Um estudo comparativo entre os indicadores de inovação utilizados pelos métodos de scorecard para o cálculo de ativos intangíveis com os utilizados pelos fundos de capital de risco para investimentos em empresas spin-offs acadêmicas incubadas.

Abstract

This work aims to verify the alignment between innovation indicators used by Scorecard methods of measuring intangible assets, and by national and international government agencies with those used by venture capital funds in the city of Rio de Janeiro, for investment in incubated academic spin-offs. The methodology consisted of a literature review on the methods of measurement and valuation of intangible assets, innovation indicators proposed by national and international government agencies and venture capital funds that operate in the city of Rio de Janeiro. In addition to being applied questionnaires in venture capital companies in this city. Many Scorecards methods have been raised in the literature with their indicators, beyond the innovation indicators of national and international government agencies. Adding to this, it identified the focus of investment, the selection process, the method used for evaluating investment opportunities and relevant indicators for companies of venture capital in the city of Rio de Janeiro. Final It was observed that intangible assets, including those of innovation, are not evaluated individually. Information obtained from the companies that receive investments of these venture capital companies is used to understand the origin of the projected cash flows and the main risk factors. And these data applied to the discounted cash flow method allows them to estimate the value of the company. For the vast experience of the fund managers of risk capital with innovative micro and small enterprises, it is expected that the study of the practices of this segment brings important insights to discussions relating to intangible assets and innovation.