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O Business Angel Institucional e o mercado de capital de risco
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Orientador(es)
Resumo(s)
A dificuldade de acesso ao tipo de financiamento adequado, apresenta-se como um dos entraves
ao desenvolvimento das empresas em fase emergente e inovadoras. A necessidade de
financiamento via Capital Próprio advém das características específicas dessas empresas,
nomeadamente, o inerente elevado risco económico e financeiro, acumulado com a exiguidade de
bens corpóreos que garantam o financiamento, dificuldade esta tanto mais elevada, quanto maior
o grau de radicalismo da inovação.
O Capital de Risco surge, assim, como um recurso sucedâneo ao Capital Próprio subscrito pelo
empreendedor. Sendo um instrumento híbrido, que assume a forma de uma participação de índole
temporária e minoritária no capital de empresas com elevado potencial de crescimento, apresentase como um métier pela relação de parceria que se renova e circunscreve às especificidades de
cada situação.
No mercado do Capital de Risco identifica-se uma estrutura e um processo de evolução natural.
Tal evolução leva ao incremento da importância do papel dos Business Angels como investidores
em Seed e Start-Up Capital.
Uma vez que o empreendedorismo tem consequências que extravasam a esfera do privado e
porque em Portugal existe um gap no Equity Capital Market, faz todo o sentido uma atitude
voluntarista dos agentes públicos em Portugal, na focalização de financiamentos Seed e Start-Up,
através de uma intervenção o mais hands-on possível, promovendo parcerias, porque "their
investing knowledge and operating experience were as valuable as their capital."
The difficulty of access to the correct financing instrument is one of the most important barriers to the development of innovative emerging firms. The Equity Capital financing is strictly connected with their characteristics, as they stress high economic and financial risk cumulated with exiguity of material assets that unable these firms to guarantee properly the financing operation. This is so much true as higher is the levei of radicalism of the innovation. The Venture Capital is a true substitute to the Equity Capital raised by the entrepreneur by his own. Being a hybrid instrument, assuming the characteristics of a temporary and minor participation in the joint stock of companies with a high levei of potential growth, its well indicated for these situations, as it promotes partnership relations and circumscribe himself to the peculiarities of each case. In this thesis, a structure and an evolution process in the venture capital market is identified. In this context, the Business Angels have an increased role as investors in Seed and Start-Up Capital. Having the entrepreneurship efforts positive externalities that overflow the private welfare, and occurring a gap in the Portuguese Equity Capital Market, is needed a voluntarist attitude by the public sector authorities. These authorities have a prime role in the revitalisation of the Seed and Start-Up capital, developing a hands-on approach, because "their investing knowledge and operating experience were as valuable as their capital".
The difficulty of access to the correct financing instrument is one of the most important barriers to the development of innovative emerging firms. The Equity Capital financing is strictly connected with their characteristics, as they stress high economic and financial risk cumulated with exiguity of material assets that unable these firms to guarantee properly the financing operation. This is so much true as higher is the levei of radicalism of the innovation. The Venture Capital is a true substitute to the Equity Capital raised by the entrepreneur by his own. Being a hybrid instrument, assuming the characteristics of a temporary and minor participation in the joint stock of companies with a high levei of potential growth, its well indicated for these situations, as it promotes partnership relations and circumscribe himself to the peculiarities of each case. In this thesis, a structure and an evolution process in the venture capital market is identified. In this context, the Business Angels have an increased role as investors in Seed and Start-Up Capital. Having the entrepreneurship efforts positive externalities that overflow the private welfare, and occurring a gap in the Portuguese Equity Capital Market, is needed a voluntarist attitude by the public sector authorities. These authorities have a prime role in the revitalisation of the Seed and Start-Up capital, developing a hands-on approach, because "their investing knowledge and operating experience were as valuable as their capital".
Descrição
Mestrado em Gestão e Estratégia Industrial
Palavras-chave
Business Angel Capital de Risco Seed Capital e Start-Up Financiamento Inovação Fundos Públicos Institutional Business Angels Venture Capital Seed and Start-Up Capital Financing Innovation Public Funds
Contexto Educativo
Citação
Tavares, Carla Susana Marques Campos (1999). “O Business Angel Institucional e o mercado de capital de risco”. Dissertação de Mestrado. Universidade Técnica de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão