Em países como o Brasil, assumido como de desenvolvimento tardio, as empresas de base tecnológica assumem um papel importante no desenvolvimento tecnológico. Nesse sentido, o venture capital torna-se um ator importante como fonte de captação de recursos e auxílio ao sistema de inovação do país. No Brasil, a atuação de venture capital vem crescendo nos últimos anos, mas ainda é incipiente comparativamente a países como EUA e Inglaterra. Esse fato se agrava ao se analisar a atuação do venture capital junto ao setor de biotecnologia no Brasil. As empresas de biotecnologia no Brasil são recentes e o ciclo de desenvolvimento dessas empresas é muito longo. A partir deste contexto, o presente trabalho teve como objetivo a elaboração de uma análise dos principais critérios utilizados pelos fundos de venture capital na tomada de decisão em investir em empresas de biotecnologia e a proposição de um modelo de tomada de decisão para investimento em empresas nesse setor. Para que tais fatores fossem identificados e o modelo elaborado, foi desenvolvida uma pesquisa qualitativa e quantitativa. A pesquisa qualitativa consistiu na realização de entrevistas com cinco fundos por meio das quais foi possível analisar o processo de tomada de decisão por parte destes agentes. A pesquisa quantitativa envolveu a aplicação de questionários em empresas start-ups de biotecnologia com o intuito de serem levantadas algumas variáveis importantes relacionadas a suas características que podem exercer impacto no processo de avaliação do fundo. A proposição desse modelo poderá auxiliar as empresas a desenvolverem ações que possam aumentar a propensão delas em receber investimentos. / In countries like Brazil, known as of late development, technology-based companies play an important role in technological development. In this sense, venture capital becomes a major player as a source of funding and support to the country\'s innovation system. In Brazil, the performance of venture capital has increased in recent years but it is still incipient compared to countries like USA and England. Such fact is aggravated when analyzing the performance of venture capital by the biotech industry in Brazil. Biotech companies in Brazil are recent and the development cycle of these companies is very long. From this context, the present study aimed to prepare an analysis of the main criteria used by venture capital funds in the decision to invest in biotechnology companies and the proposition of a model of decision making for investment in companies in this sector. In order to identify these factors and to develop the model, a qualitative and quantitative research was conducted. The qualitative research consisted of interviews with five funds through which it was possible to analyze the process of decision making by these agents. The quantitative research involved the use of questionnaires in business biotechnology start ups in order to raise some important variables related to the characteristics that may impact on the assessment of the background process. The proposition of this model can help companies to develop actions to increase the propensity for them to receive investments.

Os incentivos fiscais concedidos pelos entes públicos às empresas nacionais suscitam cada vez mais o interesse de estudos aprofundados em relação a seu impacto dentro das organizações. Esta pesquisa tem como objetivo analisar os efeitos dos incentivos fiscais, especificamente, da desoneração da folha de pagamento instituída pelo Plano Brasil Maior do Governo Federal em 2011, no grau de alavancagem operacional de uma empresa start-up brasileira. A pesquisa foi realizada através de um estudo de caso em uma empresa start-up atuante no Brasil no setor de tecnologia desde 2011. As análises do estudo de caso confirmaram que há uma relação direta entre a desoneração da folha de pagamento e o grau de alavancagem operacional de uma empresa. A interpretação dos dados sugere que para uma melhor eficiência dos incentivos fiscais, estes devem alterar o comportamento dos custos e despesas fixas para variáveis, diminuindo assim a exposição ao risco operacional da empresa. / Tax incentives granted by public entities to domestic companies tend to raise more interest of extensive studies in relation to its impact within organizations. This research aims to analyze the effects of tax incentives, specifically, the payroll tax exemption established by the \"Plano Brasil Maior\" of the Brazilian Federal Government in 2011, on the degree of operating leverage of a Brazilian start-up company. The research was conducted through a case study of a start-up company operating in Brazil in the technology sector since 2011. The analysis of the case study confirmed that there is a direct relation between the payroll tax exemptions and the degree of operating leverage of a business. The interpretation of the case suggests that, for a more efficiency of the tax incentives, the incentive must directly modify the fixed and variable costs and therefore reducing the company\'s exposure to operational risk

The thesis is aiming to describe a procedure suitable for business valuation of start-up companies. Secondary aim is to provide the value itself. There are several methods described in the theory, which are utilized to define the strategic position of a start-up company. Most of them come from strategic marketing. Chapters about finances and risk follow and work with the conclusions about the strategic position of the company. The application part starts with defining strategy and concludes with market value estimate. In respect to the width of the topic, the application part is aimed at core aspects only.

Made available in DSpace on 2016-03-15T19:26:19Z (GMT). No. of bitstreams: 1 Marcos William de Aquino.pdf: 1512290 bytes, checksum: b6172c855493d56da0f9b6eb3b82786e (MD5) Previous issue date: 2015-02-04 / The business model is a central construction in entrepreneurship research, representing a strategic framework for conceptualizing a value-based enterprise, allowing the user to design, describe, categorize, criticize and analyze a business model of any company. Thus the study of business models in entrepreneurship is highly relevant as it reflects the business idealization in a definable opportunity, establishing important target that drives entrepreneurial action in organizational endowment and the border of implementing organizational activities. From the business model approach through the logic of how to create , set and appropriate from the value, this study aims to describe the evolution of business models over entrepreneurial process of startup companies. This is a descriptive research, performing the qualitative method, based on the process perspective, that is concerned with the understanding of how things, people, organizations, strategies, environments, change, act and evolve over time and by evolving this way, standing the process, basically stories about what has happened and who, what and when it has been done, that is, events, activities and choices ordered over time. The processes discussed here refer to the processes of creation and set and appropriation of the value that make the business models of start-ups.the following Companies have been interviewed: Cultcultura, Dumom, Bluefive and Reuni.me respectively by their representatives: Thais, Rafael, Marcio and Daniel. The main results of this study point to eight phases of the entrepreneurial process: training, diagnosis, monitoring, testing, networking, recognition, loyalty and expansion. Throughout these stages are identified distinct stages of the processes of creation, value setting and ownership in each of the analyzed start-ups. / O modelo de negócio é uma construção central em pesquisa sobre empreendedorismo, representando um quadro estratégico para conceituar um empreendimento baseado em valor, permitindo que o usuário projete, descreva, categorize, critique e analise um modelo de negócio para qualquer tipo de empresa. Dessa forma, o estudo de modelos de negócio em empreendedorismo é altamente pertinente, pois traduz a idealização empresarial em uma oportunidade definível, estabelecendo meta relevante que impulsiona ação empreendedora na investidura organizacional e a fronteira de implementação de atividades organizacionais. A partir da abordagem do modelo de negócio por meio da lógica de como criar, configurar e apropriar do valor, este estudo tem como objetivo descrever a evolução dos modelos de negócio ao longo do processo empreendedor de empresas startup. Trata-se uma pesquisa descritiva, realizada pelo método qualitativo, com base na perspectiva de processo, que está preocupada com a compreensão de como as coisas, pessoas, organizações, estratégias, ambientes, mudança, agem e evoluem ao longo do tempo e por que evoluem dessa forma, consistindo o processo, portanto, basicamente de histórias sobre o que ocorreu e quem fez o quê e quando, ou seja, eventos, atividades e escolhas ordenados ao longo do tempo. Os processos aqui analisados referem-se aos processos de criação configuração e apropriação de valor que conformam os modelos de negócio das start-ups. Foram selecionadas para esta pesquisa quatro empresas start-up, sendo duas delas graduadas (egressas da incubadora) e duas na fase final de incubação. São elas: Cultcultura, Dumom, Bluefive e Reuni.me. Os principais resultados deste trabalho apontam para oito fases do processo empreendedor: formação, diagnóstico, monitoramento, experimentação, networking, reconhecimento, fidelização e expansão. Ao longo dessas fases, identificam-se distintos estágios dos processos de criação, configuração e apropriação do valor em cada uma das start-ups analisadas. Dentre as dimensões de modelo de negócio as que mais se alteram estão relacionadas ao processo de criação de valor, notadamente nas fases de diagnóstico e networking.

Titel: Den välutbildade och erfarna företagaren – Myt eller sanning? Nivå: C-uppsats i företagsekonomi Författare: Johan Lindberg & Andreas Toresson Handledare: Lars Ekstrand Datum: 2014 – maj Syfte: Många företag föds årligen, men endast en del av dessa blir framgångsrika och cirka en tredjedel av företagen har lagts ner inom en treårsperiod. Därför var intresset att undersöka varför vissa företag blir framgångsrika. Detta med hjälp av tre faktorer som kan anses påverka hur framgångsrikt ett företag blir. Dessa faktorer var utbildningsnivå, tidigare erfarenhet och uppstartsmotiv hos företagsgrundaren. Syftet med studien var att undersöka sambandet mellan dessa faktorer och ställa dem mot nystartade företags framgång. Metod: En enkätundersökning av kvantitativ karaktär har genomförts för att analysera vikten av de faktorer studien tar fasta på. Urvalet var egenföretagare från vars verksamhet startades upp under år 2012. Studien bygger på 95 respondenters svar på enkätundersökningen. Svaren har sedan sammanställts i diagram för att göra en jämförelse mellan de tre faktorerna och två indikatorer som tyder på framgång: omsättning och antal anställda. Dessa har sedan analyserats med hjälp kontingenstabeller. Resultat & slutsats: Studiens resultat visar att tidigare erfarenhet av den bransch man verkar inom har positiv påverkan på både företagets omsättning och antal anställda. Dessutom visar studien att de företagsgrundare vars uppstartsmotiv är baserade på självförverkligande, att få vara sin egen och att få förverkliga sina idéer tydligt tenderar att bli mer framgångsrika än de vars uppstartsmotiv är rent ekonomiska. Studiens resultat visar också att 9 % av respondenterna anser att utbildning kan medföra nackdelar för företagsgrundaren. Dessutom anser 75,8% att utbildning inte är av större vikt vid start av eget företag. Förslag till fortsatt forskning: Studien har genomförts på ett begränsat antal företagare i specifika delar av Sverige. Ett förslag till fortsatt forskning skulle kunna vara att genomföra en större empirisk undersökning för att kunna generella resultatet över ett större geografiskt område. Denna studie har ej riktat sig mot företagare vars företag gått i konkurs och därför vore en vidare forskning, med denna grupp medräknat i urvalet, intressant för att få en större inblick i vad som gör ett företag framgångsrikt eller inte. Uppsatsens bidrag: Uppsatsen resulterar i en ökad förståelse för hur variablerna utbildning, erfarenhet och uppstartsmotiv påverkar sannolikheten att uppnå framgång. Resultatet kan användas av och vara till nytta för blivande nyföretagare. Studiens resultat lyfter en intressant syn Examensarbete, C-uppsats, 15 hp Företagsekonomi Examensarbete i företagsekonomi Ekonomprogrammet   3  på huruvida utbildning främjar företagande eller inte samt ger en inblick i vikten av uppstartsmotiv och tidigare erfarenhet för framgångsrikt företagande. Nyckelord: Egenföretagare, framgångsrikt företagande, framgångsfaktorer, företagsstart, utbildning, erfarenhet, uppstartsmotiv. / Title: The Educated and Experienced Entrepreneurs – Myth or Truth? Level: Final assignment for Bachelor Degree in Business and Economics Author: Johan Lindberg & Andreas Toresson Supervisor: Lars Ekstrand Date: 2014 – May Aim: Many companies are born annually, but only a few becomes successful and just about a third of the companies have closed down within three years. Therefore, the interest was to explore why some companies becomes successful. This, with the help of three factors that can be considered to affect how successful a company becomes. These factors were level of education, previous experience and start-up motives of the company founder. The purpose of this study was to examine the relationship between these factors and set them against start-up business success. Method: A survey of quantitative nature has been conducted to analyze the importance of the factors the study focuses on. The sample was self-employed whose business was started up in the year 2012. The study is based on 95 respondents' answers to the survey. The answers are then compiled into diagrams to make a comparison between the three factors and two indicators of success: turnover and employees. These were then analyzed using contingency tables. Result & Conclusions: Our results demonstrate that prior experience in the industry in which it operates has positive impact on both the company's turnover and employees. In addition, the study shows that the company's founder whose start-up motives are based on self-realization, to be his own and realize their ideas clearly tend to be more successful than those whose start-up motives are purely financial. The study also shows that 9 % of the respondents believe that education can have negative consequences for the company founder. Moreover, the 75.8% of the respondents believe that education is not of major importance when starting your own business. Suggestions for future research: This study was conducted on a limited number of entrepreneurs in specific parts of Sweden. A proposal for further research would be to conduct a larger empirical study to overall outcome over a larger geographic area. This study was not directed at entrepreneurs whose companies have gone bankrupt and therefore would a further research with this group, including the selection of this study, be interesting to get a greater insight into what makes a business successful or not. Contribution of the thesis: The paper results in a greater understanding of how the variables education, experience and start-up motives affect the likelihood of achieving success. The result can be used and be useful for aspiring entrepreneurs. The results of the study raise an interesting view on whether education promotes entrepreneurship or not, and provides insight into the importance of start-up motives and previous experience to create a successful entrepreneurship.   5  Key words: Self-employed, business success, success factors, business start-up, training, experience, start-up motive.

Bakgrund: Ett avgörande moment för nygrundade start-ups är processen att få in externt kapital för att kunna finansiera sin verksamhet. Ofta erbjuds lösningen genom venture capital-bolag vars uppgift är att utvärdera start-ups och därefter investera i de som bedöms ha god framgångspotential. När venture capital-bolag utvärderar vilka start-ups de vill investera i, är entreprenörs-teamet en viktig faktor. Bedömningen av vad som är ett bra team görs traditionellt genom möten mellan investerare och teamet, men på senare år har en mer formell analysmetod introducerats där entreprenörs-team utvärderas med hjälp av verktyg baserade på forskning. Utvecklingen av formella analysverktyg har således skapat ett behov av forskning som kartlägger effekterna av dessa för att utvärdera teams. Syfte: Studiens syfte är att kartlägga hur ett formellt analysverktyg påverkar investerare inom venture capital när de fattar investeringsbeslut, samt hur utvärderingen genom ett formellt analysverktyg påverkar de entreprenörs-team som utvärderas. Genomförande: Studien karaktäriseras av ett kvalitativt tillvägagångssätt. Empirin har samlats in genom ett målinriktat urval vilket har lett till att totalt nio investerare har intervjuats under en tidsperiod på fyra veckor. Samtliga respondenter är anställda av samma venture-capital-bolag och ingår i en utvecklingsgrupp där de använder ett formellt analysverktyg för utvärderingen av entreprenörs-team. Slutsats: De största effekterna på investerare av att nyttja ett formellt analysverktyg, är en ökad förståelse och jämförbarhet av entreprenörs-team. Vidare visar studien att det formella analysverktyget även reducerar den påverkan som undermedvetna faktorer och fördomar kan ha på investerare under investeringsprocessen. För de entreprenörs-team som utvärderas, identifieras effekterna till verktygets förmåga att identifiera olikheter i medlemmarnas personligheter och skapa en förståelse för vad de drivs av. Detta möjliggör diskussioner som kan förbättra teamets gruppdynamik och hjälper dem undvika potentiella utmaningar i framtiden. / Background: A defining moment for newly founded start-ups is the process of acquiring external capital in order to be able to finance their initial operations. The solution is often found within venture capital. A company within venture capital evaluates different start-ups and consequently offer to invest in those that are determined to have high potential. When these companies evaluate the potential of a start-up, the entrepreneurial team is an important factor. The evaluation of what makes a good entrepreneurial team is traditionally done through meetings between the investor and the team, but during recent years a more formal team assessment method has been introduced, were the team is evaluated through models and facts based on previous research. The development of formal team assessment tools have thus created a demand for research that determines the effects of these tools, both for the investment analysis that investors make, as well as for the entrepreneurial teams being evaluated. Purpose: The purpose of this study is to evaluate how a formal team assessment tool influences investors when they make their investment decisions, as well as how the evaluation affects the entrepreneurial teams being evaluated. Completion: This study is characterized by a qualitative research approach with empirical data collected through a target sample. A total of nine investors has been interviewed during a time period of four weeks. All investors are employed by the same venture capital firm and are part of a development group which utilize a formal team assessment tool for the evaluation of entrepreneurial teams. Conclusion: The most meaningful effects for investors are identified as the team assessments tools’ ability to visualize and compare the personalities of entrepreneurial team members with each other. This benefits the investors by increasing their understanding of how a start-up team will perform and behave in the long run. Additionally, the study indicates that the introduction of the formal team assessment tool reduces the impact that bias normally has on the evaluation of entrepreneurial teams. For the teams being evaluated, the most significant effect of the team assessment tool is found to be its ability to improve the group dynamics of entrepreneurial teams.

Den här studie syftar till att skapa en förståelse för hur företag bedöms i urvalsprocessen hos inkubatorer och identifiera de egenskaper som inkubatorerna ser till i bedömningen. En inkubator är ett företag som förser start-ups med lokal, rådgivning och olika typer av tjänster. Entreprenörer med affärsidéer söker sig till inkubatorer för att de behöver hjälp med att iterera och verkställa sina idéer samt utveckla sitt företag. Studiens empiri har samlats in genom sex kvalitativa semistrukturerade intervjuer med personer som har insyn i urvalsprocessen hos en inkubator. Empirin analyseras sedan med hjälp av den forskning och litteratur som finns gällande inkubatorer men även med hjälp av modellen Business Model Canvas. Med hjälp av empirin och teorin i denna studie har det skapats en förståelse för hur urvalsprocessen går till. Studien visar på att alla de som söker sig till inkubatorer är i olika faser och inkubatorerna har olika huvudkriterier. Det gäller därför för företaget att hitta rätt inkubator för just dem. Idén och entreprenören har lyfts som två självständiga delar då det har visat sig att inkubatorer bedömer dessa två delar var för sig. Vi har hittat ett mönster som visar på att det finns två olika urval i urvalsprocessen med en verifieringsfas däremellan. Urvalsprocessen ses även ur ett hållbarhetsperspektiv där det kan konstateras att det inte är en självklarhet att det vägs in i bedömningen av företagen. / This study aims to create an understanding of how companies are assessed in the selection process of business incubators and identifying the qualities that business incubators value in the assessment. A business incubator is a company that provides start-ups with local, consulting and different types of services. Entrepreneurs with business ideas are applying to incubators to get help develop their ideas and their business. The empirical material has been gathered through six qualitative semi-structured interviews with individuals who have an insight into the selection process of a business incubator. The empirical material is analyzed using the research and literature on business incubators, but also using the model Business Model Canvas. With the help of the empirical material and the theory of this study, an understanding has been created for the selection process. The study shows that all those applying to a business incubator are in different phases and business incubators have different main criteria. That’s why the company has to find the right business incubator for them. The idea and the entrepreneur have been raised as two independent parts as it has been found that business incubators assess these two parts separately. We have found a pattern that shows that there are two different selections in the selection process with a verification phase in between. The selection process is also seen from a sustainability perspective where it can be concluded that it is not a matter of course that it is weighted in the assessment of the companies.

The objective of this work is a literature review of the relationship between management control systems and why the use of them in newly created companies. To this end, we have reviewed 24 articles published in 11 journals in the period 1967-2015. The results are defined in three categories: the reasons for adoption, they are and how they work variables promoting the adoption, and the consequences. The current status of research and future research collected by the literature collected is analyzed. / El objetivo de este trabajo es una revisión literaria de la relación entre los sistemas de control de gestión y el porqué del uso de los mismos en las empresas de nueva creación. Con este fin, se han revisado 24 artículos publicados en 11 revistas en el período 1967-2015. Se definen los resultados en tres categorías: los motivos de la adopción, cuáles son y cómo actúan las variables de fomento de la adopción, y las consecuencias. Se analizan el estado actual de la investigación y las líneas de investigación futuras recogidas por la literatura recopilada. / O objetivo deste artigo é uma revisão da literatura sobre a relação entre os sistemas de controlo de gestão e por que o uso delesem empresas recém-criadas. Para este fim, nós analisamos 24 artigos publicados em 11 revistas no período 1967- 2015. os resultados são definidos emtrês categorias: as razões para adoção, eles são e como eles funcionam variáveis que promovem a adoção e as consequências. o estado actual da investigação e futuras pesquisas coletadas pela literatura recolhida é analisada.

FundaÃÃo de Amparo à Pesquisa do Estado do Cearà / Emerge no Brasil, e mais recentemente na cidade de Fortaleza, uma nova forma de empreendedorismo voltada ao setor de serviÃos de tecnologia de informaÃÃo e comunicaÃÃo, que desperta a atenÃÃo de jovens, investidores, governos, autores e empresas midiÃticas: o movimento intitulado de startups, hoje considerado como forÃa motriz da âeconomia criativaâ. Usados em discursos progressistas, os verbos empreender e inovar seduzem novos agentes econÃmico, embasados nos casos de sucesso da regiÃo americana do Vale do SilÃcio, que està alinhada Ãs crescentes prÃticas de consumo de serviÃos e mercadorias digitais. Esta dissertaÃÃo de mestrado esmiuÃa, sob Ãtica a sociolÃgica, a nova onda produtiva problematizada à luz do capitalismo informacional de Manuel Castells. Bifurcada em visÃes cÃticas e otimistas quanto ao impacto deste novo rearranjo empreendedor, questiona-se: o movimento das startups rejuvenesce o espÃrito capitalista ou apresenta raÃzes divergentes à sua essÃncia especulativa? As hipÃteses levantadas estÃo relacionadas a fatores de empregabilidade, culturais, econÃmicos, polÃticos e questÃes relativas à inovaÃÃo e tecnologia. Neste estudo foi feito um levantamento quantitativo no Ãmbito do Brasil, mas focando especialmente na realidade destas firmas cearenses. Tal foram realizadas entrevistas qualitativas, comparativas com experiÃncias americanas e brasileiras, entre os agentes identificados. A dissertaÃÃo esboÃa a polÃtica pÃblica do governo federal de estÃmulo a estas empresas, o Programa Start-up Brasil, e detalha os mÃtodos disciplinadores da nova forma de empreender transferida dos Estados Unidos. As startups sÃo as firmas infantes que caminham rumo à sustentaÃÃo econÃmica do setor produtivo de serviÃos. Semeiam o reencanto à participaÃÃo de jovens no centro de debates polÃticos; proporcionam o alÃvio que reaquece o mercado de trabalho; acessibilizam o escudo democrÃtico da cultura do empreendedorismo âfaÃa-vocÃ-mesmoâ. Capitalizam o pivà dos âlobosâ de Wall Street e de agentes que se vestem de novas carapuÃas. SÃo profilaxias da lÃgica desenvolvimentista perante o temido atraso inovativo. A falta de continuidade das polÃticas governamentais brasileiras e as nuances culturais relativas ao empreendedorismo sÃo barreiras ao tÃo esperado sucesso regional deste ecossistema. / In Brazil, and more recently in the city of Fortaleza, there is a new form of entrepreneurship that is focused on the information and communication technology service sector and that draws the attention of young people, investors, governments, authors and media companies: it is known as the start-up movement. Today, it is considered to be a driving force behind the creative economy. Rooted on progressive discourse, the words enterprise and innovation seduce new economic agents motivated by success stories from Silicon Valley in America along with increasing commercial activity for digital goods and services. This masterâs dissertation assesses, from a sociological point of view, the new productive wave problematized by the light of Manuel Castellsâ informational capitalism. Considering the skeptical as well as the optimistic opinions about the impact of this new entrepreneurial rearrangement, the following question is asked: does the startup movement rekindle the capitalist spirit or does it present roots which divert from its speculating essence? The raised hypotheses are based on employability factors as well as cultural, economical, and political matters related to innovation and technology. This study has produced a nationwide quantitative assessment with a special focus on the reality of these Cearà firms; as well as comparative qualitative interviews on American and Brazilian experiences lived by identified agents. This dissertation outlines the public incentive policy of the federal government, the Start-up Brasil Program, from the perspective of these companies and provides details as to the discipline methods of the new enterprising way born in the United States. The startups are very young companies that are headed towards the economic sustainment of the productive sector services. These companies are dropping the seeds that will produce the re-enchantment of young people and bring them back to participation in political debate; they provide relief and reheats the job market; and they produce a democratization of the entrepreneurial âDo-It-Yourselfâ culture. They capitalize the pivot of the wall street wolves and of agents being charged for new masks. There are developmental logicâs prophylaxis in the face of dreadful innovation stagnation. The lack of continuity in Brazilian governmental politics and cultural nuances related to entrepreneurship are barring the desired regional success of this ecosystem.

Em países como o Brasil, assumido como de desenvolvimento tardio, as empresas de base tecnológica assumem um papel importante no desenvolvimento tecnológico. Nesse sentido, o venture capital torna-se um ator importante como fonte de captação de recursos e auxílio ao sistema de inovação do país. No Brasil, a atuação de venture capital vem crescendo nos últimos anos, mas ainda é incipiente comparativamente a países como EUA e Inglaterra. Esse fato se agrava ao se analisar a atuação do venture capital junto ao setor de biotecnologia no Brasil. As empresas de biotecnologia no Brasil são recentes e o ciclo de desenvolvimento dessas empresas é muito longo. A partir deste contexto, o presente trabalho teve como objetivo a elaboração de uma análise dos principais critérios utilizados pelos fundos de venture capital na tomada de decisão em investir em empresas de biotecnologia e a proposição de um modelo de tomada de decisão para investimento em empresas nesse setor. Para que tais fatores fossem identificados e o modelo elaborado, foi desenvolvida uma pesquisa qualitativa e quantitativa. A pesquisa qualitativa consistiu na realização de entrevistas com cinco fundos por meio das quais foi possível analisar o processo de tomada de decisão por parte destes agentes. A pesquisa quantitativa envolveu a aplicação de questionários em empresas start-ups de biotecnologia com o intuito de serem levantadas algumas variáveis importantes relacionadas a suas características que podem exercer impacto no processo de avaliação do fundo. A proposição desse modelo poderá auxiliar as empresas a desenvolverem ações que possam aumentar a propensão delas em receber investimentos. / In countries like Brazil, known as of late development, technology-based companies play an important role in technological development. In this sense, venture capital becomes a major player as a source of funding and support to the country\'s innovation system. In Brazil, the performance of venture capital has increased in recent years but it is still incipient compared to countries like USA and England. Such fact is aggravated when analyzing the performance of venture capital by the biotech industry in Brazil. Biotech companies in Brazil are recent and the development cycle of these companies is very long. From this context, the present study aimed to prepare an analysis of the main criteria used by venture capital funds in the decision to invest in biotechnology companies and the proposition of a model of decision making for investment in companies in this sector. In order to identify these factors and to develop the model, a qualitative and quantitative research was conducted. The qualitative research consisted of interviews with five funds through which it was possible to analyze the process of decision making by these agents. The quantitative research involved the use of questionnaires in business biotechnology start ups in order to raise some important variables related to the characteristics that may impact on the assessment of the background process. The proposition of this model can help companies to develop actions to increase the propensity for them to receive investments.