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Quantifying the capital requirements of start-ups in early growth phase: exploratory evidence from a seed capital fund in Brazil.

Ano de publicação: 2.018 Publicação:  The Journal Of Private Equity, v. 21, n. 3, p. 26-37, 2018. Paginação:   Autores: ALVES, Alex da Silva;  PIMENTA-BUENO, José Antônio. Tipo de Publicação: Artigo Autor Principal: Alves, Alex da Silva Outros Autores: ALVES, Alex da Silva;  PIMENTA-BUENO, José Antônio. Resumo: This article addresses the key issue of quantifying the capital requirements of new entrepreneurial firms. Addressing this issue was motivated by the exposure of one of the authors to more than 40 seed investment rounds made by a multi-million-dollar Brazilian (public) seed capital fund between 2008 and 2016. Curiously, although the fund had few investment restrictions in terms of the industry sector or the developmental stage, almost all of the proposals brought to the Investment Committee required (nearly) the same amount of capital for the same mission: to reach a stated attractive exit position at the end of five years. Not surprisingly, this “standardized” capital requirement was, in effect, the fund’s individual firm limit for first-round investments—approximately US$1 million Idioma: Inglês Número de Referência: Documento eletrônico