广州宣布接受单项目100%亏损，把给科创企业的补贴变为投资

Core Viewpoint - Guangzhou is actively developing a "Guangzhou model" for the transformation of scientific and technological achievements, emphasizing a "tolerant of failure" approach to foster innovation and support for startups [1][2]. Group 1: Policy Framework - The "Work Method" released on January 15 aims to address the challenges in the initial stages of technology transfer, particularly the high risks involved [1]. - The framework establishes a long-term governance system that encourages a "tolerant of failure" principle, ensuring that financial losses do not impact the assessment of responsible departments and personnel [1][6]. - It allows for a 100% loss on individual projects without accountability, and overall investment losses of up to 80% are tolerated without repercussions for involved parties [1]. Group 2: Investment Strategy - The "补改投" initiative focuses on sectors such as artificial intelligence, biomedicine, and low-altitude economy, aiming to shift fiscal support from "blood transfusion" to enabling companies to "self-generate" [2]. - Investment methods include direct fiscal investment, government investment funds, and a "first invest, then equity" model, with the government holding no more than 30% equity in projects [2]. - The initiative is designed to leverage fiscal funds to attract social capital, with a goal of achieving a multiplier effect of over three times [2]. Group 3: Implementation and Impact - The Guangzhou Science and Technology Bureau plans to allocate at least 15% of its annual special funds for technology innovation to support the "补改投" initiative over the next three years [3]. - The 2025 Guangzhou Science and Technology Innovation and Entrepreneurship Competition will feature a total prize pool of 200 million yuan, with a focus on supporting startups that have not previously received equity financing [3][4]. - The "first invest, then equity" model is expected to enhance the entrepreneurial environment within universities, encouraging alumni to return and contribute to startup projects [4].