米磊：硬科技发展最大的短板是科技金融助力不够

Core Viewpoint - The development of hard technology is essential for a healthy economy, which requires a balanced ratio of hard technology, real economy, virtual economy, and finance. The current focus should be on enhancing hard technology development due to an overemphasis on virtual economy in the past [1]. Group 1: Hard Technology Development - Hard technology is identified as the backbone of the economy, while financial support is crucial for its growth. Historical industrial revolutions have shown that technological advancements are often fueled by financial innovations [1]. - There is a call for increasing the proportion of venture capital and long-term capital to support hard technology development, shifting from a debt-based financing model to an equity-based one [1]. Group 2: Investment Challenges - The venture capital (VC) industry in China is facing challenges in fundraising, with a widening gap compared to the U.S. Despite increased state funding leading to a marginal rebound, social capital remains cautious, particularly affecting mid-tier and smaller VC managers [3]. - To encourage long-term capital investment in hard technology, it is suggested that the government adopt a "patient capital" approach, providing tax incentives and substantial support for innovative institutions and their limited partners [4]. Group 3: Role of Technology Finance - Effective technology finance can empower hard technology by entrusting investments to professional institutions, which can enhance capital allocation efficiency. However, the high proportion of government-led funds and various restrictions limit the decision-making flexibility of general partners (GPs) [5]. - The establishment of pilot platforms can facilitate the transformation of technological achievements by addressing common challenges faced by startups, thus reducing the cost of converting research results into production [5]. Group 4: Advice for Entrepreneurs - Entrepreneurs in hard technology should focus on their core business and strive for excellence without overextending themselves. A specialized post-investment service system has been created to support entrepreneurs in their transition from scientists to business leaders [6].