Abstract

GASPAR, Fernando. Can entrepreneurship be increased through the use of venture capital and business incubation? : An empirical study of the impact of both in the creation of start-ups and their performance. Rev. Portuguesa e Brasileira de Gestão [online]. 2008, vol.7, n.3, pp.71-84. ISSN 1645-4464.

This paper studies the influence of two instruments - venture capital and business incubation - in entrepreneurship. It studies their influence on the decision to create new companies and in their success, that is, in the survival of the start-ups. For this study, a sample of companies created by venture capital firms and/or in incubation centers was assembled and a regressive analysis was performed to test the hypothesis formulated upon the published literature. Three groups of independent variables were used to characterize three separate realities: the evolvement of venture capital companies or business incubation centers in the process of creation and launching of the start-ups; the profile of entrepreneur; the type of business opportunity that generated the start-up. The dependent variables were the creation of a start-up and its performance. The results confirmed the majority of the formulated hypotheses, providing evidence of a positive influence of venture capital and business incubation on the creation of start-ups and on their survival. Entrepreneur’s traits and the opportunities characteristics didn’t show relevant influence on the dependent variables. This work allows the conclusion that betting in a strong venture capital industry and in a good net of business incubators is an efficient policy to develop entrepreneurship and to improve the survival of the start-ups.

Keywords : Entrepreneurship; Venture Capital; Business Incubation; Start-up Mortality.

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