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 article emphasizes the need for China to accelerate high-level technological self-reliance and develop new quality productivity to adapt to potential medium-speed economic growth and enhance innovation capabilities in international competition [1]. Micro Level - A supportive environment that embraces individuality and tolerates failure is essential for stimulating technological innovation. Characteristics of successful entrepreneurs include being young, driven, imaginative, and persistent, but also having traits like being unconventional and skeptical, which can lead to innovative breakthroughs [2]. - State-owned capital is seen as patient capital focused on long-term returns, but the evaluation mechanisms for state-owned investments need optimization to reduce risk aversion and encourage early-stage investments [2][3]. Medium Level - New venture capital organizational forms, such as Corporate Venture Capital (CVC), are crucial for developing new quality productivity. CVC differs from traditional venture capital as it is funded by parent companies, which can enhance long-term innovation and success rates, although it may face challenges related to independence and potential conflicts between strategic and financial returns [4]. Macro Level - A stable macro policy orientation is necessary for fostering new quality productivity. A less aggressive secondary market is recommended to provide a quieter environment for tech companies, allowing them to focus on long-term innovation without the pressure of short-term performance expectations [5][6]. - Long-term institutional investors play a significant role in supporting tech companies by providing oversight and protection during crises, which can enhance innovation efficiency and quality [6]. - A sound legal environment and stable macro policies are critical for encouraging technological innovation. Policy instability can negatively impact innovation, highlighting the need for consistent and predictable policies to form stable market expectations [7].