对话杭州资本孙刚锋：耐心资本的关键是态度而非时间

Core Viewpoint - The article discusses the emergence of Hangzhou as a significant player in the venture capital market, particularly through the success of the "Six Little Dragons" and the transformation of state-owned capital into a builder of innovation ecosystems [4][6][7]. Group 1: Hangzhou's Rise in Venture Capital - Since 2025, Hangzhou has gained attention in the venture capital market, with several tech companies emerging in fields like artificial intelligence and brain-machine interfaces [4]. - The success of Hangzhou is attributed to its historical development of private economy, mature city management, and a conducive innovation ecosystem [6][7]. - The "Six Little Dragons" are not recent successes but the result of nearly a decade of development, indicating a long-term investment strategy [10][11]. Group 2: Role of State-Owned Capital - State-owned capital in Hangzhou has evolved from being a mere capital provider to an active participant in building an innovation ecosystem [6][12]. - The government’s role in venture capital has been debated, with a focus on whether it is necessary given the vibrancy of the private market [13]. - The establishment of Hangzhou Capital aimed to create a nurturing environment for innovation and entrepreneurship, emphasizing the importance of increasing investment opportunities [14][15]. Group 3: Investment Strategy and Focus - Hangzhou Capital's investment strategy includes early-stage investments and a focus on hard technology sectors such as smart IoT, biomedicine, high-end equipment, new materials, and green energy [23]. - The success rate of early-stage projects under Hangzhou Capital is reported to be over 50% for follow-on financing [21]. - The decision-making process in state-owned capital investment emphasizes a balanced team approach rather than relying on key individuals [26][27]. Group 4: Market Environment and Regulatory Framework - The regulatory environment in Zhejiang is noted for its effective balance, which has been shaped by the long-standing development of the private economy [31]. - State-owned capital is encouraged to invest based on the willingness of enterprises to settle in the city rather than purely for招商 (investment attraction) purposes [29]. - The article highlights the importance of understanding the unique characteristics of each city's business environment, with Hangzhou being particularly favorable for innovation [31].