Financing innovative start-ups in Portuguese context: what is the role of business angels networks?

Business angels provide both financing and managerial experience, which increase the likelihood of the survival of innovative start-ups. Over the last years, European countries with developing informal venture capital markets have seen governments support the creation of business angels networks (BANs) to increase and consolidate these markets. Using the Portuguese context to carry out the empirical work, this paper provides an assessment of value added provided by angels’ networks. A total of 88 useable responses were received and analysed using non-parametric statistical techniques. This paper demonstrates that is evidence of positive contribution of BANs in terms of bringing together investors and linking them with entrepreneur’s seeking finance. BANs played an important role in financing innovative start-ups also in peripheral regions. Results lead us to conclude that government support BANs would appear to be an effective mechanism to stimulate the angel market in developing informal venture capital markets. The conclusions of this paper are likely to have relevance for countries where there is growing interest in the potential of business angels as a means of financing innovative start-ups.

Os alunos de risco no 2º ciclo da Escola Básica 2, 3 Ana de Castro Osório, no ano lectivo 2004/2005: um estudo de caso

O presente estudo aborda a problemática dos alunos de risco no 2° Ciclo da E.B. 2,3 Ana de Castro Osório, no ano letivo 2004/2005. Na dimensão teórica são referenciadas algumas questões de Organização Escolar (escola reflexiva, autonomia de escola, gestores intermédios e supervisão escolar, o papel do Diretor de Turma, o Projeto Curricular de Escola, algumas linhas orientadoras da política educativa portuguesa, no período em que decorre a elaboração desta investigação) e abordados alguns aspetos gerais dos pré-adolescentes, diversos conceitos de risco, a ação de diversas entidades com competência na área da infância e juventude, o papel da família e a relação desta com a escola. Foi utilizada a metodologia do “Estudo Caso”, no decurso da qual foram analisados documentos internos da escola e elaborados instrumentos de recolha de dados (questionários aplicados aos Alunos e aos seus Diretores de Turma). No tratamento das informações de natureza quantitativa, utilizou-se o programa informático Excel, enquanto nas questões abertas procedeu-se à análise de conteúdo. Em síntese, concluiu-se que: a) um terço dos alunos que frequentava o 2° Ciclo do Ensino Básico, foi sinalizado como “aluno de risco”. Cerca de 75% era do 5° Ano de Escolaridade. Os fatores de risco que mais se destacam são: assiduidade irregular, desmotivação/desinteresse/apatia, défice de atenção e concentração, indisciplina e retenções sucessivas no seu percurso escolar. A família é pouco participativa. b) a resposta curricular dá-se essencialmente dentro da sala de aula; c) a resposta organizacional assenta essencialmente nalgumas medidas previstas nos documentos legislativos. Na última parte do trabalho deixamos expressas as conclusões do estudo mais pormenorizadas, bem como algumas recomendações/sugestões que eventualmente, poderão orientar posteriores investigações. /ABSTRACT - The risk students on a 2nd Cycle of classroom of the E.B. 2, 3 Ana de Castro Osório, during academic year of 2004/2005: A Case study The present study attempts to assess risk students on a 2nd Cycle (Sth and 6th grades) classroom of the “E.B. 2, 3 Ana de Castro Osório” Public School during the academic year of 2004/2005. On a theoretical scale, are assessed some questions about the Classroom Organization (reflexive school, school autonomy, intermediate directors and school supervision, the role of the Class Tutor, the School Curricular Project, some guidelines about the Portuguese education policy during the period when this study took place), and was also assessed some general aspects of preadolescents, risk concepts, and actions taken by various organizations specialized in the areas of childhood and youth, the role of the family and the interrelation between the family and the school. It was used a “Case Study” methodology during which was assessed school documents of this particularly school, and data collecting instruments (Student-applied and Class Tutor-applied questionnaires). On dealing with quantitative data, it was used the Excel application, while for the open questions was assessed by its contents. In brief, it was concluded that: a) a third of students that attended the 2nd Cycle Basic Education schools revealed to be “risk students”. Around 75% of them were 5th grade students. Among the most important risk factors are: irregular attendance, unmotivated/aloofness /apathy, lack of attention and concentration, indiscipline and successive retentions during their education pathway. The family is scarcely participative. b) The curricular response is normally given within the classroom; c) the organizational response lies mostly on some measures included in government documents. On the last part of the paper, we focus on more detailed conclusions, as well as give recommendations/suggestions which may eventually be of guidance to future studies.