Forms of capital, innovation capability and innovation in new ventures


  • Daniel do Prado Pagotto Postgraduate Program in Administration, University of Brasília, UnB, Brasília/DF, Brazil
  • Candido Vieira Borges Junior Faculty of Business, Accounting and Economics, Federal University of Goias (UFG), Goiania/GO, Brazil
  • Marcos Inacio Severo Faculty of Business, Accounting and Economics, Federal University of Goias (UFG), Goiania/GO, Brazil
  • Valmir Emil Hoffmann Graduate School of Accounting and Finance, Federal University of Santa Catarina, UFSC, Florianóplis/SC, Brazil



resources, innovation capability, innovation, entrepreneurship, PSED


Objective: Investigate the impact of human, social, and financial capital on the variation of innovation capability of nascent ventures over time. Methodology/design: Quantitative research, developed using a longitudinal secondary database (Panel Study of Entrepreneurship Dynamics 2 - PSED 2). Multiple linear regression technique was used to test the research hypothesis. Main results: Among all types of capital analyzed in the study, level of education, personal finances, and physical social capital were determinant of the nascent ventures’ capability of developing innovation over time. Innovation capability influenced the creation of innovation, as well. Theoretical/methodological contributions: Considering the longitudinal design, the research presents which types of capital are relevant along time for nascent ventures to develop innovation capabilities. Relevance/originality: From the methodological perspective, the research has a longitudinal design, as suggested by entrepreneurship and innovation capability scholars since both phenomena are process oriented. It also differentiates innovation and innovation capability, which are two constructs used interchangeably by research, although being different. Social/management contributions: The results contribute to qualify which resources of a company in its initial phase have greater potential for generating long-term innovation.


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Author Biographies

Daniel do Prado Pagotto, Postgraduate Program in Administration, University of Brasília, UnB, Brasília/DF, Brazil

Daniel do Prado Pagotto obtained his master deegree on Business Administration at Universidade Federal de Goiás and currently is working towards a Ph.D. at University of Brasilia’s Business Administration Program. Daniel is adjunct coordinator of Entrepreneurship and Innovation Research Lab from UFG (LAPEI-UFG). His current research focuses on entrepreneurship and service innovation, applying quantitative methods and secondary data. His papers have been published in journals sucha as Revista de Inteligência Competitiva, Humanidades & Inovação, REGEPE among others.

Candido Vieira Borges Junior, Faculty of Business, Accounting and Economics, Federal University of Goias (UFG), Goiania/GO, Brazil

Cândido Borges is Professor of entrepreneurship at the Universidade Federal de Goiás, Goiânia, Brazil where he is also Director of the Entrepreneurship and Innovation Research Laboratory. He obtained his Ph.D. at HEC Montréal and a Post-Doc from EAESP-FGV. His current research focuses on new ventures, self-employment and entrepreneurship policy. His papers have been published in journals such as Future Studies Research Journal, Humanidades & Inovação, REGEPE, RAUSP, among others.

Marcos Inacio Severo, Faculty of Business, Accounting and Economics, Federal University of Goias (UFG), Goiania/GO, Brazil

Marcos Inácio Severo de Almeida is a Professor and Researcher at Universidade Federal de Goiás, associated to the Postgraduate Program in Administration (PPGADM/UFG). He is a Post-Doctorate in Statistics at IME/USP and a Post-Doctor in Data Science and Business Analytics at the same university (FEA/USP). Doctor in Administration (PPGA/UnB), with a doctoral exchange period at Massey University. His research is focused on the market determinants of business performance, on individual/behavioral or business measures, on predictive models and learning, intelligent and recommendation systems. His articles are published in journals such as the Journal of the Academy of Marketing Science, Journal of Business Research, Industrial Marketing Management, Journal Marketing Management, among others.

Valmir Emil Hoffmann, Graduate School of Accounting and Finance, Federal University of Santa Catarina, UFSC, Florianóplis/SC, Brazil

Valmir Emil Hoffmann is a Full Professor at the Accounting Department of Universidade Federal de Santa Catarina (UFSC), working at the PPG in Accounting at UFSC and at the PPG Professional in Management Control; and is a contributor to the PPG in Administration (PPGA) at UnB. His research has focused on competitiveness and strategy, notably on issues related to resilience, inter-organizational relationships, such as networks, territorial agglomerations (clusters) and performance in manufacturing and service companies (tourism). His articles have been published in journals such as Tourism Review, International Journal of Services Operations and Informatics, Entrepreneurship and Regional Development, Higher Education, Innovation & Management Review, among others.


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How to Cite

Pagotto, D. do P., Borges Junior, C. V., Severo, M. I., & Hoffmann, V. E. (2022). Forms of capital, innovation capability and innovation in new ventures. REGEPE Entrepreneurship and Small Business Journal, 11(2), e1952.



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