广州探索促进科技成果转化新模式：财政资金由“无偿资助”转向“股权投资”

Core Viewpoint - The "first investment then equity" pilot program is seen as a funding tool, signaling system, empowerment framework, and ecological catalyst for the Hong Kong University of Science and Technology (Guangzhou) [1] Group 1: Policy and Implementation - Guangzhou has introduced the "Guangzhou Technology Achievement Transformation 'Supplementary Reform Investment' Pilot Work Method (Trial)" to address the lack of investment in early-stage technology projects by leveraging government funds to attract social capital [1][2] - The "first investment then equity" model aims to support early-stage technology projects from universities and research institutions that have not yet secured equity financing, with government funds matched 1:1 by transformation partners [2][3] - The "Supplementary Reform Investment" model will convert 100 million yuan from the Guangzhou Innovation and Entrepreneurship Competition into equity investments for award-winning companies, providing 2 million yuan in equity investment to those in need of financing [2] Group 2: Financial Mechanisms and Support - The "Supplementary Reform Investment" funds can be held long-term or exited through agreements, with proceeds prioritized for reinvestment, creating a sustainable funding cycle [3] - The initiative emphasizes a "tolerance for failure" mechanism, allowing for normal investment risks without penalizing based on individual project performance [2][3] - Guangzhou plans to allocate no less than 15% of its annual technology innovation development special funds for "Supplementary Reform Investment" work over the next three years, aiming to stimulate innovation [5] Group 3: Collaboration and Outcomes - The collaboration between the Guangzhou Science and Technology Bureau and the Hong Kong University of Science and Technology (Guangzhou) has initiated a pilot cooperation of 30 million yuan, establishing a clear workflow among the university, government, and market institutions [3] - The "first investment then equity" policy has led to significant positive changes, providing clarity for nascent projects and encouraging alumni to engage in entrepreneurial initiatives [3] - A total of 106 quality projects have been submitted for review under the first round of entrepreneurial projects at the Hong Kong University of Science and Technology (Guangzhou) [3]