現代創業投資活動主要崛起於第二次世界大戰後，我國自1984年引進創投事業發展迄今，對科技事業之發展頗具成效。然自2000年起政府基於租稅公平，取消促進產業升級條例原來賦予創投事業股東的投資抵減優惠，使得我國創投事業資金來源大幅減少。 目前我國創投事業面臨的困境有：一、資金募集困難；二、投資績效不彰；三、國內投資案源不足；四、欠缺熟悉國外創投運作的人才；五、國內外創業投資事業組織型態之不同；六、尚未能開放退休基金投資創投事業。 本研究係探討創投事業法制上相關問題，主要發現節錄如下：一、我國對創投事業之管制方式，已由管理放寬為輔導協助。二、建議適度放寬創投事業之資金來源限制。創投事業之資金來源甚廣，本研究討論之範圍為金融機構之投資限制、政府基金及四大基金之投資等。其中，放寬四大基金投資創投事業，向來為國內創投業界及創投公會之期望，然數年來仍未能達成該項目標。主要為：1.相關法令之限制，2.投資創投事業之風險控管問題。三、利用資本市場活動，協助創投事業退出。四、我國創投事業大部份係委託基金管理公司來管理，故形成雙層的公司治理結構，與國外創投契約型的治理結構不盡相同。五、引進國外有限合夥法制，與國際接軌。 惟引進有限合夥組織時，需考量制度本身之優劣，國情及使用者需求之不同。在有限合夥制度中，一般合夥人必須負無限清償責任，另一方面有限合夥人僅扮演出資者，完全不介入管理。對我國現行投資者習慣依出資比例，分配董監事席次，是否願意僅出資而不介入經營，尚待評估。 / The modern venture capital activities were incepted after World War II. The operation of venture capital were introduced to Taiwan in 1984, having a beneficial impact to the development of Taiwan’s science and high technology. However, since 2000 for the sake of Tax Equity, Our government abolish The Statute for Upgrading Industries was given to venture capital investment in the cause of the shareholders preferential credit, making the cause of Taiwan’s venture capital funding sources substantially reduced. Currently, Taiwan’s venture capital business is facing difficulties are: first, fund-raising is difficult; Second, poor investment performance; Third, the case of domestic investment was not enough; Fourth, the lack of venture capitalist are familiar with the operation of foreign talent; five, types of organizations of domestic and foreign venture capital business are different; six, have not allow pension fund to invest in venture capital business. In this study, is to explore the legal system on venture capital related issues, excerpts from major findings are as follows: First, The control of Taiwan’s venture capital business is from management to relax for the guidance and assistance. Second, it is proposed to deregulate venture capital funding source restrictions. Venture capital business have a wide range of funding sources, this study is to discuss the scope of financial institutions of investment restrictions, government funds and four pension funds. Among them, the relaxation of four pension funds wae the domestic venture capital industry and the Association of venture capital’s expectations, but over the years fail to reach the goal. Mainly for: 1. Relevant legal’s restrictions, 2. The risk management issues of venture capital business. Third, the use of capital market activities to withdraw from the venture capital business. Fourth, the majority of Taiwan’s venture capital business is managed by fund management company, so it’s formed a two-tier corporate governance structure, with foreign venture contractual governance structure is different. Fifth, the introduction of foreign limited partnership law. However, the introduction of a limited partner organizations, is need to consider the advantages and disadvantages of the system itself, the national conditions and needs of different users. In the limited partnership system, the general partner must bear the responsibility of unlimited liquidity, on the other hand, limited partner only play a role of investors, and not allow to intervene the management of venture capital business. Habits of our existing investors is familiar with in accordance with the proportion of funding, to allocate the seats of the Director board, are doubtful only willing to finance and not to intervene the operation, yet to be evaluated.

Notre recherche vise à établir un cadre pour améliorer la compréhension du marché de capital-risque européen et l’appariement entre entrepreneurs et fonds de capital risque qui a lieu dans ce marché. Nous présentons quatre essais qui permettent de connaître: la littérature théorique et empirique sur le domaine, les différents types des Fonds de Capital Risque qui participent au financement des entreprises en phase de démarrage et les dimensions qui comptent le plus dans les relations entre ces participants. / Our thesis aims to improve the understanding of European Venture Capital market and the matching that takes place between entrepreneurs and Venture Capitalists. We present four essays that allow us to get to know: the theoretical and empirical literature on the subject, the different types of European venture capitalists participating in the financing of early stage ventures and the dimensions that count in this relationship.

Crowdfunding as it looks today has had rapid growth in popularity as a financing alternative for start-ups. By seeking capital from a large number of private investors who will invest a smaller amount of money, the financing market has changed and access to capital has increased. This study has made a comparison between the different funding options. The aim of this study is to compare the development of companies financed by crowdfunding against companies traditionally financed to evaluate which approach is the strongest. Furthermore, the authors intend to identify risks with crowdfunding and to observe trends. The study has been conducted through a quantitative method with a deductive approach where the data is collected mostly from the companies annual reports. The result of the study shows that the companies that are traditionally financed have a higher level of sales and sales growth. One trend that the study has shown is that after the company's first two years, sales, sales growth and operating profit from companies financed through crowdfunding begin to decline.

[pt] No contexto da nova economia, um grupo particular de empresas vem se destacando - as Pequenas Empresas de Inovação Tecnológica. Essas empresas surgem em torno de novas idéias de produtos e serviços com base em conhecimentos específicos sobre uma determinada tecnologia e introduzem inovações tecnológicas na estrutura industrial, contribuindo para o crescimento econômico e a geração de novos postos de trabalho, em especial os de mão-deobra altamente qualificada. Recentemente, uma tendência emergente de formação de alianças estratégicas entre essas empresas tem configurado um novo comportamento estratégico. Entretanto, a literatura contemporânea sobre alianças estratégicas tem sido parcimoniosa na sua abordagem desse tema. O objetivo principal desta dissertação é verificar a suposição de que a principal vantagem competitiva que tais alianças estratégicas proporcionam a essas empresas é a redução da incerteza tecnológica e de mercado. Visa-se também contribuir para a literatura emergente sobre esse novo comportamento estratégico. Pretende-se ainda entender como diferentes tipos de financiamento podem impactar na forma dessas alianças e, por fim, adaptar um modelo conceitual de análise, derivado da Visão da Firma Baseada em Recursos, que auxilie a análise dessas alianças. O desenvolvimento do trabalho está baseado no estudo de caso da aliança estratégica formada entre a Gavea Sensors e a FiberSensing, duas pequenas empresas de mesma base tecnológica, uma situada no Brasil e outra em Portugal. Os resultados obtidos confirmaram a suposição e demonstraram que diferentes tipos de financiamento impactam na forma dessas alianças estratégicas. Por fim, são indicadas propostas de estudos futuros e de políticas públicas. / [en] In the new economy context, a particular group of firms has been getting a lot of attention - The Small Technology-Based Firms. These firms emerge around new ideas of products and services based on specific knowledge about specific technology. They introduce technology innovation in the industrial structure, contributing for economic growth and employment creation of highly qualified workmanship. Recently, an emergent tendency of strategic alliance formation between these firms has been configuring a new strategic behavior. Nevertheless, contemporary literature about strategic alliances has been parsimonious about this subject. The main purpose of this dissertation is to verify the assumption that the main competitive advantage that these kind of strategic alliances provide to Small Technology-Based Firms is reduction of market and technology uncertainty. The impact of different types of firm-financing on these alliances was also investigated. In addition, a conceptual framework based on Resource-based Theory of the Firm, which aids the analysis of these alliances, was adapted. This work is based on the case study of the strategic alliance formed between two small firms, one in Brazil and the other in Portugal, based on the same technology: Gavea Sensors and FiberSensing. Results confirm the assumption mentioned above, and show that different types of financing have influence on the form these strategic alliances take. Finally, future studies and public policies were suggested.

Sem trazer qualquer exceção explícita, a Constituição Federal estabelece o tratamento jurídico favorecido para as empresas de menor porte. Entretanto, o atual regramento diferenciado, intitulado Simples Nacional, constante na Lei Complementar nº 123/06, determina que dele não podem se beneficiar as empresas diminutas estruturadas na forma de sociedades por ações. Essa discriminação por modelo societário dificulta ou, até mesmo, inviabiliza a sobrevivência das startups, que necessitam da roupagem anônima fechada para acessar os recursos do capital de risco. Disto, o trabalho busca verificar a coerência das razões legislativas e doutrinárias conferidas à vedação de pequenas empresas em adotarem o regime tributário benéfico em virtude de sua organização societária. Para realizar essa tarefa, nós fazemos uma breve incursão histórica atinente às sucessivas leis brasileiras que introduziram diplomas incentivados em prol das organizações de menor envergadura, tendo como foco as normas discriminatórias por tipo societário. O exame da racionalidade discursiva dominante foi facilitado pelo uso do ferramental teórico crítico, especialmente a categoria da legalidade discriminatória. Em conclusão, defendemos que o intento oculto por detrás da norma que proíbe as pequenas sociedades anônimas de optarem pelo Simples Nacional foi o de conferir aparência legal a ações arbitrárias que intencionam tornar árduo, senão impossível, o acesso de pequenas empresas inovadoras a fontes externas de financiamento. / Without bringing up any explicit exception, the Federal Constitution establishes the favored legal treatment for smaller companies. However, the current differentiated regulation, called Simplified Taxation System (Simples Nacional), contained in the Complementary Law no. 123/06 determines that small corporations structured in the form of joint-stock companies cannot benefit from it. Such discrimination by corporate model makes it difficult or even impossible for startups, which need the closed anonymous aspect to access venture capital resources, to survive. From this, the work seeks to verify the coherence of the legislative and doctrinal reasons given to the prohibition of small companies to adopt the beneficial tax regime by virtue of their corporate organization. To accomplish this task, we make a brief historical incursion into the successive Brazilian laws that introduced incentive degrees for smaller organizations, focusing on discriminatory standards by type of company. The examination of the dominant discursive rationality was facilitated by the use of critical theoretical tools, especially the category of the discriminatory legality. In conclusion, we argue that the hidden attempt behind the rule prohibiting small corporations from opting for the Simplified Taxation System (Simples Nacional) was to give a legal appearance to arbitrary actions that intend to make it difficult, if not impossible, for small innovative companies to have access to external sources of financing.

by Lam Shiu-wing. / Bibliography: leaves 56-57 / Thesis (M.B.A.)--Chinese University of Hong Kong, 1985

This thesis deals with investments in venture capital and private equity in Central and Eastern Europe. The objective I have chosen is to map the evolution of this market and compare it with euro-wide trends using methods of descriptive statistics. As a basis I used statistics of European venture capital and private equity association. The teoretical part includes an introduction to the topic and definition of important concepts. The practical part deals with the development of this market in terms of fundraising, investment activity and exits. The region still lags behind the european numbers both in the amount of fundraising, investment activity and exits. However atractivity for investors is growing. The difference between countries in the region and the rest of Europe is gradually decreasing. The region follows the trends in European market with one year's delay. The are relatively strong fluctuations directed mainly by buyouts. There are very little investments in development of new, viable companies.

Less than 1% of minority women receive venture capital funding for technology enterprises. The purpose of the multiple case study was to explore the strategies used by Black female entrepreneurs to obtain venture capital funding for their technology businesses in the United States. The conceptual framework for the study was the social network theory of entrepreneurship. Data were collected through semistructured interviews with 5 Black female entrepreneurs who founded technology ventures in the United States. Journaling before and after each interview aided the methodological triangulation, which ensured validation. Yin's data analysis process was used, and the data were reviewed, codes determined, emerging themes noted, and iterative explanation building undertaken. The main themes emerging from the analysis of the data were the participation in pitch competitions, the importance of networks, and communication. The findings may contribute to social change because other minority female, technology entrepreneurs can use the strategies of the participants as a model in their quest to receive venture capital funding. An increase in the number of minority women who receive venture capital funding and engage in high-growth entrepreneurship may result in an improved standard of living for the women and their families. Society could also benefit from a more diverse pool of technological innovations.

<p>Background: Growth oriented entrepreneurial businesses need funding for the development of their idea, technology, product etc. However, for the businesses in the very earliest stages of development, access to funding is very limited. Growing young ventures are important job creators and positively affect growth in an economy. Bridging the gap of funding to these companies is therefore on the agenda of governments around the world. </p><p>Purpose: To describe the situation facing seed stage investing venture capitalists. I will emphasize difficulties and evaluate venture capitalists ability in addressing them. Effects of the difficulties in form of access to financing for entrepreneurs and a possible need for government intervention will be examined. </p><p>Method: Empirical information from seed stage investing venture capital organizations have been collected in the form of face-to-face interviews, email- questionnaires and a telephone interview. Organizations from Sweden, Denmark and Germany are included in the study. </p><p>Result: Several factors make seed stage investing unattractive compared to later stages. Important difficulties are higher risks, high costs for fund management, goal incongruence in the investor – venture capitalist relation and lack of bargaining power for seed venture capitalists. Environmental factorsthat have an impact on seed investing are the deal flow, the investment climate and access to soft funding. Seed stage investing is a very challenging business and the difficulties are to a large extent hard to overcome. The investors more likely have to accept them and I conclude that long term profitability of seed funds is unlikely, at least in absence of government support in form of soft funding towards the entrepreneurial businesses.</p>

Private equity investing (PE) has experienced rapid growth on a global scale over the last few decades to become a significant industry. While scholars have devoted considerable effort to studying the area of risk capital investing into businesses, research about private equity as an asset class is surprisingly scarce. This dissertation addresses this gap by enhancing understanding of PE fund investing in general, and specifically about how heterogeneity in investor-specific characteristics and entry order strategies may impact performance. Based on a comprehensive set of interviews with PE fund investors, in-dept insights about variances in motives for investing in the asset class, ways of working, and investment strategies across investors were acquired; findings that are elaborated upon in the dissertation. In addition, to facilitate a thorough investigation of the links between organizational characteristics, entry order and performance, hypotheses were tested through the statistical analysis of unique data covering PE funds raised in Sweden over a twenty-year period. Among several novel results, this study indicates that the level of environmental uncertainty has a clear impact on which organization-specific factors explain entry order, as well as which factors impact the ability of an organization to take advantage of a chosen entry order. Furthermore, the study points at organizational reputation as an especially valuable asset in situations of uncertainty. While a good reputation does not directly lead to superior performance, it may be used in exchange for favorable entry order positions. / <p>Diss. Stockholm : Handelshögskolan i Stockholm, 2011</p>