Home > Authors > Ann Leamon > Creating a venture ecosystem in Brazil
Creating a venture ecosystem in Brazil
In 2000, the Brazilian government’s Agency for Innovation (Financiadora de Estudos e Projectos, or FINEP) with support from the Multilateral Investment Fund (MIF) unveiled a program to address these needs. FINEP had spent a year assessing the obstacles and challenges that confronted technology-based small and medium-sized enterprises (SMEs). The result was the program called INOVAR (Innovation). In the 12 years since INOVAR’s debut, the program has had two iterations (INOVAR I, from 2001-2006, and INOVAR II, from 2007 – 2012) and has been recognized as a role model for government efforts to stimulate a venture capital ecosystem. In many cases, this paper will discuss the two phases as a single entity, largely because the two merged quite naturally. We present here a brief background on private equity in both Latin America and Brazil, and then explore the genesis of INOVAR, the details...