Uma análise do comportamento dos fluxos de capital de risco em ecossistemas de empreendedorismo do Brasil

Abstract

Startups are central actors in entrepreneurship ecosystems and contribute directly to the economic and social growth and development of the regions in which they are located. However, despite their relevance, they face several challenges in accessing financial capital and often have only a good idea but no financial resources to put their objectives into practice. In this sense, VC (venture capital) allows startups to develop, turn their ideas into reality, access expert knowledge, and accelerate their growth. To achieve the research objective, which is to analyze the behavior of VC flows and their relationship with variables at the entrepreneurship ecosystem level—such as the density of human capital with higher education, research-intensive universities, intellectual property, innovation environments, and public R&D investments—a longitudinal descriptive study was conducted to detail the characteristics of a specific sample and its phenomena. Research on startups and their ecosystems reveals various challenges, potential paths for future exploration, and important managerial implications that can guide stakeholders in promoting innovation and growth. Access to capital is one of the main difficulties highlighted by startups, with limited access to financial resources, especially in developing countries like Brazil. This limitation hinders their ability to scale and innovate effectively. Startups often face challenges in adapting to rapidly changing market conditions. The need for flexibility and quick decision-making is critical, but many startups struggle to process information and adapt effectively due to a lack of experience and resources. This research shows that ecosystems with higher transaction volumes are those with higher startup densities, demonstrating that investors seek greater diversity in companies to invest in. Human capital density is not related to financial investments, as Rio de Janeiro is the city with the lowest density but is among those receiving the highest transaction volumes.