Core Viewpoint - The reliance on commercial banks for supporting technological innovation has limitations due to the uncertainty in technology development and the banks' preference for predictable returns [3][4]. Group 1: Financial Support for Technological Innovation - Technological innovation requires long-term funding, while commercial banks typically provide short-term loans, often favoring larger amounts for shorter durations [3]. - Different stages of technological innovation, from seed to decline, require tailored financial services, with government grants and angel investments needed in the seed stage, followed by PE/VC in the startup phase, and commercial bank support in the growth phase [3][4]. Group 2: Role of Direct Financing - Direct financing, primarily through stock markets, is more aligned with the needs of technological innovation compared to bank loans [4]. Group 3: Enhancing Equity Investment - There is a need to improve the service levels of the Sci-Tech Innovation Board and the Growth Enterprise Market for innovative companies, alongside promoting venture capital development [5]. - Recent policies encouraging the establishment of national venture capital guiding funds are beneficial for the entire fundraising process [5]. Group 4: Addressing Exit Challenges for Venture Capital - Sole reliance on IPOs for venture capital exits is insufficient; there is a need to develop the mergers and acquisitions market to facilitate exits [6]. - Establishing market-oriented acquisition funds is essential to address the exit difficulties faced by venture capital [6].