A proteção dos direitos de propriedade intelectual e as estratégias das empresas de sementes e biotecnologia: uma comparação dos casos americano e brasileiro

O tema central de pesquisa deste estudo é avaliar se a adoção de regras de proteção à novas cultivares de plantas e à modificação genética, impactou as estratégias adotadas pelas empresas nos segmentos de sementes de soja e milho do Brasil, quando comparadas às dos Estados Unidos. Os resultados dessa dupla comparação demonstraram que, no caso do milho híbrido, por contar com uma proteção natural, o estímulo aos investimentos privados ocorreram independentemente da existência de regras formais de apropriação. Essas regras foram essenciais para favorecer tais investimentos na soja, como se nota na transformação da indústria no Brasil após meados da década de 1990. Além disso, embora a modificação genética tenha ocorrido tanto em eventos com características agronômicas, os quais promovem como consequência o aumento de produtividade, quanto para a modificação qualitativa do produto, a demanda do produtor agrícola concentrou-se pelo primeiro tipo, cujo retorno é diretamente apropriado pelo agricultor. Verifica-se ainda, que a complexidade do processo de pesquisa e desenvolvimento e a necessidade de investimentos com altas características locacionais justificam o alto nível de consolidação global dos segmentos de sementes com os de biotecnologia e agroquímicos. Nesses segmentos, a possibilidade de apropriação sobre os direitos da inovação, mostra-se fundamental para motivar os investimentos privados.

Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies

It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).