A mensuração do valor econômico de AGTECHS: Discussões metodológicas sobre a captura de valor

Abstract

The evaluation of the economic value of a company is a complex task based on intrinsic, internal, and external asset information, which becomes even more challenging when dealing with a young company, a startup. The lack of historical information on the company's performance and uncertainty about its future growth trajectory make the valuation process somewhat obscure. Thus, this study conducted in-depth interviews with various actors involved in investing in agtechs to explore the methods and criteria adopted during the valuation process to address the challenges of measuring economic value. The material obtained from interviews with investors was subjected to content analysis. Findings revealed that investors adopt their own evaluation methodologies based on their experiences. In the early stage, less complex methodologies are sought, based on market sensitivity (benchmarking), focusing on the problem to be solved and the founders' delivery capacity. As the agtech enters the commercial stage and starts generating revenue, evaluators begin using methodologies such as the Venture Capital method for revenue projection. Regarding variables, much attention has been given to conversations with customers and investors already involved in the company's cap table; their feedback is essential for attracting new partners. Ultimately, it is revealed that the complexity of evaluating the economic value of an agtech is mitigated by investors adopting their own methodologies, emphasizing the importance of feedback from existing customers and investors in attracting new partners during the valuation process.