Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil
Ano de defesa: | 2019 |
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Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | |
Tipo de documento: | Dissertação |
Tipo de acesso: | Acesso aberto |
Idioma: | eng |
Instituição de defesa: |
Não Informado pela instituição
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Programa de Pós-Graduação: |
Não Informado pela instituição
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Departamento: |
Não Informado pela instituição
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País: |
Não Informado pela instituição
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Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Link de acesso: | https://hdl.handle.net/10438/27947 |
Resumo: | The purpose of this work is to analyse and to evaluate different startup valuation methods in the context of Brazilian technological seed-stage startups. This thesis analyses a scorecard, a risk factor summation and a discounted cashflow approach as representatives of different valuation methods. An analysis of the Brazilian entrepreneurial pillars and the semi-structured interviews with experts from the field was conducted to gather information for the modification of the different valuation approaches. Finally, these modified valuation approaches were tested when evaluating the Brazilian technological startup Whatsapp Automação. The research has shown that the pillars of entrepreneurship and the expert interviews indicate a relevance of the characteristics for the valuation of startups in Brazil. The analysis of the pillars of entrepreneurship revealed an insufficient inclusion of the complex regulatory framework in Brazil, the poor level of skilled labour in the country and the restricted access to finance for young entrepreneurs. The analysis of the expert interviews showed that factors like the motivation and passion of the entrepreneurs, the scalability of the business model and economic risks were insufficiently included in existing models. Applying these different modified valuation methods, the scorecard and the risk factor summation method demonstrated the best fit for the valuation process of a seed-stage startup. It has been shown, that personal characteristics of the founders are highly important for investors and need stronger inclusion. Also, entrepreneurs can benefit by knowing the investors main pain points in order to improve the structure of their startup before the first valuation. |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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Wildt, Christian FelixEscolas::EBAPEIrigaray, Hélio ArthurReis, FilipaBehr, Patrick Gottfried2019-08-28T17:49:09Z2019-08-28T17:49:09Z2019-06-24https://hdl.handle.net/10438/27947The purpose of this work is to analyse and to evaluate different startup valuation methods in the context of Brazilian technological seed-stage startups. This thesis analyses a scorecard, a risk factor summation and a discounted cashflow approach as representatives of different valuation methods. An analysis of the Brazilian entrepreneurial pillars and the semi-structured interviews with experts from the field was conducted to gather information for the modification of the different valuation approaches. Finally, these modified valuation approaches were tested when evaluating the Brazilian technological startup Whatsapp Automação. The research has shown that the pillars of entrepreneurship and the expert interviews indicate a relevance of the characteristics for the valuation of startups in Brazil. The analysis of the pillars of entrepreneurship revealed an insufficient inclusion of the complex regulatory framework in Brazil, the poor level of skilled labour in the country and the restricted access to finance for young entrepreneurs. The analysis of the expert interviews showed that factors like the motivation and passion of the entrepreneurs, the scalability of the business model and economic risks were insufficiently included in existing models. Applying these different modified valuation methods, the scorecard and the risk factor summation method demonstrated the best fit for the valuation process of a seed-stage startup. It has been shown, that personal characteristics of the founders are highly important for investors and need stronger inclusion. Also, entrepreneurs can benefit by knowing the investors main pain points in order to improve the structure of their startup before the first valuation.O objetivo deste trabalho é analisar e avaliar diferentes métodos no contexto de avaliação de empresas de startups brasileiras de estágio de sementes de tecnologia. Esta tese analisa um scorecard, um somatório de fator de risco e uma abordagem de fluxo de caixa descontado. Uma análise dos pilares empresariais brasileiros e entrevistas semi estruturadas com especialistas da área foi realizado para coletar informações para a modificação das diferentes métodos de avaliação.. Por fim, essas mudanças foram testadas e avaliadas pela empresa brasileira, Whatsapp Automação. A pesquisa mostrou a relevância dos pilares do empreendedorismo e entrevistas no Brasil. A análise dos pilares do empreendedorismo no Brasil, o baixo nível de mão de obra qualificada no país e o acesso restrito ao financiamento para jovens empreendedores. A análise das entrevistas com especialistas mostrou que fatores como a motivação e a paixão dos empreendedores, a escalabilidade do modelo de negócios e os riscos econômicos foram insuficientemente incluídos nos modelos existentes. Aplicando esses diferentes métodos de avaliação modificados, o scorecard e o método de soma de fatores de risco demonstraram o melhor ajuste para o processo de avaliação de uma partida em estágio de preparação. Foi demonstrado que as características pessoais dos fundadores são altamente importantes para os investidores. Assim, os empreendedores podem se beneficiar conhecendo os principais pontos problemáticos para melhorar a estrutura de sua startup antes da primeira avaliação.StartupTechnologySeed stageValuationStartup investmentEarly stageScorecardDscounted cash-flowRisk factor summationEntrepreneurshipTecnologiaEstágio de sementeAvaliaçãoInvestimento inicialEstágio inicialFluxo de caixa descontadoSoma do fator de riscoEmpreendedorismoEmpresas novasEmpreendedorismoSementes - ComércioAvaliação de riscosValuation methods for seed stage and pre-revenue startup companies: evidence from BrazilMétodos de avaliação de empresas startup de estágio de sementes e pré-receita: evidências do Brasilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisengreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas 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 |
dc.title.por.fl_str_mv |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
dc.title.alternative.por.fl_str_mv |
Métodos de avaliação de empresas startup de estágio de sementes e pré-receita: evidências do Brasil |
title |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
spellingShingle |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil Wildt, Christian Felix Startup Technology Seed stage Valuation Startup investment Early stage Scorecard Dscounted cash-flow Risk factor summation Entrepreneurship Tecnologia Estágio de semente Avaliação Investimento inicial Estágio inicial Fluxo de caixa descontado Soma do fator de risco Empreendedorismo Empresas novas Empreendedorismo Sementes - Comércio Avaliação de riscos |
title_short |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
title_full |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
title_fullStr |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
title_full_unstemmed |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
title_sort |
Valuation methods for seed stage and pre-revenue startup companies: evidence from Brazil |
author |
Wildt, Christian Felix |
author_facet |
Wildt, Christian Felix |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EBAPE |
dc.contributor.member.none.fl_str_mv |
Irigaray, Hélio Arthur Reis, Filipa |
dc.contributor.author.fl_str_mv |
Wildt, Christian Felix |
dc.contributor.advisor1.fl_str_mv |
Behr, Patrick Gottfried |
contributor_str_mv |
Behr, Patrick Gottfried |
dc.subject.eng.fl_str_mv |
Startup Technology Seed stage Valuation Startup investment Early stage Scorecard Dscounted cash-flow Risk factor summation Entrepreneurship |
topic |
Startup Technology Seed stage Valuation Startup investment Early stage Scorecard Dscounted cash-flow Risk factor summation Entrepreneurship Tecnologia Estágio de semente Avaliação Investimento inicial Estágio inicial Fluxo de caixa descontado Soma do fator de risco Empreendedorismo Empresas novas Empreendedorismo Sementes - Comércio Avaliação de riscos |
dc.subject.por.fl_str_mv |
Tecnologia Estágio de semente Avaliação Investimento inicial Estágio inicial Fluxo de caixa descontado Soma do fator de risco Empreendedorismo |
dc.subject.bibliodata.por.fl_str_mv |
Empresas novas Empreendedorismo Sementes - Comércio Avaliação de riscos |
description |
The purpose of this work is to analyse and to evaluate different startup valuation methods in the context of Brazilian technological seed-stage startups. This thesis analyses a scorecard, a risk factor summation and a discounted cashflow approach as representatives of different valuation methods. An analysis of the Brazilian entrepreneurial pillars and the semi-structured interviews with experts from the field was conducted to gather information for the modification of the different valuation approaches. Finally, these modified valuation approaches were tested when evaluating the Brazilian technological startup Whatsapp Automação. The research has shown that the pillars of entrepreneurship and the expert interviews indicate a relevance of the characteristics for the valuation of startups in Brazil. The analysis of the pillars of entrepreneurship revealed an insufficient inclusion of the complex regulatory framework in Brazil, the poor level of skilled labour in the country and the restricted access to finance for young entrepreneurs. The analysis of the expert interviews showed that factors like the motivation and passion of the entrepreneurs, the scalability of the business model and economic risks were insufficiently included in existing models. Applying these different modified valuation methods, the scorecard and the risk factor summation method demonstrated the best fit for the valuation process of a seed-stage startup. It has been shown, that personal characteristics of the founders are highly important for investors and need stronger inclusion. Also, entrepreneurs can benefit by knowing the investors main pain points in order to improve the structure of their startup before the first valuation. |
publishDate |
2019 |
dc.date.accessioned.fl_str_mv |
2019-08-28T17:49:09Z |
dc.date.available.fl_str_mv |
2019-08-28T17:49:09Z |
dc.date.issued.fl_str_mv |
2019-06-24 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/27947 |
url |
https://hdl.handle.net/10438/27947 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
https://repositorio.fgv.br/bitstreams/87714485-f485-47b2-9c67-998b178f89a4/download https://repositorio.fgv.br/bitstreams/44caee82-d95c-414f-ac1e-11705fa15129/download https://repositorio.fgv.br/bitstreams/6ed7aba8-fad2-4d4f-9ff0-b9f4d44d28ea/download https://repositorio.fgv.br/bitstreams/5517dfb4-1f11-4f7e-aa47-d7d08132c61b/download |
bitstream.checksum.fl_str_mv |
90d4282c97ad11647638f5f9623c39af dfb340242cced38a6cca06c627998fa1 6c2e6df8bd929be3d5ddff6486320a5e cc47ec8f984de902946d2943062a9a5c |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1799582999415619584 |