Abstract
Fundraising by New Technology Based Firms (NTBFs) is critical for them to be able to start their operations and get established in the market. The aim of this study was to investigate how entrepreneurs, on the basis of processes and management actions, have attracted external private investors. The methodological procedure consisted of analyzing fundraising processes in 16 NTBFs of Minas Gerais and São Paulo, using a multi-case study. Initially we designed a preliminary framework based on a literature review, using the methods of action research (PA), in-depth semi-structured interviews and documentary analysis to assess its validity. Among the observed factors that influence fundraising, the following ones stand out in terms of importance: the adoption of a just-do-it strategy by the entrepreneurs; their ability to develop and incorporate basic management skills; their ability to form partnerships and to carry out bootstrapping activities; the entrepreneurs’ complete dedication to the company; activities of strategic planning, culminating in the preparation of a business plan; previous fundraising from other sources; and the disclosure of “first cases”. On the basis of these results we also designed a framework that relates the factors influencing the process of raising private funds from external sources and the early stages of the firms’ development. This framework represents a temporal configuration with a new proposition of early stages of NTBFs and a comparison of the factors relevant to fundraising mentioned in the literature review and what was found in the field research.Key words: New Technology Based Firms, fundraising, investors.
Highlights
No framework estão representados as CBs e os Fatores Influenciadores Básicos (FBs) identificados, destacando os fatores influenciadores considerados críticos para a captação de recursos financeiros de fontes privadas externas: a adoção da “estratégia just-doit”; a utilização de atividades de bootstrapping; a elaboração de estudos de viabilidade do negócio; a dedicação integral da equipe ao negócio; a elaboração de um plano de negócios; a formação de parcerias estratégicas; a demonstração de “primeiros cases”; e, assim, a demonstração aos potenciais investidores da capacidade de realização da equipe de empreendedores, da legitimidade e da credibilidade do empreendimento
Os fatores determinantes mais frequentes foram: (i) formação de parcerias estratégicas; (ii) dedicação integral dos empreendedores ao negócio; (iii) adoção de postura justdo-it; (iv) presença de assessoria e/ou consultoria externas, para desenvolvimento das CBs e FBs, observada em todos os casos
Vê-se a possibilidade de aumento da disponibilidade de fontes de financiamento nos estágios iniciais das ENBTs por três meios: (i) pela atuação mais forte de anjos; (ii) pela criação de linhas de empréstimos de longo prazo; (iii) por maior adesão das entidades públicas de apoio à inovação tecnológica a editais que forneçam recursos para a empresa se lançar no mercado
Summary
Vários trabalhos estudam o processo de investimento em ENBTs no Brasil e no mundo (Lockett et al, 2002; White et al, 2005; Chorev e Anderson, 2006; Clarysse et al, 2007; Bettignies, 2008; FGV, 2008; Cassar, 2009; Meirelles et al, 2008; FGV, 2010).
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