Fatores que influenciaram no resultado financeiro dos investimentos realizados pelo FMIEE CRIATEC

Abstract

This dissertation analyzes the financial returns of the investments made by the Criatec Fund, seed and early-stage venture capital fund, which focused on technology-based companies. The Criatec Fund began its operation in 2007 and made thirty-six investments in eight states, covering four regions of Brazil. The goal of this dissertation is to determine which factors influenced the financial results of each of the companies to the fund, seeking common characteristics in the investments with highest return. In order to reach this objective, the metrics for the financial return of the investments were determined, and the variables for the analysis of the factors that influenced the financial results of the Criatec investments were defined, based on the literature and variables available by the author. And finally, each one of these factors was related to the financial result, in addition to determining groups of companies with similar characteristics and which obtained more chance of positive financial returns. From the results found, it was possible to analyze the characteristics that presented the greatest relationship with the companies with the highest financial performance for the fund, thus making public some lessons learned from one of the most representative Brazil public Venture Capital funds. The result demonstrated the entrepreneurial team relevance, the companies invested by Criatec 2 with multidisciplinary teams and entrepreneurs with management experience were more likely to return financially. Thus, this data can be used for various players in the innovation ecosystem, for future VC funds, and for new academic research on the outcome of VC investments in Brazil.