Revelando o papel das capacidades frugais e digitais no financiamento de startups de deep tech

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

doi:10.14211/regepe.esbj.e2467

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Research Article • REGEPE Entrep. Small Bus. J. 13 (03) • 2024 • https://doi.org/10.14211/regepe.esbj.e2467 linkcopiar

Revelando o papel das capacidades frugais e digitais no financiamento de startups de deep tech

Autoria SCIMAGO INSTITUTIONS RANKINGS

Objetivo: Demonstrar o Papel das Tecnologias Digitais, Inovação Frugal e Atributos de Imitabilidade na Atração de Investimentos em Startups de Deep Tech em uma Economia Emergente.

Metodologia/abordagem: Os dados primários para esta pesquisa foram obtidos de uma amostra de 216 startups de deep tech de vários setores, localizadas em São Paulo. As hipóteses foram testadas utilizando modelagem de equações estruturais através do método Partial Least Squares (PLS-SEM).

Principais resultados: Investidores privados são atraídos por tecnologias digitais e pelo atributo de ser difícil de imitar. No entanto, embora exista uma associação positiva entre a capacidade de inovação frugal e o atributo difícil de imitar, não foram identificados efeitos indiretos dessa capacidade sobre os investimentos.

Contribuições teóricas/metodológicas: Focando em economias emergentes, este estudo contribui para a literatura que investiga quais fatores explicam os investimentos em startups de deep tech. Além disso, contribui para a literatura que liga a inovação frugal e a complexidade tecnológica.

Relevância/originalidade: Startups de deep tech requerem recursos financeiros substanciais; no entanto, em mercados emergentes, há escassez de recursos de investimento. Baseado na Visão Baseada em Recursos (RBV), esta pesquisa demonstra quais capacidades são capazes de despertar o interesse de investidores privados no contexto de economias emergentes.

Contribuições sociais/gerenciais: Para empreendedores, a pesquisa destaca a importância das tecnologias digitais na atração de investimentos. Para investidores e formuladores de políticas públicas, o estudo enfatiza a associação da capacidade de inovação frugal com o atributo de imitabilidade em startups de deep tech.

Palavras-chave:
Startups deep tech; Investimentos; Inovação frugal; Tecnologias digitais.

Variables	Variable Calculation	Source
Frugal innovation	Dummy, with a value of "1" for the startup that, in the development of the solution, attached great importance to the core functionality of the product rather than additional functionality; and a value of "0" otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attributed great importance to the ease of use of the product; and a value of "0", otherwise. Dummy, being a value of "1" for the startup that, in the development of the solution, attributed great importance to the question of the durability of the product (does not spoil easily); and a value of "0", otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attached great importance to solutions that offer "good-value" products; and a value of "0", otherwise. Dummy, with a value of “1” for the startup that, in the development of the solution, attributed great importance to the significant cost reduction in the operational process; and a value of "0", otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attributed great importance to the savings of organizational resources in the operational process; and a value of "0", otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attributed great importance to the rearrangement of organizational resources in the operational process; and a value of "0", otherwise. Dummy, being a value of "1" for the startup that, in the development of the solution, attached great importance to efficient and effective solutions to customers' social/environmental needs; and a value of "0", otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attributed great importance environmental sustainability in the operational process; and a value of "0" otherwise. Dummy, with a value of "1" for the startup that, in the development of the solution, attributed great importance to partnerships with local companies in the operational process; and a value of "0", otherwise.	Rossetto et al. (2023)
Technological Capabilities	Dummy, with a value of "1" for the startup that signaled the use of Big Data; and a value of "0", otherwise. Dummy, with a value of "1" for the startup that signaled the use of IoT; and a value of "0", otherwise. Dummy, with a value of "1" for the startup that signaled the use of Artificial Intelligence; and a value of "0" otherwise. Dummy, with a value of "1" for the startup that signaled the use of Machine Learning; and a value of "0", otherwise.	AlNuaimi et al. (2021); Karim et al. (2022); Mikalef et al. (2020)
Private Investments	Dummy, with a value of "1" for the startup that signaled the receipt of angel investment; and value "0" otherwise. Dummy, with a value of "1" for the startup that signaled the receipt of pre-seed; and value "0" otherwise. Dummy, with a value of "1" for the startup that signaled the receipt of seed; and value "0" otherwise. Dummy, with a value of "1" for the startup that signaled the receipt of venture capital; and value "0" otherwise. Dummy, with a value of "1" for the startup that signaled the receipt of corporate venture capital; and value "0" otherwise.	Scarpellini et al. (2018); Aranda-Usón et al. (2019); Hegeman and Sorheim (2021)
Not to be imitated	Dummy, with a value of "1" for the startup that signaled that its solution cannot be easily imitated; and a value of "0" otherwise.	Barney (1991)

Age	N	%
Up to 5 years	96	45
6-10 anos	95	44
Over 11 years	25	11
Technology readiness level
Basic principles observed (TRL1)	3	1
Technology concept formulated (TRL2)	4	2
Experimental proof of concept (TRL3)	19	9
Technology validated in laboratory (TRL4)	16	7
Technology validated in relevant environment (industrially relevant environment in the case of key enabling technologies) (TRL5)	9	4
Technology demonstrated in relevant environment (industrially rel-evant environment in the case of key enabling technologies) (TRL6)	17	8
System prototype demonstration in operational environment. (TRL7)	12	6
System complete and approved (TRL8)	24	11
Actual system proven in its operational environment (competitive manufacturing in the case of key enabling technologies; or in space) (TRL9)	112	52

Effect	H	Structural Relations	Coefficient	Standard Error	t-value	p-value	Result
Direct	H1	TEC → INV	0.300	0.060	5.025	0.000	Accepted
	H2	IF → INV	-0.068	0.064	1.057	0.290	Rejected
	H3a	TEC → N_IMIT	0.047	0.033	1.435	0.151	Rejected
	H4a	IF → N_IMIT	0.093	0.034	2.754	0.006	Accepted
	H5	N_IMIT → INV	0.293	0.132	2.225	0.026	Accepted
Indirect	H3b	TEC → INV	0.014	0.013	1.103	0.270	Rejected
	H4b	IF → INV	0.027	0.017	1.622	0.105	Rejected

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