A team from online consumer company Buscapé, co-led by its general counsel, and leading law school FGV have created a project in Brazil to tackle the legal obstacles to innovation, particularly in the technology industry. Clare Bolton reportsEvery young company in Brazil faces legal hurdles, but tech start-ups, who often seek seed or venture capital cash from abroad, probably even more so. “It was very difficult explaining to an investor from the US that if he invests R$1, his risk is infinite – in the US, there’s a limit, but here no,” says Romero Rodrigues, co-founder of price comparison site Buscapé. Even more so within the typical structure of internet start-ups: “If the choice for an enemy of the company is to go after three students or a fat cat, he’ll choose the fat cat...”
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