Core Insights - Recent trends show a decline in investor interest in professor-led entrepreneurial projects, despite a significant increase in the number of startups founded by researchers in Shanghai, which reached 153 companies with total financing exceeding 6.8 billion yuan in 2024 [1][2] - The contradiction between cooling investment enthusiasm and the ongoing success of research commercialization raises questions about the future of professor-led startups and the criteria for attracting investor support [1][2] Investment Trends - Investors are increasingly cautious about funding professor-led startups due to past failures attributed to personal factors, such as professors returning to academia or lacking full commitment to their ventures [1][2] - The shift in investor sentiment follows a previous trend where investors actively sought out professors to encourage entrepreneurship, leading to many projects being established under pressure [2] Successful Case Studies - Despite failures, several medical startups founded by researchers have successfully secured funding, including companies like Atake, Baiquan Bio, and Xueji Bio, which completed financing rounds in 2025 [2][3] - Notable examples include Xueji Bio, founded by Dr. Zhu Fangfang, who leveraged her venture capital experience to guide the company through multiple funding rounds, achieving significant milestones in clinical trials [4][5] Founding Team Characteristics - Successful startups often feature founders with prior entrepreneurial or commercialization experience, which enhances their appeal to investors [4][6] - Teams composed of top scientists and seasoned industry professionals are more likely to attract investment, as seen in companies like Baiquan Bio and Zhengxu Bio [6][7] Market Opportunities - The targeted protein degradation (TPD) sector has seen a surge in investment, with companies like Atake and Dage Bio successfully raising funds and advancing their pipelines [13][14] - The brain-computer interface sector is also gaining traction, with multiple companies completing financing rounds amid growing interest from investors [14] Evolving Investment Strategies - Investment institutions are adapting by focusing on the strengths of founding teams rather than solely on the academic credentials of professors, leading to a more balanced approach in evaluating potential investments [16][17] - Collaborative efforts among incubators, technology transfer offices, and industry leaders are creating supportive environments for researchers aiming to commercialize their innovations [15][16]