移栽大树，还是孕育种子？杭州润苗基金押注“最初一公里”

Core Insights - The article discusses the establishment of the Hangzhou Runmiao Fund, which focuses on early-stage investments in technology startups, aiming to foster innovation and support the growth of the local tech ecosystem [1][2]. Group 1: Fund Overview - The Runmiao Fund has an initial scale of 2 billion yuan and a long duration of 20 years, emphasizing early, small, long-term investments in talent and hard technology [1]. - It is part of the broader "Runmiao Plan," which aims to reshape Hangzhou's innovation ecosystem by covering the entire lifecycle of enterprises, from small tech firms to leading technology companies [2][3]. Group 2: Investment Strategy - The fund targets "seed" and "good seedling" enterprises, defined as tech startups established within five years, with fewer than 100 employees and revenue not exceeding 20 million yuan [4]. - The investment strategy includes a focus on companies with significant R&D expenditures, aiming to provide the first investment before the A-round financing [5][6]. Group 3: Goals and Metrics - The Runmiao Plan aims to cultivate 50,000 tech SMEs, 3,000 "good seedlings," 20,000 high-tech enterprises, 300 "new eagles," and 100 leading tech companies by 2027, creating a pyramid structure of enterprises [3]. Group 4: Decision-Making and Governance - The fund's decision-making committee consists of seven members, with four external experts, shifting the focus from internal to expert-led decision-making [6][7]. - The fund will not evaluate based solely on individual project profits, allowing for a more flexible and supportive investment environment [7][8]. Group 5: Long-Term Vision - The Runmiao Fund represents a shift in Hangzhou's approach to innovation, prioritizing long-term ecological growth over immediate returns, and fostering a culture that embraces failure and encourages experimentation [8][9]. - The city aims to create a vibrant innovation ecosystem akin to a tropical rainforest, emphasizing patience and support for startups in their early stages [9].