A Multiple Case Study of Open Innovation Programs with Large Corporations and Startups / Um Estudo de Casos Múltiplos de Programas de Inovação Aberta com Grandes Empresas e Startups

Thiago Iglesias da Silva; Marcos Alberto Castelhano Bruno; Francisca Nicole Urra Moraga

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<line> Centro Unv*rsitário Santo Agostinho </line>

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<line> www*.fsanet.com.*r/revista </line>

<line> IS*N Impresso: 1806-*356 ISSN E*etrôn*co: 2317-2983 </line>

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<line> A Mult*ple Case Study of Open Innovatio* P*ograms wi*h L*rge Co**orations and S**rtups </line>

<line> Um Est*do de Casos M*ltip*o* de Progra*as de Inovaçã* *bert* com Grand*s Em*resas * </line>

<line> S*artups </line>

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<line> *hiago Iglesias da Si*va </line>

<line> *outor em Admini***ação - PPGA *EA USP pela Univ*rsidade d* São Paulo </line>

<line> E-m*il: thiagoiglesi*s.b*@gmail.com </line>

<line> Marco* Alberto C*st*lhano Br**o </line>

<line> Douto* em *dministraç*o **la Unive*sidade de São Pau*o </line>

<line> *-mail: marc*s.bruno@sdab*cconi.it </line>

<line> Francisc* Nic*le Urra Morag* </line>

<line> Mes*re *m Adm*nistraçã* pe*a *aculdade *e Ec*nomia, Adminis*ração, Contabilidade e Atuária - *EA - USP </line>

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<line> *nde**ço: Thiago Iglesi*s *a Sil*a </line>

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<line> Universi*ade </line>

<line> Faculdade de Economi* </line>

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<line> Admin*s*ração </line>

<line> Pr*f. Luciano </line>

<line> Kerley </line>

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<line> Gualber*o, </line>

<line> Rod*igues </line>

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<line> Brasil. </line>

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<line> E*der*ç*: Marcos Alberto Cast*l*ano Bru*o </line>

<line> Artig* *ecebi*o em 28/07/2024. Última </line>

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<line> U**versidade </line>

<line> Paulo, </line>

<line> Fa*uldade d* Economia </line>

<line> recebida em 06/0*2024. A*r*vado em 07/*8/2024. </line>

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<line> Contabilida*e. </line>

<line> Prof. Luciano </line>

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<line> Paulo, </line>

<line> Avalia*o pelo sist*ma **iple Re*iew: a) D*sk Rev*e* </line>

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<line> pelo Editor-Chef*; e b) D*uble Blind Revi*w </line>

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<line> Endereço: Franc*s** Ni*ole Urra M*raga </line>

<line> (avalia*ão c*ga por dois a*aliadores *a área). </line>

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<line> Universidade </line>

<line> *ac*ldade de Economia </line>

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<line> Administr*ção </line>

<line> C*nta*ilidade. </line>

<line> Prof. Luciano </line>

<line> Re*isão: Grama*ica*, Normativ* e de Formatação </line>

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<line> Gualberto, </line>

<line> 908, *utantã, </line>

<line> Paulo, </line>

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<line> Brasil. </line>

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<line> How lar*e corp*rations *elate to sta*t*ps can v*ry considerably, from </line>

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<line> merg*rs and acquisit*o**. S*i**, a model that h*s been gaining pro*in*nce i* the Braz*lian </line>

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<line> scen*rio is t*at of corporate acceleration program*, *n which a relati*nship </line>

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<line> established wit* o*e or more *tartups t*r*u*h </line>

<line> a structured work model with * </line>

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<line> predete*m*ned duration. The two *arts co*p*ement each other: the larg* cor*oration ha* </line>

<line> re*ources, siz*, power, and r*utines *h*t e**ble *t *o **erate a *usi*e** mod*l ef*i*ient*y, and </line>

<line> *he startup, *n **rn, has o*ganiz*tional **i*ity, promis*ng ideas, propensity to ta*e risks, and </line>

<line> aspiration to rapid gro*th. This article aims to deta*l how one large corporation has do*e </line>

<line> busi*ess with different st*rtups in B*azi* throu*h * corp*rate acceleration pro**am. W*th this </line>

<line> stu*y, it was possi*le to identify that even though there m** be standards in th* operation of </line>

<line> a corpo*ate ac*eleration progra* where different startups par*icipat* in a *ingle initiative, the </line>

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<line> r*sults a*e differen*. These find*ngs </line>

<line> e*cour*ge new *esearch to better unde*stand, for </line>

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<line> example, w*ic* </line>

<line> aspects of co*poration or a startu* enable it to *chieve better *esults in a </line>

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<line> suc* programs. </line>

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<line> Keywords: **en Innovatio*. Corporate Ac*eleration Program. St*r*ups. </line>

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<line> A forma como </line>

<line> as grand*s corpora*ões </line>

<line> se relacionam </line>

<line> pode varia* </line>

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<line> consi*eravelme*te, desd* eventos pontuais até f*sõ*s * aqu*sições. Ai*da assim, um model* </line>

<line> qu* vem g*nhando dest*qu* no ce*ário bra*il*iro é o dos progr**as de ace**ração corpora*i*a, </line>

<line> nos quais *e es*ab**ece um relaciona*e*to com uma ou mais startup* por meio de u* modelo </line>

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<line> est*uturado e c*m d*raç*o pré-d*terminada. As *uas pa*tes se complementa*: </line>

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<line> gra*de *orp*ração possu* recurs*s, tam*n*o, poder e rot*n*s q*e *he pe*mitem ope*ar um </line>

<line> mode*o de neg*cios de fo*ma eficiente, e a startu*, por sua vez, *ossui ag*lidade organizaciona*, </line>

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<line> *deias promi*soras, pr*pensão a assumir riscos e </line>

<line> aspiração *o rápido cr*scime**o. E*te artigo </line>

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<line> deta*har como *ma grande corpora*ão te* f*ito </line>

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<line> startups no Brasil por meio de </line>

<line> u* programa </line>

<line> ac**eração corporat*va. Com este e*tud* foi </line>

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<line> po**í*el identif*car </line>

<line> que me*mo que possam ex*st*r </line>

<line> padrões na </line>

<line> operação </line>

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<line> a*eleração co*porativa o**e difer*ntes sta*tups p*rticipam de uma única iniciati*a, os re**ltados </line>

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<line> são d*feren*e*. **s*s *esco*e*tas in*entivam </line>

<line> nov*s pe*qu**as para com*reender melhor, por </line>

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<line> exemplo, qua*s a*pe*tos de uma corporação ou star*up lhe permi*em obter melhores res*l*ad*s </line>

<line> em *ais progra*as. </line>

<line> *ala*r**-chave: Inovaçã* A*erta. Programa de Ace*eração Corporativa. *ta*t*ps. </line>

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<line> Rev. F*A, Te*esina, v. 22, *. *, ar*. 1, *. 3-24, Jan. 202* </line>

<line> w*w4.fsanet.com.br/re*ist* </line>

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<line> * ***tiple C*se Study of Open Innova*ion Programs with Large Corporations **d Startups </line>

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<line> * I*TRODUC*ION </line>

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<line> Inno*at*on i* a **iving *o*ce that **lows organ*zations and nations t* achieve or **st*i* </line>

<line> a co*petitive advanta*e (JONASH, 2*01). Th* need to inno**te to remain *n the market *s </line>

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<line> increasi*gly *re*e*t i* the reality of l**g* </line>

<line> corporations. *o**ver, the </line>

<line> *radi*ion*l model, *n </line>

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<line> whi** c*mpanies ge**rate, d**elop, and </line>

<line> commercial*ze thei* id*as, needs t* be more in </line>

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<line> mark*t in consta*t transform*t*on. </line>

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<line> *ive* this sce*ario, *t is increasi**l* *ommon f*r large companies *o choo*e to *ork </line>

<line> with op*n inno*a*io* *odel* (OPENAXEL, 2016; BRUNSW*CKE* and CHESBROUG*, </line>

<line> 2*18); s*ch mo**ls allow la*ge cor**rati**s to use t* t*ei* a*vantage the thousan*s of early- </line>

<line> stage s**u*ions *ha* app*ar *very day, ins*ea* of *ompet*ng w*** them, eit*er to impro*e </line>

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<line> value proposition, to make some internal pro*ess m*re efficient or to add them to *he </line>

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<line> portfolio as a new o*fer for their client b*se (CHESB*OUGH, 2003). </line>

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<line> segm*n* of com*anies h*s stood o*t i* r*c*nt ye*rs: start*ps. A *i*erat*re review by Spen*er </line>

<line> et al. (2017) po*nts o** a gro**n* int**est in t*e *heme "st*rtups and open in*ov*tio*" an* </line>

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<line> that *hi* subject is strongly multidisci*lin**y. *owever, there is * l*ck of </line>

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<line> relatio*ship betwee* startups and la**e corpo*at*o*s in a* open in*ov*t*on cont*xt. Diverse </line>

<line> modali*ies of e**agemen* *ith s*artups ope* n*w possib*lities and *orms of bu*in*ss models, </line>

<line> *hich con*omit*n*l* change t*e percepti*n of w*at inter-institutional coope*ation entai*s i* </line>

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<line> gen*rat*ng innova*ions f*r </line>

<line> eff*ciency in acting within the market (*R*ANIEC and ZUR, </line>

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<line> corporat*on cho**es to *ct in a way that c*n in*egrat* *merging innovati*ns </line>

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<line> t*rough i**eraction wi*h startups, </line>

<line> *ligning them w*t* businesses *lre*d* </line>

<line> *evelope* by </line>

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<line> prominent firm* (HUTTER et a*., 2021). </line>

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<line> *he *car*ity of refere*ces ** </line>

<line> eve* more significa*t when a*alyz*ng the *r**ilian </line>

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<line> market. While past research highligh*s advanta*es relat*d to o*en innova*i*n me*hanisms </line>

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<line> *l., 2*19), it ** als* vital to not* that *pe* *nnova*i*n initiat*ve* frequently </line>

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<line> imply the emergency of contradic**r* divergen*e* amon* counterparties (ÖB*RG </line>

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<line> 2020; S*EFAN *t *l., 20**). S*ch tensions oft** en*ompass va**e *re*t*on and ca*tur* </line>

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<line> p*oce*ses (S*EFAN et a*., 2022). A*cording to Bonzom and *etessine (2016), *f </line>

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<line> *ompanies lis*ed on the F*rbes Glo*al 500, 2** already have so*e en*agement in*tiatives </line>

<line> with st*rtups. This n*mber i* *ven more significant considering the 100 companies at **e top </line>

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<line> have relationship ini*iativ*s with startups. According </line>

<line> to a preli*ina*y </line>

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<line> s*rve* by t*e author *n digital source* *n Bra***, approx*mately 30 lar** co*porations r*lated </line>

<line> Rev. FS*, Teresina PI, v. 22, *. 1, art. 1, p. 3-24, Jan. 2*25 www4.fsa*et.co*.br/revista </line>

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<line> T. I. S*lva, M. A. C. Br*no, F. *. U. Moraga </line>

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<line> to *tartups, sp*cifically in co*porate a*cel*ration programs, in 2*18. 2019, *hi* *um*er </line>

<line> incr*as*d by 86.7%, reach*ng 5* large companies. </line>

<line> Th* *heme of this researc* wa* chosen, therefore, due to *ts rel*vance in *he *urrent </line>

<line> contex*, wh*ch seems to grow every year. It aim* to see* a de*p*r und**stand*n* of *ow </line>

<line> large cor**rations have faced op*n i*novation regarding t*e*r relationship with s**r*u*s </line>

<line> through **rpora*e acceleratio* pr*grams in *he country. </line>

<line> * LITE*ATURE REVIEW </line>

<line> 2.1 Open Innovation </line>

<line> In business, innovatio* ca* be un*ersto*d *s a socia* ph*nomenon generate* by huma* </line>

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<line> *eeds that result* i* somet*ing new, </line>

<line> pract*cal, sustai*able, a*d profit*ble. Drucker (1986) </line>

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<line> d*fin*s *nn*vation as a t*o* for entr*preneurs exploring c*anges as opportunities *o g*ner*te </line>

<line> *ew busines*. </line>

<line> Open inno*atio*, in turn, has emerged as *n es*ential concept in a*ad*mic resea*ch </line>

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<line> *nd industrial </line>

<line> practice an* is now *lso becoming increasingly </line>

<line> import*nt </line>

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<line> (B*GERS et al., 2018). He*ry *hesbroug* is *onsidered by m*ny to ** t** father of open </line>

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<line> innovation, r*sponsible for c*ining the term in the early 2000*, pr*posing t*at such </line>

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<line> approach would be esse*tial fo* </line>

<line> com*anies l**kin* to creat* a*d </line>

<line> profi* fr*m te*hnology. </line>

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<line> Ac*ording *o *he *uth*r: </line>

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<line> "Open Innovatio* is a paradigm th*t </line>

<line> assumes that firms can an* s*oul* use </line>

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<line> ext*rna* idea* and inte*nal idea*, a* well as internal and external pa*hs *o *ark*t, as </line>

<line> the firms lo*k to advance t*ei* t*ch*olo*y. Op** In*ovation c*mbi*es internal and </line>

<line> ext*rnal ideas into archite**ures and s*stems whose re*uir***nts are d*fi*ed by a </line>

<line> business mod*l." (CHESB*OUGH, 2003) </line>

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<line> I* ano*her *ef*nition, *hesb*ough et al. (2006) cha*acterize open innov*tion </line>

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<line> pur*oseful use by compani*s of internal and external kn*wledge fl*ws to accelerate i*ternal </line>

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<line> innov*tio* and *xpa*d markets f** </line>

<line> external use o* innovation. The followi*g scheme </line>

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<line> co**are* the trad*tional inn*va*ion mod*l, here c*lled closed innovat*on, with the open </line>

<line> *nnova*i** mo*el. </line>

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<line> R*v. FSA, **resina, v. 22, n. 1, art. *, p. 3-2*, *an. 2025 </line>

<line> www4.fsanet.com.br/revista </line>

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<line> A Mu*tiple Case Study of *pen Innovat*on Program* with Large Co*p*rations a*d Sta**ups </line>

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<line> F*g*re 1 - Di*ference between Closed *n*o****on an* Open Innovation </line>

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<line> So*rce: The *ut*or, adapted from CHE*BROU*H, *012 </line>

<line> Another point to be co*si*ered in t*e c**pan*'s decision on which mode* to us* i* </line>

<line> its innovation initi*tives *s its *bjective in *a*h p**ject. *he f*llowing figure classifies the </line>

<line> object*ves p*rsued by corp*ratio*s in their inno**ti*n initiatives *nto three categ*ries. </line>

<line> Figure 2 - Matrix of Inno*atio* *mbitions </line>

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<line> Source: NAGJI and TU*F, *012 </line>

<line> *hen an*lyzing the three catego*ies of inn*vation ambition, af**r understa*ding the </line>

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<line> advantages presented by the *pen innovation model, it se*ms consistent to infer t*at </line>

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<line> initiatives tha* are cl*ser to the asp*r*t***s at *he e*ds of the *xes, that is, those of </line>

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<line> Transformational characte*, ar* those in which open inn*va*ion has the most significant </line>

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<line> **tentia* ** </line>

<line> *e*iver v*l*e. Ac*ording to Nag** and Tuff (2*12), a hig*-tech co*pa*y can </line>

</par>

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<line> Rev. FSA, Te*esina PI, v. 22, n. 1, art. 1, p. 3-24, *an. 202* </line>

<line> ww*4.fsanet.com.br/re*ista </line>

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<line> T. I. S*l*a, M. A. C. B*uno, F. N. U. Moraga </line>

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<line> *ove towards the upper right corner, ta*ing g*eate* risks *ith *ore audacio*s innova*io*s </line>

<line> for more significa*t gains. Although this may *eem **vious, only s*me o*gani*at*o*s *hin* </line>

<line> o* the best leve* of innovatio* *o be ac*iev**, and even few*r can achi*ve it. </line>

<line> 2.2 Innovat*on init*ative* between Startups and Large *o**orations </line>

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<line> *ies (20*1) states *hat a *t*rtup can be defined as an </line>

<line> enti*y f***ed by people to </line>

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<line> desig* innovative product* a*d servic*s under * gener*l** un*ertain s*enario. *lank (2012) </line>

<line> rei*forc** *his def*nition, indicating *hat a sta*tup is an organi*ation *t ** early stage whos* </line>

<line> objec*i*e is to find a rep*icable *nd scalab*e business, develo*ing new products or service* in </line>

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<line> an environment of extrem* uncertainty. Th*s, start*ps must </line>

<line> combine cr*ativ*t*, </line>

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<line> researc*, and innovation to eff*c*ently s*tisf* th* needs of a rapidl* evolving market (TH*EL, </line>

<line> 201*). To maint*in *heir competitive adva*tage, lar*e com*a*ies cons*antly *ook *or new </line>

<line> value-creating b*s*ne*s models t*at al*ow the* to boost innovation thro*gh *nteraction *i*h </line>

<line> var*ous mar*et *lay*rs throughout this *rocess (URBANIEC a*d UR, 2021). </line>

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<line> The fr*quent recent suc*ess stories of *t*rtups have </line>

<line> draw* the attenti*n </line>

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<line> new *ntre**eneurs willing to build a </line>

<line> *usiness bu* also </line>

<line> o* *arge *orporations i*terested in </line>

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<line> be*ter understanding the models and *trategies used *y these companies. Such corporations </line>

<line> seek to i**ova** more assertively, and t*e V**ture *apital model stood out when this type of </line>

<line> relationship began to sprea*. </line>

<line> Th* t*rm V*nture Capital *s *sed to cha*act*rize risky investments that focu* on the </line>

<line> purchase of equity inte*est in *r*v*te compani*s w*th high growth pote*tial. In gene**l, these </line>

<line> i*v*stments ar* made **th a high degree of un*e*tainty since the investe* com*anies tend to </line>

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<line> have a short l*fe </line>

<line> sp*n, few ta*gible a*sets, and operate in markets that change quickly </line>

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<par>

<line> (GOMPERS and LERNER, 20*1). </line>

<line> One reason Ventur* Capita* ha* shown *t**lf *o be * rising force in large corporatio*s </line>

<line> is t*at for ever* dol*ar *n*ested through this model, the *esu*t *n t*rms o* *ub*ished patent* </line>

<line> can b* *hree ti*es great*r t*an a do*lar invested in tradit*o**l corporate rese*rch *nd </line>

<line> develop*ent (KORTUM and LERNER, 200*). </line>

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<line> Wi*h t*e rise of startups </line>

<line> and t*eir signi*icant impa*t on the market, several </line>

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<line> corpora*ions *ave </line>

<line> be*n re*ated to them d**ferentl*, </line>

<line> not *nly via a Ventu*e Capital model. </line>

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<line> *he following *cheme p*esents s**e possibl* forms of relationsh*p fou*d i* t*e lit*ra*ure </line>

<line> and corrobora*ed by th* *utho*'s exper**nce in this sect*r. </line>

<line> R*v. FS*, Te*esin*, v. 22, *. 1, ar*. 1, p. 3-24, Jan. *025 *ww4.fsanet.com.*r/re*ista </line>

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<line> A Multipl* Ca*e Study of Open I*novation *rograms with *a*ge Corporatio*s and Startups </line>

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<line> Fig*re 3 - Re*ationship sett*ngs between Corpora**ons and </line>

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<line> Source: Au*hor, a*apt*d from *ONZOM and N*TES*INE, *016 </line>

<line> Given an open inn*v*tio* mod** and t*e v*rio*s forms of r*lat*onshi* *etwee* large </line>

<line> corpo*ation* and s*a**ups, this study ch*** to de*ve into th* *nteractio* model known in the </line>

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<line> n*tiona* ma*k*t as the *o**orate Acc*leration *rogram. Thi* modality is part of </line>

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<line> mo*els of *ngagemen* *ith st*rt*ps, </line>

<line> inspired by enha*cing *he te*hnology test*ng *rocess </line>

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<line> and access *o the market for hi**-value innovations. * signifi*ant pa*t of the st*dies on </line>

<line> corpora*e accelerators **s focused on an*lyzi*g **e su*c*s* *act*rs a** *ontributions th*t </line>

<line> have fed to this corpor**e accelerator a* an agent that, *or both st*rtups a*d large firm*, </line>

<line> offers promising return* (URBANIEC and **R, 2021; WOJCIK et al., 2020). </line>

<line> *his recent interaction m*del **tween l*rge corporations an* startups allows </line>

<line> compan*es to market the*r id*as and t*ose of other com*a**es. They are a *ascent alternative </line>

</par>

<par>

<line> i* the market -and in rapid expansion- to facilitate o* e*gage with more e*ficient ways </line>

</par>

<par>

<line> i*en*ify a** exploit new and innov*ti*e </line>

<line> business opportunities (*HANK*R and </line>

</par>

<par>

<line> SHEPHE*D, 2019). I* </line>

<line> t*is model, companies can invest, *in*nce, and comme*ci*l*ze </line>

</par>

<par>

<line> innova*ion in additi** to gen**a*ing products *nd services. </line>

<line> Corporate ac*e*era*ion pr**rams allow large corporations *o us* in the*r fav*r the </line>

<line> v**i*us early-stage solutions that emerge d*i*y through *tartu*s *ather th*n *ompeting *ith </line>

</par>

<par>

<line> them, whe*her to imp*ove their *alue proposition, mak* som* </line>

<line> ***cesses m*re efficient, </line>

</par>

<par>

<line> ad* th*m to the portfolio (RIC*TER et **., 2028). According to Ubaniex an* Zur (2021, p. </line>

</par>

<par>

<line> 6), this type of in**rmedia*y is def**e* a* "business mod*ls that o*fer su*p*rt *o *roups </line>

</par>

<par>

<line> **v. FSA, Teresina P*, v. 2*, n. 1, art. 1, p. *-24, Jan. 2025 www4.fsanet.com.br/*evi*ta </line>

</par>

</page>

<page>

<par>

<line> T. I. S*l*a, M. *. C. Bruno, F. N. U. Morag* </line>

</par>

<par>

<line> companies *n initial sta**s of dev*lopment, *** a limited per*o*, *mpl**ing *ccess to desks, </line>

<line> or*en*ation, train*ng and other sp*cific resources of the hos* *ompany." </line>

<line> *e*ble* an* Chesbrough (2015) point out th*t the two parts complement each o*h*r: </line>

<line> the corp*ration has *esources, size, *ower, and rou**nes that enable *t to operate a bus*ne*s </line>

<line> mod*l efficiently. The startup, in t*r*, has organizational agility, promisin* ideas, * </line>

<line> propensity to *a** risks, and an as*ir*tion f** r*pid growt*. </line>

</par>

<par>

<line> It is imp*rtant to no*e that t**re i* a *ifference </line>

<line> be*wee* tr*ditional accelera**rs and </line>

</par>

<par>

<line> corporate a*celerators. The t*ble below cla*ifies t*e m*in differen*es be*ween them: </line>

<line> Table 1 - *om*aring Traditional Accelera*ors and *orporate Acceleration Programs </line>

</par>

<par>

<line> Traditiona* Ac*el*rator </line>

<line> Corporate Accelerator </line>

</par>

<par>

<line> Objectives </line>

<line> F*nancial an* strate**c analysis, knowledge and a*qu*sition </line>

<line> "Compet*t*ve ad*an*age" not ve*y well d*fined </line>

</par>

<par>

<line> Source *f *bjective* </line>

<line> *eter*ined by the *ompany </line>

<line> Det*r*ined b* the *ompany </line>

</par>

<par>

<line> Startup s*age </line>

<line> Initia* stage </line>

</par>

<par>

<line> S*pport types </line>

<line> Resources and network </line>

<line> Resou*ces, *etwork, and experience </line>

</par>

<par>

<line> Support duration </line>

<line> Eig*t weeks </line>

</par>

<par>

<line> Source: A*thor, adapted *rom HEINEM**N, 2015 </line>

<line> Ac*o*ding *o Kohler (2016), *nlike tradit*onal acc*lerators, corporate accele*ation </line>

<line> initiative* ena*le *ore collaboration m*dels be*we*n l*rg* corporations and startups; t*e* ar*: </line>

</par>

<par>

<line> The corp*ration supports a pilo* </line>

<line> company fina*ce* the star*up's </line>

</par>

<par>

<line> dev**opment o* i*novative so*utions and products i**tead of tryi*g to do it </line>

<line> inter*ally. T*is m*del allows companies to ex*l*re inn*vat*on perspectiv*s at * </line>

</par>

<par>

<line> lower cost, in * short** per*o*, **d wit* </line>

<line> les* r*sk. Co*porations can dev*lop </line>

</par>

<par>

<line> products in conjunction with startups, anal*ze ma*ke* opportunities *hrough *tartup*, </line>

<line> or s*lv* business challenge* throu*h technology or the talent of startups. </line>

</par>

<par>

<line> C*rporation becomes a customer: m*tual **nefits result if the startup co*quers the </line>

</par>

<par>

<line> company as a customer and the corporation *inds solution *o its p*obl*m poi**s. a </line>

<line> *ork**g with a l*rge corpo*ation can be essential for startups to test their solutio* </line>

<line> on the market **d sca*e their operat*ons. </line>

</par>

<par>

<line> Corporation becomes a distri*ution **annel: chan*el pa*tners**ps ca* be mutually </line>

<line> benefi*ial, as they pr*vide a joint solution for the c***oration and **e startup. Instead </line>

</par>

<par>

<line> www4.fsanet.com.*r/revista </line>

</par>

</page>

<page>

<par>

<line> A Multiple Case Study of *pen Innov*tion **ograms with Lar*e Corporations and Startups </line>

</par>

<par>

<line> o* building t*eir distribution n*tworks, startup* ca* *ffer their pro*ucts through </line>

<line> compani*s. </line>

</par>

<par>

<line> Corp*rati*ns inv*st in startups: Supporti*g *tartups benefits cor*orations, providing </line>

<line> them with *es* capital nee*ed and m*re incredible speed *ha* *radition*l r*search </line>

<line> and *evelo*ment models and access to n*w *ar*ets an* ca*abilities. A* the same </line>

<line> time, star**ps b*n*fit from fa*ora*le terms ove* conventional ventur* cap*tal </line>

<line> sources. </line>

</par>

<par>

<line> C*rpora*i*n acquires startup: ac*uir*ng startups is a fast and impac*ful w*y t* solve </line>

<line> sp*cific busin*ss problems an* en*er n*w markets. F*r s*a*tups, *he acquisition is an </line>

<line> attract*ve *xit *trat*g*. </line>

<line> To unde*stand why th* corporat*on chose *h* collabora**on model, it is i*portant to </line>

</par>

<par>

<line> analyze *ts objecti*es i* *ts relationship with sta*tups. The **ble below *r*se*ts a </line>

<line> com*a*ati*e analysis of th* corporation's objectives and the rela*ion*hip models </line>

<line> recommende* **r ea*h one. </line>

<line> *igure 4 - Type of i*t*ra*tion recommended according to the objective *f *he </line>

<line> Corporation </line>

</par>

<par>

<line> Source: BONZ*M and NETESS*NE, 20*6 </line>

</par>

<par>

<line> Re*. FSA, Teresina PI, v. 22, n. 1, art. *, p. 3-24, J*n. 202* </line>

<line> www4.fsa*et.com.*r/revista </line>

</par>

</page>

<page>

<par>

</par>

<par>

<line> Analy*ing F*gure *, we can see that the init**tives *f *raditional a*celerat*rs and </line>

<line> incub*tors or mer*ers and acquisitions are t*e ones t*at r*ceive th* most r*co*mendatio*s </line>

</par>

<par>

<line> regardless of *he </line>

<line> corporation's </line>

<line> obje*tive. *owever, *hese initiativ*s also require the </line>

</par>

<par>

<line> si*nifica** comm*tme*t of corporation*' *ime and resources. According to *eible* </line>

</par>

<par>

<line> Chesbrough (2015), compa**es are develo*ing lighter models to engage with startups, </line>

</par>

<par>

<line> *ccelerate **cision-making, *nd </line>

<line> **ve the ability to *ttract, suppor*, a*d r*ta** pr*mine*t </line>

</par>

<par>

</par>

<par>

<line> Corpo*ate a**eleratio* i*it*atives, being g*id*d by *arge corpora*ions, tend </line>

</par>

<par>

<line> the maxi*ization of b*nefit* </line>

<line> for these co*p*nies in *heir relationshi* w*th startups; </line>

</par>

<par>

<line> however, *o* such a r*lationsh*p to be suc*essf**, it i* es*ent*a* *hat the initiativ*s also offer </line>

</par>

<par>

<line> benef*ts to startup*. (BONZOM *nd NETESSI**, </line>

<line> 2016; KOHLER, 2016). Shankar </line>

</par>

<par>

<line> She*herd (*019) es*abli*hed that five dimen*i*ns constitut* *he phenome*on *f corporate </line>

</par>

<par>

<line> a*cel*r*tor*: *denti*ication </line>

<line> of potential companies *or accelerat*on, cor*o*a*e acceleration, </line>

</par>

<par>

<line> *orp**at* development through accelerat*rs, strategic pos*ure, and investm**t time *orizon. </line>

<line> This *tu*y evaluated th* corp*rate ac*eleration progr*m n*t only from the *ersp**tiv* of its </line>

<line> op*ration bu* also **om t*e perspective o* the results ob**ined. </line>

<line> 3 METH*DOLOGY </line>

<line> This article aims to de*ail ho* on* larg* corporati*n ha* done busine*s with diffe*ent </line>

<line> startups in Br*zil thro*gh a co*po**te acceleration *ro**am. Th*s research add**sses a topic </line>

<line> t*at is still recent and *ittle *xplored, *o it is class*fied as ex*loratory, *hose purpos* is "to </line>

</par>

<par>

<line> *ev*lop, c*arify a*d mo**fy c*n*ep*s </line>

<line> and idea*, for*ulate proble*s more precise or </line>

</par>

<par>

<line> searchable hypotheses *or fu*ther studies" (GIL, 2009). In gener*l, re***rch of this na*ure is </line>

<line> used when one wants to know more about a subject that is *ot profound*y stu*ied (H*I* et </line>

</par>

<par>

<line> *l., 2005). Finally, *e </line>

<line> also iden*ify re**vant e*ement* </line>

<line> abou* corporate accelerators a*d the </line>

</par>

<par>

<line> *halleng** they must face to achi*ve th*ir </line>

<line> objecti*es *ithin the open innova*ion actions </line>

</par>

<par>

<line> a*opt*d by l*rge corporations. </line>

</par>

<par>

<line> *h* procedure is charact*rize* as research *ased on secon**ry sources since it is </line>

<line> base* *n ma*erials and *omp*ny recor*s. It is a mul*iple-case stud* f*r study*ng *nteractions </line>

<line> w*th m*re *h*n o*e startup w*thout see*in* com*arati*e o*j*ctives (GIL, 2009; TRIVIÑOS, </line>

</par>

<par>

<line> www4.fs*net.com.*r/revista </line>

</par>

</page>

<page>

<par>

<line> A Multiple Case Study of Open Innov*tion Programs with *arge Corporation* and Startu*s </line>

</par>

<par>

</par>

<par>

<line> Given an op** inn*va*ion *odel and </line>

<line> the d*ffe*ent for** of rela**o*ship between </line>

</par>

<par>

<line> large corporations and startups, both t**get corpor*tion* in this *tudy opted for *n interac*io* </line>

<line> mod** support*d by a thi**-party agent. The author of thi* study represente* the third-party </line>

<line> orga*iza*i*n and was *nvolved in both programs in qu**t*on. </line>

<line> For *onfi**ntiality *easo*s, this study wil* **t p*esent t*e n*mes of *he corporatio*s </line>

</par>

<par>

<line> and **artups. S*ill, it is </line>

<line> neces*ary ** cha*a*ter*ze the organizations so that the r*ade* ha* </line>

</par>

<par>

<line> en*ugh inf**m**i*n to understand t*eir reasons and t*e ***r*c*eristi*s </line>

</par>

<par>

<line> interventio* performed. So*e d*ta from the corporations and sta*tups will be mention*d </line>

<line> below. </line>

<line> Charact*r*za*ion of corpor*tions </line>

<line> Name: Corpor*tion A </line>

<line> Natur*: Priva*e - S.A. </line>

<line> Owner**ip of capital: m*x*d, wit* for*ign centra* *o*troller </line>

<line> Bus*ness secto*: Ret*i* an* Construc**on </line>

<line> Size *nd locat*on: *he company's m*in offic* is i* São *aulo's ca*ital, and factories are in *he </line>

<line> Southea*t and Northea*t r*gions. I* is one of the le*ders i* the co*nt*y's *aints *egment. </line>

<line> N**e: Corpor*tion B </line>

<line> Natur*: Private - S.A. </line>

<line> Ownership of *ap*tal: mixe*, with f*reign *ent*al contro*ler </line>

<line> *usiness se*tor: *etai* </line>

<line> S*ze a*d **ca*ion: T*e **in o*fice is in **o P*ulo, the capital, and w*t* over 1,00* *tores </line>

<line> *pread **ound Brazil, the comp*ny is one of *he leaders *n the retail seg*ent ** the country. </line>

<line> Characterization of st*rt**s </line>

<line> Name: Startup A </line>

<line> *ature: *rivate - L*d. </line>

<line> Ownership *f capital: national </line>

<line> Secto* *f *ctivity: L*gistics </line>

<line> Size *nd location: he*dquar*ers in Belo Horizont*/MG; 5 emp*o*ees. </line>

<line> *ev. FSA, Teresina PI, v. 22, n. 1, *rt. 1, *. 3-24, J*n. 2025 ww*4.fsa*et.c*m.br/r*vista </line>

</par>

</page>

<page>

<par>

<row> T. I. Silva, M. A. *. Bruno, F. N. U. Mora*a </row>

<row> Nam*: Startup B </row>

<row> Owner*hi* of capital: nati*nal </row>

<row> Se**o* *f activity: Technol*gy </row>

<row> Size and locati*n: hea*quar*ers in Recife/PE; 11 empl*yees. </row>

<row> *ame: Startup C </row>

<row> Nature: Pr*vate - Ltd. </row>

<row> Ownersh*p *f capital: n*tio*al </row>

<row> Sec*or o* activit*: Consulti*g </row>

<row> Size and locatio*: headquarters in Belo Ho*izon*e/MG; 6 employees. </row>

<row> N*me: Startup D </row>

<row> Nature: P*ivate - S.A. </row>

<row> Own*r*hip of c*pita*: mixed, na*ional, *nd foreign </row>

<row> Se*tor of a*tivity: T*chnology </row>

<row> Size and *ocat*on: hea*quarters in Port* Alegre/RS; 16 em**oyees. </row>

<row> Name: Startu* E </row>

<row> Nature: Private - Ltd. </row>

<row> Ow*ersh*p of *apital: national </row>

<row> Sector of activity: Logistics </row>

<row> Size and location: h*adquar*ers in Cu*i*iba/PR; 5 employees. </row>

<row> *w*ership ** capital: nati*nal </row>

<row> Secto* o* activit*: Retail </row>

<row> Size an* location: headquarter* *n S*o P*ulo/SP; 6 employ**s. </row>

<row> Name: Startup * </row>

<row> Nature: *riv*te - Ltd. </row>

<row> O*nership of capital: natio*al </row>

<row> Rev. FSA, Tere*ina, v. 22, n. 1, art. 1, p. 3-24, Jan. 20** ww*4.fsanet.c*m.br/re*ist* </row>

</column>

</column>

</par>

</page>

<page>

<par>

<row> A Multiple C*se Stu*y of Ope* Inn*vati*n Programs w*th *arge Corp*ra*ions and *tartups </row>

<row> *ize an* loc*tion: headqu*rte*s in S*o *aulo/PR; 3 employees. </row>

<row> Name: Startu* H </row>

<row> Nature: Private - S.A. </row>

<row> Ow*ers*ip of capital: m*xed, national, and foreign </row>

<row> S*ct*r of activity: Financi*l </row>

<row> Size and location: *eadquarters in Lo*d*n/UK; 3 employe*s. </row>

<row> N*me: Startup I </row>

<row> N*tu*e: Private - S.A. </row>

<row> O*n*rs*ip o* c**it*l: natio*al </row>

<row> Se*tor of activity: Technology </row>

<row> Si*e a*d locatio*: he*dquarters in São Pa***/S*; *7 emp*o*ees. </row>

</column>

</column>

</par>

<par>

<line> T* ac*ieve t*e cor*oration's inn**at*on **je*tives, a corpo*ate a*ce*erati*n model </line>

<line> was adopted. I* this mode*, a relationshi* is built between t*e corpor*tio* and *ne or more </line>

<line> startups for a finite period, *n this case, through an external p*rtne* w*o has experi*nce wit* </line>

</par>

<par>

<line> progr*ms th*ough a stru**ured work model. The co*poration defi*ed the wo*k model </line>

</par>

<par>

<line> evaluati*g its different objectives. </line>

</par>

<par>

<line> of the *rga*izat*on with the p*ogram in q*e*tion, we can </line>

</par>

<par>

<line> mentio* the generati*n of in*ovations with g*eater *gi*i*y s*nce ** d**s not need to fol*ow its </line>

<line> internal *rocess*s; a reduc*i** in the risk linked to the d*velopment of such innov*tions *in*e </line>

</par>

<par>

<line> a partner, the startups, becomes </line>

<line> part of the process and di*u*es the ris* of t*e un*ertak*n*; </line>

</par>

<par>

<line> an* the abi*ity to seek innovative s*lut*ons a** trained te*ms in *he m*rke* in the form of </line>

<line> p*oducts or services *r*m startups and their lean an* specialize* teams. </line>

<line> Th* t** progr*ms, on* for each corporati*n, hap**ned in di***rent year pe*iod*, but </line>

<line> the gene*al process was the s*me. The selection process *or the startups tha* p*rticipated in </line>

<line> the progra* started with a s*rvey *f th* corpor*tion's problems *nd innovation needs, in </line>

<line> whi** u* t* 2* main themes *ere l***ed fo* each cor*oratio*. From t*is li*t, 16 s*a*tup* wer* </line>

<line> shortlisted from a pool of up to 300 **artups for a presentatio* *ay in which each startup had </line>

<line> five minutes to introduce them*e*ves *nd another ten minutes to answ*r questions *sked *y </line>

<line> the c*rp**ations' *overnin* bod*. </line>

<line> Aft*r all the pr*se*tations, the co**oration's board *et for the final deliberations. I* </line>

<line> the case o* Corporation A, four sta*tups (*t***ups A, B, C, and D) were se*ected to *evelop </line>

<line> R*v. FSA, Tere*in* PI, v. 22, n. 1, *rt. 1, p. *-24, Jan. 2025 www4.*sanet.com.br/revista </line>

</par>

</page>

<page>

<par>

<line> T. I. S*lva, M. A. *. Bruno, F. *. U. M*ra*a </line>

</par>

<par>

<line> pr*ject* in the *rogram; Corporat*on B, on the o*h*r hand, selected fiv* *tartups (Startups E, </line>

<line> F, G, H, and I). The four-m**th a*celeratio* cy**e was divided *nto eig** fortnights, and </line>

<line> each fortn*g** was calle* a sprint, s* there were *i*ht acceleration sprints in both progr*ms. </line>

<line> The first sprint aimed *o rai*e the pro***t ide*s that the corporation and th* start*p had for </line>

</par>

<par>

<line> working together. Based on </line>

<line> t*e list of ideas raised, *n effort **s made to assess the e*fort </line>

</par>

<par>

<line> requi*ed *o execute each idea and a cross-check of *h** informa*ion wit* t** pot*ntial bene*it </line>

<line> ge*erated by each one. </line>

<line> The defini*ion of wh*ch **oj*ct wou*d be worked on arose from asse*sing which **ea </line>

<line> *as the mo*t significant *otent*al *enefit an*, i* parallel, *h* l*ast execut*on effort. From this </line>

<line> ana**sis, *riority projects were d*fi*ed, and the n**t *tep **s *he de*ini*ion of *h* validation </line>

<line> project, al*o known in t*e ma*k*t as a "pilo*" or "pr*of of concep*" project f*r validatio*, a </line>

<line> t*eme that was the focus of the *econd sp**nt. At the end of *h* first sprint, all nine s*artups </line>

<line> a** corporations p*esented similar results. </line>

<line> From the s*cond spri*t, ther* *as a simi*ar scen*rio f*r **e startup of each *rogr*m </line>

</par>

<par>

<line> th*t di* not follow t*e *r*ditional accelera*ion </line>

<line> pr**e*s. Corporation A with Startup C and </line>

</par>

<par>

<line> Corporation B wit* Startup F s*opp*d participatin* i* the **an*a*d acce*eration process since </line>

</par>

<par>

<line> the *rioritized opportunity did no* allow *he develo*m**t </line>

<line> *f a *r*o* of concept due to the </line>

</par>

<par>

<line> com**exi*y of th* deliver*ble. Also, Co*porati*n B and *tartup E went o* a different path </line>

</par>

<par>

<line> h*gh level *f </line>

<line> alignment be*ween </line>

<line> the two c*mpani*s. *or the *the* **x </line>

</par>

<par>

<line> startups, the *ilot that wo*ld be devel*ped to validate the s*lution w*s define* in this stage. </line>

<line> Give* the definition of the pi*ot f*r each projec*, the o*her meeti*gs *er* ai*ed at </line>

<line> working on legal and in*egrati*n issues so *hat the s*lutions of s*artups were *ut to the test. </line>

<line> Success i*dicators were d*fine* to monitor *ach proof of c*ncept. *fter *he four mon**s of </line>

<line> ac*eleration, *he resul*s w**e evalu*ted, and t*e next ste*s for the compan* *elationship were </line>

<line> In subsequent research carr*ed ou* by the a*thor wit* the cor*or**ions, i* was shown </line>

</par>

<par>

<line> *or**rations were satisfi*d w*th the pr*cess, the *ay it was c*nducted, a*d </line>

</par>

<par>

<line> results presented by the work with st*rtups. Th* *esults obtained w*th *ach of the s*artups </line>

<line> g*ven six *onth* after the end of *ach **ogra* are *xp*ored **low. </line>

<line> Startup A </line>

<line> Project **amework according to t*e Innovat*on As**rati*n Matri*: *dja*ent </line>

<line> Result: The corporatio* *upports a pilot p*oje*t </line>

<line> Re*. FSA, *eresina, v. 22, n. 1, art. 1, p. 3-24, Jan. 2025 www*.fsanet.com.**/revista </line>

</par>

</page>

<page>

<par>

<line> A Mu*tiple **se *tu** *f Open Inno*ati*n Programs with Lar*e *orporations and Sta**ups </line>

</par>

<par>

<line> Com**nts: Th* corpor*t*on showed interest in the st**tup'* business model, and a pilot </line>

</par>

<par>

<line> *odel just six m**ths agoco*bined with * complex re*ulatory fact*r prove* to be critical </line>

<line> *n a*van*ing the project within *he expected **hedule. Despit* **e delay in completi*g the </line>

<line> pil*t, a long-term re**tionship *a* e*t*blishe*. </line>

<line> S*artup B </line>

<line> *r*ject f*amew*rk according to th* Inn**ation *spiration Ma*rix: Core </line>

<line> Result: The corporati*n supports a pilot proje*t </line>

</par>

<par>

<line> C*mments: The startup d*veloped * *roje** to offer its </line>

<line> t*chnology *olu*ion thr*ugh the </line>

</par>

<par>

<line> corpo*ati*n's po**t* of sale. T*e pi*ot wa* successful, an* </line>

<line> the performance evaluation* wer* </line>

</par>

<par>

<line> sati*factor*; however, due </line>

<line> to a *trategic *ecisi*n by the cor*oration, th* *ro*e*t </line>

</par>

<par>

<line> *iscontin*e*. A lo*g-ter* relatio*s*ip has *et t* be established. </line>

<line> Startu* C </line>

<line> Projec* framework accordi*g to the In*o*ation Aspiratio* *atr*x: Co*e </line>

<line> Result: co*por*tion b*comes a customer </line>

</par>

<par>

<line> *omments: </line>

<line> the initial ideation </line>

<line> p*ocess generated a *ossibility for a project with high added </line>

</par>

<par>

<line> value fo* both *arties. *iven the comp*ex*ty of the solution a*d the i*portance of the produc* </line>

<line> *eliv*red at the end of *he project, the *i*ot/proo* of concept stage s*ill *eeds to be carried *ut </line>

</par>

<par>

<line> in th*s case. A long-term contract was esta*lished in the </line>

<line> ***ond month *f th* accelerati*n </line>

</par>

<par>

<line> cycle, </line>

<line> and the final *o**tion wa* deliv**ed seven *onths aft*r the **gna*ure, that i*, af**r </line>

</par>

<par>

<line> scheduled compl*tion *f the acceleration cy*le. A long-*erm rel*tio*ship has been establ**he*. </line>

</par>

<par>

<line> Startup D </line>

<line> Project framework according to the Innovation Aspira*ion Matrix: Adj*cent </line>

<line> Result: The corpor*tion suppo*ts a pilot proje*t </line>

</par>

<par>

<line> Co*me*ts: The start*p's solution </line>

<line> aroused the interest of the corpor*tion's marketing and </line>

</par>

<par>

<line> customer rela**ons area by off**ing ** au*omated *odel for a proces* th*t the **rp*ration was </line>

<line> *lready c**duct*ng m*n*a*ly. T*e p*lot wa* es*a*lishe* to validate the technology's capa*ity </line>

<line> Rev. FSA, T*resina *I, v. 22, n. 1, art. 1, *. 3-24, Jan. 20*5 www4.fsanet.com.br/revista </line>

</par>

</page>

<page>

<par>

<line> T. *. Si*va, M. A. C. Bruno, F. N. *. Mor*ga </line>

</par>

<par>

<line> t* me** the need, *nd *fter reac*ing the *stablis*ed indicator*, a supply *ontract *n* a </line>

<line> program to i*plement the mod*l were **fined. A lon*-term re*ationship has been establ*s*e*. </line>

<line> Startu* E </line>

<line> Project *ramework accordin* *o t*e Inno*at*o* Aspiration Matr*x: T*ansfo**atio*al </line>

<line> *esult: T*e corporati*n ac**ires the startup </line>

<line> C*mments: the bu*ines* syn**gy between t*e compan*e* wa* evident *t t*e *eginni*g of the </line>

<line> p*ocess, w*ich *s why ac*ivities with the startup were foc*sed *n negotiat*ng it* ac*u*sition *y </line>

<line> *he *orpo*ation *rom the start of the cycle. It took around seven meetings in fo*r *onths *f </line>

</par>

<par>

<line> negoti*tions to rea*h an agre*ment. The corporation </line>

<line> acquire* *he star*up, and t*e founders </line>

</par>

<par>

<line> ***a*e part o* the corpora*ion's g*verning body a*ter the ac*uisition. A long-term </line>

<line> r*lationsh*p *as established. </line>

<line> Startup F </line>

</par>

<par>

<line> *roject </line>

<line> according </line>

<line> Innovat*on </line>

<line> Matrix: </line>

<line> Adjacent </line>

</par>

<par>

<line> Result: corporation beco*es a cust**er </line>

<line> *omments: the init*al ide*tion proce*s gene*a*ed the possibility *f a pr*ject wit* high-*dde* </line>

<line> value for both **rti*s. G*ven *he com*lexi*y o* the *olut*on and the importance ** the product </line>

<line> delivere* at the *nd of *he project, **e pilot/p*oof *f **ncep* stage sti*l *e**s to be *arri** out </line>

<line> *n th*s case. A long-term *ontract w*s estab*i*hed in t*e th*rd month *f *he accelera**on cycle. </line>

</par>

<par>

<line> T*e *in*l so*ution </line>

<line> was delivered ten mont*s *ft*r s*ch sig*ature, af*er t*e scheduled end o* </line>

</par>

<par>

<line> the acce*eration *ycle. A long-te*m rel*ti*nship was establ*shed. </line>

<line> Startup G </line>

<line> Pro**ct f*amework according to the In*ov**ion A*piration Matrix: Adjacen* </line>

<line> Res**t: The corporation *upports a pilot p*oject </line>

<line> Comment*: The corpor*tion s*owed i**erest in t*e startup's busi*ess *odel, and a *ilo* *as </line>

<line> s** up and started. How*ver, the *tar*up's low m*turit*i* had bee* ***rating for onl* six </line>

</par>

<par>

<row> mont*spro*e* to be a c**tical *oint in t*e corporation's assessment of continuing </row>

<row> *roject. * lon*-te** r*lationship still n*e*ed to be established. </row>

<row> Startup H </row>

<row> Project framework according to the Inno*atio* A*p*ration **t*ix: Trans*or*at*o*a* </row>

<row> Result: cor*oration becomes a distribution channel </row>

<row> Rev. FSA, T*resina, *. 2*, n. 1, art. 1, p. 3-24, Jan. 2025 www*.fsanet.com.br/*evi**a </row>

</column>

</column>

</par>

</page>

<page>

<par>

<line> A Multip*e Ca*e Study of Ope* *nnov*t*on Programs with **r*e *orpo*ations and Startu*s </line>

</par>

<par>

<line> Co*ments: The sta*tup *evelope* a proje*t to offer i*s finan*ial tech*ology solution through </line>

</par>

<par>

<line> the co*pora*ion's points o* s**e. The p*lot was </line>

<line> successf*l, and perform*nce evaluations were </line>

</par>

<par>

<line> sat*sfa*tory; however, due *o a s*ra*egic dec*sion by the corp*ration no* to *tta*k a sector </line>

<line> *ut*id* its specialty, the proj*ct w*s dis*ontinu*d. * long-term relationship st*ll neede* to *e </line>

<line> est*b*ished. </line>

<line> Startup I </line>

<line> *roject fr*mework accord*ng to *he Innovation Aspir*tion Matrix: Ad*acent </line>

<line> Resul*: corpor*tion becomes a cu*tomer </line>

</par>

<par>

<line> aroused ***erest in </line>

<line> the *orpor*tion's m*rketing an* </line>

</par>

<par>

<line> intelligence area b*caus* it of**red an aut*mate* model for a manual proce*s th* corporat*o* </line>

<line> was al*ead* c*rr*ing ou*. The pilot was est*b*ished in two of the *orpor*tion's stores. After </line>

</par>

<par>

<line> establ*shed i*dicato*s, a supply </line>

<line> c*ntract an* a program *or implement*ng the </line>

</par>

<par>

<line> model in other stores *ere defi*ed. * long-term rel*tionship was e*tablished. </line>

</par>

<par>

<line> in the list above, four of the </line>

<line> fi*e interaction models betw*en large </line>

</par>

<par>

<line> corporations an* startups proposed by Koh*er (2016) were de*e*oped becaus* o* *he cycles of </line>

<line> the accel*ration p*ograms in questi*n. *he o**y one tha* nee*ed to be i*entified was where </line>

<line> *he corporati*n i*ves** in a *t*r*u*. **ill, given tha* * start*p *as fully acqui*ed by on* of th* </line>

<line> corporati*n*, th** s*enario wa* also addr*s*e*. </line>

<line> One o* the m*st *etail*d works *n the **cto*s that affect the c**r*ct **rformance o* </line>

</par>

<par>

<line> co*por**e a**elerators and p*event </line>

</par>

<par>

<line> Gfr*r*r, *nd *inder (2021), w*ere challenges are </line>

<line> identifi*d wi*hin three </line>

</par>

<par>

<line> development of this type of int*rmedi*ries: the *re*aration phase, the coll*bo*ation phase, </line>

<line> and the r*sults phase. T*is contribution contr*butes s*b*tantially to the und*rstanding of *h* </line>

</par>

<par>

<line> phen*menon, integra*ing the** </line>

<line> had previousl* </line>

</par>

<par>

<line> b*en **udied in **agm**ted way in the l*teratur* li**ed to op*n inno*ation, *ocusing a </line>

<line> exclusively on the design of corporate accelerat*rs *r on** *n the p*ase implementatio* o* </line>

</par>

<par>

<line> *ento*i*g, *onitor*ng, a*d </line>

<line> networ*ing (HUTTER et al., 2021; URBA*I*C *nd *UR, </line>

</par>

<par>

</par>

<par>

<line> Thr*ugh the acceleration **ogr*m, *he co*pora*ions we*e able *o solve some of their </line>

<line> probl*m* with th* help *f startups *nd, m*inl*, man*ged to develo* in*ova*ions that *ere </line>

<line> out*id* the core of its *usiness, someth*ng that was a c**cern of the co*pany since working </line>

<line> in transformational innovatio** internally had already bee* prov*d a *hallenge *or both </line>

</par>

<par>

<line> corpora*ions. The neu*algic </line>

<line> point o* the intermediary role </line>

<line> of cor*orate ac*eler*tors in the </line>

</par>

<par>

<line> w**4.fsanet.co*.*r/revista </line>

</par>

</page>

<page>

<par>

<line> T. I. Silva, M. *. C. Bruno, F. N. U. M*raga </line>

</par>

<par>

<line> str*tegi* management o* t*e *irm'* inn*vation lies in *he abi*ity to dete*t and - in the au*hors' </line>

<line> la*guage - to "nurtur*" valua**e innovations (SHANKAR and **EP*ERD, 201*), al*ng wit* </line>

<line> capturing talents an* resources from the star*ups (*ICHT*R et al., 2*18). </line>

<line> Depending on the accel*ra*i*n *trategy defined, it will allow the co*pora*i*n to </line>

<line> deve*op ca*abilities that cont*ibute t* optimizing actions r*g*rd**g innova*ion manageme*t. </line>

<line> On the one hand, t** corporation may c**o*e to act in a way that integrates emergi*g </line>

</par>

<par>

<line> innovati*ns </line>

<line> through int*raction with st*rt*ps, alignin* them wit* busin*sses alr*a** </line>

</par>

<par>

<line> dev*loped by the large *irm (*UTTER et al., 2021). **om another perspective, co*lab***tion </line>

</par>

<par>

<line> w*t* startups makes it p*ssibl* </line>

<line> to mon*tor and detect emerging innovations that could be </line>

</par>

<par>

<line> considered disrupt**e. </line>

</par>

<par>

<line> 5 CONCLUSION </line>

</par>

<par>

<line> The *o*porations' *nitiatives and *es*lts *al*date that an *ccelerat*on progra* can be a </line>

<line> sig*ific*nt undertaking *o obtain innovation in an agile and diluted *is* mod*l. In addition, </line>

<line> the c*rpo**tio*'s interaction *ith s*artups generat*d less*ns that were only possib** beca*se </line>

<line> it f*cused on m*king *uch inn*vations internally. </line>

<line> Wit* *his wo*k, it was possible to n*tice th*t the *raming *f the project between the </line>

</par>

<par>

<line> large co*poration and startup, a*cor*ing t* the Innova*ion As*iration Matrix, needs *o </line>

</par>

<par>

<line> more decisiv* *or e***blishing a long-term relationship be*ween companie*. Different *roje*ts </line>

</par>

<par>

<line> characterized a* adjacen* and transf*r*ati*nal, f*r example, had diff*re*t </line>

<line> resu*ts after the </line>

</par>

<par>

</par>

<par>

<line> Th* start*p's *aturi*y factor also ha* n* more s*gnifica*t weig*t in defining w*ether </line>

<line> th* *ong-*erm relationship wou*d occur. Startups *ith small **ams h*d long-l**tin* </line>

</par>

<par>

<line> rel*tionships, **ile oth*rs </line>

<line> to build *he same relat*onshipth* </line>

</par>

<par>

<line> The interaction m*del is not decisiv* for perpetuati*g the relationship between large </line>

</par>

<par>

<line> corporati*n* and startups. Indeed, th* </line>

<line> i*teractions in which the corporation *ecam* </line>

</par>

<par>

<line> **sto*e* o* st*rt*ps *ere the most successf*l *n t*e lon* run, but this is expected in </line>

</par>

<par>

<line> commercia* re*ationship between two parties. Int*rsectin* *ith the entre**eneurship </line>

</par>

<par>

<line> *c*system *iterature </line>

<line> contri*ution of *anc a** Messeghem (*020), wh*re </line>

</par>

<par>

<line> dimen*ions *in*ed to *egit*mation, com*etition, **d the f*rmulation o* </line>

<line> busin*s* models are </line>

</par>

<par>

<line> introduc*d i*to the s*rateg*c attributes (*u*tural, social, and **te*i*l) and bo*st*d </line>

</par>

<par>

<line> corpor*te accelerators. In th* authors' view, th** a*e, th**e*ore, *hose t*at shap* *he business </line>

<line> Rev. FSA, Tere*ina, v. 22, n. 1, art. *, p. 3-*4, Jan. 2025 www4.fsanet.com.b*/revista </line>

</par>

</page>

<page>

<par>

<line> A *ul*iple Case St*dy *f Op*n Innov*tion P*ograms with Large Cor*ora*ion* and Sta*tups </line>

</par>

<par>

<line> accelera*or as * *icro-e*osyste* of ent*epre*e*rship: an o*en *ystem l*d by one *r more </line>

<line> actors capable of enhancing t*e *yn**i*s of in*ovatio* and entre*reneurship through </line>

<line> effective interac*ion with the *n*r*pre*eurship e*osystem. </line>

<line> ** is important to note that due to *he limita*io*s establi*hed in this report, *ai*l* th* </line>

</par>

<par>

<line> fact that on*y t** c*rporations wer* </line>

<line> being ana*yzed, addi*ional work on open i*n*vation, </line>

</par>

<par>

<line> number of startups or **th d*ta from more </line>

</par>

<par>

<line> corpora*i*ns, *ould give * new view. Th*s *ork also has a geographic*l limit*tion; that is, a </line>

</par>

<par>

<line> study examining prac*ices i* </line>

<line> other Brazilian region* o* dif*erent countrie* would provide </line>

</par>

<par>

<line> add*tional va*idity f** this work an* indi*at* whether the res*lts can be replicat*d *lsewh*re </line>

<line> or are peculiar to the *ocal contex*. </line>

</par>

<par>

<line> Last but not leas*, t*i* study wa* *ritten from *he perspective </line>

<line> la*ge corporati*n </line>

</par>

<par>

<line> in*ereste* in devel*ping one o* mor* ope* i*novati*n </line>

<line> i*itiative* </line>

<line> with startup*. How*ver, for </line>

</par>

<par>

<line> such * re*ationsh*p *o b* successfu*, it is </line>

<line> essen*i*l that the initiatives al*o offe* ben*fits </line>

</par>

<par>

<line> startups (BONZOM and N**E*SINE, 2016; KOHLER, 201*). F*tu*e s*udies can evaluate </line>

<line> t*is r*lationship from the pers*e*tive of startup*. T*e rese*rch scenario on this type of outside- </line>

</par>

<par>

<line> i* model l*oks *romising, as in the lite**t**e o* recent years, areas are **ill id*ntif*ed </line>

</par>

<par>

<line> co*tinu* expl*ring *he conseq*ences </line>

<line> of this p*enomenon, whether from a </line>

<line> pe*s*ective more </line>

</par>

<par>

<line> focuse* on the processes in p*ogram d*sign, f*om th* ar*a organi*at*o*al, entrepr*ne*r*hip or </line>

<line> inn*v*t*on management in open innovat*on con**xts. </line>

<line> REFE*ENCES </line>

<line> BAGNO, R. B.; SAL**N*, M. S.; SOUZA, W. *; *C*NN*R, G. C. Corporate </line>

</par>

<par>

<line> engagem*nt* wit* startups: ant*c**e*ts, models, </line>

<line> que*t*ons for innovation </line>

</par>

<par>

<line> ma*agement. Product Mana*em*nt & *evelopm*nt, *. 18, n. *, p. 39-52, *0*0. </line>

</par>

<par>

<line> BANC, C.; M*SSEN*HEM, K. Discovering </line>

<line> *he entre*re*eurial micro-*co*ystem: </line>

</par>

<par>

<line> *orpora*e accel*rat*r. Thunderbird Internat*onal Busi*ess Review, </line>

</par>

<par>

<line> *LANK, S.; D*R*, *. The sta*tup owner's ma***l: T*e s*ep-by-step guid* for *ui*ding a </line>

<line> great company. B*okBaby, 2012. </line>

<line> BOGERS, M.; *HESBROUGH H.; MO*DA*, C. Open inno*ation: resear*h, practices, a*d </line>

<line> p*licies. Califo*ni* Manage**n* Review, v. 60, n. 2, p. 5-16, 201*. </line>

<line> BOGERS, M.; *URC*A**H, A.; CHESBROUGH, H. W. Open Innovat*on I* Br*zil: </line>

<line> Explor*ng Opportunities A*d Challenges. Inter*ational Journal of Inn*vation, v. 11, n. 1, </line>

<line> *ev. F*A, Teresina PI, v. 22, n. 1, art. 1, p. 3-2*, Jan. 2025 www4.fsanet.com.br/re*ista </line>

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<par>

<line> T. I. Silva, M. A. C. **uno, F. N. U. Moraga </line>

</par>

<par>

<line> **NZOM, A.; NETESSINE, S. #500CORPORATIONS: H*w do the World\s Biggest </line>

<line> Companies Deal *ith the Startup R*volution?. IN*EA* e 50* Startups. 201*. Available at: </line>

<line> http://69*640.hs-sites.co*/*00cor*o**tions. Access ** 2*23. </line>

<line> **UNSWICKER, S.; CHESB*OUGH, H. The Adoptio* o* Ope* Inn*v*tion *n Large Firms: </line>

</par>

<par>

<line> Practi*e*, Meas*re*, and *isks surv*y of large fi*ms examine* how firms approach *pen * </line>

</par>

<par>

<line> innovatio* strate*ically and ma*age k*o*ledge flows at t*e </line>

<line> pro*ect level. </line>

<line> Research- </line>

</par>

<par>

<line> Technol*g* Management, v. 61, n. 1, *. 35-45, 2018. </line>

</par>

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<line> CHESBRO*GH, H. The *ra of Ope* ***ov*tion. M** Sloa* Manage*ent Review, v. *27, </line>

<line> *HE*B*OUGH, H.; *ANHA*E*BEKE, W.; W*ST, J. Ope* i*novati*n: Resear*hi*g a </line>

<line> ne* pa*adigm. Ox*ord Uni*ersity Pres* on Demand, 20**. </line>

<line> C*ESBR*UGH, H. Open inno*at*o*: Wher* we've b**n and where *e're goin*. Re*earch- </line>

<line> Techno*o*y M*n*gement, *. 55, n. 4, *. 20-*7, 2012. </line>

<line> DRU*KER, P. F. Inovaç** e ***írito *mpreend*d**: *rática e princ*pios. Thomson </line>

<line> Pi*neira: São Paul*, 1986. </line>

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<line> *IL, A. C. M*todos </line>

<line> e *écnicas d* P*s*uis* S*cial. **itora At*as: S*o Paulo, 2009 </line>

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<line> GO**ERS, P.; LERN*R, J. The Venture Capital Revolution. *he Journal of Economic </line>

<line> Perspec*i*es, v. 15, n. 2, p. 145-168, 2001. </line>

<line> HA*R, J. * *t al. Fundamen*o* de Métodos de Pesquisa em Administração. Bookman: Porto </line>

<line> HEINE*A*N, F. Corporat* *cceler*tors: * S**dy on Prevalence, S*onsors*ip, and Strat*g*. </line>

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<par>

<line> HUTTER, </line>

<line> *.; G*REFER, A.; LINDNER, B. *rom </line>

<line> Popular To Pr*fi*able: </line>

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<par>

<line> I*c*mbents\Experien*es And Challe*ge* *ith External Corp*rate Acceler*tors. </line>

<line> Interna*ional Journal o* Innovation Mana*ement, v. 25, n. 3, 2*21. </line>

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<line> JO*A*H, R. S. O v*lor da inov*ção: como as empres*s mais </line>

<line> avançad** at*ngem *lto </line>

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<line> desempenho e *ucratividade. Campus, 2**1. </line>

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<line> KOHLER, *. Corpor*te acce*erators: Building bridges *etween cor*or*tions and startu*s. </line>

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<page>

<par>

</par>

<par>

<line> Cont*ibuição dos Autores </line>

<line> T. I. Silva </line>

<line> F. N. *. Morag* </line>

</par>

<par>

<line> 1) conce*ç*o e pl*nejamento. </line>

</par>

<par>

<line> 2) a*áli** e in*erpr*tação dos da*os. </line>

</par>

<par>

<line> 3) *laboração do rasc*nho ou na revi*ão *rítica do co*teú*o. </line>

</par>

<par>

<line> 4) participação na aprov*ção da *ersão f*n*l d* manuscrito. </line>

</par>

<par>

<line> w*w4.fsanet.com.b*/revista </line>

</par>

</page>

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