杭州润苗基金启动：存续期20年，计划年均投资不少于100个项目

Core Insights - The Hangzhou Runmiao Fund was officially established on November 18, with an initial scale of 2 billion yuan and a duration of 20 years, significantly longer than the typical 8 to 10 years for government-led early-stage science and technology funds in China [2] - The fund focuses on "early investment, small investment, long-term investment, talent investment, and hard technology," aiming to provide early support and the "first investment" for innovative startups [2] - An innovative decision-making model called "expert gatekeeping" and "external greater than internal" has been designed, featuring a 7-member investment decision committee with 4 external experts and 3 internal members to avoid "internal decision inertia" [2] Investment Strategy - The fund targets technology-based startups established for no more than 5 years, with fewer than 100 employees or a valuation under 100 million yuan, specifically those in the R&D or product prototype stage and seeking financing before Series A [3] - The assessment criteria do not solely rely on the profit and loss of individual projects, encouraging teams to "dare to invest early and be willing to accompany" [3] - To lower early financing barriers, the fund offers various flexible investment methods such as common equity, preferred shares, and convertible bonds, without seeking controlling stakes, ensuring funds are genuinely used to support startup teams [3] Project Discovery Mechanism - The fund plans to establish an "open and diverse + intelligent screening" project discovery mechanism, widely soliciting sources from universities, government recommendations, competition winners, high-scoring projects, and self-recommendations [3] - An AI intelligent screening tool called "Runmiao Fund Radar Model" will be utilized, with a target of investing in no less than 100 projects annually [3]