Análise de fatores críticos na tomada de decisão de gestores de venture capital quanto a investimentos no mercado brasileiro

Abstract

Venture capital is a specific type of investment, managed by independent management companies that broker resources from institutional investors and investees. With long-term investment characteristics, high risk and illiquidity, the decision to invest requires venture capital fund managers to analyze in depth several factors that directly and indirectly influence these investments. Interacting with these managers is essential to understand what critical factors are analyzed to guide their decisions for investing in companies in the Brazilian market. Following this purpose, we sought to identify and describe, through this work, critical factors in the analysis of the decision making of venture capital fund managers when analyzing investments in the Brazilian context, as well as carrying out an analysis of the venture capital ecosystem in Brazil, identifying its actors and the relation between them, contemplating a brief analysis of the investment process. We also sought to identify and describe factors that encourage and inhibit investments, which also influence decisions. Through 22 semi-structured interviews carried out with venture capital fund managers and another 02 interviews with stakeholders who work with institutional investors in management functions, 17 major critical factors were identified that directly influence managers' decision making, as well as 05 investment incentive factors and 05 investment inhibiting factors in the Brazilian venture capital market. From the identified critical factors that directly influence the decision making of managers, the profile of the entrepreneur stands out as the most relevant. Among the factors that encourage investment, the availability of financial capital and the capacity of human capital stand out. Among investment inhibiting factors, complex and bureaucratic regulatory issues and a restricted capital market stand out.