SourceZookeepercryptoBeijing Business Daily

The new productivity represented by big data, Internet, cloud computing, blockchain and artificial intelligence has become a hot word of the year. While actively promoting the development of new quality productive forces in China,ZookeepercryptoWe will also encourage the development of venture capital (VC) and equity investment (PE), and optimize the function of industrial investment funds. "with the continuous maturity of industries related to new quality productivity and the expansion of application fields, the investment industry is expected to usher in more opportunities for innovation and development." Liu Yan, co-founder and CEO of Shengjing Internet Union, sighed.

In order to form new productive forces, the key lies in scientific and technological innovation. In the process of investing in scientific and technological innovation projects in the PE/VC industry, Liu Yan admitted that how to cross the "valley of death" from IP to IPO is an urgent problem to be solved from investment to exit.

IPO's incubator

"the company has held six Sheng King AIGC Entrepreneurship Challenge, about more than 1000 AI project applications, we then select high-quality projects to invest. We can see that entrepreneurs are applying AI technology to many industries, such as recruitment, programming, customer service and so on. However, after AI technology enters a certain industrial field, it usually has to bring about a 10-fold improvement in efficiency before it can be widely used in the industry. " Liu Yan said.

In 2007, Liu Yan started her entrepreneurial journey, co-founded Shengjing online Union, and became a member of the army of entrepreneurial incubators, mainly doing training and consulting, empowering the majority of small and medium-sized enterprises. In addition to pushing mentoring companies into the capital market, Sheng Jing has also begun to establish its own investment system. Its investment platform, Sheng Jing Jiacheng, was established in 2011, focusing on technological innovation investment and managing 13 billion equity investment parent funds and direct investment funds.

For the PE/VC industry, investment in scientific and technological innovation has been practiced for a long time. Under the "shelter from the wind and rain" of the incubator, hundreds of thousands of scientific and technological innovation enterprises IP have been able to take root. According to the Ministry of Industry and Information Technology, new breakthroughs in industrial scientific and technological innovation will be achieved in 2023. In terms of technology entrepreneurial incubation, the total income of entrepreneurial incubators is more than 80 billion yuan, and incubators are incubating enterprises.Zookeepercrypto.80,000. In terms of the cultivation of hard science and technology enterprises, the total R D expenditure of incubating enterprises (the actual expenditure of the whole society on basic research, applied research and experimental development in the statistical year) is 93 billion yuan, and the R & D investment intensity of incubating enterprises is 8.Zookeepercrypto.6%, a total of 240000 enterprises graduated from the incubator.

However, innovation is often faced with risks and failures. While paying attention to scientific and technological innovation enterprises and assisting the development of new quality productive forces, how to improve the success rate of "investment-exit" has become the focus of investors.

In the 1980s, the United States found that economic development was supported by science and technology, but a large number of scientific and technological tracks and scientific and technological institutions fell into the 'valley of death'. For China, how to help science and technology projects successfully transition from concept phase (IP) to public listing (IPO) across the 'valley of death' is also a key issue that needs to be solved in the process of investment to exit. " Liu Yan said.

In this regard, Liu Yan proposed the need to establish a minimalist strategic thinking, focusing on core customers, core needs, core products, core sales system. At the same time, Liu Yan also mentioned the concept of "CIC industrial incubation", that is, through the quadripartite cooperation of listed companies, industrial groups and innovative enterprises, scientists (technical experts) and enabling institutions to maximize the hidden assets and minimize hidden liabilities of listed companies and industrial groups, so as to promote the integration of science and technology and industry. By cooperating with innovative enterprises, we can achieve "big hands holding small hands", so as to improve the success probability of "investment-exit".

Strengthen patient capital

Scientific and technological innovation needs the long-term support of patient capital. The Action Plan for improving the technological Innovation capability of Enterprises (2022-2023), issued as early as August 2022, pointed out that all kinds of angel investment and venture capital funds were encouraged to support enterprise innovation and entrepreneurship, and in-depth implementation of preferential tax policies for venture capital. guide venture capital enterprises to invest early, invest small, and invest in hard technology.

The 2024 government work report also mentioned in the chapter "vigorously promoting the construction of modern industrial system and speeding up the development of new quality productive forces" to encourage the development of venture capital and equity investment and optimize the function of industrial investment funds.

The meeting of the political Bureau of the CPC Central Committee held on April 30 stressed the need to develop new productive forces in line with local conditions. It is necessary to strengthen the layout of national strategic scientific and technological forces, cultivate and strengthen emerging industries, build future industries in advance, and use advanced technology to enable the transformation and upgrading of traditional industries. We should actively develop venture capital and strengthen patient capital.

Mi Lei, founding partner of China Science and Technology Founding Star, mentioned that the short duration of early funds and the early pursuit of withdrawal are not conducive to the long-term development of hard-tech enterprises and adhere to long-term innovation, and the effect of equity investment in supporting early scientific and technological innovation is greatly affected. Most of the equity investment funds in China adopt the mode of "4 years" (investment period 4 years, withdrawal period 3 years, the same below) or "5 years 2" mode. After the fund reaches its duration, it is required to withdraw the shares of the enterprise in accordance with the prior agreement and carry out liquidation dividends to the fund. However, for the invested enterprises, they are in a critical period of rapid development at this time, so they need to spend a lot of energy to solve the problem of fund withdrawal and affect the sustained and stable development of enterprises.

Milei believes that we can speed up the establishment of an equity investment system with Chinese characteristics through three aspects, so as to better promote the development of scientific and technological innovation enterprises. The first is to expand the scale of the national parent fund, the second is to strengthen market-oriented equity investment, and the third is to open up diversified exit channels.

Pre-emptively layout the future

The fourth scientific and technological revolution born on the basis of the information revolution, represented by tool systems such as big data, the Internet, cloud computing, blockchain and artificial intelligence, is completely different from the traditional new productivity and will bring about a new development that is fundamentally different from that in the past.

The implementation Plan of New Industry Standardization pilot Project (2023-2035) proposes that research and development will be carried out in eight emerging industries, such as new generation information technology, new energy, new materials, and new energy automobiles. at the same time, it focuses on the forward-looking layout of nine future industrial fields, namely, meta-universe, brain-computer interface, quantum information, humanoid robot and generative artificial intelligence.

In terms of future investment strategies, Liu Yan said that she is optimistic about the development potential of enterprises in industries such as AI and low-altitude economy. She believes that AI tracks are mainly divided into three levels: computing power, model and application. Computing power deployment is regarded as new infrastructure, mainly led by the government, and chip technology is the key to computing power. At the application level, autonomous driving, Agents, humanoid robots, etc. are regarded as important application areas.

Mi Lei believes that the key point of China's economic development in the next 30 years lies in hard technology. He mentioned,"For the future, we judge that there will be tremendous changes in the fields of energy, transportation, information, life and materials, so we are gradually increasing investment and layout in cutting-edge technologies and future industries, such as the field of information revolution. Photonic chips, quantum information technology, artificial intelligence; new energy fields include advanced energy storage, advanced batteries and controllable nuclear fusion; as well as commercial aerospace, low-altitude economy, etc. in the transportation field."