“耐心”何为：政府引导基金与金融机构共探科创支持新路径

Core Insights - The event "Scientists Meet Investors" highlighted the collaboration between government-guided funds, state-owned platforms, and financial institutions to support technology innovation and commercialization [1] Group 1: Government Guidance Funds - Government-guided funds are essential for addressing the financing challenges faced by early-stage technology companies, particularly in overcoming the "valley of death" [2] - The investment ratio for venture capital funds has increased from 40% to 50%, and for seed and angel funds, it can reach 60%, helping to mitigate risks for market-oriented institutions [2] - The duration of early-stage funds has been extended from 10 years to 15 years, aligning with the call for patient capital [2] - A new mechanism for due diligence exemption is being developed to facilitate investment [2] - The establishment of a Technology Innovation Investment Alliance in Shaanxi aims to enhance collaboration among government, universities, and financial institutions [2] Group 2: Commercial Banks - Commercial banks are innovating to address the challenges faced by technology enterprises, including the development of an intelligent evaluation model for tech companies [3] - A new credit model focuses on patents, R&D, and founding teams rather than traditional financial metrics, leading to products like tech acquisition loans and R&D loans [3] - The creation of a unique equity valuation model allows for quick assessment of company valuations across 37 industries [3] Group 3: Local State-Owned Assets - Local state-owned platforms have built comprehensive ecosystems supporting over 660 tech companies, with a focus on early-stage startups [4] - Collaboration with universities has led to significant support for technology transfer projects [4] - Balancing long-term investments with annual performance pressures remains a key challenge for state-owned platforms [4] Group 4: Investment Insights - Investment strategies have shifted towards early-stage technology transfer projects, emphasizing the need for investors to engage directly with labs and competitors [5] - The cultivation of entrepreneurial spirit among university faculty is crucial for successful technology commercialization [5] Group 5: Conclusion - A consensus emerged that technology commercialization requires not only patient capital but also a supportive ecosystem that embraces innovation and risk [6] - Effective collaboration among government funds, state-owned platforms, commercial banks, and professional investors is vital for overcoming the challenges in technology transfer [6]