This research explores the growth strategy of Taiwan chemical SMEs in China market. In 2003, China has surpassed USA as the largest FDI receiving country while the trade across the Taiwan Strait for the same year , estimated by Taiwan Mainland Affairs Council, had climbed to USD 46.3 billion , around 24% growth vs. 2002. It will be valuable to explore how Taiwan chemical SMEs, the most active participants in the international business, shape their growth strategy with the constraint of resource scarcity. The resources-based view suggests that a firm¡¦s unique resources and capabilities provide the basis for a strategy. The research selects two case companies in Unsaturated Polyester Resin (UPR) industry to identify the resources relative to the shaping of the growth strategy. Furthermore, it also explores the relationship between the internal resources of the case company and its choice of growth strategy. We thus develop four prepositions to facilitate the discussion. We conducted in-depth interviews with the two case companies to reach the following conclusions. They are summarized as follows: - A SME with more manager controlled ownership structure tends to more aggressively pursue the growth. - A SME with pursuing more R&D investment will be more committed to growth. - Human Resources in SMEs are not a dominating role in pursuing a growth strategy. - Top managements¡¦ perception of the external environment reflects their personal experiences

The Euro has become the mutual monetary union in 2002 and there are 13 countries which is going to join the European Union one after another since 2003. The enormous and growing market attracts lots of foreign companies to invest. The research categorizes the resources by the resources-based view into four groups, physical assets, intangible assets, human capital and organization capability, and discuss how the Taiwan foreign subsidiaries use their controlled resources to be their strategic advantages and operate successful in local country. By the way of interviewing the case company in depth, this paper has the following conclusions: 1.The products which were sold in France have to fit in with the characteristics of local market and be competitive. 2.The investment in France should have sufficient funds and do well the risk management. 3.The international division of labor is an advantage basis for Taiwan companies in France. 4.The international brand advantage increases the possibility of entering French market. 5.The export experience and customer basis in Europe are contributive to the development of Taiwan foreign subsidiaries. 6.The combination of opinions between the local employees and parent company is the key factor while doing business in France. 7.The capability of local management team is the key factor of foreign subsidiaries in Europe.

Yes / This article reviews the literature on human capital resources and develops a conceptual model incorporating social capital, relational capital and knowledge as the components of human capital resources and linking these to competitive advantage. Scholars from various disciplines expanded our understanding of human capital as important organizational resources but research in this field remains fragmented. Building on past research this review contributes to existing knowledge in human capital resources by introducing an integrated conceptual framework comprising of both micro-level human capital and macro-level strategic human capital resources. In so doing it provides alternative definitions for human capital resources with the aim to make their assessment and understandability more meaningful and clearer than what has been offered so far. Moreover, by bringing knowledge, social capital and relational capital under human capital, this review encourages a dialogue among scholars from various disciplines to investigate the creation and accumulation of strategic human capital resources holistically.

Este estudo tem por objetivos analisar as variáveis do Ambiente Organizacional Externo, à luz das Teorias da Organização Industrial e da Visão Baseada em Recursos, reconhecidas pelo dirigente como adequadas à administração estratégica da pequena empresa. As relações das Pequenas Empresas com o Ambiente Organizacional Externo (EOE) é menos investigada proporcionalmente do que os aspectos do dirigente e da estrutura dessas empresas. Não são encontrados portanto estudos sobre pequenas empresas industriais, de comércio e de serviços e suas relações com seu Ambiente Organizacional Externo principalmente no meio científico, com o enfoque dado nessa pesquisa. Por Ambiente Organizacional Externo compreende-se o entorno externo imediato da organização, composto por fatores como clientes, concorrentes, fornecedores, marcos legais, regulatórios e variáveis macroeconômicas. Esses fatores são abordados com diferentes enfoques pelas duas teorias de referência nessa pesquisa. A compreensão do EOE pode significar para as PE sobrevivência e competitividade tanto quanto as decisões internas do dirigente com respeito a custos e gestão de empregados. Para aprofundamento desses aspectos 154 pequenas empresas dos setores de indústria, comércio e serviços das regiões de São Carlos-SP e de Ribeirão Preto-SP, no Estado de São Paulo, foram objeto de levantamento de dados. A pesquisa é de natureza quantitativa, utilizando-se das 37 questões do instrumento \"Diagnóstico Empresarial\" do Programa ALI - Agente Local de Inovação do Sebrae (Serviço Brasileiro de Apoio às Micro e Pequenas Empresas). Constatou-se a não relevância para o dirigente dos fatores: da missão e da visão, do registro de informações e para a variável clientes. Já para os fatores gestão dos empregados e fornecedores os resultados da relevância para o dirigente não foram conclusivos. Para o fator exigências legais e marcos regulatórios constatou-se que há relevância para o dirigente. Os resultados apontam para necessidade de complementos qualitativos de investigação mas sinalizam que, para essa amostra, os dirigentes não \"percebem e não dão atenção\" a fatores muitas vezes julgados como essenciais para sobrevivência e competitividade das pequenas empresas, como clientes, fornecedores e registro de informações. / This study aims at analysing the variables of the External Organizational Environment (EOE) in the light of the Theory of the Industrial Organization and Theory of the Resource-Based View, acknowledged by the owner as suitable for the strategic administration of the small business (SB). The relations between Small Businesses and the External Organizational Environment is less investigated when comparing with the managers aspects and the businesses structure. Therefore, there are not studies, on small industrial, commerce or service businesses and their relations with the External Organizational Environment, and even less in the scientific field, that would focus on the issues the present research brings. For External Organizational Environment one understands the immediate external surroundings of the organization, composed by factors as customers, competitors, providers, legal and regulatory marks, macroeconomic variables These factors are approached with different foci by two the referential theories of this research. Understanding the External Organizational Environment can mean for the SB survival and competitivity as much as the internal decisions of the owner regarding costs and the management of collaborators. In order to deepen this perspectives, one took as the data base for this investigation 154 small businesses of industry, commerce and service sectors around the regions of São Carlos - SP and Ribeirão Preto - SP, in the State of São Paulo. The investigation is of quantitative nature, using the 37 questions of the instrument \"Business Diagnosis\" of the pro Programme ALI Local Agent of Innovation from Sebrae. It was confirmed the non relevance for the Owner of the practices of mission and of vision; it was confirmed the non relevance for the Owner of the practice of information registry; it was confirmed the non relevance for the Owner for the variable costumers. As for the factors management of collaborators and providers the relevance results for the Management were not conclusive; for the factor legal demands and regulatory marks it was found that there is relevance for the Owner. The results point to the necessity of qualitative complements of investigation. But they signal that, for this sample, the Owners do not notice and do not pay attention to factors many times considered as essential for the survival and the competitiveness of the small business, factors such as costumers, providers and registration of information.

Este estudo tem por objetivos analisar as variáveis do Ambiente Organizacional Externo, à luz das Teorias da Organização Industrial e da Visão Baseada em Recursos, reconhecidas pelo dirigente como adequadas à administração estratégica da pequena empresa. As relações das Pequenas Empresas com o Ambiente Organizacional Externo (EOE) é menos investigada proporcionalmente do que os aspectos do dirigente e da estrutura dessas empresas. Não são encontrados portanto estudos sobre pequenas empresas industriais, de comércio e de serviços e suas relações com seu Ambiente Organizacional Externo principalmente no meio científico, com o enfoque dado nessa pesquisa. Por Ambiente Organizacional Externo compreende-se o entorno externo imediato da organização, composto por fatores como clientes, concorrentes, fornecedores, marcos legais, regulatórios e variáveis macroeconômicas. Esses fatores são abordados com diferentes enfoques pelas duas teorias de referência nessa pesquisa. A compreensão do EOE pode significar para as PE sobrevivência e competitividade tanto quanto as decisões internas do dirigente com respeito a custos e gestão de empregados. Para aprofundamento desses aspectos 154 pequenas empresas dos setores de indústria, comércio e serviços das regiões de São Carlos-SP e de Ribeirão Preto-SP, no Estado de São Paulo, foram objeto de levantamento de dados. A pesquisa é de natureza quantitativa, utilizando-se das 37 questões do instrumento \"Diagnóstico Empresarial\" do Programa ALI - Agente Local de Inovação do Sebrae (Serviço Brasileiro de Apoio às Micro e Pequenas Empresas). Constatou-se a não relevância para o dirigente dos fatores: da missão e da visão, do registro de informações e para a variável clientes. Já para os fatores gestão dos empregados e fornecedores os resultados da relevância para o dirigente não foram conclusivos. Para o fator exigências legais e marcos regulatórios constatou-se que há relevância para o dirigente. Os resultados apontam para necessidade de complementos qualitativos de investigação mas sinalizam que, para essa amostra, os dirigentes não \"percebem e não dão atenção\" a fatores muitas vezes julgados como essenciais para sobrevivência e competitividade das pequenas empresas, como clientes, fornecedores e registro de informações. / This study aims at analysing the variables of the External Organizational Environment (EOE) in the light of the Theory of the Industrial Organization and Theory of the Resource-Based View, acknowledged by the owner as suitable for the strategic administration of the small business (SB). The relations between Small Businesses and the External Organizational Environment is less investigated when comparing with the managers aspects and the businesses structure. Therefore, there are not studies, on small industrial, commerce or service businesses and their relations with the External Organizational Environment, and even less in the scientific field, that would focus on the issues the present research brings. For External Organizational Environment one understands the immediate external surroundings of the organization, composed by factors as customers, competitors, providers, legal and regulatory marks, macroeconomic variables These factors are approached with different foci by two the referential theories of this research. Understanding the External Organizational Environment can mean for the SB survival and competitivity as much as the internal decisions of the owner regarding costs and the management of collaborators. In order to deepen this perspectives, one took as the data base for this investigation 154 small businesses of industry, commerce and service sectors around the regions of São Carlos - SP and Ribeirão Preto - SP, in the State of São Paulo. The investigation is of quantitative nature, using the 37 questions of the instrument \"Business Diagnosis\" of the pro Programme ALI Local Agent of Innovation from Sebrae. It was confirmed the non relevance for the Owner of the practices of mission and of vision; it was confirmed the non relevance for the Owner of the practice of information registry; it was confirmed the non relevance for the Owner for the variable costumers. As for the factors management of collaborators and providers the relevance results for the Management were not conclusive; for the factor legal demands and regulatory marks it was found that there is relevance for the Owner. The results point to the necessity of qualitative complements of investigation. But they signal that, for this sample, the Owners do not notice and do not pay attention to factors many times considered as essential for the survival and the competitiveness of the small business, factors such as costumers, providers and registration of information.

Confrontées à des environnements d’affaires toujours plus turbulents, les firmes doiventredoubler d’efforts pour se doter de moyens leur permettant de se saisir pleinement de ces évolutions.L’intelligence technologique, en tant que vecteur de connaissances sur les dynamiques d’innovation,constitue un instrument au service des firmes afin d’orienter leurs activités économiques.L’enjeu de cette thèse, financée par le Groupe PSA, est de participer au renforcement des pratiquesd’intelligence technologique d’un grand groupe industriel.La première partie de cette thèse vise à rendre l’intelligence technologique plus intelligible afind’asseoir la légitimité de son intégration effective dans les processus des firmes. Pour cela, nousmobilisons les éléments théoriques du référentiel des ressources et compétences de la firme afind’apporter des éléments de réponse à trois problématiques. Pourquoi la compréhension del’environnement externe relève d’une nécessité pour la firme ? Quel statut au sein de la firme octroyerà cette aptitude de compréhension ? Et enfin, quels sont les apports concrets de l’intelligencetechnologique pour le management stratégique et opérationnel de l’innovation ?L’opérationnalisation de l’intelligence technologique est au coeur de la seconde partie de cette thèsequi s’attache à améliorer les pratiques de collecte de matériaux informationnels sur l’environnementexterne. Plus précisément, elle ambitionne non seulement de déterminer l’apport informationnel desdonnées brevet et de données actuellement peu exploitées, à savoir les données financières, maiségalement de formuler des recommandations opérationnelles pour leur exploitation / Challenged by turbulent environment, firms are driven to make extra efforts in order tothrive. Technology intelligence, as a vector of knowledge of innovation dynamics, constitutes aninstrument at the firms’ disposal to help steer their economic activities.The aim of this thesis, funded by Groupe PSA, is to participate in the enhancement of theimplementation of technology intelligence within large industrial groups.The first part of this Ph.D. thesis aims at making technology intelligence more comprehensible inorder to reinforce its purposes in the innovation process of firms.To this end, we will call upon theoretical elements from the resources and competencies based view ofthe firm in order to answer three questions: Why is the understanding of the external environment ofthe firm a necessity? What is its place within the organization of the firm? What is the significance oftechnological intelligence for strategic and operational management of innovation?By putting technology intelligence into practice, the second part of this thesis focuses on improvingcollection methods of data required for the analysis of the external environment of the firm. Moreprecisely, the intent is not only to determine the informational benefits of patent data and the seldomused financial data, but also to make practical recommendations for their exploitation.

No presente estudo examinou-se a influência da coordenação dos Sistemas Agroalimentares Locais (SIAL) na exploração dos ativos estratégicos territoriais (AET) para o desenvolvimento de vantagens competitivas sustentáveis. Para tanto, desenvolveu-se o framework da Construção Social de Vantagens Competitivas em Sistemas Agroalimentares Locais. Esse framework é sustentado por três abordagens teóricas, a Economia das Convenções, a Visão Baseada em Recursos e o Sistema Agroalimentar Local. A conjugação destas três vertentes teóricas permite entender o processo dinâmico de construção coletiva da qualidade de um produto agroalimentar oriundo de uma determinada região, pois proporciona um processo de complementaridade entre os ativos estratégicos territoriais e as formas de coordenação praticadas, bem como permite identificar os fatores de sustentação estratégicos envolvidos nessa complementaridade. Com intuito de validar esse framework, realizou-se um estudo multi casos na pecuária de corte, onde estudou-se a Indicação de Procedência da Carne do Pampa Gaúcho e o Programa de Carne Natural Certificada do Uruguai. Foram realizadas entrevistas em profundidade com os agentes de cada um dos casos, onde se verificou as quatro etapas que compõem o framework proposto, a motivação, a relevância, a coerência na ação coletiva e a legitimação. Os resultados mostraram que em ambos os casos estudados, as etapas do framework sinalizam condições favoráveis, indicando um possível desenvolvimento de vantagens competitivas. No caso específico da etapa referente à coerência da ação coletiva, onde ocorreu a principal contribuição desse estudo, identificou-se a presença de várias formas de coordenação ao longo do SIAL, e que essas formas fazem combinações entre si, gerando, consequentemente, uma complementaridade entre os AET. Por fim, conclui-se que o caráter compósito das formas de coordenação é pertinente para entender a complementaridade dos recursos, o que nos permite afirmar que as formas de coordenação influenciam na exploração dos ativos estratégicos territoriais. / In the present study, the influence of the coordination of Local Agrifood Systems (SIAL) in the exploration of territorial strategic actives (AET) for the development of sustainable competitive advantages was examined. For this purpose, a framework of the Social Construction of Competitive Advantages in Local Agrifood Systems was developed. This framework is supported by three theoretical approaches: Economy of Conventions, Resource- Based Perspective and Local Agrifood System. The conjugation of these three theoretical perspectives assists in the understanding of the dynamic process of collective construction regarding the quality of an agroalimentary product originated from a certain region. This occurs due to the fact that this conjugation provides a complementarity between the territorial strategic actives and the practiced coordination forms and it also allows the identification of strategic sustentation factors involved in this complementarity. With the objective of validating this framework, a study of multiple cases in the beef cattle industry was carried out, in which the Indication of Origin of the Meat of the Gaucho Pampas and the Uruguayan Program of Certified Natural Meat were studied. In-depth interviews with agents from both the cases were carried out. The four stages that compose the proposed framework: motivation, relevance, coherence in the collective action and legitimation were also verified. The results demonstrated that in both the cases studied, the stages of the framework point to favorable conditions, indicating a possible development of competitive advantages. In the specific case of the stage that refers to the coherence of collective action, in which resides the main contribution of this study, the presence of several forms of coordination throughout the SIAL could be identified and also the fact that these forms combine with each other, consequently generating a complementarity between the AET was observed. At last, it was concluded that the composite character of the coordination forms is pertinent in order for one to understand the resource complementarity. This allows one to affirm that the coordination forms have an influence in the exploration of territorial strategic actives.

No presente estudo examinou-se a influência da coordenação dos Sistemas Agroalimentares Locais (SIAL) na exploração dos ativos estratégicos territoriais (AET) para o desenvolvimento de vantagens competitivas sustentáveis. Para tanto, desenvolveu-se o framework da Construção Social de Vantagens Competitivas em Sistemas Agroalimentares Locais. Esse framework é sustentado por três abordagens teóricas, a Economia das Convenções, a Visão Baseada em Recursos e o Sistema Agroalimentar Local. A conjugação destas três vertentes teóricas permite entender o processo dinâmico de construção coletiva da qualidade de um produto agroalimentar oriundo de uma determinada região, pois proporciona um processo de complementaridade entre os ativos estratégicos territoriais e as formas de coordenação praticadas, bem como permite identificar os fatores de sustentação estratégicos envolvidos nessa complementaridade. Com intuito de validar esse framework, realizou-se um estudo multi casos na pecuária de corte, onde estudou-se a Indicação de Procedência da Carne do Pampa Gaúcho e o Programa de Carne Natural Certificada do Uruguai. Foram realizadas entrevistas em profundidade com os agentes de cada um dos casos, onde se verificou as quatro etapas que compõem o framework proposto, a motivação, a relevância, a coerência na ação coletiva e a legitimação. Os resultados mostraram que em ambos os casos estudados, as etapas do framework sinalizam condições favoráveis, indicando um possível desenvolvimento de vantagens competitivas. No caso específico da etapa referente à coerência da ação coletiva, onde ocorreu a principal contribuição desse estudo, identificou-se a presença de várias formas de coordenação ao longo do SIAL, e que essas formas fazem combinações entre si, gerando, consequentemente, uma complementaridade entre os AET. Por fim, conclui-se que o caráter compósito das formas de coordenação é pertinente para entender a complementaridade dos recursos, o que nos permite afirmar que as formas de coordenação influenciam na exploração dos ativos estratégicos territoriais. / In the present study, the influence of the coordination of Local Agrifood Systems (SIAL) in the exploration of territorial strategic actives (AET) for the development of sustainable competitive advantages was examined. For this purpose, a framework of the Social Construction of Competitive Advantages in Local Agrifood Systems was developed. This framework is supported by three theoretical approaches: Economy of Conventions, Resource- Based Perspective and Local Agrifood System. The conjugation of these three theoretical perspectives assists in the understanding of the dynamic process of collective construction regarding the quality of an agroalimentary product originated from a certain region. This occurs due to the fact that this conjugation provides a complementarity between the territorial strategic actives and the practiced coordination forms and it also allows the identification of strategic sustentation factors involved in this complementarity. With the objective of validating this framework, a study of multiple cases in the beef cattle industry was carried out, in which the Indication of Origin of the Meat of the Gaucho Pampas and the Uruguayan Program of Certified Natural Meat were studied. In-depth interviews with agents from both the cases were carried out. The four stages that compose the proposed framework: motivation, relevance, coherence in the collective action and legitimation were also verified. The results demonstrated that in both the cases studied, the stages of the framework point to favorable conditions, indicating a possible development of competitive advantages. In the specific case of the stage that refers to the coherence of collective action, in which resides the main contribution of this study, the presence of several forms of coordination throughout the SIAL could be identified and also the fact that these forms combine with each other, consequently generating a complementarity between the AET was observed. At last, it was concluded that the composite character of the coordination forms is pertinent in order for one to understand the resource complementarity. This allows one to affirm that the coordination forms have an influence in the exploration of territorial strategic actives.

No presente estudo examinou-se a influência da coordenação dos Sistemas Agroalimentares Locais (SIAL) na exploração dos ativos estratégicos territoriais (AET) para o desenvolvimento de vantagens competitivas sustentáveis. Para tanto, desenvolveu-se o framework da Construção Social de Vantagens Competitivas em Sistemas Agroalimentares Locais. Esse framework é sustentado por três abordagens teóricas, a Economia das Convenções, a Visão Baseada em Recursos e o Sistema Agroalimentar Local. A conjugação destas três vertentes teóricas permite entender o processo dinâmico de construção coletiva da qualidade de um produto agroalimentar oriundo de uma determinada região, pois proporciona um processo de complementaridade entre os ativos estratégicos territoriais e as formas de coordenação praticadas, bem como permite identificar os fatores de sustentação estratégicos envolvidos nessa complementaridade. Com intuito de validar esse framework, realizou-se um estudo multi casos na pecuária de corte, onde estudou-se a Indicação de Procedência da Carne do Pampa Gaúcho e o Programa de Carne Natural Certificada do Uruguai. Foram realizadas entrevistas em profundidade com os agentes de cada um dos casos, onde se verificou as quatro etapas que compõem o framework proposto, a motivação, a relevância, a coerência na ação coletiva e a legitimação. Os resultados mostraram que em ambos os casos estudados, as etapas do framework sinalizam condições favoráveis, indicando um possível desenvolvimento de vantagens competitivas. No caso específico da etapa referente à coerência da ação coletiva, onde ocorreu a principal contribuição desse estudo, identificou-se a presença de várias formas de coordenação ao longo do SIAL, e que essas formas fazem combinações entre si, gerando, consequentemente, uma complementaridade entre os AET. Por fim, conclui-se que o caráter compósito das formas de coordenação é pertinente para entender a complementaridade dos recursos, o que nos permite afirmar que as formas de coordenação influenciam na exploração dos ativos estratégicos territoriais. / In the present study, the influence of the coordination of Local Agrifood Systems (SIAL) in the exploration of territorial strategic actives (AET) for the development of sustainable competitive advantages was examined. For this purpose, a framework of the Social Construction of Competitive Advantages in Local Agrifood Systems was developed. This framework is supported by three theoretical approaches: Economy of Conventions, Resource- Based Perspective and Local Agrifood System. The conjugation of these three theoretical perspectives assists in the understanding of the dynamic process of collective construction regarding the quality of an agroalimentary product originated from a certain region. This occurs due to the fact that this conjugation provides a complementarity between the territorial strategic actives and the practiced coordination forms and it also allows the identification of strategic sustentation factors involved in this complementarity. With the objective of validating this framework, a study of multiple cases in the beef cattle industry was carried out, in which the Indication of Origin of the Meat of the Gaucho Pampas and the Uruguayan Program of Certified Natural Meat were studied. In-depth interviews with agents from both the cases were carried out. The four stages that compose the proposed framework: motivation, relevance, coherence in the collective action and legitimation were also verified. The results demonstrated that in both the cases studied, the stages of the framework point to favorable conditions, indicating a possible development of competitive advantages. In the specific case of the stage that refers to the coherence of collective action, in which resides the main contribution of this study, the presence of several forms of coordination throughout the SIAL could be identified and also the fact that these forms combine with each other, consequently generating a complementarity between the AET was observed. At last, it was concluded that the composite character of the coordination forms is pertinent in order for one to understand the resource complementarity. This allows one to affirm that the coordination forms have an influence in the exploration of territorial strategic actives.

Made available in DSpace on 2016-03-15T19:30:45Z (GMT). No. of bitstreams: 1 Victor Wolowski Kenski.pdf: 834953 bytes, checksum: 834b9a918736078741723efd903bb181 (MD5) Previous issue date: 2011-08-16 / Fundo Mackenzie de Pesquisa / Small technology-based startup companies need to obtain a set of resources to establish themselves in the market and obtain a competitive advantage. They usually draw on external sources of support and financing to obtain these resources. This research is about startups which drew on the Innovative Program for the Small Enterprise (PIPE), granted and managed by the São Paulo Research Foundation (FAPESP). The goal is to analyze the way they developed a competitive advantage, the strategies they adopted and the importance of PIPE in this process. The research investigates the starting conditions, the evolution with the new resources and the situation that ensued from the creation of the competitive advantage. Ten companies were studied through a simple qualitative research based on interviews with their managers. The results show that the performances varies with the resources obtained by partners in the company s early days and with the capabilities to search the remaining resources and harmonically integrate them to the existing ones. They also show the positive influence of PIPE in obtaining the required resources and generating competitive advantages. / As pequenas empresas de base tecnológica em início de operação necessitam completar um conjunto de recursos para conseguir se estabelecer no mercado e obter uma vantagem competitiva. Elas em geral recorrem a fontes externas de apoio ou financiamento para suprir essa necessidade. Essa pesquisa trata de empresas que recorreram ao Programa Inovativo da Pequena Empresa (PIPE) concedido e administrado pela Fundação de Amparo à Pesquisa no Estado de São Paulo (FAPESP). O objetivo é o de analisar a forma como desenvolveram vantagens competitivas, as estratégias adotadas e a importância do PIPE nesse processo. São apresentadas as condições de partida, a evolução com os recursos aportados e a situação posterior à criação da vantagem competitiva. Dez empresas foram estudadas por meio de uma pesquisa qualitativa simples baseada em entrevistas com seus dirigentes. Os resultados mostram que os desempenhos variam de acordo com os recursos trazidos pelos sócios ainda na fundação e com as capacidades de buscar recursos faltantes e integrá-los de forma harmônica aos já existentes. Os resultados mostram uma influência positiva do PIPE no processo de completar os recursos e gerar uma vantagem competitiva.