SUMMARY
The aim of this paper is to investigate the trajectories of two Brazilian start-up companies dedicated to R&D (Research and Development) in biotechnology: Alellyx and CanaVialis. Both are cases of academic spin-offs from Projeto Genoma, created by Fapesp (Fundação de Amparo à Pesquisa do Estado de São Paulo); matured in VNN (Votorantim Novos Negócios), the new business incubator of Votorantim Group S/A, one of the largest Brazilian businesses in commodities; and finally sold to the multinational Monsanto. This study attempted to understand the rationale and advantages of the various corporate investments and public policies in aimed at biotechnology in Brazil's agricultural sector. This work uses the case study methodology, specifically the analysis of the two companies described above. The results show that although the main objective of the economic group is the rapid recovery of invested capital and financial returns, the corporate affiliation of these companies has stimulated a set of capabilities for enterprise management in Alellyx and CanaVialis, which were critical for the maturation of the businesses. It also shows the importance of the contribution of resources through the support mechanisms of the national innovation system.