田轩：激励科技创新，需要有包容个性和容忍失败的氛围

Core Viewpoint - The "14th Five-Year Plan" emphasizes the need for China to accelerate high-level technological self-reliance and lead the development of new quality productivity, driven by both internal and external factors [1] Micro Level - To stimulate technological innovation and develop new quality productivity, a tolerant environment that embraces individuality and accepts failure is essential [3][4] - Characteristics of successful entrepreneurs include being young, driven, imaginative, and persistent, but also having traits that may be seen as negative, such as being unconventional and difficult to work with [4] - Early-stage venture capital is crucial for driving new quality productivity, but the shorter lifespan of Chinese private equity funds (5-7 years) compared to U.S. funds (10-12 years) limits investment in early-stage projects [5] Medium Level - A "not overly active" secondary market is necessary to allow tech companies to focus on long-term innovation without the pressure of short-term performance [7][9] - Mechanisms such as anti-takeover provisions can help protect companies from hostile takeovers, allowing founders to concentrate on long-term goals [8][9] Macro Level - A stable macro policy environment and a sound legal framework are vital for encouraging technological innovation [10][11] - Countries with better investor protection tend to have higher R&D income and investment efficiency, while stable and consistent policies foster a conducive environment for innovation [11]