Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo
Este estudio aborda la importancia y el impacto del capital de riesgo (Venture Capital - VC) en el financiamiento de startups en Colombia, un elemento crucial para el crecimiento económico y la innovación. Se identifican las principales barreras que las startups colombianas enfrentan en su búsqueda...
- Autores:
-
Muñoz Muñoz, Jonnattan
- Tipo de recurso:
- Fecha de publicación:
- 2023
- Institución:
- Universidad Nacional de Colombia
- Repositorio:
- Universidad Nacional de Colombia
- Idioma:
- OAI Identifier:
- oai:repositorio.unal.edu.co:unal/85399
- Palabra clave:
- 330 - Economía
Financiamiento industrial
Inversiones industriales
Industrial financing
Industrial investments
Startups
Venture Capital
Políticas públicas
Instrumentos financieros
Inversión
Estructura de capital
Necesidades de financiamiento
Fomento de la inversión
Desarrollo económico
Marco regulatorio y fiscal
Gobierno corporativo
Opciones de salida
Public Policies
Financial Instruments
Investment
Capital Structure
Financing Needs
Economic Development
Regulatory and Fiscal Framework
Corporate Governance
Exit Options
Investment Promotion
- Rights
- openAccess
- License
- Atribución-NoComercial 4.0 Internacional
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| dc.title.spa.fl_str_mv |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| dc.title.translated.eng.fl_str_mv |
Startups in Colombia, Financing Innovative Projects Through Venture Capital |
| title |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| spellingShingle |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo 330 - Economía Financiamiento industrial Inversiones industriales Industrial financing Industrial investments Startups Venture Capital Políticas públicas Instrumentos financieros Inversión Estructura de capital Necesidades de financiamiento Fomento de la inversión Desarrollo económico Marco regulatorio y fiscal Gobierno corporativo Opciones de salida Public Policies Financial Instruments Investment Capital Structure Financing Needs Economic Development Regulatory and Fiscal Framework Corporate Governance Exit Options Investment Promotion |
| title_short |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| title_full |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| title_fullStr |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| title_full_unstemmed |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| title_sort |
Startups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgo |
| dc.creator.fl_str_mv |
Muñoz Muñoz, Jonnattan |
| dc.contributor.advisor.none.fl_str_mv |
Ome, Luis German |
| dc.contributor.author.none.fl_str_mv |
Muñoz Muñoz, Jonnattan |
| dc.subject.ddc.spa.fl_str_mv |
330 - Economía |
| topic |
330 - Economía Financiamiento industrial Inversiones industriales Industrial financing Industrial investments Startups Venture Capital Políticas públicas Instrumentos financieros Inversión Estructura de capital Necesidades de financiamiento Fomento de la inversión Desarrollo económico Marco regulatorio y fiscal Gobierno corporativo Opciones de salida Public Policies Financial Instruments Investment Capital Structure Financing Needs Economic Development Regulatory and Fiscal Framework Corporate Governance Exit Options Investment Promotion |
| dc.subject.lemb.spa.fl_str_mv |
Financiamiento industrial Inversiones industriales |
| dc.subject.lemb.eng.fl_str_mv |
Industrial financing Industrial investments |
| dc.subject.proposal.spa.fl_str_mv |
Startups Venture Capital Políticas públicas Instrumentos financieros Inversión Estructura de capital Necesidades de financiamiento Fomento de la inversión Desarrollo económico Marco regulatorio y fiscal Gobierno corporativo Opciones de salida |
| dc.subject.proposal.eng.fl_str_mv |
Public Policies Financial Instruments Investment Capital Structure Financing Needs Economic Development Regulatory and Fiscal Framework Corporate Governance Exit Options Investment Promotion |
| description |
Este estudio aborda la importancia y el impacto del capital de riesgo (Venture Capital - VC) en el financiamiento de startups en Colombia, un elemento crucial para el crecimiento económico y la innovación. Se identifican las principales barreras que las startups colombianas enfrentan en su búsqueda de financiamiento, y se proponen estrategias para superar estos desafíos. Se realiza un análisis comparativo de las prácticas de inversión en capital de riesgo y las políticas públicas en México, Brasil, Chile, Finlandia, Australia y Reino Unido. Este análisis proporciona una visión global de las mejores prácticas y estrategias exitosas que podrían ser aplicables en el contexto colombiano. A partir de estos hallazgos, se proponen sugerencias para la puesta en práctica de políticas públicas en Colombia que estimulen la evolución de instrumentos de capital riesgo para las startups. Dichas propuestas aspiran a optimizar la disponibilidad de financiación para las startups colombianas y, como resultado final, promover el crecimiento económico y la innovación en la nación. (Texto tomado de la fuente) |
| publishDate |
2023 |
| dc.date.issued.none.fl_str_mv |
2023 |
| dc.date.accessioned.none.fl_str_mv |
2024-01-22T19:35:02Z |
| dc.date.available.none.fl_str_mv |
2024-01-22T19:35:02Z |
| dc.type.spa.fl_str_mv |
Trabajo de grado - Maestría |
| dc.type.driver.spa.fl_str_mv |
info:eu-repo/semantics/masterThesis |
| dc.type.version.spa.fl_str_mv |
info:eu-repo/semantics/acceptedVersion |
| dc.type.content.spa.fl_str_mv |
Text |
| dc.type.redcol.spa.fl_str_mv |
http://purl.org/redcol/resource_type/TM |
| status_str |
acceptedVersion |
| dc.identifier.uri.none.fl_str_mv |
https://repositorio.unal.edu.co/handle/unal/85399 |
| dc.identifier.instname.spa.fl_str_mv |
Universidad Nacional de Colombia |
| dc.identifier.reponame.spa.fl_str_mv |
Repositorio Institucional Universidad Nacional de Colombia |
| dc.identifier.repourl.spa.fl_str_mv |
https://repositorio.unal.edu.co/ |
| url |
https://repositorio.unal.edu.co/handle/unal/85399 https://repositorio.unal.edu.co/ |
| identifier_str_mv |
Universidad Nacional de Colombia Repositorio Institucional Universidad Nacional de Colombia |
| dc.relation.references.spa.fl_str_mv |
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Obtenido de https://www.inadem.gob.mx/ Jain, B. A. (2006). Venture Capital: concepts and applications. Tata McGraw-Hill Education. Jia, N., & Wang, D. (2017). Skin in the game: General partner capital commitment, investment behavior and Venture Capital fund performance. Journal of Corporate Finance (47), 110-130. doi:https://doi.org/10.1016/j.jcorpfin.2017.09.008 Kanniainen, V., & Keuschnigg, C. (2003). The optimal portfolio of start-up firms in Venture Capital finance. Journal of Corporate Finance, 9(5), 521-534. doi:https://doi.org/10.1016/S0929- 1199(02)00021-4 Kaplan, S. N., & Stromberg, P. (2003). Financial contracting theory meets the real world: An empirical analysis of Venture Capital contracts. The Review of Economic Studies, 70(2), , 281-315. Obtenido de http://www.jstor.org/stable/3648635. Kaplan, S. N., & Strömberg, P. (2004). Characteristics, contracts, and actions: Evidence from Venture Capital analyses. Journal of Finance, 59(5), 2177-2210. Obtenido de https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2004.00698.x KPMG & Cranfield University. (2015). Improving the Gender Balance on British Boards. Obtenido de https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_dat a/file/482059/BIS-15-585-women-on-boards-davies-review-5-year-summary-october-2015.pdf KPMG. (2019). Estímulos fiscales para ofertas públicas iniciales. Obtenido de https://kpmg.com/mx/es/home/tendencias/2019/01/estimulos-fiscales-para-ofertas-publicasiniciales- y-bonos-corporativos.html KPMG. (2021). Pulse of Fintech H1 2021. KPMG. Obtenido de https://kpmg.com/xx/en/home/insights/2021/08/pulse-of-fintech-h1-2021-global.html KPMG. (2022). Australian fintech landscape 2022. Obtenido de https://kpmg.com/au/en/home/insights/2022/10/Australian-fintech-landscape.html#download KPMG. (2023). Venture Pulse Q4 2022. Obtenido de https://assets.kpmg/content/dam/kpmg/xx/pdf/2023/01/venture-pulse-q4-2022.pdf Kuppuswamy, V., & Villalonga, B. (2016). Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007-2009 Financial Crisis. Management Science, 62(4), 905–923. Obtenido de http://www.jstor.org/stable/43835030 Landström, H. (2018). Handbook of research on Venture Capital. Edward Elgar Publishing. Lerner, J. (1995). Venture Capitalists and the oversight of private firms. Journal of Finance, 50(1), 301- 318. doi:https://doi.org/10.2307/2329247 Lerner, J. (2009). Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It. Princeton University Press. Lerner, J. (2010). he future of public efforts to boost entrepreneurship and Venture Capital. Small Business Economics, 35(3), 255-264. doi:https://doi.org/10.1007/s11187-010-9298-z LEY 19705. (2000). Obtenido de https://www.bcn.cl/leyChile/navegar?idNorma=1057895 LEY 20179. (2007). Ministerio de Hacienda. Obtenido de https://www.bcn.cl/leyChile/navegar?i=261949 LEY 21131. (2019). ESTABLECE PAGO A TREINTA DÍAS. MINISTERIO DE ECONOMÍA, FOMENTO Y TURISMO. Obtenido de https://www.bcn.cl/leyChile/navegar?idNorma=1127890 LEY DEL MERCADO DE VALORES. (2014). Obtenido de https://www.diputados.gob.mx/LeyesBiblio/ref/lmv/LMV_ref03_10ene14.pdf Maksimovic, V., & Phillips, G. (2011). Venture Capital and innovation: Which is first?. Journal of Finance. Obtenido de http://www.setsunan.ac.jp/~hirukawa/upload/NTU-11-30_R1_final.pdf Marco Legal das Startups. (2020). Governo do Brasil. Obtenido de https://www.gov.br/economia/ptbr/ assuntos/noticias/2021/junho/governo-sanciona-marco-legal-das-startups-e-doempreendedorismo- inovador Metrick, A. (2010). Venture Capital and the finance of innovation. México, U. N. (2018). Estudio sobre cultura emprendedora en México. Ministry of Justice of Finland. (2010). Act on Equality between Women and Men. Obtenido de https://www.finlex.fi/fi/laki/ajantasa/1986/19860609 OCDE. (2021). Estudios económicos de la OCDE: México 2021. OECD. (2019). OECD Economic Surveys: Colombia 2019. Obtenido de https://www.oecdilibrary. org/deliver/e4c64889-en.pdf?itemId=%2Fcontent%2Fpublication%2Fe4c64889- en&mimeType=pdf OECD. (2020). Índice de Transparencia Fiscal. Organización para la Cooperación y el Desarrollo Económicos. Obtenido de https://www.oecd.org/tax/transparency/AEOI-commitments.pdf OECD. (2020). International Bureau of Fiscal Documentation Global Corporate Tax Handbook 2020. Obtenido de https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf OECD. (2020). OECD Economic Surveys: Finland 2020. Obtenido de https://www.oecd.org/economy/surveys/FINLAND-2020-OECD-Economic%20Survey- Overview.pdf OECD. (2020). OECD Reviews of Innovation Policy: México 2020. Obtenido de https://www.oecd.org/sti/inno/oecdreviewsofinnovationpolicyMéxico.htm OECD. (2021). Economic Surveys: Chile 2021. doi:https://doi.org/10.1787/79b39420-en OECD. (2023). Sustainability Policies and Practices for Corporate Governance in Latin America, Corporate Governance. doi:https://doi.org/10.1787/76df2285-en Perea, A. M. (2017). Retos y oportunidades del financiamiento de startups en Colombia. Cámara de Comercio de Bogotá. Obtenido de https://www.ccb.org.co/Clusters-Estrategicos/Cluster-de- Emprendimiento-e-Innovacion/Publicaciones/Documentos- Investigacion/2017/CCB_Informe_Retos_y_Oportunidades_del_Financiamiento_de_Startups_e n_Colombia.pdf Petersen, B., & Rajan, R. G. (1997). Trade credit: Theories and evidence. Review of Financial Studies, 10(3), 661-691. doi:https://doi.org/10.1093/rfs/10.3.661 Pörssisäätiö. (2015). Tax guide for investors 2015. Obtenido de https://www.porssisaatio.fi/wpcontent/ uploads/2015/08/vero_opas_2015_eng_final_web.pdf Preet, J., Mehta, K., & Kuckreja, S. (2017). A Study of Determinants of Exit Strategies by Venture Capitalists. International Journal of Applied Business and Economic Research, 15 (2). Obtenido de https://www.researchgate.net/publication/345342313_A_Study_of_Determinants_of_Exit_Stra tegies_by_Venture_Capitalists Preqin and Australian Investment. (2023). Private Capital Yearbook 2023. Obtenido de https://www.aic.co/common/Uploaded%20files/Preqin/2023yearbook/AustralianPrivateCapital MarketOverview-2023-Final.pdf Proposta de Reforma Tributária. (2020). Governo do Brasil. Obtenido de https://www.gov.br/economia/pt-br/centrais-de-conteudo/publicacoes/notasinformativas/ 2020/reforma-tributaria-apresentacao.pdf PWC. (2019). Global IPO Watch q4 2019. Obtenido de https://www.pwccn.com/en/ipo/global-ipowatch- 2019q4.pdf PWC. (2022). Secondary transactions. Obtenido de https://www.pwc.com/us/en/deals/publications/assets/pwc-private-company-liquidity-a-guideto- secondary-transactions-2022.pdf (2021). Reporte de la Industria de Capital Privado. Asociación Mexicana de Capital Privado. (2021). Reporte de la Industria de Capital Privado. Asociación Mexicana de Capital Privado . Restrepo, L. (2017). La necesidad de información y la relación entre los inversores de capital de riesgo y las empresas. Universidad EAFIT. Reuters. (2019). Obtenido de https://www.reuters.com/article/minoristas-Chile-cornershopidARL2N26W0L3 Rose, A. (2019). The Alison Rose Review of Female Entrepreneurship. Obtenido de https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_dat a/file/784324/RoseReview_Digital_FINAL.PDF Sahlman, W. A. (1990). The structure and governance of venture-capital organizations. Journal of Financial Economics, 27(2), 473-521. Obtenido de https://www.sciencedirect.com/science/article/abs/pii/0304405X90900658 Secretaría de Economía . (s.f.). Obtenido de Inversión Extranjera Directa en México: https://www.gob.mx/se Secretaría de Hacienda y Crédito Público. (s.f.). Obtenido de https://www.gob.mx/shcp Secretaría de Hacienda y Crédito Público. (2014). Reforma fiscal. Obtenido de https://www.gob.mx/cms/uploads/attachment/file/66458/7_Hacendaria.pdf Securities Market Association. (2020). Finnish Corporate Governance Code 2020. Obtenido de https://www.ecgi.global/sites/default/files/codes/documents/corporate-governance-code- 2020.pdf Servicio de Impuestos Internos. (s.f.). Obtenido de Modernización Tributaria.: https://www.sii.cl/destacados/modernizacion/ Shane, S. (2000). Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Organization Science, 11(4), 448–469. Obtenido de http://www.jstor.org/stable/2640414 Shane, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217-226. doi:https://doi.org/10.5465/amr.2000.2791611 Shane, S. A. (2003). A general theory of entrepreneurship: The individual-opportunity nexus. Edward Elgar Publishing. Simples Nacional. (s.f.). Receita Federal. Obtenido de https://www8.receita.fazenda.gov.br/SimplesNacional/Noticias/NoticiaCompleta.aspx?id=f90c4 d03-e71c-4c40-8adc-0cc80e299154 Smith, B., & Smith, S. (2017). The Oxford handbook of private equity. Oxford University Press. Soylu, A., Ekmekcioglu, E., & Ozdikis, O. (2020). Venture Capital investments and the use of artificial intelligence. Technological Forecasting and Social Change, 158. Spence, M. (1973). Job market signaling. The Quarterly Journal of Economics, 87(3), 355-374. Obtenido de https://doi.org/10.2307/1882010 Startup Brasil . (s.f.). Obtenido de Startup Brasil : https://www.startupBrasil.org.br/ Start-Up Brasil. (2012). Ministério da Ciência, Tecnologia, Inovações e Comunicações. Obtenido de https://repositorio.enap.gov.br/bitstream/1/2721/1/Programa%20Start-Up%20Brasil.pdf Start-Up Chile . (s.f.). Obtenido de Start-Up Chile : https://startupChile.org/ StartupAUS. (2020). Crossroads Report Stein, E. H., & Wagner, R. A. (2019). El desarrollo del capital de riesgo en América Latina y el Caribe: una perspectiva comparada. Revista CEPAL, 53-77. Obtenido de https://repositorio.cepal.org/handle/11362/44737 Tesi. (2022). TESI’S IMPACT REVIEW. Obtenido de https://www.tesi.fi/userassets/uploads/2022/08/Impact-review_2021_ed..pdf Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207-222. doi:https://doi.org/10.1111/1467-8551.00375 UK Parliament. (2013). Enterprise and Regulatory Reform Act 2013. Obtenido de https://www.legislation.gov.uk/ukpga/2013/24/contents/enacted Universities UK. (2022). Our universities: generating growth and opportunity. Obtenido de https://www.universitiesuk.ac.uk/sites/default/files/uploads/Reports/our-universitiesgenerating- growth-and-opportunity.pdf Valores, C. N. (2014). DISPOSICIONES DE CARÁCTER GENERAL APLICABLES A LOS FONDOS DE INVERSIÓN Y A LAS PERSONAS QUE LES PRESTAN SERVICIOS. Obtenido de https://www.cnbv.gob.mx/Normatividad/Disposiciones%20de%20car%C3%A1cter%20general% 20aplicables%20a%20los%20Fondos%20de%20Inversi%C3%B3n%20y%20a%20las%20personas %20que%20les%20prestan%20servicios.pdf Van Der Sluis, J., Van Praag, M., & Vijverberg, W. (2008). Education And Entrepreneurship Selection And Performance: A Review Of The Empirical Literature. Journal of Economic Surveys, 22, 795-841. Obtenido de https://doi.org/10.1111/j.1467-6419.2008.00550.x Venture Capital Limited Partnerships (VCLP). (s.f.). Obtenido de https://business.gov.au/grants-andprograms/ venture-capital-limited-partnerships Villanueva, E. (2017). Inversión de impacto en Colombia: estado actual, oportunidades y desafíos. Fondo Emprender. Obtenido de https://www.fondoemprender.com/SiteAssets/Noticias%20y%20eventos/InvestorDay/inversion -impacto-Colombia.pdf Wasserman, N. (2012). The founder's dilemmas: Anticipating and avoiding the pitfalls that can sink a startup. . Princeton University Press Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth. Small Business Economics, 13(1), 27-56. doi:10.1023/A:1008063200484 Wong, P. K., Ho, Y. P., & Autio, E. (2005). Entrepreneurship, Innovation and Economic Growth: Evidence from GEM Data. Small Business Economics, 24(3), 335–350. Obtenido de http://www.jstor.org/stable/40229427 Wright, M. (1998). Venture Capital and Private Equity: A Review and Synthesis. Journal of business finance and accounting, 25(5), 521-570. doi:https://doi.org/10.1111/1468-5957.00201 Zimmerer, T. W., & Scarborough, N. M. (2015). Essentials of entrepreneurship and small business management. Pearson. |
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Atribución-NoComercial 4.0 Internacionalhttp://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Ome, Luis German7808d3067fa3082a1dbdc2fc7342248fMuñoz Muñoz, Jonnattane447bebe0cf28efabb899adc23b35c912024-01-22T19:35:02Z2024-01-22T19:35:02Z2023https://repositorio.unal.edu.co/handle/unal/85399Universidad Nacional de ColombiaRepositorio Institucional Universidad Nacional de Colombiahttps://repositorio.unal.edu.co/Este estudio aborda la importancia y el impacto del capital de riesgo (Venture Capital - VC) en el financiamiento de startups en Colombia, un elemento crucial para el crecimiento económico y la innovación. Se identifican las principales barreras que las startups colombianas enfrentan en su búsqueda de financiamiento, y se proponen estrategias para superar estos desafíos. Se realiza un análisis comparativo de las prácticas de inversión en capital de riesgo y las políticas públicas en México, Brasil, Chile, Finlandia, Australia y Reino Unido. Este análisis proporciona una visión global de las mejores prácticas y estrategias exitosas que podrían ser aplicables en el contexto colombiano. A partir de estos hallazgos, se proponen sugerencias para la puesta en práctica de políticas públicas en Colombia que estimulen la evolución de instrumentos de capital riesgo para las startups. Dichas propuestas aspiran a optimizar la disponibilidad de financiación para las startups colombianas y, como resultado final, promover el crecimiento económico y la innovación en la nación. (Texto tomado de la fuente)This study addresses the importance and impact of Venture Capital (VC) in the financing of startups in Colombia, a crucial element for economic growth and innovation. The main barriers that Colombian startups face in their quest for financing are identified, and strategies to overcome these challenges are proposed. A comparative analysis of venture capital investment practices and public policies in Mexico, Brazil, Chile, Finland, Australia, and the United Kingdom is conducted. This analysis provides a global view of best practices and successful strategies that could be applicable in the Colombian context. Drawing from these findings, suggestions are put forward for the enactment of public policies in Colombia that catalyze the evolution of venture capital instruments for startups. These proposals strive to optimize the accessibility of financing for Colombian startups, with the ultimate goal of fostering economic growth and innovation across the nation.MaestríaFinanzasviii, 94 páginasapplication/pdfUniversidad Nacional De ColombiaBogotá - Ciencias Económicas - Maestría en Contabilidad y FinanzasFacultad de Ciencias EconómicasBogotá, ColombiaUniversidad Nacional de Colombia - Sede Bogotá330 - EconomíaFinanciamiento industrialInversiones industrialesIndustrial financingIndustrial investmentsStartupsVenture CapitalPolíticas públicasInstrumentos financierosInversiónEstructura de capitalNecesidades de financiamientoFomento de la inversiónDesarrollo económicoMarco regulatorio y fiscalGobierno corporativoOpciones de salidaPublic PoliciesFinancial InstrumentsInvestmentCapital StructureFinancing NeedsEconomic DevelopmentRegulatory and Fiscal FrameworkCorporate GovernanceExit OptionsInvestment PromotionStartups en Colombia, financiamiento de proyectos innovadores a través de capital de riesgoStartups in Colombia, Financing Innovative Projects Through Venture CapitalTrabajo de grado - Maestríainfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/acceptedVersionTexthttp://purl.org/redcol/resource_type/TM(s.f.). Obtenido de https://www.gob.mx/cnbv(IPOs) completed on the B3. (s.f.). Obtenido de (IPOs) completed on the B3: https://www.statista.com/statistics/1264186/number-ipo-b3-brazil/ABVCAP. (2021). Panorama da Indústria de Private Equity e Venture Capital no Brasil. Associação Brasileira de Private Equity e Venture Capital.ACS. (2021). AUSTRALIA'S DIGITAL PULSE 2021. Obtenido de https://www.acs.org.au/content/dam/acs/acspublications/ Replacementdocuments2022/Australia%27s_Digital_Pulse_2021.pdfACVC. (2022). IMPACT REPORT ACVC 2022. Obtenido de https://www.acVC.cl/wpcontent/ uploads/2022/08/Reporte-ACVC.220801.pdfAdmati, A. R. (1994). Robust financial contracting and the role of Venture Capitalists. Journal of Finance, 49(2), 371-402. Obtenido de https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540- 6261.1994.tb04730.xAllen, F., Qian, M., & Qian, J. (2005). Law, Finance, and Economic Growth in China. Journal of Financial Economics 77(1), 57-116. Obtenido de https://finance.wharton.upenn.edu/~allenf/download/Vita/Finlaw_china_JFE_final_journal_for m%20(2).pdfAllen, L., & Faulhaber, G. R. (1989). Signaling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303-323. doi:https://doi.org/10.1016/0304-405X(89)90060-3ANBIMA. (2021). Mergers and Acquisitions in Brazil.ASIC. (s.f.). Australian Securities and Investments Commission. Obtenido de Corporate Governance: https://asic.gov.au/regulatory-resources/corporate-governance/ASX Corporate Governance Council. (2016). Principles and recommendations on diversity. Obtenido de https://www.asx.com.au/documents/asx-compliance/asx-corp-governance-kpmg-diversityreport. pdfASX Corporate Governance Council. (2019). Corporate Governance Principles and Recommendations. Obtenido de https://www.asx.com.au/documents/asx-compliance/cgc-principles-andrecommendations- fourth-edn.pdfATO. (s.f.). Obtenido de ESVCLP tax incentives and concessions: https://www.ato.gov.au/business/venture-capital-and-early-stage-venture-capital-limitedpartnerships/ esVClp-tax-incentives-and-concessions/#OtherTaxConcessionsATO. (s.f.). Tax Incentives for Early Stage Investors. Obtenido de https://www.ato.gov.au/Business/Taxincentives- for-innovation/In-detail/Tax-incentives-for-early-stageinvestors/#:~: text=The%20tax%20incentives%20provide%20eligible,combined%20in%20each%2 0income%20yearAusIndustry. (s.f.). Obtenido de Entrepreneurs' Programme: https://www.industry.gov.au/sciencetechnology- and-innovation/industry-innovation/ausindustryAustralian Government . (s.f.). Obtenido de Innovation Investment Fund: https://business.gov.au/grantsand- programs/early-stage-venture-capital-limited-partnerships/customer-stories/ourinnovation- fundAustralian Investment Council. (2018). 2018 YEARBOOK. Obtenido de https://aic.co/common/Uploaded%20files/Yearbooks/Yearbook%202018.pdfAvellaneda, C., & Martinelli, D. (2018). Capital emprendedor en América Latina y el Caribe. Banco Interamericano de Desarrollo. Obtenido de https://publications.iadb.org/publications/spanish/document/Capital-emprendedor-en- America-Latina-y-el-Caribe.pdfB3. (2011). Novo Mercado. Obtenido de https://www.b3.com.br/data/files/43/E0/16/EF/F348F41054E072F492D828A8/SITE-NM-Listing- Regulation-2011.pdfBanco Mundial. (2021). Doing Business 2021.Baron, J. N., & Hannan, M. T. (1994). The impact of economics on contemporary sociology. Journal of Economic Literature, 32(3, 1111-1146. Obtenido de http://www.jstor.org/stable/2728604.Beauhurst. (2021). The Deal 2021. Obtenido de https://www.beauhurst.com/research/the-deal/Bebchuk, L. A., Cohen, A., & Ferrell, A. (2009). What matters in corporate governance? Review of Financial Studies, 22(2), 783-827. doi:https://doi.org/10.1093/rfs/hhn099Becker, G. S. (1964). Human capital: A theoretical and empirical analysis with special reference to education. Columbia University Press.Black, B. S. (1998). Venture Capital and the structure of capital markets: banks versus stock markets. Journal of Financial Economics, 47(3), 243-277.Blank, S., & Dorf, B. (2012). The startup owner's manual: The step-by-step guide for building a great company. K & S Ranch.BlueChilli. (s.f.). Obtenido de https://www.bluechilli.com/about/BNDES. (2016). BNDES Garagem. BNDES. Obtenido de https://garagem.bndes.gov.br/Bolsa Mexicana de Valores. (s.f.). Obtenido de https://www.bmv.com.mx/es/grupo-bmv/informe-anualBosma , N., & Sternberg , R. (2014). Entrepreneurship as an Urban Event? Empirical Evidence from European Cities. Regional Studies, 48(6), 1016-1033. doi:10.1080/00343404.2014.904041Bottazzi, L., Da Rin, M., & Hellmann, T. (2009). What role of legal systems in financial intermediation? Theory and evidence. Journal of Financial Intermediation, 18(4), 559-598. doi:https://doi.org/10.1016/j.jfi.2008.04.003Brest, P., & Born, D. (2013). The power of impact investing. Stanford Social Innovation Review, 30-35. Obtenido de https://ssir.org/articles/entry/the_power_of_impact_investingBritish Business Bank. (s.f.). Obtenido de British Business Bank Programmes: https://www.britishbusiness- bank.co.uk/ourpartners/enterprise-capital-funds/British Business Bank. (2020). UK Venture Capital Financial Returns 2020. Obtenido de https://www.british-business-bank.co.uk/wp-content/uploads/2020/11/BBB-VC-Returns- Report-2020-FINAL-1.pdfBritish Business Bank. (s.f.). British Business Bank. Obtenido de Future Fund: Breakthrough: https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loanschemes/ future-fund/British Private Equity & Venture Capital Association. (2020). BVCA Report on Investment Activity 2020. Obtenido de https://www.bVCa.co.uk/Portals/0/Documents/Research/Industry%20Activity/BVCA-RIA- 2020.pdfBrymer, R. A., Robertson, J., & Miner, J. B. (2011). Bootstrapping entrepreneurs: Exploring the bootstrapping process and its relationship to venture success. Journal of Small Business Management, 49(3), 407-429.Business Finland. (s.f.). Obtenido de Services for Startups: https://www.businessfinland.fi/en/dobusiness- with-finland/work-with-us/services-for-startups/CASE . (s.f.). Obtenido de CASE : https://case.abstartups.com.br/Caxton Business & Legal, Inc. (2018). ENTREPRENEUR’S GUIDE STARTUP | SCALEUP | IPO. Obtenido de https://www.asx.com.au/documents/resources/EntrepreneursGuide_REV_5_16.pdfCEPAL. (2020). Panorama Fiscal de América Latina y el Caribe 2020. Obtenido de https://www.cepal.org/es/publicaciones/45730-panorama-fiscal-america-latina-caribe-2020-lapolitica- fiscal-la-crisis-derivadaCMF. (2021). Norma de Carácter General N° 461. Obtenido de https://www.cmfChile.cl/normativa/ncg_461_2021.pdfColCapital. (2021). Reporte de la Industria de Capital Privado en Colombia 2021.Colombo, M. G. (2010). On growth drivers of high-tech startups: Exploring the role of founders' human capital and Venture Capital. Journal of Business Venturing, 25(6), 610-626. Obtenido de https://doi.org/10.1016/j.jbusvent.2009.01.005Comisión Nacional Bancaria y de Valores. (2018). Directrices de Gobierno Corporativo. Obtenido de https://www.cnbv.gob.mx/PRENSA/Presentaciones%20y%20Discursos/GobiernoCorporativoITA M_270813.pdfComisión para el Mercado Financiero. (s.f.). Obtenido de https://www.cmfChile.cl/portal/principal/613/w3-channel.htmlConsejo Nacional de Ciencia y Tecnología. (s.f.). Obtenido de https://conacyt.mx/CORFO. (s.f.). Obtenido de Programa de Apoyo al Entorno para el Emprendimiento y la Innovación : https://www.corfo.cl/sites/cpp/emp-fetCumming, D., & Johan, S. A. (2013). Venture Capital and private equity contracting: An international perspective. Academic Press.CVM. (2017). Instrução CVM 578. Obtenido de https://conteudo.cvm.gov.br/legislacao/instrucoes/inst578.htmlDa Rin, M., Nicodano, G., & Sembenelli, A. (2006). Public policy and the creation of active Venture Capital markets. Journal of Public Economics, 90(8-9), 1699-1723. Obtenido de https://www.sciencedirect.com/science/article/abs/pii/S0047272705001702Department of Industry, Science, Energy and Resources. (2016). National Innovation and Science Agenda report. Obtenido de https://www.industry.gov.au/sites/default/files/July%202018/document/pdf/nationalinnovation- and-science-agenda-report.pdf?acsf_files_redirectDepartment of Industry, Science, Energy and Resources. (2020). ANNUAL REPORT 2019–20. Obtenido de https://www.industry.gov.au/sites/default/files/2020-10/2020-21-department-of-industryscience- enery-and-resources-annual-report.pdfDouglas Cumming, S. J. (2013). The Venture Capital cycle (2nd ed.). ELSEVIER.Dushnitsky, G., & Shaver, J. M. (2018). Financing technology entrepreneurs: The role of Venture Capital in an innovation ecosystem. California Management Review, 60(2), 44-62. Obtenido de https://journals.sagepub.com/doi/10.1177/0008125617744896Ebben, J. J., & Johnson, A. C. (2006). Bootstrapping in small firms: An empirical analysis of change over time. Journal of Business Venturing, 851-865.Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of management review, 14(1), 57-74.Fayolle , A., Gailly , B., & Lassas-Clerc, N. (2006). Assessing the impact of entrepreneurship education programmes: a new methodology. Journal of European Industrial Training, 30(9), 701-720. doi:https://doi.org/10.1108/03090590610715022Federación, D. O. (2006). Ley de Fondos de Inversión. Obtenido de https://www.diputados.gob.mx/LeyesBiblio/pdf/69_200521.pdfFederación, D. O. (2018). LEY PARA REGULAR LAS INSTITUCIONES DE TECNOLOGÍA FINANCIERA. Obtenido de https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF_200521.pdfFederation of Small Businesses. (2021). Small Business, Big Heart: Bringing Communities Together. Obtenido de https://www.fsb.org.uk/static/0075f206-a7ff-4692-a613f1294498b1c3/fsb-smallbusiness- big-heart.pdfFeld, B. y. (2016). Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. Wiley.Financial Reporting Council. (2018). The UK Corporate Governance Code. Obtenido de https://www.frc.org.uk/document-library/corporate-governance/2018/uk-corporategovernance- code-2018Fink, A. (2013). How to conduct surveys (4th ed.). Sage Publications.Finnish Financial Supervisory Authority. (s.f.). Obtenido de Regulation of Crowdfunding and ICOs.: https://www.finanssivalvonta.fi/en/capital-markets/crowdfunding-intermediaries/regulation/Finnish Limited Liability Companies Act. (2006). Obtenido de https://www.finlex.fi/en/laki/kaannokset/2006/en20060624.pdfFinnish Venture Capital Association. (s.f.). Obtenido de VC Legislation in Finland: https://www.fVCa.fi/venture-capital/VC-legislationFishburners. (s.f.). Obtenido de https://fishburners.org/about-us/Forum, W. E. (2020). The Global Competitiveness Report 2020. World Economic Forum. Obtenido de https://www.weforum.org/reports/the-global-competitiveness-report-2020FVCA. (2022). Venture Capital and private equity investors’ impact on corporate growth 2012–2021. Obtenido de https://paaomasijoittajat.fi/wp-content/uploads/FVCA_PwC_Impactstudy_ 2022.pdfGao, H., Huang, C., & Huang, Y. (2016). Investor protection, ownership concentration and dividend policy in a Venture Capital market: Evidence from China. Journal of Corporate Finance, 36,, 111-130. Obtenido de https://www.sciencedirect.com/science/article/pii/S0929119915003192GEM. (2021). GEM 2020/2021 Global Report. Obtenido de https://www.gemconsortium.org/reportGEM. (2021). REPORTE NACIONAL DE CHILE. Obtenido de https://negocios.udd.cl/files/2022/07/GEMCHILE- 2021.pdfGenome, S. (2021). The global Startup Ecosystem Report. Obtenido de https://startupgenome.com/report/gser2021Glaeser, E. L., Sacerdote, B., & Scheinkman, J. (2002). The Social Multiplier. Obtenido de http://dx.doi.org/10.2139/ssrn.336262Gompers, P. A. (1995). Optimal investment, monitoring, and the staging of Venture Capital. Journal of Finance, 50(5), 1461-1489. Obtenido de https://doi.org/10.2307/2329323Gompers, P. A. (1996). Grandstanding in the Venture Capital industry. ournal of Financial Economics, 42(1), 133-156.Gompers, P. A., & Lerner, J. (2001). The Venture Capital revolution. Journal of Economic Perspectives, 15(2), 145-168. Obtenido de https://www.jstor.org/stable/2696413Gompers, P. A., & Lerner, J. (2004). The Venture Capital cycle (2nd ed.). MIT.Gompers, P. A., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2017). How Venture Capital works. Journal of Economic Perspectives, 31(3), 49-72. Obtenido de https://www.aeaweb.org/articles?id=10.1257/jep.31.3.49Gompers, P., & Lerner, J. (2001). The Venture Capital Revolution. The Journal of Economic Perspectives, 15(2), 145–168. Obtenido de http://www.jstor.org/stable/2696596Gov.uk. (s.f.). Obtenido de Start Up Loans: What You'll Get: https://www.gov.uk/apply-start-uploan/ what-youll-getHACIENDA, M. D. (2009). LEY 20382. INTRODUCE PERFECCIONAMIENTOS A LA NORMATIVA QUE REGULA LOS GOBIERNOS CORPORATIVOS DE LAS EMPRESAS. Obtenido de https://www.bcn.cl/leyChile/navegar?idNorma=1007297Hellmann, T. F. (2002). A theory of strategic venture investing. Journal of Financial Economics, 64(2), 285-314. Obtenido de https://www.sciencedirect.com/science/article/abs/pii/S0304405X0200121XHellmann, T., & Puri, M. (2002). Venture Capital and the Professionalization of Start-Up Firms: Empirical Evidence. The Journal of Finance, 57, 169-197. doi:https://doi.org/10.1111/1540-6261.00419Hermalin, B., & Weisbach, M. S. (2003). Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature. Economic Policy Review, 9(1), 7-26. Obtenido de https://papers.ssrn.com/sol3/papers.cfm?abstract_id=794804HM Revenue & Customs. (s.f.). Obtenido de Seed Enterprise Investment Scheme (SEIS): https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterpriseinvestment- schemeHM Revenue & Customs. (s.f.). Obtenido de Venture Capital Trusts: Introduction to National and Official Statistics: https://www.gov.uk/government/statistics/venture-capital-trusts-statisticsintroductory- note/venture-capital-trusts-introduction-to-national-and-official-statisticsHsieh, C.-T. y. (2009). Misallocation and manufacturing TFP in China and India. The Quarterly Journal of Economics 124(4), 1403-1448. Obtenido de https://doi.org/10.1162/qjec.2009.124.4.1403Huang, L., & Pearce, J. L. (2015). Managing the Unknowable: The Effectiveness of Early-stage Investor Gut Feel in Entrepreneurial Investment Decisions. Administrative Science Quarterly, 60(4), 634– 670. doi:https://doi.org/10.1177/0001839215597270IBGC. (2020). Diretrizes de Governança Corporativa. Obtenido de https://www.ibgc.org.br/conhecimento/governanca-corporativaIFC. (2019). Desbloqueando el potencial de las mujeres emprendedoras en América Latina y el Caribe. Obtenido de https://www.ifc.org/wps/wcm/connect/82e79f02-c53a-4f7e-825ffcfd7ab37f0a/ IFC+in+LAC-Women+in+Entrepreneurship.pdf?MOD=AJPERES&CVID=mdppp9l(2021). Informe anual integrado de Bolsa Mexicana de Valores 2021. Bolsa Mexicana de Valores. Obtenido de https://www.bmv.com.mx/docspub/ informeAnual/Informe%20Anual%20Integrado_2021.pdfiNNpulsa. (s.f.). Obtenido de https://www.innpulsaColombia.com/Instituto Nacional del Emprendedor. (s.f.). Obtenido de https://www.inadem.gob.mx/Jain, B. A. (2006). Venture Capital: concepts and applications. Tata McGraw-Hill Education.Jia, N., & Wang, D. (2017). Skin in the game: General partner capital commitment, investment behavior and Venture Capital fund performance. Journal of Corporate Finance (47), 110-130. doi:https://doi.org/10.1016/j.jcorpfin.2017.09.008Kanniainen, V., & Keuschnigg, C. (2003). The optimal portfolio of start-up firms in Venture Capital finance. Journal of Corporate Finance, 9(5), 521-534. doi:https://doi.org/10.1016/S0929- 1199(02)00021-4Kaplan, S. N., & Stromberg, P. (2003). Financial contracting theory meets the real world: An empirical analysis of Venture Capital contracts. The Review of Economic Studies, 70(2), , 281-315. Obtenido de http://www.jstor.org/stable/3648635.Kaplan, S. N., & Strömberg, P. (2004). Characteristics, contracts, and actions: Evidence from Venture Capital analyses. Journal of Finance, 59(5), 2177-2210. Obtenido de https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2004.00698.xKPMG & Cranfield University. (2015). Improving the Gender Balance on British Boards. Obtenido de https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_dat a/file/482059/BIS-15-585-women-on-boards-davies-review-5-year-summary-october-2015.pdfKPMG. (2019). Estímulos fiscales para ofertas públicas iniciales. Obtenido de https://kpmg.com/mx/es/home/tendencias/2019/01/estimulos-fiscales-para-ofertas-publicasiniciales- y-bonos-corporativos.htmlKPMG. (2021). Pulse of Fintech H1 2021. KPMG. Obtenido de https://kpmg.com/xx/en/home/insights/2021/08/pulse-of-fintech-h1-2021-global.htmlKPMG. (2022). Australian fintech landscape 2022. Obtenido de https://kpmg.com/au/en/home/insights/2022/10/Australian-fintech-landscape.html#downloadKPMG. (2023). Venture Pulse Q4 2022. Obtenido de https://assets.kpmg/content/dam/kpmg/xx/pdf/2023/01/venture-pulse-q4-2022.pdfKuppuswamy, V., & Villalonga, B. (2016). Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007-2009 Financial Crisis. Management Science, 62(4), 905–923. Obtenido de http://www.jstor.org/stable/43835030Landström, H. (2018). Handbook of research on Venture Capital. Edward Elgar Publishing.Lerner, J. (1995). Venture Capitalists and the oversight of private firms. Journal of Finance, 50(1), 301- 318. doi:https://doi.org/10.2307/2329247Lerner, J. (2009). Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It. Princeton University Press.Lerner, J. (2010). he future of public efforts to boost entrepreneurship and Venture Capital. Small Business Economics, 35(3), 255-264. doi:https://doi.org/10.1007/s11187-010-9298-zLEY 19705. (2000). Obtenido de https://www.bcn.cl/leyChile/navegar?idNorma=1057895LEY 20179. (2007). Ministerio de Hacienda. Obtenido de https://www.bcn.cl/leyChile/navegar?i=261949LEY 21131. (2019). ESTABLECE PAGO A TREINTA DÍAS. MINISTERIO DE ECONOMÍA, FOMENTO Y TURISMO. Obtenido de https://www.bcn.cl/leyChile/navegar?idNorma=1127890LEY DEL MERCADO DE VALORES. (2014). Obtenido de https://www.diputados.gob.mx/LeyesBiblio/ref/lmv/LMV_ref03_10ene14.pdfMaksimovic, V., & Phillips, G. (2011). Venture Capital and innovation: Which is first?. Journal of Finance. Obtenido de http://www.setsunan.ac.jp/~hirukawa/upload/NTU-11-30_R1_final.pdfMarco Legal das Startups. (2020). Governo do Brasil. Obtenido de https://www.gov.br/economia/ptbr/ assuntos/noticias/2021/junho/governo-sanciona-marco-legal-das-startups-e-doempreendedorismo- inovadorMetrick, A. (2010). Venture Capital and the finance of innovation.México, U. N. (2018). Estudio sobre cultura emprendedora en México.Ministry of Justice of Finland. (2010). Act on Equality between Women and Men. Obtenido de https://www.finlex.fi/fi/laki/ajantasa/1986/19860609OCDE. (2021). Estudios económicos de la OCDE: México 2021.OECD. (2019). OECD Economic Surveys: Colombia 2019. 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Pearson.EstudiantesLICENSElicense.txtlicense.txttext/plain; charset=utf-85879https://repositorio.unal.edu.co/bitstream/unal/85399/1/license.txteb34b1cf90b7e1103fc9dfd26be24b4aMD51ORIGINAL1022966769.2023.pdf1022966769.2023.pdfTrabajo Maestría en Contabilidad y Finanzasapplication/pdf1542297https://repositorio.unal.edu.co/bitstream/unal/85399/2/1022966769.2023.pdf86d200d97c69965d6fe6dba80e9ba1c6MD52unal/85399oai:repositorio.unal.edu.co:unal/853992024-01-22 14:36:47.892Repositorio Institucional Universidad Nacional de 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