Venture capital in Brazil: early experience of emerging company investment funds

Author(s):  
Walter L. Ness Jr. ◽  
Valdir De Jesus Lameira
Author(s):  
Tadeusz Waściński ◽  
Anna Dudkowska ◽  
Jevgenijs Kurovs

Private Equity (PE)/Venture Capital (VE) Funds cover medium and long-term transactions on the private enterprise market. They adopt a legal form of closed-ended investment funds or more and more appreciated alternative investment companies, which contribute to a development of innovativeness in the Polish economy, supporting enterprises on each level of their expansion. Over the last years, there has been an increased value of investment reported among the European PE funds. Poland’s share in the Central and Eastern European (CEE) investments has been the highest in the region and does not fall below 46%. Moreover, more than a double increase of domestic PE investments in 2017 is an opportunity for improving one of the lowest innovation indexes in the European Union. An important role in this matter also belongs to the growing power of start-up ecosystem. It is not without significance that there is a growing awareness of start-ups cooperating with funds, which is defined e.g. by a stronger position of investor or a limited possibility to negotiate the terms of investment agreements. The aim of this article is to present the PE market and its meaning in the development of young companies. Showing in the first part of the article statistics related to management of venture capital in Poland compared to Europe and the CEE will identify tendencies in development of the Polish PE market. It will also allow estimating Poland’s chances for improving its position in the innovative European ranking and increasing Poland’s competitiveness on the international level. Emphasising the importance of startup’s education in dealing with VC funds in the second part of the study will additionally highlight the essence of their cooperation in terms of professionalization of the PE market and a growth of the country’s innovativeness.


2021 ◽  
Vol 7 (3) ◽  
pp. 217-226
Author(s):  
О. А. Eremchenko

An overview of the most common and proven in world practice types of budgetary support for the venture industry, including the creation of venture capital funds, is carried out. The Russian experience of state support for the venture capital sector is analyzed, and a positive assessment of the work of closed-end mutual investment funds created by RVC in 2007–2009 is given. The principles for the formation of mechanisms for increasing the venture activity of state institutions, particularly state programs for creating venture capital funds, have been formulated. It is shown that the funds of specialized venture funds can become a decisive factor in supporting startups at the expense of budgetary funds and lead to the organization of additional high-tech jobs, equal spatial economic development of the country, and the achievement of other social goals.


2014 ◽  
Vol 20 (1) ◽  
Author(s):  
John M. Garvey ◽  
Shann Kerner ◽  
Axel Tillmann ◽  
Dmitry Kuzmin

This paper analyzes the approaches taken by the Russian government to promote innovation in the biotechnology sector within the country.  Russia is economically strong, currently with a trade surplus, and the country is investing broadly in initiatives that have resulted in in-bound technology transfer, as well as an expansion of the private sector.  These initiatives include government venture capital and investment funds, as well as physical technology “incubator” centers.  The result has been an increase in the number of clinical-stage biotechnology companies operating in Russia, as well as an increase in the number of pharmaceutical candidates undergoing trials in the country.  The biotechnology “boom” has also resulted in an increase in the number of early-stage companies.  This paper investigates current deal and investment trends from the funds that are the principal supporters of biotechnology companies in Russia.


2021 ◽  
Author(s):  
Pauline O'Connor

Over the last 15 years or so, Canadian social enterprises have consistently identified lack of access to financing as an important barrier to their growth and sustainability (e.g., Bridge & Corriveau 2009; Mulholland et al 2011; Treurnicht 2011; McIsaac & Moody 2013; Malhotra et al. 2010; Flatt et al. 2013; CTFSF 2010). Social enterprises in other jurisdictions have echoed a similar complaint (e.g., SEUK 2011, 2013). The same period has also witnessed the emergence of “social investment markets” in several jurisdictions. Social investment markets offer the promise of providing social enterprises and other social purpose organizations with the types and amount of financing they need, outside of mainstream commercial markets. Keywords: CVSS, Centre for Voluntary Sector Studies, Working Paper Series,TRSM, Ted Rogers School of Management Citation:


Author(s):  
Antonina Lahun

The article is devoted to the analysis of quantitative and structural parameters of venture business development in Ukraine, so it seems appropriate to focus on its most generalizing features and characteristics, which have been clearly outlined in recent decades. First of all, it should be noted the extremely low level of capitalization of the domestic venture capital market. Also important for a comprehensive analysis of the current state and trends in domestic venture entrepreneurship is the number of venture capital investment institutions and a significant increase in the level of concentration of the domestic asset management market. Another conclusion that follows from the data concerns the dominance of venture mutual investment funds, ie closed-end funds, in the subjective structure of domestic venture entrepreneurship. Domestic venture funds are also characterized by an extremely insignificant share of the value of their assets in the gross domestic product of our state. Another well-established trend in the structural dynamics of domestic venture funds in the last decade is the growing share of foreign capital in the structure of their investment flows. In addition, in recent years there has been a clear eloquent trend, namely: the growing share of domestic individuals in the subjective structure of investors in venture mutual investment institutions. International corporate structures, business incubators and accelerators are actively opening their innovative divisions and representative offices in our country. It is worth noting that the number and volume of funding for Ukrainian startups is increasing from year to year. In recent years, the processes of attracting funding through crowdfunding platforms and grant sources have been developing dynamically. Evidence of the growing interest of foreign venture capitalists in Ukrainian startups is the intensification of mergers and acquisitions in this area. Unfortunately, maintaining the extremely low economic motivation of venture capitalists to invest money in the early stages of research and self-search by inventors in most cases leads to dependence on investors and unequal exchange of property rights for scientific ideas for financial resources.


Author(s):  
Yosyf Ivanyuk

Joint investment institutes, in particular, venture capital funds, constitute a significant part of the economies of developing countries, as they stimulate the investment of individuals and legal entities and play an essential role in the development of young companies that are building their business on the basis of innovations and innovative technologies (start-ups). In addition, the use of venture capital funds for legitimate tax optimization or as financial intermediaries within the group of companies is a very common phenomenon on the market of goods and services, in particular, in Ukraine. The activities of the venture capital funds in Ukraine as a whole are constructed in accordance with the European model, but there are still some differences and imperfect legal regulation, which is a problem in understanding the approximation of Ukrainian legislation to unified EU regulations. The subject of the article (study) is the analysis and comparison of the venture capital funds as joint investment institutes in Ukraine and EU law on the basis of the national legislation of Ukraine and the relevant EU directives. Similar studies in Ukraine are practically absent, with the exception of the thesis by Polianska I.Y. "Investors 'Rights in Joint Investments: Comparison with European Legal Models", devoted to the study of the nature of investors' rights in the implementation of joint investments and the determination of the laws of legal regulation of the status of joint investment institutes under the legislation of Ukraine and legislation of foreign countries, in particular Western European States, scientific publications Hlibko S. V. and Sydorenko YU. V. "Issues of legal regulation of investment funds in the EU", Svikhrov S.O. and Schastlyvtseva R.V. "On the necessity to bring commitments on the activity of institutional investors in Ukraine to the legislation of the European Union", Inna Lobas "Foreign experience of state support of venture investment of innovation activity". The purpose of the publication is to study the general legal regulation of activities of venture capital funds and joint investment institutes in the EU countries, to compare it with such regulation in Ukraine and to bring proposals to improve the specified legal regulation in Ukraine.


2018 ◽  
Vol 24 ◽  
pp. 309-310
Author(s):  
Mayumi Endo ◽  
Fadi Nabhan ◽  
Laura Ryan ◽  
Shumei Meng ◽  
John Phay ◽  
...  

Sign in / Sign up

Export Citation Format

Share Document