在科技成果从实验室走向市场的过程中，科研人员的主观能动性是核心引擎。无论是精准对接企业需 求，还是持续优化技术方案，都离不开科研人员主动作为。院所管理干部也需在法规与单位规章框架 内，合理定价，为成果转化开路。可以说，没有主动作为的精神，就没有成果转化的活力。 然而现实中，主动作为却面临着困惑与顾虑。成果转化收入如何定性、技术入股是否构成违规经营、奖 励发放如何合规到账等，让科研人员心存戒备。"怕犯错、怕担责"的思想顾虑仍然是制约科技成果转化 效能的突出堵点，影响了创新主体的积极性与创造性，导致大量专利技术"沉睡"在论文里，未能走向市 场。 破解困局，关键在健全"容错"机制，以此激发广大科研人员主动作为的热情。只有让科研人员清楚什么 不可为，明白如何大胆为，才能释放其主观能动性。 这样的尽职免责文件要成为推进科研成果转化的操作指南。需要进一步细化行为准则，并培训到人。通 过线上直播、线下培训等模式，对科研人员和财务审计干部开展精准培训、凝聚共识，在合规安全的前 提下更大力度激发科研人员创新创造活力。比如，通过公开剖析典型案例，直观展示何为"合规作为"； 系统收集、筛选并发布"尽职免责"范例，促进经验交流。 要 ...

种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《国务院办公厅关于促进政府投资基金高质量发展的指导意见》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基金 考核机制，落实基金"长钱"定位等。 面向"十五五"，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善民营企 业参与重大项目建设长效机制，发挥政府投资基金引导带动作用，激发民间投资活力、提高民间投资比 重，增强市场主导的有效投 ...

Core Insights - The recent launch of the Zhuque-3 rocket by Blue Arrow Aerospace was partially successful, highlighting the importance of encouraging innovation despite failures [1][2] - The public response to the launch reflects a growing acceptance of failure as a part of the innovation process, contrasting with traditional low-tolerance narratives [1][3] - The Chinese commercial space sector is rapidly evolving, with significant investments and advancements, indicating a steep learning curve in the industry [2] Summary by Sections Innovation and Failure - The Zhuque-3 rocket's launch, while not fully successful in recovery, provided valuable data that contributes to the innovation process [2] - The concept of "rapid failure, faster learning" is emphasized as essential for technological advancement [1][2] Public Perception and Support - There is a notable shift in public sentiment towards supporting innovation, as seen in the positive reactions to the Zhuque-3 launch despite its shortcomings [1][3] - The acceptance of failure is linked to confidence in national innovation capabilities and corporate research levels [2] Industry Growth and Future Prospects - The influx of social capital into the commercial space sector is leading to the realization of mass satellite production [2] - The vision of commercial space travel for ordinary people is becoming more plausible as the industry matures [2]

Core Insights - The article emphasizes that innovation is crucial for companies today, yet 90% of innovations fail due to outdated thinking and failure to address real customer needs [2][32]. Group 1: Understanding Innovation Challenges - The primary challenge in innovation is the lack of understanding of true customer needs, leading to superficial attempts at innovation [4][32]. - Companies often confuse false demands with genuine pain points, resulting in misguided innovation efforts [5][6]. - The "curse of success" affects large companies, as they rely on past successes and established logic, which can blind them to new opportunities [9][10]. Group 2: Building the Right Team - Successful innovation requires a dedicated team distinct from traditional execution teams, as innovation demands different skills and mindsets [12][13]. - An effective innovation team should possess three key traits: curiosity, belief in the project, and a commitment to fully engage in the initiative [15][18][22]. - Curiosity drives innovation, as seen in companies like ByteDance, where team members are encouraged to question and explore user behavior [17]. Group 3: Establishing a Tolerant Environment - Innovation necessitates a trial-and-error approach, but many leaders have low tolerance for failure, which stifles creativity [25][26]. - Companies must implement a tolerance mechanism for innovation, avoiding traditional performance metrics that focus solely on results [28][30]. - A phased approach to performance evaluation can encourage risk-taking and experimentation, allowing teams to focus on process indicators before assessing outcomes [31]. Group 4: Summary of Innovation Failures - The article concludes that the three main reasons for the failure of 90% of innovation efforts are: inadequate understanding of customer needs, failure to build an appropriate innovation team, and lack of a supportive mechanism for trial and error [32][33].

Group 1 - The 2025 Sixth China Fund of Funds Summit was successfully held in Beijing, gathering over 300 representatives from government departments, industry associations, and leading investment institutions to discuss the development of the fund of funds industry in China [1] - The roundtable forum focused on how fund of funds can adhere to the concept of "patient capital" and establish a scientific error tolerance mechanism, discussing the balance between long-term investment and short-term returns [2][4] Group 2 - The past year has seen many state-owned assets clearly state that individual projects can allow for full losses, opening the door for error tolerance in the fund of funds industry [4] - Key suggestions for establishing a scientific error tolerance mechanism include setting reasonable thresholds, maintaining a diversified portfolio, and implementing strict assessment and early warning mechanisms [4][5] - The concept of "patient capital" has become a frequent term in the fund of funds industry, emphasizing the need for a scientific error tolerance mechanism to support long-term investments in hard technology and future industries [6] Group 3 - The role of fund of funds is to bridge the gap between long-term and short-term investments by establishing multi-stage funds that support early-stage investments while extending to later-stage funds [9] - The balance between long-term investment and stage-specific returns is crucial, with fund managers encouraged to explore diverse exit channels to achieve both patient capital and investor returns [9]

Core Viewpoint - State-owned venture capital is becoming a significant player in the entrepreneurial investment market, with recent policy optimizations enhancing the operational environment for these funds, particularly regarding loss tolerance in early-stage investments [1][6][7]. Group 1: Policy Changes and Optimizations - Recent adjustments in due diligence exemption policies across various regions have created a more favorable environment for state-owned venture capital, allowing for higher loss tolerances, including up to 100% for individual projects in some areas [1][6][7]. - The "Creative Investment 17 Measures" released in June 2024 emphasizes the need to reform and improve fund management and performance evaluation systems, promoting a culture that tolerates failure and encourages innovation [6][11]. - Several provinces, including Sichuan, Zhejiang, and Anhui, have implemented policies that allow for significant loss tolerances, with some regions explicitly permitting 100% losses for individual projects [7][11]. Group 2: Implementation Challenges - Despite the favorable policies, the effective implementation of due diligence exemption remains a challenge, often referred to as the "last mile" issue, requiring coordination among various departments such as auditing and disciplinary inspection [9][10]. - Experts emphasize that while loss tolerance is important, the focus should also be on ensuring that fund managers operate within a framework of due diligence and compliance, rather than solely on loss percentages [8][10]. - The need for clear and quantifiable implementation guidelines is highlighted to facilitate the effective execution of these policies and to alleviate concerns regarding accountability and operational risks [10][11].

Core Viewpoint - The article discusses the newly released "Management Measures for the Science and Technology Innovation Mother Fund in Shaanxi Province," highlighting the establishment of a 10 billion yuan mother fund aimed at supporting technology innovation and venture capital in the region [1][10]. Summary by Sections Fund Structure and Duration - The mother fund has a duration of 20 years, while the sub-funds can last up to 15 years, with extensions subject to approval by the provincial government [3][4]. - The total scale of the fund matrix is projected to reach 30 billion yuan, integrating various funds to support the entire lifecycle of technology innovation [1]. Investment Strategy and Conditions - The mother fund can invest up to 50% in venture capital sub-funds, with seed and angel funds allowed to receive up to 60% [3][4]. - The management fee for sub-funds is capped at 2% per year, with seed and angel funds at 3% per year, which is considered a competitive rate in the current market [5][6]. Risk Tolerance and Loss Allowance - The fund exhibits a high tolerance for losses, allowing up to 70% for seed and angel funds, 50% for venture capital funds, and 30% for industrial funds. Individual projects can tolerate a maximum loss of 100% [7][9]. - This approach reflects a growing trend among national and local government funds to accept full losses, promoting a more risk-tolerant investment environment [8][9]. Policy Alignment and Market Impact - The measures align with national policies aimed at promoting high-quality development of government investment funds, encouraging longer fund durations and reducing fundraising difficulties [4][10]. - The article emphasizes the potential for Shaanxi's initiatives to serve as a model for other regions, fostering a more supportive environment for early-stage investments in technology [7][10]. Recent Achievements - As of June 2023, the provincial government investment guide fund has formed a total scale of 105.54 billion yuan, investing in key industries such as semiconductors and aviation, and supporting over 150 companies [12].

Core Viewpoint - The newly implemented "Ningxia Autonomous Region Government Investment Fund Management Measures" introduces significant changes in fund management fees, emphasizing a shift towards performance-based compensation rather than traditional management fees based on committed capital [1][2]. Summary by Sections Fund Management Fees - The management fee is capped at 2% of the actual investment amount per year, calculated based on the actual investment time [1]. - This marks a departure from the previous industry norm where management fees were typically based on committed capital [2]. - The trend indicates increasing expectations for General Partners (GPs) to deliver valuable projects rather than relying solely on management fees for income [1][2]. Trends in the Primary Market - There is a noted downward trend in overall management fees in the primary market, with recent guidelines suggesting that management fees should be based on actual contributions or investments rather than committed capital [2]. - The Ningxia regulation is seen as a new approach, potentially influencing other regions to adopt similar practices [2]. Importance of Trust Between LPs and GPs - The relationship between Limited Partners (LPs) and GPs is crucial, with management fees intended to cover operational costs while excess returns are what ultimately benefit GPs [3][4]. - The industry is moving towards greater standardization and professionalism, reducing the number of GPs who rely solely on management fees [4]. Error Tolerance Mechanism - The Ningxia measures include a detailed error tolerance mechanism, allowing for flexibility in cases where expected outcomes are not met due to innovative approaches or unforeseen circumstances [5][6]. - This mechanism is designed to encourage risk-taking and innovation within government investment funds [9]. National Policy Context - The new measures align with national policies aimed at optimizing government investment fund management and establishing a robust error tolerance mechanism [8][9]. - Recent policies have emphasized the need for a supportive environment that encourages innovation and tolerates failure, which is reflected in Ningxia's approach [8][9]. Future Expectations - There is an anticipation for more regions to adopt similar frameworks that enhance the incentive structures and error tolerance mechanisms for government investment funds, promoting long-term and patient capital [14].

Core Viewpoint - The article discusses Tianjin's "Action Plan for Promoting New Quality Productivity Development through Science and Technology Finance (2025-2027)", which aims to enhance the scale and effectiveness of science and technology investment funds, targeting a fund size exceeding 2 trillion yuan by 2027 [1][2]. Group 1: Investment Measures - Tianjin plans to implement 60 measures across 18 areas to support the development of new quality productivity [1]. - The plan includes a full-cycle equity investment enhancement initiative, which features significant incentives for venture capital institutions investing in unlisted technology companies [2][3]. - The single-level contribution cap for government funds is set at 70%, while the combined contribution cap for both levels is 80%, making it one of the most favorable policies nationwide [2][3]. Group 2: Government Fund Management - The action plan aims to optimize the management of government-owned capital funds, increasing the contribution limits for municipal and district-level funds [3][4]. - The plan aligns with the State Council's recent guidelines promoting high-quality development of government investment funds, encouraging the removal of restrictions on fund managers' registration locations and optimizing contribution adjustment mechanisms [2][8]. Group 3: Risk Tolerance Mechanisms - There is a growing trend among local governments to adopt risk tolerance mechanisms, allowing for significant losses in investments, with some regions permitting up to 100% loss on individual projects [11][12]. - The article highlights that the establishment of a robust error-tolerance mechanism is crucial for enhancing the performance and accountability of government investment funds [10][11]. Group 4: Future Expectations - The article expresses hope for more regions in China to optimize their government investment fund and state-owned capital fund incentive and error-tolerance mechanisms, promoting the development of long-term and patient capital [13].

Core Viewpoint - The "Tianjin Science and Technology Finance Action Plan for the Development of New Quality Productive Forces (2025-2027)" aims to optimize the management of government-owned funds and enhance the role of venture capital funds in driving investment and innovation in the region [1] Group 1: Government Fund Management - The upper limit for single-level fiscal contributions from municipal or district governments can be increased to 70% [1] - The combined upper limit for contributions from both municipal and district levels can be raised to 80% [1] - A reasonable profit-sharing ratio will be established to optimize the management of venture capital government investment funds [1] Group 2: Evaluation and Accountability - A comprehensive evaluation system covering the entire lifecycle of projects will be established, moving beyond simple annual profit and loss assessments [1] - A mechanism for error tolerance centered on compliance responsibilities will be encouraged, with improved standards and processes for exemption recognition [1] - The establishment and management of state-owned venture capital funds will be standardized and unified according to the overall deployment of Tianjin's state-owned industrial development mother fund [1] Group 3: Risk Management and Performance Assessment - A lifecycle assessment mechanism focusing on the functional role of state-owned venture capital funds will be explored [1] - Differential regulatory mechanisms will be implemented, reducing or exempting short-term investment return requirements in the performance assessments of state-owned enterprise leaders [1] - Reasonable investment risk tolerance levels will be set, along with a mechanism for compliance that exempts from accountability [1]