Criteria for investment in early-stage startups
a strategic analysis
DOI:
https://doi.org/10.14488/1676-1901.v24i1.5214Keywords:
Investment, Startup, Early StageAbstract
The growing interest of investors in including startups in their investment portfolios is coupled with a growing concern about the risk associated with this type of investment. Understanding the criteria that influence the success of a startup is critical to optimize and maximize the chances of positive returns for the investments made. Based on literature, public announcements, and reports from ecosystem actors, this article presents an analysis of the criteria used in investment decisions for early-stage startups, aiming to inform and support the decision-making process of new investors in this segment within the national context. It also highlights the crucial role of the entrepreneur and their team, whose commitment and integrity are essential. By exploring the success criteria for startups, it offers an important support for investors to align their strategies and expectations with the growth potential of the startups in their portfolios. Additionally, it gives entrepreneurs a clear roadmap for setting goals and formulating effective strategies, thereby capturing the attention and interest of potential investors.
Downloads
References
ABSTARTUPS, BR ANGELS. Report Investimento 2022. Disponível em: https://abstartups.com.br/wp-content/uploads/2022/06/Report-Investimento-2022.pdf. Acesso em: 17 dez. 2023.
ACE VENTURES. Venture Capital – Master Guide, 2022.
AGÊNCIA BRASIL, Pesquisa mostra que 30% das startups não conseguem se manter. Disponível em: https://agenciabrasil.ebc.com.br/pesquisa-e-inovacao/noticia/2018-02/pesquisa-mostra-que-30-das-startups-não-conseguem-se-manter-no. Acesso em: 10 fev. 2024.
ALVAREZ, S. A.; BARNEY, J. B. Discovery and creation: Alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, v. 1, n. 1-2, p. 11–26, 2007.
BAIN & COMPANY. Panorama do Ecossistema de Startups no Brasil, 2021.
BATTISTI, Anselmo L. E.; QUANDT, Carlos O. Como a estrutura de capital das web startups brasileiras de software é formada? In: ENCONTRO NACIONAL DE ENGENHARIA DE PRODUÇÃO, 2016.
BOSSA INVEST, O Papel Vital do Early-Stage e Suas Tendências para Investidores. Disponível em: https://bossainvest.com/early-stage-para-investidores/. Acesso em 03 dez. 2023.
BRILLINGER, Anne Sophie; ELS, Christ an; SCHAFER, Bjorn; BENDER, Beate. Business model risk and uncertainty factors: Toward building and maintaining profitable and sustainable business models. Business Horizons, v. 63, n. 1, p. 121–130, 2019.
CB INSIGHTS. The top 12 reasons startups fail. Disponível em: https://www.cbinsights.com/research/report/startup-failure-reasons-top/. Acesso em: 12 fev. 2024.
CLINGINGSMITH, David; SHANE, Scott. Training aspiring entrepreneurs to pitch experienced investors: Evidence from a field experiment in the United States. Management Science, v. 64, n. 11, p. 5164–5179, 2018.
CNPq. Diretório dos Grupos de Pesquisa no Brasil - Áreas do Conhecimento – Engenharias. Disponível em: https://lattes.cnpq.br/web/dgp/engenharias. Acesso em: 03 abr. 2024.
CUNHA FILHO, Marcio Augusto Lassance; DOS REIS, Alessandro Paes; ZILBER, Moisés Ari. Startups: Do Nascimento Ao Crescimento. DESAFIOS - Revista Interdisciplinar da Universidade Federal do Tocantins, v. 5, n. 3, p. 98–113, 2018.
DELLERMANN, Dominik; LIPUSCH, Nikolaus; EBEL, Philipp; POPP, Karl; LEIMEISTER, Jan Marco. Finding the Unicorn: Predicting Early Stage Startup Success through a Hybrid Intelligence Method. ICIS 2017: Transforming Society with Digital Innovation, 2018.
DROVER, W.; BUSENITZ, L.; MATUSIK, S.; TOWNSEND, D.; ANGLIN, A.; DUSHNITSKY, G. A review and road map of entrepreneurial equity financing research: Venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. Journal of Management, v. 43, n. 6, p. 1820-1853, 2017.
ERDOGAN, Ece; KOOHBORFARDHAGHIGHI, Somayeh. Delivering a systematic framework for the selection and evaluation of startups. [S.l.]: Springer International Publishing, 2019.
FARREL, M.; GALLAGHER, R. The valuation implications of enterprise risk management maturity. Journal of Risk & Insurance, v. 82, n. 3, p. 625-657, 2015.
FRIED, Vance H.; HISRICH, Robert D. Toward a Model of Venture Capital Investment Decision Making. Journal of Risk & Insurance, v. 82, n. 3, p. 625-657, 2017.
HYYTINEN, Ari; PAJARINEN, Mika; ROUVINEN, Petri. Does innovativeness reduce startup survival rates? Journal of Business Venturing, v. 30, n. 4, p. 564–581, 2015.
INNOVALINK. Mapeamento Innovalink. Disponível em: https://www.inovalink.org/#mapeamento. Acesso em: 18 dez. 2023.
ISENBERG, D. Focus Entrepreneurship Policy on Scale-Up, Not Start-Up. Harvard Business Review, 2012.
KOHLER, Thomas. Corporate accelerators: Building bridges between corporations and startups. Business Horizons, v. 59, n. 3, p. 347–357, 2016.
KRISHNA, Amar; AGRAWAL, Ankit; CHOUDHARY, Alok. Predicting the Outcome of Startups: Less Failure, More Success. IEEE International Conference on Data Mining Workshops (ICDMW), p. 798–805, 2017.
HAAR, Nancy E.; STARR, Jennifer; MACMILLAN, Ian C. Informal risk capital investors: Investment patterns on the East Coast of the U.S.A. Journal of Business Venturing, v. 3, n. 1, p. 11–29, 1988.
LAHR, Henry; MINA, Andrea. Endogenous financial constraints and innovation. Industrial and Corporate Change, v. 29, p. 1-35, 2020.
MACHADO, Fabio Gimenez. Investidor anjo: uma análise dos critérios de decisão de investimento em startups. 2015. Dissertação (Mestrado em Administração) - Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo, São Paulo, 2015.
MAXWELL, Andrew L.; JEFFREY, Scott A.; LÉVESQUE, Moren. Business angel early-stage decision making. Journal of Business Venturing, v. 26, n. 2, p. 212–225, 2011.
PICKEN, Joseph C. From startup to scalable enterprise: Laying the foundation. Business Horizons, v. 60, n. 5, p. 587–595, 2017.
REXHEPI, Gadaf; HISRICH, Robert D.; RAMADANI, Veland. Open Innovation and Entrepreneurship. Springer International Publishing, 2019.
RIBEIRO, Ana Maria S., BARROS, Ludmila B. L. & ROCHA, Rudimar A. Processo de seleção das incubadoras de base tecnológica de universidades públicas brasileiras: uma análise a partir dos editais, 2017.
RODRIGUES, Kênia Fernandes de Castro. Sistematização e análise da avaliação econômica de projetos de desenvolvimento de produtos e serviços. 2014. Dissertação (Mestrado em Processos e Gestão de Operações) - Escola de Engenharia de São Carlos, Universidade de São Paulo, São Carlos, 2014. doi:10.11606/D.18.2014.tde-11112014-101730. Acesso em: 10 fev. 2024.
SARDINHA, Flavia Campos; Galvão, Rosa. A Mediação Preventiva e o Ecossistema das Empresas da Nova Economia: O alto índice de mortalidade das Startups brasileiras, Id on Line Rev.Mult. Psic., 2022.
SARFATI, Gilberto. Quem (e como) investe em startups brasileiras. GV Executivo, v. 17, número 3, 2018.
SCHERER, F. M.; HARHOFF, D. Technology policy for a world of skew-distributed outcomes. Research Policy, v. 29, p. 559–566, 2000.
SCHUMPETER, J. A. Teoria do desenvolvimento econômico: uma investigação sobre os lucros, capital, crédito, juros e o ciclo econômico. Traduzido por Maria Sílvia Possas. Jaboticabal: FUNEP, 1997.
SHANE, S.; VENKATARAMAN, S. The promise of entrepreneurship as a field of research. Academy of Management Review, v. 25, n. 1, p. 217–226, 2000.
SHARCHILEV, Boris; ROIZNER, Michael; RUMYANTSEV, Andrey; OZORNIN, Denis; SERDYUKOV, Pavel; RIJKE, Maarten. Web-based Startup Success Prediction. International Conference on Information and Knowledge Management, Proceedings, p. 2283–2292, 2018.
SILVA, Edmilson Estevão Da. Ciclo de Vida das Empresas Startups. p. 95, 2017.
SILVA, Felipe Venancio; JÚNIOR, Celso; MARTINIANO, Mauricio; CASEIRO, Vilma. Incubadoras das Universidades Federais: uma análise dos editais de captação de empresas. Desenvolvimento em Questão, v. 21, n. e12188, 2023.
STARTUP FARM. Pesquisa da Startup Farm revela a mortalidade das startups brasileiras. 2016. Disponível em: https://startup.farm/blog/pesquisa-da-startup-farm-revela-a-mortalidade-das-startups-brasileiras/. Acesso em: 10 fev. 2024.
TIGRE, Paulo Bastos. Gestão da inovação: a economia da tecnologia no Brasil. 2. ed. rev. e atual. Rio de Janeiro: Elsevier, 2014.
World Intellectual Property Organization (WIPO). Global Innovation Index 2023. Disponível em: https://www.wipo.int/edocs/pubdocs/en/wipo-pub-2000-2023/br.pdf. Acesso em: 03 abr. 2024.
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 Revista Produção Online
This work is licensed under a Creative Commons Attribution 4.0 International License.
The Journal reserves the right to make spelling and grammatical changes, aiming to keep a default language, respecting, however, the style of the authors.
The published work is responsibility of the (s) author (s), while the Revista Produção Online is only responsible for the evaluation of the paper. The Revista Produção Online is not responsible for any violations of Law No. 9.610 / 1998, the Copyright Act.
The journal allows the authors to keep the copyright of accepted articles, without restrictions
This work is licensed under a Creative Commons License .
