Financiamento aos negócios de impacto: um estudo dos fundos de venture capital na indústria brasileira
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Data
7-08-21
Autores
Marcelino, Amanda Silva [UNIFESP]
Orientadores
Galucci Netto, Humberto [UNIFESP]
Tipo
Trabalho de conclusão de curso de graduação
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Resumo
Buscou-se nessa pesquisa, como objetivo geral, compreender a atuação dos fundos de venture capital ao financiamento de negócios de impacto no Brasil. O estudo é caracterizado por uma abordagem qualitativa, e sendo assim, a pesquisa divide-se em seções observando-se especificidades e princípios que compõem a estruturação dos Negócios de Impacto, bem como as organizações intermediárias que tornam o ambiente oportuno para a criação e fortalecimento dos negócios com intencionalidade de impacto, que por fim, podem resultar a ação do fundo de investimento de impacto de venture capital, uma vez que são fornecidos recursos que, somados à capacidade interna da investida, são capazes de reestruturar o modelo de negócio adotado a fim de alcançar maior efetividade e alcance da proposta, permitindo uma maior amplitude das inovações sociais e o seu impacto na sociedade.
Foram selecionados três fundos de investimento de impacto no Brasil, observando seu ano de fundação, missão, modalidade de investimento, segmentos em que atuam, negócios de impacto nos quais investem, quantidade de empresas investidas nos fundos, bem como a tese de mudança e quantidade de pessoas servidas pelos negócios do portfólio. Os resultados da pesquisa indicam, em síntese, que a participação dos fundos de investimento de impacto em venture capital, composta pela fase inicial, de desenvolvimento e de dimensionamento do negócio, à medida que tais fundos maduros começam a vislumbrar saídas dos seus investimentos em equity, a possibilidade de potenciais ganhos financeiros e ganhos elevados na participação conjunta no desenvolvimento de tais negócios, permitindo uma maior amplitude das inovações e impacto social positivo.
The general objective of this research was to understand the participation of venture capital funds in financing impact business in Brazil. The study is updated by a qualitative approach, and therefore, a research is divided into expansion, observing the specificities and principles that make up the structuring of Impact Businesses, as well as the intermediary associations that make the environment opportune for the creation and strengthening of businesses with impact intentionality, which may ultimately result in action by the venture capital impact investment fund, since resources are provided that, added to the investee's internal capacity, are capable of restructuring the business model adopted in order to achieve greater effectiveness and reach of the proposal, allowing a greater range of social innovations and their impact on society. Three impact investment funds in Brazil were selected, observing their year of foundation, mission, type of investment, segments in which they operate, impact businesses in which they invest, number of companies invested in the funds, as well as the thesis of change and quantity of people served by the portfolio businesses. The research results indicate, in summary, that the participation of investment funds impacting venture capital, composed of the initial, development and dimensioning phase of the business, which as such mature funds begin to envision their investments in equity, the possibility of financial gains and level gains in the joint participation in the development of such businesses, allowing a greater amplitude of innovations and positive social impact.
The general objective of this research was to understand the participation of venture capital funds in financing impact business in Brazil. The study is updated by a qualitative approach, and therefore, a research is divided into expansion, observing the specificities and principles that make up the structuring of Impact Businesses, as well as the intermediary associations that make the environment opportune for the creation and strengthening of businesses with impact intentionality, which may ultimately result in action by the venture capital impact investment fund, since resources are provided that, added to the investee's internal capacity, are capable of restructuring the business model adopted in order to achieve greater effectiveness and reach of the proposal, allowing a greater range of social innovations and their impact on society. Three impact investment funds in Brazil were selected, observing their year of foundation, mission, type of investment, segments in which they operate, impact businesses in which they invest, number of companies invested in the funds, as well as the thesis of change and quantity of people served by the portfolio businesses. The research results indicate, in summary, that the participation of investment funds impacting venture capital, composed of the initial, development and dimensioning phase of the business, which as such mature funds begin to envision their investments in equity, the possibility of financial gains and level gains in the joint participation in the development of such businesses, allowing a greater amplitude of innovations and positive social impact.