analyze the creation and performance of this ínstitutional arrangement in Brazil, by verifying the outcomes and comparing the carried out tasks to those accomplished in the United States and Israel. Although venture capital market in Brazil is in an incipient development levei, the basic functioning structure has already been set. The results exhibit a convergence of efforts along with studied countries and also the limited scope of the institutional arrangement in setting the indirect elements of market development. Although important tasks are under way their impacts have not lead to the desired operations and investment levei and some bottlenecks must be overcome

ASSUNTO(S)

capital de risco - brasil inovações tecnologicas brazil technological innovations financiamento venture capital financing

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