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‣ Fatores que contribuem para o insucesso das startups : o reverso da "medalha"

Silva, Francisco Aguiar de Melo e
Fonte: Universidade do Minho Publicador: Universidade do Minho
Tipo: Dissertação de Mestrado
Publicado em //2013 Português
Relevância na Pesquisa
27.3547%
Dissertações de mestrado em Gestão; A literatura na área do empreendedorismo revela que existe uma elevada taxa de insucesso nas novas empresas. Este tema apresenta-se como relevante, sobretudo no contexto atual, e existem três argumentos que contribuem para explicar este fenómeno, a saber: (1) a taxa de sobrevivência das novas empresas ao fim de três anos é ainda de 47,1%, apesar da existência de um número cada vez maior de estudos que procuram identificar os fatores que contribuem para o seu sucesso; (2) o facto de a maioria dos estudos se focar no sucesso e não no insucesso; e (3) a inexistência de uma correlação direta entre os fatores que respetivamente contribuem para o sucesso e para o insucesso. A literatura distingue três níveis de análise entre os principais fatores de insucesso: (1) nível do empreendedor; (2) nível da organização; e, (3) nível do ambiente. Contudo, existe ainda uma ausência de consenso acerca das razões do insucesso de uma startup o que conduz, na maioria dos casos, a resultados empíricos controversos e fragmentados. Neste sentido, este estudo procura analisar o outro lado deste fenómeno, nomeadamente identificar e compreender os fatores que contribuem para o insucesso das micro e startups. Para tal...

‣ 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
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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...

‣ 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
Relevância na Pesquisa
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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
Relevância na Pesquisa
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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
Relevância na Pesquisa
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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.

‣ Small and Medium Enterprise Finance

Global Partnership for Financial Inclusion; International Finance Corporation
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
Tipo: Trabalho em Andamento
Português
Relevância na Pesquisa
27.3547%
This update considers new findings since the initial Stocktaking report, substantiating the contribution of the private sector, and of small and medium enterprises (SMEs) in particular, for new jobs and investment. These findings further illustrate the key role access to finance plays in SMEs abilities and willingness to add jobs including the special circumstances of fast-growing SMEs, or gazelles. The new findings further detail availability and gaps in SME financing, including for specific subsectors such as women-owned firms and agri-enterprises. New trends include progress made in recent years to improve financial markets infrastructure, and expanded lending in countries such as China, which have made progress in this area. The findings also include key private sector innovations pioneered by the SME Finance Challenge winners and other private sector institutions, focusing on key sector opportunities (such as agribusiness and energy), product innovation (such as expanded local currency options), and risk management alternatives. The new findings and trends highlight the potential of collaborative platforms that have emerged from the G-20/GPFI (Global Partnership for Financial Inclusion) process to combine resources to improve SME access to finance...

‣ 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
Relevância na Pesquisa
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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

‣ SINVLIO: using semantics and fuzzy logic to provide individual investment portfolio recommendations

García-Crespo, Ángel; López-Cuadrado, José Luis; González-Carrasco, Israel; Colomo-Palacios, Ricardo; Ruiz-Mezcua, Belén
Fonte: Elsevier Publicador: Elsevier
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article Formato: application/pdf
Publicado em /03/2012 Português
Relevância na Pesquisa
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Portfolio selection addresses the problem of how to diversify investments in the most efficient and profitable way possible. Portfolio selection is a field of study that has been broached from several perspectives, including, among others, recommender systems. This paper presents SINVLIO (Semantic INVestment portfoLIO), a tool based on semantic technologies and fuzzy logic techniques that recommends investments grounded in both psychological aspects of the investor and traditional financial parameters of the investments. The results are very encouraging and reveal that SINVLIO makes good recommendations, according to the high degree of agreement between SINVLIO and expert recommendations; This work is supported by the Spanish Ministry of Industry, Tourism, and Commerce under the projects SONAR2 (TSI-020100-2008-665) and the Spanish Ministry of Science and Innovation under the project “FINANCIAL LINKED OPEN DATA REASONING AND MANAGEMENT FOR WEB SCIENCE” (TIN2011-27405).

‣ PB-ADVISOR: A private banking multi-investment porfolio.

González-Carrasco, Israel; Colomo-Palacios, Ricardo; López-Cuadrado, José Luis; García-Crespo, Ángel; Ruiz-Mezcua, Belén
Fonte: Elsevier Publicador: Elsevier
Tipo: info:eu-repo/semantics/acceptedVersion; info:eu-repo/semantics/article Formato: application/pdf
Publicado em 05/11/2012 Português
Relevância na Pesquisa
27.02998%
Private banking is a business area in which the investor requires tailor-made advice. Because of the current market situation, investors are requiring answers to difficult questions and looking for assurance from wealth managers. Private bankers need to have deep knowledge about an innumerable list of products and their characteristics as well as the suitability of each product for the client’s characteristics to be able to offer an optimal portfolio according to client expectations. Client and portfolio diversity calls for new recommendation and advice systems focused on their specific characteristics. This paper presents PB-ADVISOR, a system aimed at recommending investment portfolios based on fuzzy and semantic technologies to private bankers. The proposed system provides private bankers with a powerful tool to support their decision process and help deal with complex investment portfolios. The system has been evaluated in a real scenario obtaining promising results.

‣ Migrants’ Remittances from the United Kingdom; International Remittances and Access to Financial Services for Migrants in London, UK, A Greenback 2.0 Report

Developing Market Associates
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Report; Economic & Sector Work; Economic & Sector Work :: Other Financial Sector Study
Português
Relevância na Pesquisa
27.02998%
This report will share key findings from the research, starting with an overview in section two of the international remittance context and the UK remittance market. It also provides a view on trends in the UK market, particularly in the wake of significant bank de-risking, leading many remittance service providers (RSPs) to seek out alternative banking solutions. Section three outlines the objectives of the research, the survey design and the sampling techniques for the fieldwork. This is followed by Section 4, which presents the empirical findings of the 602 interviews collected. It begins with demographic and economic characteristics of the participants before focusing on migrants’ attitudes and behaviors regarding remittance sending, using financial services, and savings and investment. Given the current environment for remittance service providers in the UK (and in several other countries) and the global commitment to reducing remittance costs, there is a focus on the service providers used and the costs incurred. Finally...

‣ Supporting Innovation in SMEs in Lebanon through a Public/Private Equity Fund : The iSME Fund

Akeel, Randa
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
17.3547%
Lebanon is a typical example of a country where the banking sector is stable with high levels of liquidity, and where the government has put in place various incentive mechanisms and programs to encourage lending for small and medium enterprises (SMEs). These include subsidized interest payments, exemptions on compulsory reserves on creditors, and a credit guarantee program-yet lending still largely remains confined to large firms. Lebanese start-ups suffer from three substantial gaps in their country's financial environment: 1) funding at the early concept stage where entrepreneurs need to develop their ideas into a viable concept and product; 2) early stage seed funding needed when starting a company; and 3) absence of venture finance needed for the firm to reach its growth stage and beyond. The project's main component comprises an innovation in SMEs funding program (the iSME fund). The iSME fund will provide two sources of financing: US$2.5 million for Concept Development Grants (CDGs); and US$25 million for equity investment in seed...

‣ Fostering Entrepreneurship in Georgia

Kuriakose, Smita
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
27.02998%
Job creation and productivity growth are at the forefront of today's global development agenda. The 2013 world development report on jobs identified entrepreneurship as an important tool in addressing these dual goals. This study uses the entrepreneurship model put forth in the organization for Economic Co-operation and Development (OECD)-Eurostat Entrepreneurship Indicator Program (2009), with minor modifications. The model comprises various determinants that policy can affect and that in turn influence entrepreneurial performance, or the amount and type of entrepreneurship that take place. The model then refers to the impact of entrepreneurship on higher-level goals such as economic growth, job creation, and poverty reduction. This study focuses on determining the level of entrepreneurship in Georgia and analyzes the role of each determinant in both fostering and constraining entrepreneurial activity. Entrepreneurs view opportunities in the economy by measuring their profit-making potential; that is their first motivation. Entrepreneurs will not pursue a societal need unless they can successfully make a profit. Entrepreneurship also depends on various social and individual characteristics of gender and culture. It involves taking risks...

‣ 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
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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.

‣ 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
28.136892%
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
28.751956%
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
37.700366%
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...

‣ Random walks that avoid their past convex hull

Angel, Omer; Benjamini, Itai; Virag, Balint
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 12/09/2002 Português
Relevância na Pesquisa
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We introduce planar random walk conditioned to avoid its past convex hull, and we show that it escapes at a positive limsup speed. Experimental results show that fluctuations from a limiting direction are on the order of n^(3/4). This behavior is also observed for the extremal investor, a natural financial model related to the planar walk.; Comment: 10 pages, 4 figures