Percepção e mitigação de riscos por investidores-anjos em startups: um estudo multicaso

Abstract

The purpose of this thesis is to study the perception and the mitigation of diversifiable risks by angelinvestors in their investments in startups. Such theme is relevant in the entrepreneurship context in Brazil, and in the theoretical body of knowledge on Entrepreneurship and Corporate Finances. Angel investment is growing in Brazil, although only a few studies about risks in such context are found. In order to reach such goals, this thesis presents a chart of risks and relevant mitigation procedures, and proposes relevant classification in accordance with the angel investment phases and prominent risk dominion, as well as an exploratory study with three experienced Brazilian angels, following a semi-structured script whose empirical findings are framed into the relevant theories. Adopted data analysis technique is content analysis.In terms of results, based on fragments extracted from the interviews, angels are mostly concerned with operational risks, followed by market, financial and technological ones. In what refers to the 38 mechanisms of risk mitigation gathered in this thesis, answers point the majority of risk mitigation strategies organized in this thesis isreflected in the experience of the interviewed angels, since 26 mitigation mechanisms are endorsed by three or two of the interviewed angels. Additionally, another 10 mitigation mechanisms out of the 38 are endorsed by one of the interviewed angels; only two out of the mentioned 38 mitigation mechanisms are not adopted by any of the interviewed angels.