Core Viewpoint - The "Action Plan" aims to promote high-quality development of venture capital in Shandong Province, targeting an annual growth of over 10% in venture capital investment by the end of 2027, with a management scale exceeding 4 trillion yuan and a focus on early-stage and technology investments [1][2]. Group 1: Action Plan Highlights - The plan includes comprehensive measures for fundraising, investment, management, and exit strategies, with notable incentives for venture capital institutions [2]. - A risk subsidy of 20% on actual investment losses will be provided to venture capital institutions investing in early-stage technology companies for over two years, with a maximum subsidy of 3 million yuan per project and 600 million yuan per institution annually [2][3]. Group 2: Risk Mitigation and Evaluation - The initiative aims to alleviate the investment hesitation of institutions by sharing investment risks, thus supporting early-stage companies in overcoming challenges [3]. - A differentiated evaluation system for state-owned venture capital funds will be established, focusing on the overall performance of funds rather than individual project outcomes, and encouraging a higher risk tolerance [3][4]. Group 3: Current Industry Challenges - The article highlights the pressing issue of buyback agreements in the venture capital industry, which have become a significant concern amid economic downturns [5][6]. - There is a growing trend of startups triggering buyback clauses, leading to legal disputes and financial strain on both founders and investors [6][10]. Group 4: Innovative Solutions and Industry Practices - Some regions have begun to explore legislative measures to encourage venture capital funds to avoid mandatory buyback clauses for founders [7]. - Certain venture capital firms are adopting flexible approaches to handling buybacks, including negotiating alternative solutions that do not rely on traditional buyback agreements [8][9]. Group 5: Systemic Issues and Collaborative Solutions - The current buyback situation is described as a systemic issue that requires collaborative efforts from all stakeholders to find effective solutions [11][12]. - The call for rational restraint and mutual understanding among parties involved in the buyback crisis is emphasized, along with the need for systemic reforms to address these challenges [13][14].