Relação entre as características de empreendedores e a estratégia de saída adotada pelos veículos de investimento
Data
2022-02-03
Autores
Almeida, Gabriel Melo de 
Orientadores
Gallucci Netto, Humberto
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
Este estudo trata da relação entre as características acadêmicas e profissionais de fundadores CEO de startups brasileiras, com o sucesso de investimento de veículos de investimento que atuam no Brasil. Buscou-se investigar em que medida as características dos fundadores CEO de startups investidas por fundos de private equity e venture capital (PEVC) no Brasil se relacionam ao sucesso dos veículos de investimento. O modelo econométrico que se mostrou apropriado para diagnosticar essa ocorrência foi o modelo probit. As regressões foram estimadas com erros robustos à heterocedasticidade, pelo método de correção de White (1980). O objetivo foi investigar a importância da experiência dos empreendedores para o sucesso dos veículos de investimento analisados, medido como o número de saídas realizadas na forma de uma Initial Public Offering (IPO), venda-estratégica ou venda para outro investidor. Os dados foram coletados das plataformas Crunchbase, LinkedIn e CB Insights. Apenas as startups que participaram de rodada de Série A foram incluídas na amostra, e apenas os investidores que aportaram capital numa rodada de Série A entre janeiro de 2010 e novembro de 2021, foram considerados. Foram incluídos na análise somente os desinvestimentos que ocorreram entre janeiro de 2010 e dezembro de 2021. Utilizando-se de uma análise baseada no trabalho de Siqueira et al (2011), Malmendier (2005) e Zarutskie (2010), o estudo conclui que para a base de dados elaborada, e empresas analisadas, não foi encontrada significância estatística nas estimações feitas.
This research addresses the relationship between the academic and professional characteristics of CEO founders of Brazilian startups, with the investment success of investment vehicles operating in Brazil. We sought to investigate to what extent the characteristics of CEO founders of startups invested by PEVC funds in Brazil relate to the success of investment vehicles. The econometric model that proved to be appropriate to diagnose this occurrence was the probit model. The regressions were estimated with robust errors for heteroscedasticity, by Whites’ (1980) correction method. The main goal was to investigate the importance of the entrepreneurs' experience for the success of the investment vehicles analyzed, measured as the number of exits carried out in the form of an IPO, strategic sale or sale to another investor. The data was collected from Crunchbase, LinkedIn and CB Insights platforms. Only startups that participated in a Series A round were included in the sample, and only investors that contributed capital in a Series A round between January 2010 and November 2021 were considered in the research. Only the divestments that occurred between January 2010 and December 2021 were included in the analysis. Using an analysis based on Siqueira et al (2011), Malmendier (2005) and Zarutskie (2010) papers, the study concludes that for the database prepared, and for the analyzed companies, no statistical significance was found in the estimates made.
This research addresses the relationship between the academic and professional characteristics of CEO founders of Brazilian startups, with the investment success of investment vehicles operating in Brazil. We sought to investigate to what extent the characteristics of CEO founders of startups invested by PEVC funds in Brazil relate to the success of investment vehicles. The econometric model that proved to be appropriate to diagnose this occurrence was the probit model. The regressions were estimated with robust errors for heteroscedasticity, by Whites’ (1980) correction method. The main goal was to investigate the importance of the entrepreneurs' experience for the success of the investment vehicles analyzed, measured as the number of exits carried out in the form of an IPO, strategic sale or sale to another investor. The data was collected from Crunchbase, LinkedIn and CB Insights platforms. Only startups that participated in a Series A round were included in the sample, and only investors that contributed capital in a Series A round between January 2010 and November 2021 were considered in the research. Only the divestments that occurred between January 2010 and December 2021 were included in the analysis. Using an analysis based on Siqueira et al (2011), Malmendier (2005) and Zarutskie (2010) papers, the study concludes that for the database prepared, and for the analyzed companies, no statistical significance was found in the estimates made.