Capital de risco para pequenas empresas emergentes de base tecnológica no Brasil: uma avaliação do cenário brasileiro sob a ótica dos gestores e empreendedores

Abstract

Abstract: This work presents the results of a research on venture capital applied in emerging technology-based companies in Brazil. success of these companies. This argument remains valid in its fundamentals, despite the emergence of new actors in this area recently. However, it is known that many investors could invest their capital here, but still prefer to invest it in emerging companies in other countries, taking advantage of the advantages created by the mechanisms that increase the liquidity and profitability of their investments, such as the case of NASDAQ. This work will analyze these investment and disinvestment mechanisms that can be adopted, according to Brazilian legislation, to make risk investments in emerging companies attractive, even considering that economic instability and high interest rates require expected returns at levels foreign to any developed country. CVM Instruction 209/94, which created the Emerging Companies Fund, will be the object of analysis, as it was specifically created to fill a gap in the legislation regarding this form of support for companies. For this, a fund created in accordance with the Instruction will be analyzed, and a venture capital company that does not comply with this Instruction. With this, we intend to verify which points make it difficult to raise funds for this modality, and how they should be changed.