Desafios para atração de venture capital para as bioindústrias da Região Metropolitana de Manaus na perspectiva do empreendedorismo e dos centros de apoio à inovação

Abstract

For the development of a thriving entrepreneurial environment, it is necessary—beyond creative capacity—to have qualified human resources, adequate infrastructure, universities, research institutions and support organizations, as well as financing and public policies oriented toward this purpose. In the case of firms operating in biotechnology, this need is even more pronounced. For innovations to occur, investments are required at multiple stages of the production process. In the case of biotechnological innovations—which typically involve a longer time lag between idea conception and product availability in the market—such investments become even more critical. Private risk capital investment—venture capital—emerges as an important element for sectors that require both financial resources and managerial support. Moreover, venture capital can also contribute through the provision of complementary investor resources, thereby fostering the continuity of the innovation process. Accordingly, the objective of this study was to map the challenges associated with attracting venture capital to bioindustries in Manaus through a literature review, field research with managers of innovation support institutions, and field research with managers of venture capital funds with experience investing in the region. The findings indicate that venture capital investments in Brazil have increased in recent years, with the majority of these investments directed toward firms located in the South and Southeast regions of the country. The Northern region, however, has not yet been able to attract such investments in a substantial manner. The most important criteria for attracting venture capital include: product or service innovation; qualified entrepreneurs and teams with strong capabilities in knowledge absorption and execution; market potential and expected return on investment; as well as environmental returns, when this constitutes a criterion for the investment fund. The challenges faced by the local bioindustry include difficulties in developing higher value-added biotechnological products, constraints within productive chains, limited access to financing, insufficient professional management, and a lack of strategic direction regarding priority areas for development. These challenges were synthesized into institutional, organizational, technological, and territorial dimensions. Understanding how such investments can be attracted to the bioindustries of Manaus—so as to enable the development of higher value-added biotechnological products that achieve scale, ensure resource reproducibility, and foster regional economic activity—is therefore essential