[pt] A indústria de Capital de Risco tem recebido atenção significativa de formuladores de políticas, investidores e empreendedores em todo o mundo devido à sua história de sucesso em mercados desenvolvidos, especialmente nos Estados Unidos. No entanto, sua implementação em países em desenvolvimento enfrenta desafios que levam os investidores a se adaptar, especialmente nos estágios iniciais e mais arriscados. Nesses segmentos, outros investidores, como Anjos, Aceleradoras e Corporate Venture Capital (CVC), tornam o ambiente mais competitivo, fornecendo mais opções para empreendedores que buscam capital. No entanto, a literatura ainda não aborda os efeitos que esses investidores de diferentes perfis têm em suas startups investidas. O paradigma da escada financeira, que implica que os IVCs atuam apenas em estágios avançados, ainda está presente, mas isso tem mudado na última década nos Estados Unidos e mais recentemente no Brasil. Nesta tese, examinamos os efeitos de diferentes investidores em startups em estágios iniciais nos Estados Unidos e no Brasil por meio de três artigos de pesquisa relacionados. No primeiro artigo, realizamos uma revisão sistemática da literatura de CVC de 2005 a 2019, identificando mecanismos impulsionadores e efeitos em empreendimentos investidos. Isso fornece uma compreensão mais ampla dos múltiplos fatores que influenciam a relação entre investidores e empreendimentos, as diferenças nos perfis e incentivos de diferentes tipos de investidores de VC e como eles influenciam os empreendimentos. Este artigo também revela tendências e lacunas na literatura que orientam os artigos seguintes. No segundo artigo, investigamos os efeitos comparativos e conjuntos dos principais tipos de investidores de VC (IVC, CVC, Grupo de anjos e Aceleradoras) em 13.098 empreendimentos em estágios iniciais que receberam sua primeira rodada de investimento nos Estados Unidos de 2005 a 2016. Os resultados mostram que empreendimentos em estágios iniciais apoiados por IVCs alcançaram melhores resultados do que seus pares em todos os objetivos de estágios iniciais, contradizendo o efeito de marco esperado de investidores como Grupos de anjos e Aceleradoras e levantando questões sobre a validade de alguns aspectos do paradigma da escada financeira. No terceiro artigo, focamos nos resultados de 1.937 empreendimentos de estágio inicial que receberam seu primeiro investimento no Brasil entre 2000 e setembro de 2022. Examinamos empreendimentos apoiados por IVCs, CVCs, Anjos e Aceleradoras, e os resultados indicam diferenças significativas em relação aos EUA. No Brasil, os IVCs não apresentaram presença tão marcante como nos EUA, e o desempenho positivo esperado foi observado apenas em empreendimentos apoiados por IVCs altamente experientes. Além disso, os Anjos apresentaram o melhor desempenho para objetivos específicos de estágio inicial. No geral, nossa análise dos dois mercados demonstra diferenças significativas nos efeitos dos investidores de VC sobre o desempenho de empreendimentos de estágio inicial. O modelo de investidor IVC demonstra superioridade em relação aos seus pares no mercado americano, enquanto no Brasil, outros investidores também se destacam, especialmente Anjos. Essas diferenças podem ser devido a fatores no ambiente econômico local, moldando os perfis dos investidores e influenciando a maneira como eles operam no país. / [en] The Venture Capital industry has gained widespread attention from policymakers, investors, and entrepreneurs worldwide due to its success history in developed markets, particularly in the United States. How ever, its implementation in developing countries faces challenges that drive investors to adapt, particularly in the earliest and riskiest stages. In these segments, other investors, such as Angels, Accelerators, and Corporate Venture Capital (CVC), make the environment more competitive, providing more options to entrepreneurs seeking capital. Nevertheless, the literature still fails to address the effects these investors of different profiles have on their invested startups. The finance escalator paradigm, implying that IVCs only act in advanced stages, is still present, but this has been changing in the last decade in the US and more recently in Brazil. In this thesis, we examine the effects of different investors on early-stage startups in the US and Brazil through three related research articles. In the first article, we conduct a systematic review of the CVC literature from 2005 to 2019, identifying driving mechanisms and effects on invested ventures. This provides a broader understanding of the multiple factors influencing the relationship between investors and ventures, the differences in profiles and incentives of distinct types of VC investors, and how they influence ventures. This article also reveals trends and gaps in the literature that guide the following articles. In the second article, we investigate the comparative and joint effects of the main VC investor types (IVC, CVC, Angel Group, and Accelerator) on 13,098 early-stage ventures that received their first investment round in the US from 2005 to 2016. The results show that early-stage ventures backed by IVCs achieved better results than their peers in all early-stage goals, contradicting the milestone effect expected from investors like Angel Groups and Accelerators and raising questions on the validity of some aspects of the finance escalator paradigm. In the third article, we focus on outcomes for 1,937 early-stage ventures that received their first investment round in Brazil between 2000 and September 2022. We examine ventures backed by IVCs, CVCs, Angels, and Accelerators, and the results indicate significant differences from the US. In Brazil, IVCs have not shown a pervasive presence as in the US, and the expected positive performance was only true for ventures backed by highly experienced IVCs. Additionally, Angels revealed the best performance for specific early-stage goals. Overall, our analysis of the two markets demonstrates significant differences in the effects VC investors have on the performance of early-stage ventures. The IVC model investor demonstrates superiority over its peers in the American market, while in Brazil, other investors also stand out, especially Angels. These differences may be due to factors in the local economic environment, shaping investors profiles and influencing the way they operate in the country.

This Ph.D. thesis examines characteristics of Business Angel investors in the Czech Republic and their attitudes to evaluation of investment projects. The research is based on primary data obtained by interviewing active Business Angel investors operating in the Czech Republic. The characteristics of Business Angel investors and their attitudes in investment decision making and subsequent monitoring of investments are analysed. Business Angel investors were also asked how they perceive external environment. The topics and questions listed in the interviews result from a systematic literature review. Based on the results of the interviews, an elimination model was developed to capture the preferences of individual Business Angel investors. The model represents a tool supporting entrepreneurs while determining the probability that their project will not be rejected without a deeper examination. Therefore, the model supports entrepreneurs to set the parameters of their projects to increase the likelihood that a Business Angel investor will undergo a detailed due diligence process.

One of the single biggest challenges for start-ups is to find the necessary funding to achieve growth. Software-as-a-service (SaaS) companies are no different and rely on seed stage investments to build and develop a service in order to acquire paying customers. Given the need of external investments, SaaS companies heavily depend on their valuation for each given investor. The purpose of this study was to investigate the main value determinants for seed stage SaaS company valuations. Hence, the research question at issue was “What are the main value determinants for seed stage SaaS company valuations?”. This study was delimited to seed stage SaaS companies with a business to business (B2B) service offering in Sweden. This qualitative research was carried out through semi-structured in-depth interviews with seed stage SaaS B2B founders and investors operating in Sweden. The primary results of the qualitative research show that the main value determinants can be divided into three main factors. Firstly, external factors, such as the region, industry, and market that the company is operating within. Secondly, company factors include team and founder characteristics, firm characteristics, SaaS metrics and financials, and partnership and alliances. Thirdly, investor factors, including investor type as well as reputation and value-add. Following the findings, similarities and differences with literature were discussed. Based on the results, a revised framework including the main value determinants for seed stage SaaS company valuation was developed. The conclusion of this study is that seed stage SaaS company valuations vary among investor types. The valuation tends to not be bound to a specific valuation method, but rather a process where an overall evaluation is made from a set of criteria, which leads up to the valuation process where the final valuation is set. / En av de största utmaningarna för nystartade företag är att genomföra extern kapitalanskaffning för att uppnå tillväxt. Det gäller även för SaaS-företag (Software-as-a-service) vilka är beroende av investeringar i seed stage (fröstadiet) för att bygga upp och utveckla tjänster för att erhålla betalande kunder. Givet behovet av externa investeringar är SaaS-företag starkt beroende av dess värdering från investerare. Syftet med denna studie var att undersöka de viktigaste värdedeterminanterna för värdering av SaaS-bolag i seed stage. Forskningsfrågan var således "Vilka är de viktigaste värdedeterminanterna för värderingar av SaaS-företag i seed stage?". Studien avgränsades till SaaS-företag som erbjuder B2B-tjänster i Sverige. Denna kvalitativa studie genomfördes genom semistrukturerade intervjuer med seed stage SaaS B2B-grundare och investerare som är verksamma i Sverige. De övergripande resultaten visar att de viktigaste värdedeterminanterna kan delas in i tre huvudfaktorer: externa faktorer, företagsfaktorer, och investerarfaktorer. Externa faktorer avser region, bransch, och marknad inom vilka företaget är verksamt. Företagsfaktorer inkluderar teamet och grundarnas egenskaper, företagets egenskaper, SaaS-mått och finansiella data, samt partnerskap och allianser. Investerarfaktorer avser typen av investerare samt investerarens rykte och mervärde. Utfallet från intervjuerna jämfördes med resultat från tidigare litteratur. Baserat på intervjuresultaten utvecklades ett reviderat ramverk med de viktigaste värdedeterminanterna för värdering av SaaS-bolag i seed stage. Slutsatsen av denna studie är att värdering av SaaS-företag i seed stage varierar mellan olika investerartyper. Värderingen tenderar att inte vara bunden till en specifik värderingsmetod, utan en process där en övergripande utvärdering görs baserat på en uppsättning av kriterier, vilket resulterar i en slutgiltig värdering.

Background: This study investigates the role of gut feelings in early-stage venture investments, particularly in environments characterized by high uncertainty. By examining how both inexperienced and experienced investors utilize intuition, the research aims to uncover the cognitive and emotional foundations that influence investment decisions. Purpose: The research aims to understand how gut feelings impact investment decisions across different levels of investor experience. It compares the strategies of seasoned investors with those of novices, providing insights into how intuition and analytical reasoning are integrated. The objective is to offer practical guidance for investors on effectively combining gut feelings with analytical methods to navigate uncertain investment landscapes. Method: A multi-method qualitative approach was employed, combining semi-structured interviews and think-aloud protocols to capture real-time decision-making processes. Data were gathered from 11 investors, resulting in 14 hours of verbal protocols, which were subsequently analyzed using protocol analysis. A hypothetical investment scenario involving a fictional company, EcoPower Innovations, was used to elicit detailed responses from participants. Conclusion: The study finds significant differences in how gut feelings influence investment decisions based on the level of investor experience. Experienced investors skillfully blend intuition with data analysis, leveraging their expertise to manage uncertainty more effectively. In contrast, inexperienced investors tend to rely more on emotional impulses, demonstrating less integration of intuitive judgment with analytical reasoning. These findings highlight the importance of investor education in promoting the balanced use of gut feelings and analytical techniques, thereby improving decision-making in uncertain environments. Additionally, the research offers valuable insights for entrepreneurs on tailoring their approaches to potential investors based on their level of experience and expertise.