Análise sobre os critérios de seleção de empresas por fundos de Venture Capital

Abstract

Venture Capitalists (VCs) play a very important role in identifying high potential and innovative companies. However, VCs adopt different criteria for evaluating ventures before financing. The objective of this work is to discuss the comprehensive literature of the evaluation criteria of investments of the Venture Capital modality. This study provides a literature review of conceptual and empirical approaches focusing on how VCs take their investment decision and what are the key influential factors in investment moments. The analysis highlights that not all VCs can follow the same investment decision process to evaluate new ventures. Some VCs attach more importance to the characteristics of the entrepreneur, while others are more intrigued by the financial perspectives. Therefore, the results show that VCs consider the market that the company is marketing and its growth, the management team, the product and expected return to be very important. The study results are useful to both managers in their decisionmaking process and to entrepreneurs in their venture capital applications to maximize their success rate.