Doctorate – Classification, investment selection, and valuation of new venture and startup companies

José Roberto Securato Júnior

Doctorate – Classification, investment selection, and valuation of new venture and startup companies

Advisor: Prof. Dr. José Roberto Ferreira Savóia

Comission: Profs. Drs. Daniel Reed Bergmann, Tabajara Pimenta Júnior and Wilson Toshiro Nakamura

Link YouTube: https://youtu.be/KfVze9_EwmE

 Abstract*

This thesis examines how investment selection and valuation of new ventures and startup companies varies along the life cycle of those companies.
A three-phased research approach included i) a literature review on new ventures and startups, ii) a 105-investors survey and public interviews on investors' perspectives, and iii) robust regressions of expected returns along the life cycle of new ventures and startups.
There are strong evidences that investors’ expectations vary along the life cycle of newventures and startups. Newer ventures are focused on survival, whereas older ventures aim at becoming relevant. As the new venture overcomes obstacles and reaches certain milestones, the investors' perception of risk and expected return change significantly.
This thesis presents the Life Cycle Valuation Method, filling a void in the field of valuation of new ventures and startups.

 *Abstract provided by the author