Creating a Venture Ecosystem in Brazil: FINEP’s INOVAR Project
Josh Lerner, Ann Leamon. Harvard University, 2012
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 the challenges of the growing venture capital (VC) ecosystem and
stimulate the establishment of innovative companies and help them gain access to capital. The result was the program called INOVAR (Innovation).
In the 12 years since INOVAR’s debut, the program has been recognized as a role
model for government efforts to stimulate a venture capital ecosystem.