Over the past few weeks and months, the country has seen positive headlines for large deals, venture fundraising and corporate innovation initiatives.

There seems to be a moot point about how much the macro political and economic environment should or could impact the innovation capital ecosystem. Judging by resilient venture capital funding levels in places such as Brazil it would appear to be relatively little.

While Russia’s venture capital market has fallen sharply in the face of headwinds after the fall in the oil price and economic sanctions, Brazil has been more resilient in entrepreneurial finance.

Brazil has the…