将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 这两年，通过政府主导的产业投资案例越发出圈，也形成了各地独特的模式，如＂合肥模式＂、＂深圳模式＂，＂杭州模式＂等。 其实作为科研、产业、政策响应前沿的首都北京，也早已形成了"耐心资本北京模式"。 在中关村新一轮先行先试改革任务中，北京率先提出了"引导社保基金、保险资金等开展对科技创新领域的长期投资"。 2023 年 7 月，全国社会保障 基金理事会与北京市进一步深化合作，设立了社保基金中关村自主创新专项基金（君联资本担任管理人），首期规模 50 亿元，专项基金期限超过 10 年，全力支持北京科创企业自主创新，为其提供长期稳定的资金支持。 2023 年 -2024 年，北京市设立总规模 1000 亿元的八支市级政府投资基金，采取 Co-GP 的管理模式，遴选国内市场化专业化投资机构开展深度合 作，依托 " 资本 + 政策 " 的配套措施，助力资本与产业深度融合。 这种"政府顶层设计 + 市场化专业化运营管理 + 链主企业及产业集群带动 " 的创新探索，结合北京首都的独特优势，正在加速形成"耐心资本北京模 式"。在这类耐心资本的支持下，目前北京已跑出了 ...

将投中网设为"星标⭐"，第一时间收获最新推送 我了解到的情况是，他们都属于第九期"中科创星·硬科技冠军企业创业营"学员。在过去一年的时间里，他们在中科创星的组织下，从"最牛风投城 市"合肥启程，又在上海、福州、成都及云南深入学习，最终在"硬科技之都"西安完成"硬科技创业者第一课"。 这种面向硬科技创业者的盛会，已经持续了数年之久。早在 2015 年，中科创星便设立了硬科技冠军营，想通过免费的系列课程、多样化的活动等形 式，帮助科学家成长为企业家，培育一批具备全球竞争力的硬科技冠军企业，助力推动国家科技自立自强。 中科创星坚持做这件事背后的逻辑是：在科技成果转化的当前发展阶段，不少科技型企业的创业者由科学家转型而来。对于这部分创业者而言，急需与 公司发展阶段适配的企业家思维和技能，但是目前能提供此类优质服务的机构不多。 "即便不能通过硬科技冠军营把科学家都培养成企业家，但能让他们和职业经理人或商业合伙人达到和平共处、相互理解的状态，也是很大的进步。" 中科创星创始合伙人李浩告诉我，"而从长远来看， 理想的状况是，科学家直接把专利技术转让给科技型企业，由企业做产业化的事，而科学家专注从 0 到 1 的科研工作。" ...

Financial Data and Key Metrics Changes - The company is unable to provide detailed financial results due to the deconsolidation of Invizyne's financial statements, which has delayed the filing of the 10-K report [6][14][25] - As of December 31, the combination of cash and securities was $28 million, and Big Idea investments, represented by eXoZymes, was $64 million, totaling approximately $93 million [58] - The stock price as of December 31 was $6.30, with approximately 9.9 million shares outstanding, resulting in a market value of $62 million, indicating a negative market value of $30 million [58][59] Business Line Data and Key Metrics Changes - The company has successfully launched eXoZymes, marking a significant achievement despite challenging market conditions for small IPOs [14][15] - The shareholder count has increased by 12%, reaching approximately 1,800 shareholders [15] - The onboarding of investors through MDB Direct has begun, with over 500 accounts established by the end of the year [16] Market Data and Key Metrics Changes - There is a growing demand for microcap financing, with investors seeking liquid alternatives, positioning the company as a top curator of public venture opportunities [32] - The traditional venture capital and private equity markets are facing challenges, leading to increased interest from companies looking to go public [30][31] Company Strategy and Development Direction - The primary strategic priority is to expand the investor community, focusing on partnerships with RIAs and angel groups [35][41] - The company aims to transition from episodic deal-making to creating a consistent public venture asset class portfolio [34] - The company is optimistic about presenting new Big Idea investment opportunities in the near future, with a focus on companies that are more developed and potentially have revenue [80] Management's Comments on Operating Environment and Future Outlook - Management is excited about the significant increase in opportunities being presented, both from community members and through their own curation efforts [26][27] - The regulatory environment is perceived as improving, which may facilitate new offerings, although there are concerns regarding the FDA's approval timelines [87][88] - The company is focused on maintaining operational efficiencies and reducing cash operational expenses while increasing revenue from various lines [62] Other Important Information - The company has licensed new assets from Mayo Clinic and is developing that opportunity, with plans for potential further investment [49][50] - The company continues to work with HeartBeam, which is developing groundbreaking technology for self-administered ECGs, with significant market potential [44] Q&A Session Summary Question: Does Lou Basenese still work for the organization? - Lou Basenese has left the company but remains a friend and supporter, focusing on his media presence [65][66] Question: What does the deconsolidation mean for MDB stockholders and eXoZymes' investors? - The deconsolidation will clarify the financials of MDB, separating its performance from eXoZymes, making it easier to understand [70][71] Question: How many Big Idea companies are expected to be established in 2025? - The company anticipates presenting three to four new Big Ideas this year, with some being more developed and potentially having revenue [80][81] Question: How do you see the regulatory winds changing? - The regulatory environment is perceived as improving, which may facilitate new offerings, although there are concerns regarding the FDA's approval timelines [87][88] Question: When do you expect to make any type of dividend? - The company aims to see a value-creating event within eXoZymes before considering any distributions to shareholders [92][93] Question: How should shareholders think about the investment in cash and resources relative to value creation? - The company intends to maintain a modest amount of cash for new opportunities while leveraging existing investments to create value [99][100]

导语 ：安德森·霍洛维茨早期投资了Facebook，并在2022年向马斯克收购推特的交易中投入了 4亿美元。 FT此前曾报道，字节跳动的现有支持者，包括泛大西洋资本（General Atlantic）、苏世国际 （Susquehanna）、科尔伯格·克拉维斯·罗伯茨（KKR）和蔻图资本（Coatue），正在寻求收购从 TikTok美国业务中分拆出来的额外股份。 由特朗普盟友拉里·埃里森（Larry Ellison）共同创立的甲骨文（Oracle）也可能获得少量股份，并 确保TikTok的美国数据安全，从而使字节跳动能够继续运营其备受追捧的算法，这一直是中方的核 心要求。 安德森早期投资了Facebook，并在2022年向埃隆·马斯克（Elon Musk）收购推特的交易中投入了4 亿美元，但他并不是字节跳动的投资者。据三位熟悉讨论的人士称，随着TikTok的顾问和白宫试图 为正在进行的讨论增加财务实力，该公司被纳入了考虑范围，安德森正在认真考虑进行投资。 美国风险投资巨头安德森·霍洛维茨（Andreessen Horowitz）正在洽谈投资社交媒体平台TikTok，作 为唐纳德·特朗普（Donald Trump ...

共促"北京模式"，以耐心资本培育新动能 党的二十届三中全会《决定》明确提出，鼓励和规范发展天使投资、风险投资、私募股 权投资，更好发挥政府投资基金作用，发展耐心资本。耐心资本作为专注于长期价值投 资 、 能 够 承 受 短 期 波 动 并 支 持 战 略 性 创 新 的 资 本 形 态 ， 在 推 动 科 技 创 新 、 促 进 产 业 升 级、服务国家科创战略等方面扮演着重要角色。 当前，耐心资本的生态体系已初步构建。一批有耐心、重创新的资本沉下心来，围绕重 大科技成果转化、高精尖产业孵化、科技服务平台构建及创新载体建设等方向重点投资 布局，初步形成了耐心资本供给网络，为北京国际科创中心建设持续提供动力。 春 天 的 北 京 生 机 盎 然 。 2 0 25 年 3 月 30 日 ， 由 北 京 国 有 资 本 运 营 管 理 有 限 公 司 （ 以 下 简 称"北京国管"）、中关村发展集团主办，君联资本承办的2025年中关村论坛——"耐心 资本服务新质生产力"平行论坛在中关村国际科技创新中心成功举办。 北京市人民政府副秘书长丁章春到会并致辞，全国社会保障基金理事会股权资产部主任 王智斌出席活动。北京市有关 ...

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 投资人们把"董秘"看做职业生涯的"一条路"？ 文 ｜ 董凡 来源｜ 投中网（ID：China-Venture） 封面来源 ｜ Pixabay 设想你是一名草根创业者，刚刚从一场路演活动败兴而归。这场路演活动其实很不起眼，由某当地FA机构主办、放在某街道办的文化活动中心承办。活 动预热的那篇推文阅读量200，朋友圈里没看到几个人转发。趁着调试设备的时候你环顾了一下会场，发现前两排的嘉宾只是简单地翻了翻"参会资料 表"，就开始互相吐槽"怎么又是这几家""都快对接包浆了"。后面几排的……你没有太大印象，只记得大多数人都在低头玩手机，只有每次PPT讲完的时候 他们才叭叭鼓掌。 你当然明白这种氛围意味着什么，但又有什么办法呢？公司跑了快一年，产品勉强算打磨出个雏形，但启动资金也耗了个七七八八。一想到推向市场又是 一大笔开销，你瞬间头皮发麻。 更糟心的是，微信公众号居然开始算法 ...

以下文章来源于融中财经 ，作者阿布 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资顾 问等业务，为政府、企业、投资机构提供一站式专业服务。 金沙江创投迎来新的变化。 文 ｜ 阿布 编辑 ｜ 吾人 来源｜ 融中财经（ID：thecapital） 封面来源 ｜ 视觉中国 "融中财经"获悉，GSR Ventures（金沙江创投）正式将其美国业务与中国业务拆分。 新成立的Informed Ventures接棒美国风投业务，这一举措在业内引发广泛关注。GSR Ventures是一家具有重要影响力的风险投资公司，成立至今已有21年历 史，管理着高达37亿美元的双币资金。它活跃于全球投资市场，在早期投资领域经验丰富。其投资版图广泛，涵盖多个热门领域，一直以来致力于挖掘具有 潜力的初创企业，并助力它们成长。 据悉，金沙江创投将从现有资金池中拿出超2亿美元，交给新成立的Informed Ventures运营，继续投资数字健康、SaaS等多个领域。 金沙江创投中美业务"分家"并非业内首案，此前，红杉资本、GGV纷纷宣布拆分中美业 ...

Core Insights - Corporate Venture Capital (CVC) is evolving from purely financial investments to becoming strategic hubs in the industrial ecosystem, driven by technological iterations and industrial transformations [1] - In 2024, the Chinese CVC market showed significant structural characteristics, with 71.6% of the 1027 investment events focusing on early-stage projects, highlighting a trend towards strategic investments in emerging technologies [1] - The report indicates that 55% of newly minted unicorns in 2024 received support from CVCs, emphasizing their role in building "technological moats" and enhancing control over supply chains [1] Group 1 - The global economy is undergoing a structural transformation by 2025, influenced by generative AI, carbon neutrality goals, and geopolitical tech competition [1] - The "2025 Corporate Venture Capital 100" survey aims to identify leading CVC institutions that are pivotal in driving technological innovation and industrial upgrades [2] - Key metrics for the survey include CVC investment activity, performance in investments and exits, post-investment empowerment, and ecosystem development [2] Group 2 - Historical context of the CVC evaluation includes previous years' reports, such as the 2024 report highlighting 1152 joint investments and the 2023 report focusing on IPO leaders [3]

Core Viewpoint - The article emphasizes the need for "patient capital" to support early-stage, small, and innovative investments in the capital market, highlighting that the essence of patient capital lies in a higher risk appetite rather than merely long-term investment horizons [1][4][10]. Summary by Sections Patient Capital and Risk Preference - Patient capital is fundamentally characterized by a high risk preference, which is essential for supporting investments that are uncertain and have higher failure rates [4][10]. - The article argues that static and dynamic wealth effects are crucial sources of patient capital, with static wealth effects indicating that wealthier individuals typically have a higher risk appetite due to lower necessity for immediate consumption [4][20]. Static Wealth Effect - The static wealth effect suggests that as wealth accumulates, the marginal utility of wealth decreases, allowing wealthier individuals to take on more risk [20][24]. - Empirical studies indicate a positive correlation between income levels and risk preference, with higher income leading to lower risk aversion [25][26]. Dynamic Wealth Effect - The dynamic wealth effect highlights that the growth of patient capital is contingent upon the sustained prosperity of capital markets rather than the reverse [5][8]. - Historical data from the U.S. shows that longer investment horizons correlate with higher probabilities of positive returns, reinforcing the importance of a thriving stock market for attracting patient capital [5][6]. Role of Wealthy Individuals - Wealthy individuals are identified as a significant source of patient capital, as they can afford to invest in high-risk ventures without jeopardizing their financial stability [20][22]. - The article discusses the historical context of wealthy individuals funding early-stage ventures, illustrating their critical role in the development of the venture capital ecosystem [21][23]. Policy Recommendations - The article advocates for an expansionary redistribution policy, which includes central bank actions to support fiscal deficits and enhance the purchasing power of lower-income groups, thereby stimulating demand and economic growth [7][50]. - It suggests that combining estate taxes with donation incentives can effectively channel funds from wealthy individuals into patient capital, avoiding capital outflows [8][51]. Challenges and Considerations - The article notes that the current negative GDP deflator indicates a confluence of short, medium, and long-term demand deficiencies, necessitating policy interventions to address these issues [7][39]. - It emphasizes the importance of maintaining a favorable economic environment to support the growth of patient capital and mitigate risks associated with inflation and supply constraints [50][52].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The integration of banks into the venture capital market is a practical choice that aligns with innovative financial logic, allowing banks to engage in bank-affiliated venture capital (BVC), acquisition loans, and private credit, which enhances the efficiency of credit support during capacity expansion phases [1][3][4] - BVC typically operates through bank-controlled affiliated institutions, differing significantly in behavior and preferences from independent venture capital (IVC), corporate venture capital (CVC), and government-backed venture capital (GVC) [1][4][19] - The balance between innovation benefits and systemic financial risks is crucial, suggesting that banks should control the scale of their involvement in venture capital to avoid excessive expansion that could lead to financial instability [2][4][5] Summary by Sections Section 1: BVC and Acquisition Loans - BVC and acquisition loans can enhance the efficiency of venture capital exits and improve the overall innovation financing mechanism within capital markets [1][4][39] - The report emphasizes that banks' participation in the venture capital market can facilitate smoother transitions from capital market-led financing to bank financing, particularly during the initial success of industrial innovation [1][4][39] Section 2: Characteristics of BVC - BVC is characterized by a preference for later-stage investments, shorter holding periods, and lower equity stakes compared to IVC, reflecting banks' risk-averse nature [4][25][37] - The investment behavior of BVC is influenced by the need to establish beneficial relationships with portfolio companies to support core banking activities, such as lending [4][33][37] Section 3: Role of Acquisition Loans - Acquisition loans, particularly leveraged buyouts (LBOs), play a significant role in enhancing the production efficiency of acquired companies and improving innovation outputs, such as patent citations [39][43][44] - The report highlights that banks can benefit from participating in LBO transactions by establishing business relationships with private equity firms, which can lead to future lending opportunities [39][46]