Title: A regulamentação do investimento-anjo e o propósito de incentivo à inovação nas pequenas empresas brasileiras
Abstract: This study seeks to investigate the compatibility between the regulation of angel investing in Brazil and the purpose of stimulating innovation in small businesses.To this end, we choose the theoretical-dogmatic research, using Critical Theory as the theoretical basis for the study, especially the teachings of Max Horkheimer.The angel investor plays a fundamental role in the development of innovation in the country, as it supports the small technology-based company in its early stage, a phase in which a considerable risk of business failures.He doesn't only meet the demand for financial resources, caused by the difficulty of these companies to access the traditional means of obtaining credit, as he also contributes with his knowledge, experience, network, and mentoring, which are essential to increase the chances of success in the business.Although its relevance, only in 2016 the angel investment started to be regulated in Brazil through the Complementary Law nº 155/2016 and, in the following year, with the edition of the Normative Instruction nº 1.719/2017 of the Federal Revenue.By this, it was intended to create a safer and more favorable environment for the performance of these agents to ensure the growth of angel investment and, consequently, reduce one of the main limitations of innovation development in the country: the access of small innovative companies to external sources of financing.In the end, we verify that the Complementary Law nº 155/2016 and the Normative Instruction nº 1.719/2017 of the Federal Revenue do not accomplish the purpose of stimulating innovation in the small companies.On the opposite, by hindering the growth of angel investing, the regulation also compromises the development potential of startups, reinforcing the subordination dynamics of small companies to the big capital.