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Financiamento à inovação : investigação dos atributos considerados por fundos de capital anjo no processo de decisão de investimento

Horbucz, Kessyane da Silva Novaes
Fonte: Universidade Federal do Paraná Publicador: Universidade Federal do Paraná
Tipo: Dissertação Formato: 114f. : il., tabs., grafs., algumas color.; application/pdf
Português
Relevância na Pesquisa
26.77%
Orientadora : Profª. Drª. Ana Paula Mussi Szabo Cherobim; Dissertação (mestrado) - Universidade Federal do Paraná, Setor de Ciências Sociais Aplicadas, Programa de Pós-Graduação em Administração. Defesa: Curitiba, 17/03/2015; Inclui referências; Área de concentração: Inovação e tecnologia; Resumo: O presente estudo versa sobre investimento anjo como fonte de financiamento à inovação. O objetivo é investigar o processo de decisão de investimento dos investidores anjo, desde a seleção de empresas a serem aportadas até os procedimentos adotados ao longo do processo. Quais são os atributos das empresas financiadas? Como acontece o processo de investir? Quais atributos da empresa são importantes? Como a inovação está entre eles? A estratégia de pesquisa é o estudo multicaso, a partir de entrevistas semiestruturadas com investidores e empreendedores. A revisão teórica permitiu estabelecer a conceituação de investidores anjo e angel capital no universo dos investimentos de capital de risco, bem como estabelecer os atributos considerados na decisão de investimento, levando em conta a lente teórica. A pesquisa de campo confirmou a importância da credibilidade, observada pelos investidores na postura desenvolvida pelos empreendedores e confirmada pelos próprios empreendedores entrevistados...

Scaling-Up SME Access to Financial Services

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
26.31%
Small and Medium Enterprises (SMEs) play a major role in economic development, particularly in emerging countries, but access to finance remains a key constraint to SME. In the light of the new understanding of the SME finance challenges that this report synthesizes, the Financial Inclusion Experts Group (FIEG) makes key recommendations for the G-20 leaders, in order to achieve a global scale-up of SME access to financial services in the developing world. The G-20 FIEG SME Finance Sub-Group executed a global SME Finance stocktaking exercise with various SME finance models to establish best practices in SME Finance.The report concludes that, given the fragmented SME finance data space, the G-20 has a unique opportunity to lead the collaborative effort on improving the availability and quality of SME finance data globally. This can be achieved through encouraging and coordinating the data collection efforts at regional, national, and global levels conducted by a multitude of sources including national governments/agencies and international organizations and effectively addressing the data collection challenges along the way to ensure continuity of these efforts moving forward.

Private Equity and Venture Capital in SMEs in Developing Countries : The Role for Technical Assistance

Divakaran, Shanthi; McGinnis, Patrick J.; Shariff, Masood
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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36.64%
This paper discusses the constraints for private equity financing of small and medium enterprises in developing economies. In addition to capital, private equity investors bring knowledge and expertise to the companies in which they invest. Through active participation on the board of directors or in partnership with management, private equity investors equip companies with critical improvements in governance, financial accounting, access to markets, technology, and other drivers of business success. Although private equity investors could help to create, deepen, and expand growth of small and medium enterprises in developing economies, the vast majority of private equity in such markets targets larger or more established enterprises. Technical assistance, when partnered with private equity, can unlock more investor commitments and considerably enhance the ability of small and medium enterprises in emerging markets to raise private equity capital. Technical assistance provides funding that allows private equity funds to extend their reach to smaller companies. Technical assistance can mitigate some level of risk and increase the probability of successful investments by funding targeted operational improvements of investee companies. Dedicated technical assistance facilities financed by third parties...

Reaching Entrepreneurs through Alternate Models : Lessons from Virtual Incubation Pilots

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
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36.49%
Entrepreneurship is an essential component of a growing and dynamic economy. It is a key driver of competition, innovation, and net job creation. The founders of these enterprises can innately gravitate toward cities or hubs that provide them with the resources needed to start or grow their businesses. A 2013 report by Endeavor on what attracts entrepreneurs to cities (What Do the Best Entrepreneurs Want in a City?) noted that entrepreneurs are able to find relevant talent, resources, access to customers and suppliers, and often incentives such as lower taxes and business-friendly regulations in metropolises. infoDev focuses on enabling the start-up and growth of innovative enterprises. infoDev designed a small pilot project to test the merits and values of virtual incubation, recognizing that many innovative entrepreneurs in emerging and developing markets may be situated in less urban areas and that often even the more developed cities lack access to basic resources, such as access to Internet, electricity, or other services and talent. Virtual incubation aims to bring the range of services and tools provided by traditional business incubation to the entrepreneur...

Enhancing Access to Finance for Technology Entrepreneurs : Analysis of Highly Innovative, High Growth Start-Ups in Vietnam, Cambodia, and Nepal

World Bank Group
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
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The first part of the study provides contextual background to the financing gaps and associated barriers, which restrict access to finance for HI start-ups. These barriers are driven by both supply and demand sides of the financing equation. Supply side barriers include: high transaction costs associated with financing; high levels of credit risk associated with HI start-ups; high collateral required by financial institutions; non-conducive legal and regulatory environments for investment in HI start-ups; lack of start-up expertise and dedicated resources by financiers; and finance products that are not tailored to HI start-ups needs and circumstances. Demand side barriers include: reliance by HI start-ups on informal financing sources; lack of awareness on the process to apply for funding from formal financing sources; low levels of financial literacy by HI start-ups; and the fear of losing control by involving external investors. This section also contains a broad overview of the country frameworks governing the start-up sector...

Creating Your Own Angel Investor Group : A Guide for Emerging and Frontier Markets

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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In little more than a decade, formal angel investing organizations have shifted from being mostly a United States (U.S.) and European phenomenon to being active and visible around the world. From Colombia to Cambodia, Serbia to South Africa, angel investors build networks from scratch and put their own local spin on how these networks are founded, structured, and operated. However, for every successful angel group founder there are many more potential founders looking for a place to start. This guidebook aims to support such individuals and newly formed angel groups by presenting global best practices and tools and templates for facilitating group operations.

World Bank Research Digest, Vol. 4(2)

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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26.15%
In this issue: scoring poverty reduction in Brazil, China, and India; focus: agricultural price policy: revisiting Krueger, Schiff, and Valdes; making sense of innovative finance for development; trade in health services; can climate change actions avoid harm to manufacturing? Too poor to grow; and can informal finance substitute for formal finance?

Scaling-Up SME Access to Financial Services in the Developing World

International Finance Corporation
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Trabalho em Andamento
Português
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26.31%
Small and medium enterprises (SMEs) play a major role in economic development, particularly in emerging countries. Access to finance remains a key constraint to SME development in emerging economies. Closing the credit gap for formal SMEs will be less daunting than for informal SMEs. The SME finance gap is the result of a mismatch between the needs of the small firms and the supply of financial services, which typically are easier for larger firms to access. Deficiencies in the enabling environment and residual market failures have motivated government interventions to foster SME access to financing. The stocktaking exercise confirms the rise in various parts of the world of specific business models aimed at providing financial services to SMEs in a cost-effective manner. Effective SME financing models can be implemented in different country and market environments, but greater outreach is achieved in the most developed environments for the financial sector. Although SME banking and microfinance models are successfully being rolled out in an increasing number of countries and regions...

Cultural context as a moderator of private entrepreneurship investment behaviour

Kropp, F.; Lindsay, N.; Hancock, G.
Fonte: Edward Elgar Publishing Limited; United Kingdom Publicador: Edward Elgar Publishing Limited; United Kingdom
Tipo: Parte de Livro
Publicado em //2011 Português
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26.32%
This chapter examines the effects of national culture on the investment decisions of three different groups of private equity investors: venture capitalists (VCs), business angels (BAs) and relation-based investors (friends and families). We argue that national culture will influence the decision to invest in entrepreneurial business ventures in different ways for each of the three private equity investor groups. VCs are professional investors and have a culture of VC investment that transcends and minimizes some of the differences in national culture. In contrast, relation-based investors, many of whom invest altruistically on an ad hoc basis in family or friends’ businesses will be most affected by national culture. The investment decision for friends and family is a function of the strength and distance of the relationship, perceived needs and alternatives for the entrepreneur, and a sense of obligation. We propose that the effects of national culture on BA investor decision making will lie somewhere between VC and relation-based investor decision making depending on BA investment experience levels.; http://trove.nla.gov.au/work/38881285; Fredric Kropp, Noel J. Lindsay and Gary Hancock

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Martínez, Miguel Ángel; Nieto, Belén; Rubio, Gonzalo; Tapia, Mikel
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf
Publicado em /01/2002 Português
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26.15%
It seems reasonable to expect systematic liquidity shocks to affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks(Chordia, Roll and Subrahmanyam (2000)). Thus, this paper empirically analyzes whether Spanish expected returns during the nineties are associated cross-sectionally to betas estimated relative to two competing liquidity risk factors. On one hand, we propose a new market-wide liquidity factor which is defined as the difference between returns of stocks highly sensitive to changes in the relative bid-ask spread less returns from stocks with low sensitivities to those changes. We argue that stocks with positive covariability between returns and this factor are assets whose returns tend to go down when aggregate liquidity is low, and hence do not hedge a potential liquidity crisis. Consequently, investors will require a premium to hold these assets. Similarly, note that in the case of assets that covary negatively with the liquidity factor, investors may be willing to pay a premium rather than to require an additional compensation. On the other hand, Pastor and Stambaugh (2002) suggest that a reasonable liquidity risk factor should be associated with the strength of volume-related return reversals since order flow induces greater return reversals when liquidity is lower. Our empirical results show that neither of these proxies for systematic liquidity risk carries a premium in the Spanish stock market.

Las buenas prácticas en la empresa, el motor del gobierno corporativo; Good practices in the company, the engine of corporate governance

Rodríguez Martínez, Ángel Javier
Fonte: Universidade de Cantabria Publicador: Universidade de Cantabria
Tipo: Trabalho de Conclusão de Curso
Português
Relevância na Pesquisa
26.15%
RESUMEN:El gran número de escándalos financieros que han tenido lugar dentro y fuera de nuestras fronteras en los últimos años, han provocado que se cuestione el mundo empresarial en el que nos encontramos inmersos y por lo tanto, el gobierno de las compañías ha adquirido gran interés tanto en el ámbito público, regulatorio como en el institucional. Se suele decir que las organizaciones plasman el reflejo del carácter de las personas que las hacen funcionar y responden al estilo de vida de quienes las crean, por ello, hoy en día, a través de los Códigos de Buenas Prácticas se intenta devolver la confianza a los inversores, proporcionando que se garanticen unos mínimos derechos a los accionistas y marcando las pautas de comportamiento responsable de los directivos. Además, en el momento de crisis en el que vivimos, acompañado de la evolución de la economía y del incremento de la competencia en los mercados globalizados ha empujado a las empresas a mejorar, no solo a la hora de llevar a cabo su actividad principal sino a la hora de relacionarse con terceros, por lo que buscan una mayor transparencia y pulcritud, por ello, el número de empresas que han introducido estas prácticas en su funcionamiento habitual se han incrementado progresivamente. Por todo lo anterior...

Prediction and control under uncertainty: Outcomes in angel investing

Wiltbank, Robert; Read, Stuart; Dew, Nicholas; Sarasvathy, Saras D.
Fonte: Escola de Pós-Graduação Naval Publicador: Escola de Pós-Graduação Naval
Tipo: Artigo de Revista Científica
Português
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46.59%
The article of record as published may be found at http://dx.doi.org/10.1016/j.jbusvent.2007.11.004; Venture investing plays an important role in entrepreneurship not only because financial resources are important to new ventures, but also because early investors help shape the ventures' managerial and strategic destiny. In this study of 121 angel investors who had made 1038 new venture investments, we empirically investigate angel investors' differential use of predictive versus non-predictive control strategies. We show how the use of these strategies affects the outcomes of angel investors. Results show that angels who emphasize prediction make significantly larger venture investments, while those who emphasize nonpredictive control experience a reduction in investment failures without a reduction in their number of successes.

Transmission Investment in Competitive Power Systems : Decentralizing decisions in Argentina

Abdala, Manuel Angel; Chambouleyron, Andres
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
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36.15%
Recent power outages in Argentina are largely the result of transmission problems that could be solved by more investment. Private concessionaires now operate the main and regional networks, but they are under no obligation to expand capacity. In a decentralized electricity market such as Argentina's the key to a successful transmission investment policy is coordination among the parties involved. Without coordination, an investment project in one site might affect or even disrupt power flow in another. But user coalitions are difficult to set up because of high transaction costs and in the Argentine system, because investment mechanisms do not provide a clear allocation of property rights to private investors. Investment decision making for capacity expansion is centralized, but prolonged congestion indicates that the process is not working efficiently. Argentina is searching for a decentralized solution. This note outlines the options for its high-voltage network and proposes a solution for the regional grids.

Ready for Growth : Solutions to Increase Access to Finance for Women-Owned Businesses in the Middle East and North Africa

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research; Publications & Research :: Working Paper
Português
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26.15%
The Middle East and North Africa (MENA) region is at one of the most critical turning points in its modern history. The Arab spring was driven by the desire for economic opportunity and justice in the face of poverty and unemployment. The development of strong economies that enable both women and men to enhance their livelihoods is crucial for the future of the region. The growth and success of women-owned businesses is one of the most profound changes in the business world today. There is no doubt that women are an emerging market force. However, many businesswomen are not accessing commercial credit, an essential driver of business success. Lack of access to finance and financial services is repeatedly identified as the major constraint for women business owners. This report 'ready for growth: solutions to increase access to finance for women-owned business in the Middle East and North Africa', is designed to shed a light on those barriers. It is the result of a unique International Finance Corporation (IFC) partnership with vital voices and the Middle East and North Africa Businesswomen's Network (MENA BWN). Its purpose is to fill a critical gap in our knowledge of what women-owned businesses need in terms of financial products and services. Building on our knowledge of how commercial banks currently reach the women's market...

Fostering Entrepreneurship in Armenia

Kuriakose, Smita
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
26.15%
A dynamic and vibrant private sector is crucial to economic growth, with firms making new investments, creating jobs, improving productivity, and promoting growth. Entrepreneurial activity is pivotal to the continued dynamism of the private sector, with the generation of new businesses fostering competition and economic growth. This study uses data from the new 2012 World Bank entrepreneurship survey conducted to gauge new firm growth in the formal sector in Armenia and data from World Bank enterprise surveys to analyze innovative activity in existing firms. Armenia has by far the highest level of entrepreneurial activity among the three South Caucuses countries that were studied. Armenia's entrepreneurial culture is built largely on the very strong math and science foundation established during the Soviet era. However, several factors hinder business growth and entrepreneurship. The government could remove bottlenecks from the general business environment that impede able entrepreneurs with good ideas from starting a new venture and creating jobs. This would include strengthening the business environment to allow failure and company exit as a necessary part of entrepreneurial learning...

Enhancing Access to Finance for Technology Entrepreneurs in Southern Africa

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper
Português
Relevância na Pesquisa
46.4%
This report examines the financing gaps for early stage and growth that high-growth technology entrepreneurs are facing in the information and communication technology (ICT), climate technology, and innovative agribusiness sectors in Zambia and Mozambique, with a more regional review of Namibia and Botswana as possible. It analyzes the unmet needs of these entrepreneurs - perceived demand and latent demand - as well as the existing sources of supply of private capital for seed and early-stage investment, and defines the adequacy to meet these needs. The report also explores the challenges that angel investors have experienced in the past when attempting to finance early- and growth-stage start-ups in the region and, if and where appropriate, make recommendations relating to infoDev's possible interventions.

Turkey - National Innovation and Technology System : Recent Progress and Ongoing Challenges

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Policy Note; Economic & Sector Work
Português
Relevância na Pesquisa
26.42%
In January 2008, the Turkish Government requested the World Bank to jointly undertake an assessment of its National Innovation System (NIS) in order to help guide its ongoing efforts to deepen the role of innovation in the Turkish economy. This report identifies the recent progress and key ongoing challenges facing Turkey's NIS and draws on international experience to outline potential issues for further analysis. The next section provides an overview of the institutional structure, policy framework and main programs of Turkey's NIS and identifies issues in three main areas that hinder innovation performance: the intellectual property right (IPR) regime, collaboration between the research and enterprise sectors, and innovation finance. The third section uses available information (aggregate and firm-level data and a set of 20 case studies) to provide a review of the innovation and technology performance of the enterprise sector in Turkey and preliminarily address its possible determinants. Areas for further potential study and analysis are identified based on the key findings in each section.

Diaspora Investing : The Business and Investment Interests of the Caribbean Diaspora

Dhanani, Qahir; Lee, Mina
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study
Português
Relevância na Pesquisa
26.59%
The Caribbean region is unique for many reasons. Perhaps most striking among these is the demographic fact that for almost every resident in the region there is an individual living in the diaspora abroad. This near one-to-one ratio of nationals to diaspora members presents a tremendous opportunity for cross-border engagement among a people who share common cultures and histories. This report presents findings from the assessment, including both the quantitative data from the surveys and the qualitative data from focus groups and individual interviews. It aims to help all stakeholders, including policy makers, multilateral financial institutions, donors, and program managers, among others to better understand and engage the Caribbean diaspora. The report also provides material for an open dialogue on new ways to engage the diaspora for investment purposes. Although the assessment is focused primarily on the diaspora members' willingness and ability to invest in and mentor high-potential growth-oriented enterprises (HGEs)...

Crowdfunding's Potential for the Developing World

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Working Paper; Publications & Research
Português
Relevância na Pesquisa
26.69%
Crowdfunding is an Internet-enabled way for businesses or other organizations to raise money in the form of either donations or investments from multiple individuals. This new form of capital formation emerged in the wake of the 2008 financial crisis largely because of the difficulties faced by artisans, entrepreneurs and early-stage enterprises in raising funds. Crowdfunding takes advantage of crowd-based decision-making and innovation, and applies it to the funding of projects or businesses. Using social networks, social profiles, and web-based communication, individuals and companies have raised billions of dollars in debt, equity, and donations for projects. Building a crowdfunding ecosystem depends on key enablers to build trust. This document explores specific strategies to drive crowdfunding, the risks in crowdfunding and how to mitigate them, and the potential use of crowdfunding in the developing world.

Investidor anjo: uma análise dos critérios de decisão de investimento em startups; Business angel: an analysis of the decision making criteria for investment in startups

Machado, Fabio Gimenez
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 06/10/2015 Português
Relevância na Pesquisa
36.7%
As startups, caracterizadas pela proposta de oferecer um produto ou serviço inovador, com alto grau de incerteza de sucesso, normalmente têm a necessidade de financiamento por capital externo para que consigam atingir seu crescimento. Em razão das incertezas que cercam uma empresa startup, normalmente, são raros os financiamentos disponíveis por bancos ou empresas financeiras. Como forma de suprir este buraco no financiamento de startups, encontram-se os investidores anjo, investidores individuais que caracterizam-se por investirem seu próprio capital em startups, em troca de percentuais na gestão da empresa. O perfil destes investidores anjo têm sido objeto de estudo em diversos países, principalmente no entendimento dos critérios que estes investidores utilizam para chegar à decisão de investimento. Entretanto, pouco se sabe sobre os critérios utilizados pelos investidores anjo brasileiros para decisão de investirem em startups. Desta forma, a presente pesquisa tem como objetivo analisar os critérios que determinam a decisão de Investidores Anjo brasileiros em investirem em startups. A fim de cumprir os objetivos desta pesquisa, a metodologia foi estruturada na natureza exploratório-descritiva com abordagem qualitativa. A coleta de dados foi realizada por meio de entrevistas junto a investidores anjo e especialistas...