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Previous issue date: 2015-08-28 === The main agents of technological change are the new businesses of high-tech sectors, they stimulate socio-economic development through innovative products and processes. In order to challenge existing technological paradigms, the technology-based firms (TBFs) set new market competition standards, regulating the behavior of the existing players. Due to uncertainty and information asymmetry of their activities, TBFs found in financial restriction a limiter to its development. For TBFs, the venture capital industry has been seen as a relevant financial intermediary, providing capital to companies that would otherwise have difficulty obtaining resources. The investment by venture capital companies is risky, because it has low liquidity and is highly dependent on a small group of entrepreneurs / managers. The selection of which company to invest, is a complex process with significant financial repercussions. Therefore, this is a strategic selection, involving a structured decision-making process. Given this context, a research based on the study method of multiple cases was developed, in which three cases were analyzed through nine semi-structured interviews.The results indicate that there is a structured process of decision-making by the venture capital firms with five key steps: business origin, information search, analysis, negotiation and monitoring. The venture capital firms perform both active and passive prospecting, the network recommendations and the entrepreneurial itself, are important sources of information. At the stage of analysis Venture Capitalist invest more time, four main aspects are evaluated: Marketing, Finance, Business and People. Among the main criteria considered to invest, it stands out companies based on innovative product or service and the profile and experience of the entrepreneur and his team. The valuation of TBCFs is performed using the methodology of discounted cash flow. The investment agreement between the two parties is negotiable, however, due to the minority role played by venture capital firms, they have protection clauses that are irreducible. After performing the investment, monitoring is made with active participation of the Venture Capitalist in the invested company in order to ensure the development of it and better divestment. === Os principais agentes de mudan?as tecnol?gicas s?o as novas empresas de setores de alta tecnologia, pois estimulam o desenvolvimento socioecon?mico atrav?s de produtos e processos inovadores. Ao desafiarem os paradigmas tecnol?gicos existentes, as Empresas de Base Tecnol?gica (EBTs) estabelecem novos padr?es de concorr?ncia de mercado, disciplinando o comportamento dos atores existentes. Devido ? incerteza e assimetria informacional de suas atividades, as EBTs encontram na indisponibilidade de recursos financeiros um limitador para seu desenvolvimento. Para as EBTs, a ind?stria de Venture Capital tem se mostrado como um relevante intermedi?rio financeiro, disponibilizando capital a empresas que de outra maneira teriam dificuldade em obter recursos. O investimento realizado pelas empresas de Venture Capital ? arriscado, pois apresenta baixa liquidez e ? altamente dependente de um pequeno grupo de empreendedores/gestores. A escolha, de qual empresa investir, ? um processo complexo com relevante repercuss?o financeira. Por isso, esta ? uma sele??o estrat?gica, envolvendo um processo estruturado de tomada de decis?o. Dado este contexto, foi desenvolvida uma pesquisa baseada no m?todo de estudo de casos m?ltiplos, em que tr?s casos foram analisados atrav?s de nove entrevistas semiestruturadas. Os resultados indicam que existe um processo estruturado de tomada de decis?o por parte das empresas de Venture Capital com cinco principais etapas: origem do neg?cio, busca de informa??es, an?lise, negocia??o e monitoramento.As empresas de Venture Capital realizam tanto prospec??o ativa, quanto passiva, sendo as recomenda??es da rede de relacionamento e o pr?prio empreendedor importante fontes de informa??o. A etapa de an?lise ? a que o Venture Capitalist investe mais tempo, sendo quatro principais aspectos avaliados: Mercado, Finan?as, Neg?cio e Pessoas. Dentre os principais crit?rios considerados para investir, destaca-se empresas baseadas em produto ou servi?o inovador, al?m do perfil e experi?ncia do empreendedor e sua equipe. O valuation (determina??o do pre?o justo) das EBTs ? realizado utilizando-se a metodologia do Fluxo de Caixa Descontado. O contrato de investimento entre as duas partes ? negoci?vel, no entanto, devido ao papel minorit?rio assumido pelas empresas de Venture Capital, elas possuem cl?usulas de prote??o que s?o irredut?veis. Ap?s realizado o investimento ? feito um monitoramento com participa??o ativa do Venture Capitalist na empresa investida, a fim de garantir o desenvolvimento dela e um melhor desinvestimento.
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