This work aims at providing a better understanding of the relations of venture capital agents with entrepreneurs of small- and medium-sized technology-based firms by studying their expectations. The study used qualitative, multiple-case research method, predominantly following the precepts of Eisenhardt (1989). Data collection was done through analysis of documents and semi-structured in-depth interviews with FINEP and São Paulo Angels (SPA) agents. Data analysis followed intra-and inter-case steps (Miles and Huberman, 1994). The results indicate that FINEP agents' expectations for entrepreneurs who benefit from venture capital are compliance with deadlines established, development of the items specified in the approved project (prototype, product, etc.), generation of innovations that benefit society, and development of business management knowledge and practice. SPA agents' expectations are that entrepreneurs have high motivation and passion in relation to the business, work ethically and according to the law, and maintain a very good relationship with SPA agents to achieve solid results.