Atração de investimentos em startups deep techs: : o efeito da sustentabilidade

Keully Cristynne Aquino Diógenes; Ana Carolina Calçado Lopes Martins; Claudia Pavani; Felipe Mendes Borini; Guilherme Ary Plonski

doi:10.5585/2023.23800

Authors

Keully Cristynne Aquino Diógenes University of São Paulo https://orcid.org/0000-0001-7589-2515
Ana Carolina Calçado Lopes Martins University of São Paulo
Claudia Pavani University of São Paulo https://orcid.org/0000-0002-5968-3868
Felipe Mendes Borini University of São Paulo https://orcid.org/0000-0003-1389-136X
Guilherme Ary Plonski University of São Paulo https://orcid.org/0000-0002-8949-4363

DOI:

https://doi.org/10.5585/2023.23800

Keywords:

Sustentabilidade, Recursos Diferenciados, Startup Deep Tech

Abstract

Objective: This study aims to understand the resources that explain the attraction of investment in deep tech startups and investigate the role of sustainability as a factor in investment attraction.

Methodology/Approach: Using primary data, logistic regression analysis was applied to a sample of 220 deep tech startups located in the state of São Paulo, Brazil.

Originality/Relevance: The involvement of deep tech startups is crucial in addressing sustainability challenges, yet the extent to which this factor explains investment in startups remains uncertain. Drawing on the Resource-Based View (RBV), this research contributes to the literature by elucidating the resources that drive investments from different stakeholder groups, including partners, government, and third-party investors in deep tech startups.

Main Findings: Third-party private investors are attracted to startups that possess unique resources in the market. The investment by partners is driven by proprietary technology, while government investment is influenced by the superior performance of the startup. However, no association between sustainability and investment attraction was observed.

Theoretical/Methodological Contributions: This study provides insights into the literature on investments and resources by specifically examining how different resources guide investment decisions. Furthermore, it makes a critical contribution by highlighting the absence of a relationship between investments and sustainability.

Social/Managerial Contributions: For entrepreneurs of deep tech startups, this study underscores the importance of valuing and emphasizing different resources based on the intended type of investment, whether from partners, third-party investors, or the government. For investors in deep tech startups, it emphasizes the significance of actively directing investments toward businesses that aim to address socio-environmental issues.

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Author Biographies

Keully Cristynne Aquino Diógenes, University of São Paulo

University of São Paulo / Campinas - SP (Brazil) - Ph.D. candidate in Administration at the School of Economics, Business Administration, Accounting, and Actuarial Sciences of the University of São Paulo (FEA-USP); and Professor at the Federal Institute of Education, Science, and Technology of Ceará (IFCE).

Ana Carolina Calçado Lopes Martins, University of São Paulo

University of São Paulo - São Paulo (SP) – Brazil. Ph.D. candidate in Administration at the School of Economics, Business Administration, Accounting, and Actuarial Sciences of the University of São Paulo (FEA-USP); and Founder and CEO of Wylinka.

Claudia Pavani, University of São Paulo

University of São Paulo - São Paulo (SP) – Brazil. Ph.D. in Administration from the School of Economics, Business Administration, Accounting, and Actuarial Sciences of the University of São Paulo (FEA-USP); Collaborating Researcher at the Institute of Advanced Studies of USP.

Felipe Mendes Borini, University of São Paulo

University of São Paulo / São Paulo (SP) – Brazil. Ph.D. in Administration from the School of Economics, Business Administration, Accounting, and Actuarial Sciences of São Paulo (FEA-USP); Associate Professor at the School of Economics, Business Administration, Accounting, and Actuarial Sciences of the University of São Paulo (FEA-USP).

Guilherme Ary Plonski, University of São Paulo

Full Professor at the School of Economics, Business Administration, Accounting, and Actuarial Sciences (Department of Administration) and Associate Professor at the Polytechnic School (Department of Production Engineering) of the University of São Paulo. Director of the Institute of Advanced Studies at USP.

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