Common clauses used in investment contracts of Brazilian startups

The Brazilian investment promotion initiative just published a thought-provoking study about common clauses in contracts between investors and Brazilian startups. 

It seems to me that Brazilian startups are still a bit naive. Those are rookie numbers. 

What do you think?

What to expect in a typical investment contract? Research conducted by HBS Alumni Angels of Brazil into 64 innovative Brazilian corporations shows the most common clauses used in investment contracts between investors and startups.

About APEX:

Invest in Brasil is the brand that identifies the investment promotion initiatives of Apex-Brasil - the Brazilian Trade and Investment Promotion Agency -, whose mission is to develop the competitiveness of Brazilian companies, promoting the internationalization of their operations and the attraction of foreign direct investment (FDI).

INVESTMENT VISA IN BRAZIL - 2017

As of 2017, the standard investiment visa requires the investor to incorporate a company in Brazil, or to join any existing company in Brazil, and invest at least 500,000.00 BRL (about 150,000.00 USD). 

In this case, to invest means to transfer money. The government does not require that the money be used specifically for the purchase of machinery or for any other purpose. In general,  they will evaluate the project`s potential to generate jobs and to pay for services provided by Brazilians

There is an exception for tech companies. 

Investments in technology may be as low as 60,000.00 USD, depending on the relevance of the technology. In this case, the company receiving the investment and asking for the visa must:

a)  be located in one of Brazil`s tech parks, or connected to a Brazilian official startup program; or

b) prove that the technology will be relevant for the development of the Brazilian technology ecosystem. For example, that it will improve Brazilian manufacturing capabilities or have a positive impact in the consumer market.