Leadership and entrepreneurship have often been associated to the ability of guiding ventures, but less to the ability of leading a startup community. This master’s thesis examines literature on entrepreneurship, in particular Entrepreneurial Ecosystem (EE), to understand the role of leadership in sustaining a startup community. Although Stam’s (2015) EE framework recognizes that leadership enables entrepreneurship, it doesn’t define its characteristics and therefore, a more theoretical understanding is demanded. We have thus developed a conceptual framework that aims to facilitate empirical explorations and future analyses of the leadership dimension of Stam’s (2015) EE framework. Our conceptual framework of Entrepreneurial Leadership (EL) includes the following characteristics: collective and bottom-up approach, presence of formal and informal leaders, promotion of social proximity and mentorship driven leadership. The use of interviews as research method and our EL conceptual framework as analytical tool was useful to explore and understand the current state of EL in the startup communities of Amsterdam and Utrecht. On the one hand, the startup community of Amsterdam experiences a shared leadership where formal and informal leaders are recognized. Moreover, the strong presence of supporting organizations, networks of mentors and entrepreneurial events favour interaction among the stakeholders of the EE. On the other hand, Utrecht, a smaller and younger startup community, lacks success entrepreneurial stories that results in supporting organizations exercising the leadership role. Furthermore, there is a poor presence of entrepreneurial events and networks of entrepreneurs that lead to an unconnected community.

The main topic of this thesis is the introduction to the issue of the companies in the early stage with a big growth potential, so called start-ups. The first years of the company´s existence are very difficult. This is showed on the example of a real company. The original business plan can be changed a lot during the first years of the company, due to big changes in the company´s internal and external environment. The theoretical part of the thesis summaries the issues of strategic management and making business plans, defines a start-up and summaries the options of how to finance start-ups. There is a summary of a concrete business plan of a real company in the analytical part of the thesis. By comparison of the results from the analysis made in the original business plan and the analysis made in the present were found the reasons of the differences between the results expected and the results really achieved.

This master thesis deals with problematics of web application design and development. The purpose is to help technology-oriented projects to build their work teams. The thesis analyzes the target group and describes the process of production deployment. The project management and future development areas are also covered.

Submitted by Luis Felipe Banlaky (lfbanlaky@gmail.com) on 2016-02-16T11:51:20Z No. of bitstreams: 1 TCC BAnlaky Vf.pdf: 641222 bytes, checksum: 31c34432ebc64fafc11ddd149b5a648e (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-02-16T11:55:05Z (GMT) No. of bitstreams: 1 TCC BAnlaky Vf.pdf: 641222 bytes, checksum: 31c34432ebc64fafc11ddd149b5a648e (MD5) / Made available in DSpace on 2016-02-16T13:44:04Z (GMT). No. of bitstreams: 1 TCC BAnlaky Vf.pdf: 641222 bytes, checksum: 31c34432ebc64fafc11ddd149b5a648e (MD5) Previous issue date: 2016-01-14 / In a continuous survival effort, corporations search for different ways to expand their business within the market in which they already operate, or within new desired markets. To reach their objectives, the employees innovate through their initiatives, an act called corporate entrepreneurship. There are many ways that corporates can have an entrepreneurial behaviour, such as through the acquisition of another company. When acquiring a different company, a corporation has as its motivation the desire of some new attributes that either complement or will be part of their indicial objectives. After the acquisition, the integration process between the two (or more) partners is often complicated and painful. The aim of this study is to identify; what are the buying motivations, the problems encountered during the merging process of merge between the partners, and the lessons learned by big/medium corporations when acquiring a Start-up. There is a vast amount of literature concerning the acquisition by big corporations but, when talking about the acquisition of start-ups, one discovers an unexplored gap due to a lack of literature on this subject. The results of this study have been collected through in-depth interviews with employees and entrepreneurs that have taken part in the entire process of acquisition of SAMURAI by Momentum and of Save-me by Buscapé. The results are six suggestions of topics that should be taken into consideration by big/medium corporations when taking the decision of acquiring a start-up: (i) The client base of the acquired company should be previously considered; (ii) a closer contact between the management of both companies before the acquisition is crucial; (iii) hiring a consultancy company to advise during the merge process can be primordial; (iv) the entrepreneur has a central importance for the future of the merged firm; (v) the integration mode has to be carefully choice having the (iv) creation of a corporate venture as a great choice to be consider. / Em um esforço continuo de sobrevivência, corporações buscam meios para expandir seus negócios, seja dentro de seus mercados atuantes, ou na exploração de novos mercados. Para alcançar esse objetivo, inovações são realizadas pelos funcionários que, por meio de suas iniciativas, praticam o empreendedorismo coorporativo. São diversas formas em que o empreendedorismo corporativo se manifesta, dentre elas por meio de aquisições. Ao comprar uma outra empresa, a empresa compradora tem como motivação a busca de alguns atributos que complementem seus objetivos iniciais. Após a compra, o processo de integração entre as duas empresas é, por muitas vezes, complicado e penoso. O objetivo desse estudo é o de identificar quais são essas motivações de compra, os problemas enfrentados durante a integração entre as duas empresas, e quais são as lições aprendidas por grandes/médias corporações quando adquirem Start-ups. Muitos estudos atualmente tratam de temas relacionados à aquisição de empresas, porém, quando se trata de Start-ups, pouca literatura é encontrada. Os resultados dessa pesquisa são fruto de entrevistas com os gestores e empreendedores que participaram do processo de aquisição da SAMURAI pela Momentum e da Save-me pela Buscapé – empresas brasileiras. Os resultados são seis sugestões que devem ser consideradas por grandes/medias corporações antes e durante o processo de aquisição de uma strat-up: (i) A base de clientes da empresa comprada deve ser cuidadosamente considerada; (ii) um contato muito próximo entre os gestores das duas empresas é crucial antes da realização da aquisição; (iii) a contratação de uma empresa de consultoria em aquisições pode ser primordial durante o processo de integração; (iv) o empreendedor tem um papel de central importância para o future da nova empresa formada após a aquisição; (v) a forma como a integração entre as duas empresas ocorrerá após a compra deve ser cuidadosamente escolhida e (iv) a criação de uma corporate venture deve ser levada em consideração.

Submitted by Filipi Cabalzar (filipi.cabalzar@gmail.com) on 2016-03-14T16:50:48Z No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-14T16:55:22Z (GMT) No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) / Made available in DSpace on 2016-03-14T17:30:28Z (GMT). No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) Previous issue date: 2016-01-21 / Mathrix is an e-learning math website that will be launched in March 2016. This master thesis offered a unique chance to interact with experienced supervisors in venture capitalism and project investment. It could serve as guidelines for entrepreneurs who intend to raise funds. Starting with the company’s business plan, the thesis focuses on estimating the company’s value with its return on investment using three scenarios and taking into consideration the risks evolved. / Mathrix é um website e-learning de matemática que será lançado em Março, no ano 2016. Esta tese de mestrado permitiu uma oportunidade única de interação com profissionais experientes na área de capital de risco e projetos de investimento. Poderá ser utilizada como guia por empreendedores interessados em angariar fundos. Começando com o plano de negócio da empresa, a tese foca-se em estimar o valor da empresa, com o seu retorno de investimento, utilizando três cenários e tendo em consideração os respectivos riscos

Submitted by Alexandre Jacob Dahan (alexandrejacob.dahan@sciencespo.fr) on 2016-03-16T09:01:33Z No. of bitstreams: 1 Operational functions for innovative startups in France_MPGI 2016_Final Report.pdf: 2060248 bytes, checksum: dbc8287f2f7b13950e3798fecfc12d59 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-16T12:17:30Z (GMT) No. of bitstreams: 1 Operational functions for innovative startups in France_MPGI 2016_Final Report.pdf: 2060248 bytes, checksum: dbc8287f2f7b13950e3798fecfc12d59 (MD5) / Made available in DSpace on 2016-03-16T12:49:55Z (GMT). No. of bitstreams: 1 Operational functions for innovative startups in France_MPGI 2016_Final Report.pdf: 2060248 bytes, checksum: dbc8287f2f7b13950e3798fecfc12d59 (MD5) Previous issue date: 2016-03-16 / This thesis will try to understand the importance of operational functions in French startups.A huge flexibility in tasks to be covered and a horizontal management characterize startups. Thus, it is very uncommon for newly created companies like startups to have a clear human resources management policy. Indeed, every partner or people in the startup may be brought to think about very large issues such as sales, business development, commercialization, marketing and technology or product development. This thesis will not scrutinize each task or the time spent at working in each of these tasks. It will rather look for the perception of the allocation preferences regarding each key function of the newly company. Whatever the sector in consideration or the startup stage of maturity, key functions that are perceived to make the startup successful are research & development and commercialisation. Managerial functions are not the most important ones. Technologyoriented startups consider the 'CEO function' as key whereas services startups do not put so much importance in it. Serial entrepreneurs might put more attention to marketing and fundraising functions rather than management function. Indeed, as experienced entrepreneurs, they also anticipate middle-term issues. Finally, entrepreneurs often have a bias regarding their academic background because they overestimate functions they think they can do compared to functions they are able to do. This thesis will try to show the link between operational functions exercised by a partner and the shares he owns in the startup. This link depends on the number of partners (known as shareholders), the type of partners (principal shareholders or secondary shareholders) and the impact of corporate governance regarding equity distribution. This work will lead to quantify and measure the importance of each basic function in newly created companies. In the end, it appears that partners’ responsibilities can explain equity distribution even if this criterion is not unique and sufficient enough. Indeed, functions’ importance is only one of the factors explaining equity distribution. Entrepreneurs perceive R&D and commercialization as Moreover, the thesis has also pointed out some limits (non-operational partners are neglected and assuming linearity of equity distribution based on functions’ respective weight might not be the best approach) / Nessa tese, é buscado um maior entendimento sobre a importância das funções operacionais nas startups francesas. Uma grande flexibilidade das tarefas a ser coberta e uma gestão horizontal caracterizam as startups. Desse jeito, não é muito comum para as empresas recentemente criadas como as startups ter uma politica clara de recursos humanos. Na verdade, cada participante na start-up pode ser levado a pensar de forma diferente em termos de vendas desenvolvimento de negócios, comercialização, marketing, tecnologia ou desenvolvimento de produto. Essa tese não vai explorar cada uma dessas tarefas. Mas vai procurar para identifcar a percepção sobre a alocação ótima de recursos para cada função chave da nova empresa. Qualquer seja o setor de mercado em consideração ou o estágio de amadurecimento da startup, funções chaves que são percebidas como sendo a base para start-ups bem sucedidas são pesquisa & desenvolvimento e comercialização. Funções de liderança não são tão importantes. Somente a startup focada na tecnologia tem uma 'função de chefe executivo' com maior importância do que as startups médias. Além disso, empreendedores em série, bem sucedidos ou não, focam predominantemente aspectos relacionados ao marketing e à captação de recursos em detrimento de aspectos ligados à gestão do negócio. No final, os empresários, muitas vezes tem um preconceito ao respeito da sua formação acadêmica porque ele sobrestimam funções que eles pensam poder fazer em comparação das funções que eles são capazes de fazer. Nessa tese, intent-se demonstrar a relação entre as funções ocupadas por um sócio e as ações que ele possui na startup. Essa relação depende do número de sócios (conhecido como acionistas), o tipo de sócios (acionistas principais ou acionistas segundarias) e o impacto na administração corporativa a respeito da distribuição do capital próprio.

Submitted by Luis Filipi Bicudo (lfbicudo@gmail.com) on 2017-01-03T19:52:40Z No. of bitstreams: 1 Avaliação de Empresas Startups - Abordagem Tradicional x Opções Reais.pdf: 2482300 bytes, checksum: a4c7cf488e5f7fc17caf2b3caf838c4d (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2017-02-03T12:24:32Z (GMT) No. of bitstreams: 1 Avaliação de Empresas Startups - Abordagem Tradicional x Opções Reais.pdf: 2482300 bytes, checksum: a4c7cf488e5f7fc17caf2b3caf838c4d (MD5) / Made available in DSpace on 2017-02-03T17:10:23Z (GMT). No. of bitstreams: 1 Avaliação de Empresas Startups - Abordagem Tradicional x Opções Reais.pdf: 2482300 bytes, checksum: a4c7cf488e5f7fc17caf2b3caf838c4d (MD5) Previous issue date: 2016-05-27 / The aim of this study is to compare the two methodologies of company’s valuation, discounted cash flow and real options for a start-up company. Due to the difficulties of estimating the value of a company through the assumptions made, when it is a start-up, the lack of historical and market evidence, the work becomes even more subjective. The importance of having a more accurate method and consider the many variables inherent in a company that proposes to act in an untapped market and innovate to solve an identified problem is essential to encourage entrepreneurship, a key issue to boost an economy. A case study was prepared with a Brazilian start-up, which operates in the food industry, with more than four years of operation and has received investment from angel investors and venture capital fund. Through technology, the company seek to innovate in the gastronomical experience of the customer and partner restaurants. The company's board released the company's internal data and future projections. The methodology of discounted cash flow was applied to estimate the value of the start-up and then was applied the real option methodology by adding an expansion option and a drop one to estimate another value for the company in various scenarios with different volatilities. The result shows a considerable difference between the methodology, in which the method of real options increases the company's value in all scenarios. / O objetivo deste estudo é comparar as duas metodologias de avalição de empresas, fluxo de caixa descontado e opções reais, para uma empresa start-up. Devido às dificuldades de estimar o valor de uma empresa através das premissas adotadas, quando se trata de uma start-up, a falta de histórico e evidências mercadológicas, o trabalho torna-se ainda mais subjetivo. A importância de ter um método mais preciso e que considere as diversas variáveis inerentes à uma empresa que propõe atuar em um mercado inexplorado e inovar para solucionar um problema identificado é fundamental para incentivar o empreendedorismo, tema fundamental para impulsionar uma economia. Foi elaborado um estudo de caso com um start-up brasileira, que atua no setor de gastronomia, com mais de quatro anos de operação e que já recebeu investimento de investidores-anjo e fundo de capital de risco. Através da tecnologia procura inovar na experiência gastronômica dos clientes e dos restaurantes parceiros. A diretoria da empresa disponibilizou os dados internos da companhia e as projeções futuras. Foi aplicado a metodologia de fluxo de caixa descontado para estimar o valor da start-up e em seguida foi aplicado a metodologia de opções reais, adicionando uma opção de expansão e uma de abandono para estimar um outro valor para a empresa em diversos cenários com diferentes volatilidades. O resultado obtido evidencia uma diferença considerável entre as metodologias, no qual o método de opções reais eleva o valor da empresa em todos os cenários.

Submitted by Fabio Flaksberg (fabioflaks@hotmail.com) on 2017-03-14T14:18:54Z No. of bitstreams: 1 CIM3_Thesis_FabioFlaksberg_Revisada_SUBMISSAO.pdf: 9005761 bytes, checksum: 9f86d69066914d0e7a632a77e16c64a0 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-03-17T17:07:06Z (GMT) No. of bitstreams: 1 CIM3_Thesis_FabioFlaksberg_Revisada_SUBMISSAO.pdf: 9005761 bytes, checksum: 9f86d69066914d0e7a632a77e16c64a0 (MD5) / Made available in DSpace on 2017-03-22T19:54:28Z (GMT). No. of bitstreams: 1 CIM3_Thesis_FabioFlaksberg_Revisada_SUBMISSAO.pdf: 9005761 bytes, checksum: 9f86d69066914d0e7a632a77e16c64a0 (MD5) Previous issue date: 2016-11-11 / Estudo e análise da importância de eventos para empreendedores, sobretudo em startups, nas cidades de São Paulo e Nova Iorque / In recent years, influenced by successful and high-profile benchmarks, entrepreneurship has transitioned from a definition for an unconventional professional with an idea to a mainstream career for millions of college graduates and experienced risk-takers. Therefore, this thesis analyzes the influences of networking events as critical resources for the success of startups in São Paulo and New York. Based on a survey conducted with more than 80 startups in both cities, and a series of interviews with several entrepreneurial ecosystem leaders, this thesis empirically shows the positive results that founders/CEOs receive by attending networking events. Furthermore, this thesis indicates some gaps as well as some opportunities regarding startup-related networking events that can foster the entrepreneurial ecosystem in both cities. Although numerous academic papers and research have identified the most important resources for creating, fostering, and consolidating an entrepreneurial hub, understanding the role of networking events will shed light on this specific subject.

Atualmente as organizações enfrentam grandes desafios como por exemplo a necessidade de reduzir o ciclo de vida de produtos e serviços, enfrentar exigências de qualidade superiores, menores tempo de desenvolvimento e menores custos de produção, devendo buscar a excelência produtiva mas, contraditoriamente também sendo cobradas pelo desenvolvimento de inovações e pela busca de maior agilidade. Neste cenário verifica-se o aumento na importância das startups, organizações que exploram novas oportunidades no mercado e que apresentam grande potencial para geração de inovações radicais. Apesar do aumento da sua relevância, ainda existem poucos modelos elaborados e validados, capazes de auxiliar estas organizações em seu processo inicial de estruturação de operação. Como consequência, atualmente as startups podem adotar técnicas inadequadas à sua realidade, reconhecidamente burocráticas, inflexíveis e pouco inovadoras. Buscando reduzir esta lacuna de conhecimento este estudo propõe um Framework Cíclico que visa contribuir com as startups em seu processo de geração e refinamento de conceitos e na estruturação inicial da sua operação, tendo como objetivo facilitar o atingimento do sucesso. Para o seu desenvolvimento inicialmente foi realizada ampla revisão bibliográfica, resultando numa primeira versão do Framework. Esta versão foi utilizada para a realização de dois estudos de caso que, em conjunto com a qualificação, resultou em alterações no seu layout porém manteve suas características essenciais. Uma segunda versão do Framework Cíclico foi avaliada em um painel que contou com a participação de 8 especialistas em startups, profissionais conceituados cujas observações foram analisadas utilizando de Análise Qualitativa, resultando numa mudança de etapa no Framework, incorporando o Canvas do Value Proposition Design e algumas contribuições no detalhamento das etapas. Com a terceira versão do Framework estruturada foi realizada uma survey que contou com a participação de 88 empreendedores de startups consideradas de sucesso. Para isto, de forma a estabelecer a amostra da pesquisa foram selecionadas startups com existência de mais de um ano, já aceleradas ou em processo de aceleração em aceleradoras brasileiras. Os resultados obtidos foram trabalhados com aplicação de Análise Qualitativa e Análise Fatorial e, como resultados, ocorreu a mudança de posicionamento de uma etapa, além da contribuições que destacam alguns pontos de atenção no desenvolvimento das diferentes etapas. Assim, foi obtida a versão final do Framework Cíclico, correspondendo ao objetivo proposto para este estudo, auxiliar na geração e refinamento de conceitos e estruturação da operação inicial de negócios inovadores. / Currently organizations face major challenges such as the need to reduce product and service life cycles, to obtain higher quality standards and lower production costs, aiming to obtain excellence in production but, contradictorily, aiming to develop significant innovations and to foster more agility. In this scenario it is possible to observe the growing importance of startups, emerging companies that explore new market opportunities and have big potential for the generation of radical innovations. Despite the increase of their relevance, until now there are few structured and validated models, capable of contributing with these organizations in their initial phases. As a consequence, currently startups can only adopt techniques that are inadequate to their reality since they are bureaucratic, inflexible and little innovative. Aiming to reduce this gap of knowledge, this research proposes a Cyclic Framework that aims to contribute with the startups in their process of generation and refinement of concepts and in the initial structuration of its operation, in order to facilitate the achievement of success. For the development of the first version an extensive literature review was performed. This version of the Framework was applied in two case studies that, in conjunction with the qualification, resulted in changes in the layout of the Framework but maintained its essencial characteristics. This second version of the Cyclic Framework was evaluated in a panel that counted with the participation of 8 specialists in startups, recognized professionals whose observations have been analyzed with the application of qualitative analysis. As a result a stage changed in Framework, including Canvas of Value Proposition Design and some other contributions were incorporated into the detailed steps of the Framework. Considering this third version of the Framework structured and validated, a final survey was performed and 88 entrepreneurs of startups participated. The sample for this research was selected at startups with existence of more than one year, that are already accelerated or in acceleration process at Brazilian accelerators. The obtained results were analyzed with the application of Qualitative Analysis and quantitative Factor Analysis and, as results, there was a change in the position of a step and the improvement of points of attention in the development of different steps. As a result the final version of the Cyclic Framework was developed and the main objective of this study was obtained, the development of a tool to contribute in the generation and improvement of concepts and structuring in the initial operation of innovative businesses.

Creativity is a phenomenon of human behaviour whereby new and useful things are produced. The products of creativity can be tangible, such as a painting or item of clothing, or they can be intangible, such as an idea or theory. Psychologists recognize that creativity does not exist in a vacuum; instead it is the result of the complex interaction of numerous factors. These factors are both intrinsic and extrinsic. Intrinsic factors relate to inherent aspects of the individual, such as cognitive capability, motivation, and emotional state. Extrinsic factors include environmental influences, such noise, distraction, and social interaction. Certain extrinsic factors also influence intrinsic factors; for example, social interaction, which is extrinsic, can improve mood, which is intrinsic. Organisational psychologists and business researchers have in recent years explored the ways in which the creativity of an individual in a workplace setting is influenced by their environment. The authors of this study have continued that line of research, by performing a qualitative exploratory study into how the business incubator environment influences the creativity of startup employees. Business incubators, organisations that provide office space and development resources to early-stage firms, typically represent themselves as “creative environments” in which creativity can thrive. The researchers conducted in-depth interviews with employees of four different startup companies in two different incubators in Northern Sweden, in order to gauge their experiences of how the incubator environment affected their self-perceived creativity. This study yielded interesting results that to a large degree corroborated extant research, while also raising exciting question for future research. The authors, combining the findings of their study with theories identified in a comprehensive literature review of creativity research, present a conceptual model of creativity in incubators. The model categorises the observed environmental influences of creativity into higher-order and lower-order themes, and discusses the ways in which they affect not just creativity but also each other. The higher order themes are pressure and challenge, affect, and knowledge. The lower order themes are distractions, social interaction, and positive interaction as a reward for creative behaviour. Approach to ideas operates as a mediating theme that influences the relationship between social interaction and knowledge. Business incubators may benefit from the findings and conclusions of this study, as they provide suggestions on how the incubator environment may be modified to better serve the creative needs of their tenants. The relevance of these findings is not limited, however, solely to incubators. Many organisations and institutions recognize the value of creativity, and may be interested to learn of the ways in which the environment interacts with this complex yet crucial phenomenon. Companies, innovators, entrepreneurs, and universities are but a sample of those who might gain from the new perspectives on creativity that this thesis presents.