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ABSTRACT: This paper is devoted to answering two questions. First, as to how the antitrust authorities should consider knowledge-based startups or the acquisition of young innovative firms. Second, what the current institutional challenges in this topic are. We looked at the antitrust theoretical debate and examined two recent merger cases of the ICT industry in the United States and in the European Union in order to extract insights about these questions. In addition, we briefly explored the Brazilian institutional framework to propose an agenda in terms of policies and academic research for this country. We sustain that market shares are not an accurate proxy for market power considering the possibility of being successful in terms of innovation strategies; they can be highly volatile or might not appropriately show the firm’s potential in the process of competition by innovation. There are important contributions that present general principles concerning the incentives to innovate post-merger. Nevertheless, they were designed to encompass all kind of merger effects on innovation and still there are no well-defined procedures in the international or national scenario. Regarding startups and young firms, some issues are addressed: the small or even non-existent market share and the importance of identifying the buyer and their changes in incentives to maintain the innovation path are some characteristics that make the analyses even more complex. There are relevant gaps for the antitrust authorities, since submission thresholds are mainly based on companies’ revenues. The introduction of additional thresholds for the value of transaction and a better interaction between innovation and competition policies may be a starting point. KEYWORDS: antitrust; competition policy; startups; young enterprises; innovation.  RESUMO: Este artigo se dedica a responder duas questoes. Primeiro, como as autoridades antitruste deveriam considerar startups de base tecnologica ou aquisicoes de empresas inovadoras jovens. Em segundo lugar, quais sao os desafios institucionais atuais neste topico. Analisamos o debate teorico antitruste e examinamos casos recentes de fusoes ou aquisicoes nos Estados Unidos e na Uniao Europeia para extrair algumas ideias sobre essas questoes. Alem disso, exploramos brevemente a estrutura brasileira para tracar uma agenda politica e academica nesse pais. Sustentamos que as participacoes de mercado nao sao uma proxy precisa para o poder de mercado, considerando a capacidade de sucesso em estrategias de inovacao; elas podem ser altamente volateis ou podem nao mostrar apropriadamente o potencial da empresa na competicao por inovacao. Vemos que ha contribuicoes importantes na busca por principios gerais sobre os incentivos para inovar apos a fusao. Entretanto, esses principios foram criados de modo a dar conta de todos os tipos de efeitos na inovacao provenientes de fusoes, e ainda nao ha procedimentos bem definidos no cenario internacional ou nacional. Para o caso de startups ou empresas jovens, levantamos algumas questoes a serem abordadas: a reduzida ou inexistente participacao de mercado e a importância de identificar o comprador e possiveis mudancas nos seus incentivos para manter o caminho da inovacao sao algumas especificidades que tornam as analises ainda mais complexas. Existem lacunas relevantes para as autoridades antitruste, pois os limites de apresentacao baseiam-se principalmente nas receitas das empresas. A introducao de limites adicionais para o valor da transacao e uma melhor interacao entre a inovacao e as politicas de concorrencia podem ser um ponto de partida. PALAVRAS-CHAVE: antitruste; defesa da concorrencia; startups; empresas jovens; inovacao.

STARTUPS AND YOUNG INNOVATIVE FIRMS MERGERS & ACQUISITIONS: AN ANTITRUST DEBATE? LESSONS FROM THE ICT TECNO-ECONOMIC PARADIGM