广州“补改投”试点：优化财政投入 引导社会资本跟进 赋能科技成果转化落地

Core Viewpoint - The article discusses Guangzhou's initiative to support technology startups in overcoming the "valley of death" through innovative funding mechanisms, particularly the "补改投" model, which transforms government funding from grants to equity investments [2][4][5]. Group 1: Government Initiatives - Guangzhou has approved the "补改投" pilot program to optimize fiscal funding and attract diverse social capital to support technology transfer projects [4]. - The "先投后股" model allows for initial government funding to be converted into equity once certain conditions are met, promoting a shift from grants to equity investments [5]. - The program aims to create a "Guangzhou model" for technology transfer, encouraging a culture of entrepreneurship within educational institutions [5]. Group 2: Financial Ecosystem - Guangzhou is developing a comprehensive technology finance ecosystem, establishing various funds totaling 2.15 trillion yuan (approximately 150 billion USD) to support early-stage innovation [7]. - The government-led funds have successfully attracted significant social capital, achieving a leverage effect of 7.78 times, with 45 sub-funds established and a total of 286.59 billion yuan (approximately 41.5 billion USD) in committed capital [7]. - The "创、投、贷、保、服" model integrates creation, investment, lending, insurance, and services to empower technology enterprises [7]. Group 3: Support for Startups - The "补改投" model also includes support for award-winning projects from local innovation competitions, converting 100 million yuan (approximately 14.5 million USD) in subsidies into equity investments for startups [5]. - The establishment of a credit risk fund pool aims to reduce the stringent conditions previously imposed on startups by investors, allowing for more flexible investment opportunities [8]. - Guangzhou is actively facilitating connections between enterprises and multi-tiered capital markets, promoting actions to support industry leaders and expedite the listing process for promising companies [8].