11月18日，杭州润苗基金正式成立。该基金由杭州市政府直投，首期规模20亿元，存续期限长达20年，远远长于目前国内政府主导型早期科创基金通常的 8至10年。 "润苗基金的设立，正是为了弥补市场在配置资源时对早期项目的'失灵'问题。我们聚焦'投早、投小、投长期、投硬科技'，甘当初创企业最初始的合伙 人，将'耐心'底色贯穿于制度设计全过程。"杭州资本相关负责人表示。 为提升投资决策效率，润苗基金创新性地设计"专家把关""外大于内"模式。基金设立7人组成的投资决策委员会，其中外部聘请的产业、技术、投资等多 领域专家委员4名，内部委员仅3名。这种结构旨在通过"专家把关、科学决策"，有效规避"内部决策惯性"。 首批受聘的专家委员阵容堪称"重磅"，包括中国科学院院士、极弱磁场国家重大科技基础设施项目首席科学家房建成，中电海康集团有限公司党委书记、 董事长陈宗年，中控技术股份有限公司创始人褚健，西湖大学副校长、工学院院长仇旻等15名顶尖科学家与产业领袖。 基金聚焦"投早"和"投小"，面向全市3.4万家浙江省科技型中小企业，重点扶持6000家"种子"企业和每年遴选的1000家"好苗子"企业，年均投资超100个项 目，单笔投资 ...

Core Insights - The Hong Kong government is actively supporting the development of the technology and innovation sector, leading to a growing ecosystem that attracts capital, talent, and projects [1][4] - Mainland VC/PE institutions are increasingly interested in establishing a presence in Hong Kong, with many planning to apply for licenses and set up funds [2][4] - The Hong Kong market presents both opportunities and challenges for companies looking to expand internationally, particularly in terms of regulatory differences and funding dynamics [3][4] Group 1: Investment Trends - Many mainland VC/PE firms are incorporating Hong Kong into their strategic plans, with several already applying for licenses or establishing funds [2][4] - Notable firms such as Foton Capital and Chenyi Fund have recently set up operations in Hong Kong, indicating a trend among leading VC institutions [2][4] - The Hong Kong government has introduced initiatives like the "Innovation and Technology Venture Fund" to attract investment and support the growth of the tech sector [4] Group 2: Market Dynamics - The Hong Kong market is characterized by a complex regulatory environment and a need for higher standards in corporate governance and information disclosure [3][5] - There is a growing pool of tech projects in Hong Kong, particularly in fields like artificial intelligence, biotechnology, and fintech, which are attracting interest from investors [4] - Despite the enthusiasm, challenges remain in fundraising and project sourcing, with many firms needing to navigate the local investment landscape effectively [5][6] Group 3: Strategic Recommendations - VC/PE firms are advised to conduct thorough market research and feasibility assessments before entering the Hong Kong market [6] - Understanding the investment logic and habits of local investors is crucial for successful fundraising efforts [6] - Preparing relevant materials in advance can enhance the efficiency of fundraising roadshows and investor engagements [6]