O estado fomentando a inovação: o papel do BDMG e suas iniciativas de capital de risco

The future returns on investment on innovation are unknown and cannot be statistically estimated, something known as knightian uncertainty. Because of this the access to traditional sources of financing is virtually inexistent, since emerging companies does not have hard assets to be offered to secure the debt. Thus, alternatives sources of capital – like venture capital, angel investors and state-owned development banks – assume a relevant role in terms of new tech companies’ financing, and, consequently, to the innovation financing per se. Hence, the comprehension of those investment instruments becomes important in the field of innovation economy. The present paper aims to address the role of the Development Bank of Minas Gerais State in the financing of activities related to the innovation through its investment’s funds. The conclusion is although those investment funds invests in startups, the companies are mostly from IT sector and are located in the Southeast and South regions, minimizing their impact in terms of the reduction of inequality in Minas Gerais.