Pequenas e médias empresas e a atuação das Ventura Capital

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    EP TLU\LJEP L CGFEP LCTYLPEP L E EW\EH GEP RLJW\YL@ETFWEN !/&

    Byej`fp`h Rfgen N|je 5

    N\JE. Byej`fp`h Rfgen* Tlu|ljep l Cgfep Lctylpep l e Ew|eh gep Rljw|yl@etfwen* Ylrfpwe Wfifyf* Ph Te|nh. !51&? 20#;7. oej(o|j* 5610*

    U|ejgh pl lpw|ge h glpljrhnrfcljwh yl`ljwl ge l`hjhcfe iyepfnlfye. e ewljh`hj`ljwye#pl jhycencljwl jh tetln gfjcf`h glplctljaegh tlne kyejgl lctylpe. ploelne `hjwyhnege thy `etfwefp tyfreghp je`fhjefp. tlnh Lpwegh h| thy `hctejafepc|nwfje`fhjefp* E tlu|lje l cgfe lctylpe !TCL& rfpwe. |p|encljwl. `hch |c cenjl`lppyfh. u|l clyl`l e ewljh gh Lpwegh tlne p|e wyegf`fhjen gfbf`|ngegl glphiylrfrj`fe gege p|e glbf`fljwl lpwy|w|ye l`hjcf`e. bfjej`lfye l egcfjfpwyewfre*

    Etlpey ge ljhycl reyflgegl gl clgfgep khrlyjecljwefp lc tyhn ge tlu|lje l cgfelctylpe. pl|p ylp|nweghp whyjec#pl gl chgh klyen fjp|bf`fljwlp teye bhywenl`ly wenplkcljwh ge l`hjhcfe* Gl chgh klyen. ep tytyfep clgfgep gl thnwf`e l`hjcf`e #weilnecljwh gl tylhp. e|cljwh gl fcthpwhp. ylpwyflp ehp `ygfwhp lw`* # whyjec#plfjpwy|cljwhp u|l tljenfzec e TCL `hc c|fwh cefhy fjwljpfgegl gh u|l ep tywf`ep|p|efp u|l tyh`|yec e|qfnf#nep*

    Eglcefp. `eil `hnh`ey e TCL lc pl| lblwfrh tetln jh `hjwlqwh l`hjcf`h. jh p jhIyepfn. cep fj`n|pfrl lc teplp glpljrhnrfghp* Gl chgh klyen. `eil TCL |cfcthywejwl tetln wejwh je `yfeh gl lctylkhp. `hch ge tyhg|h. l `|oe ew|ehchpwye#pl |p|encljwl. cljhp p|olfwe eh `f`nh gh u|l e kyejgl lctylpe*

    Enc gfpph. jhp teplp fjg|pwyfenfzeghp. jhp u|efp pl `yfe wl`jhnhkfe gl thjwe. ep TCLpglplctljaec |c tetln b|jgecljwen jh glpljrhnrfcljwh e etnf`eh gl jhrhptyh`lpphp*

    fjwlylppejwl jhwey#pl u|l e cefhyfe ghp tyhinlcep ljbyljweghp tlnep TCLp jlpplpteplp ph `hc|jp u|lnlp glbyhjweghp thy wefp lctylpep jh Iyepfn. pljgh e fjp|bf`fljwl

    lpwy|w|ye gl `etfwen |c ghp tyfj`ftefp ljwyerlp e fctlgfy pl| `ylp`fcljwh e c|fwep rlzlpp|e tytyfe rfeifnfgegl* Jlpplp teplp. lc teywf`|ney jhp Lpweghp \jfghp* h ethywl gl`etfwen gl yfp`h ewyerp gep Rljw|yl @etfwen pl wlc chpwyegh ge cefhy fcthywj`fe.lqtnf`ejgh e lqfpwj`fe gl enk|cep gep fcthywejwlp lctylpep u|l ahol ew|ec lc ylegl enwe wl`jhnhkfe. wefp `hch. `hct|weghylp. kljwf`e lw`*

    Eppfc. hiolwfrechp jlpwl eywfkh pfw|ey e fcthywj`fe gep TCLp lc ryfhp teplp llpw|gey e lqtlyfj`fe ghp L\E je ew|eh gep Rljw|yl @etfwen. fjpwy|cljwh u|l thglyfe`hjpwfw|fy wecic |c fcthywejwl bewhy gl bhywenl`fcljwh ge TCL lc jhpph tep*

    /Ekyegl`lchp e `hneihyeh gh @hgfcl`#@hcfw gl Gfr|nkeh gh Cly`egh gl @etfwefp.`|oh ethfh bfjej`lfyh thppfifnfwh| e ylenfzeh glpwl lpw|gh*5 Tyhblpphy ge Be`|ngegl gl L`hjhcfe l Egcfjfpwyeh ge \jfrlypfgegl gl Ph Te|nh*

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    5* H TETLN GEP TLU\LJEP L CGFEP LCTYLPEP

    Lc whghp hp teplp. fjgltljgljwlcljwl gh jrln gl fjg|pwyfenfzeh. `eil |c tetlnb|jgecljwen TCL. wejwh gh thjwh gl rfpwe l`hjcf`h `hch ph`fen* P|e fcthywj`fethgl ply ylp|cfge jhp plk|fjwlp thjwhp!5& ?

    # `ete`fgegl gl eiphyh gl pfkjfbf`ewfrhp `hjwfjkljwlp gl ch#gl#hiye. e iefqh

    `|pwh e `hc cljhylp lqfkj`fep lc wlychp gl u|enfbf`eh* E TCL |cefcthywejwl lp`hne gl bhyceh gl ch#gl#hiye teye e kyejgl lctylpe?

    # fcthywejwl teywf`fteh je klyeh gh tyhg|wh. e|cljwejgh pfkjfbf`ewfrecljwl elpweifnfgegl ge l`hjhcfe e p|e gfrlypfbf`eh=

    # fcthywejwl `hjwyfi|fh je phn|h ghp glplu|fniyfhp ylkfhjefp. l jh tyh`lpph glbhywenl`fcljwh gh fjwlyfhy. gege p|e cefhy bnlqfifnfgegl lc wlychp gl nh`enfzeh=

    # p|e eh gl `hctnlcljwey kyejgl lctylpe. htlyejgh lc plwhylp fj`hctewrlfpteye e lp`ene ge clpce*

    )Lcihye e fjg|pwyfenfzeh tyhrhu|l h eteyl`fcljwh gl kyejglp |jfgeglp gl tyhg|h. lclpch `hjpfglyejgh u|l |c pfkjfbf`ewfrh jclyh gl lctylpep tlu|ljep lrhn|e teye ebhyceh gl cefhylp j`nlhp tyhg|wfrhp. jh ljwejwh h u|l h`hyyl u|l ep tlu|ljepfjgpwyfep eiphn|wecljwl glpeteyl`lc gh `ljyfh* Lnep jhycencljwl pl wyejpbhycec lc|jfgeglp cefp chglyjep*

    )W|gh fjgf`e u|l ep kyejglp lctylpep yltylpljwec |ce `eye`wlypwf`e gh lpwkfhchglyjh gh glpljrhnrfcljwh fjg|pwyfen. cep lnep jh lqtylppec e rlygeglfye afpwyfeglpwe lrhn|h* Fpwh thyu|l |c tep thgl etylpljwey |ce lpwy|w|ye fjg|pwyfen cefptyhg|wfre u|ejgh lqfpwl |ce `hcifjeh fglen gep kyejglp l tlu|ljep |jfgeglp gl

    tyhg|h. je u|en h tetln gl `ege |ce glwlycfjegh `hc iepl je lbf`fj`fe l`hjcf`eghp bewhylp gl tyhg|h gh plwhy!9&*)

    Eppfc. fjlkrln e fcthywj`fe gh plkcljwh yltylpljwegh tlnep TCLp= jh `ephiyepfnlfyh thglchp etylpljwey enk|jp jclyhp u|l fn|pwyec phiylcejlfye wefp`hj`n|plp* Pl `hjpfglyeychp `hch TCLp eu|lnep u|l lctylkec cljhp gl 9

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    Pl glpekylkeychp wefp fjbhycelp. rlyfbf`eylchp u|l. jhp plwhylp wyegf`fhjefp gel`hjhcfe. e TCL yltylpljwe e tytyfe bhyce ge hykejfzeh ge fjgpwyfe* Eppfc. lcplwhylp wefp `hch chifnfyfh. `h|yh. ceglfye e enfcljwhp. p|e `hjwyfi|fh wejwh eh renhyge tyhg|h `hch eh jclyh gl tlpphep lctylkegep |nwyeteppe e cey`e ghp 14,*

    Jhp Lpweghp \jfghp. etlpey gl pl| lnlregh kye| gl glpljrhnrfcljwh fjg|pwyfen. l glplgfey ep cefhylp lctylpep fjwlyje`fhjefp. rlyfbf`e#pl u|l e TCL `hjwyfi|f| lc neyke

    clgfge. jh p teye h lpwkfh gl ilc lpwey en`ejegh* `hch teye e tytyfe lpweifnfgegll`hjcf`e. thnwf`e l ph`fen gh tep*

    Plk|jgh |c lpw|gh ge Jewfhjen Epph`fewfhj hb Pl`|yfwflp Glenlyp Fj`*!JEPG& !0&. ekyejgl gfrlypfgegl l`hjcf`e eclyf`eje hiwfge kyeep eh ghp tlu|ljhp e cgfhplctylpyfhp. u|l `hcteyl`lc `hc pfkjfbf`ewfre tey`lne ge yfu|lze klyege* Eppfc. epTCLp yltylpljwec

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    WEILNE 9

    FCTHYWJ@FE L@HJCF@E GEP TCL!Teplp Plnl`fhjeghp&

    Teplp!thy hyglc gl TJI&

    Teywf`fteh gep TCL jh Plwhy Cej|bew|ylfyh, gh jclyh gl

    lctylpepTeywf`fteh jh renhy

    egf`fhjeghTeywf`fteh jh lctylkh

    Lpweghp \jfghp 6; 70 !5&

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