陕西创投协会夏楠：从陕西创投市场看成果转化的八个问题

Core Insights - The transformation of scientific and technological achievements has shifted from being an "add-on" to a "must-have" in the capital market, particularly in Shaanxi, which has rich academic resources but faces challenges in venture capital development [1][2] Group 1: Shaanxi Venture Capital Market - As of August 2024, Shaanxi has 246 registered private fund managers, with 180 focused on equity, indicating stagnation in the venture capital market, which has entered a phase of stock game [3] - The average fund manager in Shaanxi manages 3.92 funds with an average scale of 627 million yuan, and the average fund size is 163 million yuan, all below the national average, reflecting a fragmented venture capital landscape [5] - 102 exit events were recorded, with dividends, equity transfers, and buybacks being the main exit methods, while IPO exits were only 7, aligning with national trends [7] Group 2: Investment Trends - In 2024, Shaanxi added 76 new venture capital funds with a total subscription amount of 19.1 billion yuan, of which state-owned capital-led funds accounted for 46%. There were 287 investment events, slightly lower than 2023, with disclosed investment amounts reaching 8 billion yuan [8] - Notably, 134 investment events were of 10 million yuan or more, making up 63% of the total, indicating a market preference for early to mid-stage projects [8] Group 3: Paths of Technology Transformation - The "Technology Achievement Transformation Law" outlines six methods for transformation: self-transformation, transfer of achievements, licensing, cooperative implementation, equity stake, and technology contract transfer, categorized into two main types: property rights transactions and technology service cooperation [10] - The most common transformation method in Shaanxi is through technology contracts, with nearly 20,000 out of 23,000 technology transactions in 2024 conducted via this method, involving a total amount of nearly 9 billion yuan [12] Group 4: Challenges in Technology Transformation - Eight key issues faced by universities in transforming achievements into IPOs include the stability of patent authorization, compliance with state-owned asset approval, risks of intellectual property disputes, and the legality of research personnel's identities [14][15][16][17][18][19][20][21] - The necessity of establishing a robust management system early on is emphasized to enhance the capitalization ability of enterprises, as 100% of the 42 newly registered IPO companies in Shaanxi since the implementation of the registration system have traces of technology transformation [13][22] Group 5: Opportunities and Future Directions - The exploration in Shaanxi may provide valuable insights for other regions, as the integration of venture capital support is crucial for maximizing the impact of technological innovation [22] - The current landscape indicates a pressing need for the establishment of a knowledge property evaluation system and a more market-oriented technology transaction environment [22]