Core Viewpoint - The "Invest First, Equity Later" model is becoming a significant method for promoting the transformation of scientific and technological achievements and attracting investment, addressing the limitations of traditional financing methods in matching the needs of early-stage technology projects [1][2]. Group 1: Fiscal Support for Technology Transformation - In 2023, national fiscal science and technology expenditure reached nearly 1.2 trillion yuan, with local fiscal technology expenditure accounting for over 66% [2]. - Traditional subsidy models face challenges such as information asymmetry, low fund utilization efficiency, and insufficient motivation for transformation [2][3]. - Various forms of fiscal subsidy mechanisms have been established to stimulate R&D investment and the vitality of technology transformation [3]. Group 2: Types of Subsidy Funds - Subsidy funds include pre-subsidy, post-subsidy, and reward subsidies, differing in timing, basis, and purpose [4]. Group 3: Limitations of Subsidy Funds - Pre-subsidy funds lack flexibility in usage, often requiring strict adherence to predetermined plans, which may not adapt to market changes [8]. - The "scattergun" approach in subsidy distribution leads to insufficient targeting and precision in funding allocation [9][10]. - Current subsidy policies favor larger enterprises, leaving small and medium-sized enterprises with limited support [11]. - Subsidy funds often lack long-term support and empowerment for projects [14]. Group 4: Fund Investment - Fund investment enhances market-oriented operations and provides more precise support for high-potential projects, especially benefiting small technology enterprises [15]. - Fund investment offers flexibility in fund allocation, professional project selection, and additional support services [16]. Group 5: Limitations of Fund Investment - Local fiscal conditions significantly impact the support capacity of fund investments, with a notable decline in local government fund budgets [17]. - The lack of comprehensive due diligence and liability exemption clauses reduces the enthusiasm of all parties involved [18]. - Low participation from social capital complicates the establishment of early-stage funds [20]. - Performance evaluation and fund duration constraints limit long-term support for early-stage projects [21]. Group 6: "Invest First, Equity Later" Model - This model focuses on "technology-rich, capital-poor" startups, providing phased support for transforming research achievements into productive forces [22]. - The model allows for a sustainable cycle of fiscal fund usage, enhancing efficiency and management oversight throughout the enterprise lifecycle [22][23]. Group 7: Implementation of the Model - The operational process of the model is divided into project initiation, implementation, and equity management stages, creating a closed-loop management system [26]. - The project initiation phase is primarily managed by technology departments, while investment entities handle fund disbursement and project evaluation [27][32]. Group 8: Recommendations for Promoting the Model - Utilize existing subsidy funds as pilot funding sources to alleviate fiscal pressure [36][37]. - Clearly define responsibilities between technology departments and market-oriented investment institutions to enhance operational efficiency [38][39]. - Establish a mechanism for rolling support from exit profits to improve fund utilization efficiency [40][41]. - Implement due diligence and audit supervision systems to stimulate participation from all stakeholders [44].

Core Viewpoint - The article highlights the significant increase in financial support for technological innovation in China, showcasing successful case studies of companies benefiting from government funding and innovative financial models like "first investment, then equity" to overcome funding challenges in research and development [1][3][4]. Group 1: Financial Support and Innovation - In 2024, a company in Shandong received 5 million yuan in "first investment, then equity" support, leading to a 100% increase in sales revenue, reaching 48.04 million yuan [4]. - The Shandong provincial government has invested 3.4 billion yuan in 2024 to support over 1,000 high-growth small and medium-sized enterprises, aiming to enhance their innovation capabilities [4]. - Since 2020, Shandong has invested 4.77 billion yuan in over 300 projects, leveraging social capital by more than three times through various investment methods [4]. Group 2: Technological Breakthroughs - Chongqing's Jin Feng Laboratory developed a leading multi-immune fluorescence scanning system with a startup fund of 7 million yuan, achieving a 90% improvement in detection efficiency [1][12]. - The laboratory has produced several innovative technologies, including a smart tissue sampling and analysis system, significantly reducing analysis time by 70% and improving accuracy by 50% [12][13]. - The company, Guoce Shizha Technology, has received 39.92 million yuan in government funding over two years, enabling the development of high-precision measurement sensors [5][8]. Group 3: Policy Innovations - Chongqing has shifted from providing subsidies to project-specific funding, with major projects receiving between 10 million to 30 million yuan, ensuring funds are used effectively [9]. - The city has implemented a project-based funding model, requiring companies to sign task agreements that outline research content, fund usage, and performance goals [9]. - The Jin Feng Laboratory's funding is shared between municipal and district finances, with a total investment of 1 billion yuan planned during the 14th Five-Year Plan period [13].