“不以单个项目成败论英雄”：创投考核逻辑重塑，投后赋能常态化

Core Viewpoint - The venture capital industry is undergoing a shift in assessment logic, moving from evaluating individual project success to focusing on overall effectiveness and post-investment empowerment, as indicated by recent guidelines from the National Development and Reform Commission [1][4][11] Group 1: Changes in Assessment Logic - The assessment criteria for government investment funds are being recalibrated to reflect the long-term capabilities of institutions rather than short-term project outcomes [3][4] - The previous short assessment cycles are being replaced with a focus on overall effectiveness and post-investment support, acknowledging the extended project cycles in the venture capital market [3][4] - The new assessment framework aims to reduce the emphasis on individual project performance and instead evaluate the institution's ability to create sustainable value over time [4][11] Group 2: Institutional and Policy Adjustments - The adjustment in assessment logic is not only a regulatory change but also a response to deeper shifts in the industrial environment and capital structure, which are reshaping the role of venture capital institutions [5][7] - As state-owned capital increases in the funding structure, venture capital is expected to contribute not only to financial returns but also to national strategies and industrial upgrades [7][11] - Local governments are aligning their policies with these changes, emphasizing collaboration with investment institutions to enhance the innovation ecosystem [10][11] Group 3: Practical Implications for Venture Capital - Venture capital institutions are increasingly adopting a holistic approach to investment, focusing on long-term value creation rather than short-term financial returns [6][8] - The practice of post-investment empowerment is becoming a critical component of venture capital strategies, particularly in the early-stage technology investment sector [8][9] - Successful models, such as the "hard technology champion enterprise entrepreneurship camp," illustrate the importance of providing comprehensive support to entrepreneurs beyond initial funding [9][10] Group 4: Local Government Initiatives - Local governments are enhancing their innovation ecosystems by building collaborative frameworks with investment institutions and technical service providers [10] - The focus has shifted from merely providing space for projects to ensuring that companies can validate, transform, and grow within the local environment [10][11] - The integration of venture capital institutions into regional innovation systems is becoming essential for fostering innovation-driven industrial clusters [10][11]