Hubei: Reconstruct the government-guided fund system, build a group of seed funds, and empower innovation and entrepreneurship in the "from 0 to 1" stage.
The scene of the release event. Photo by Hu Yi.
Hubei Daily News (Reporter Hu Yi) Recently, the General Office of the Hubei Provincial Government issued the "Work Plan for Reconstructing the Government-guided Fund System in Hubei Province". The "Work Plan" adheres to equity investment as the guide and follows the principle of "government guidance, market operation, and professional management" to build a "venture capital + industrial investment" government-guided fund system with the coordination of finance, state-owned assets, and finance, the linkage of provincial, municipal, and county levels, and the extensive participation of social capital, providing strong support for the high-quality development of Hubei.
The "Work Plan" proposes "three reconstructions", focusing on solving the problems of being able to invest, willing to invest, daring to invest, and being good at investing. It innovates the management system, operation mechanism, operating rules, and evaluation methods of the government-guided fund, and puts forward 21 measures around creating a venture capital ecosystem, strengthening and expanding industrial investment, and strengthening the overall planning of fund resources. It clarifies that the government-guided fund plays the main role in the "from 0 to 1" stage, the government-guided fund and the state-owned asset fund work together in the "from 1 to 2" stage, and the state-owned asset fund leverages and amplifies in the "from 2 to N" stage, more effectively guiding social capital to invest in innovation and entrepreneurship.
First, highlighting government guidance, reconstruct the venture capital fund matrix. The Chutian Fengming Fund will be built into the provincial venture capital mother fund in Hubei, mainly responsible for seed investment in the "from 0 to 1" stage, and coordinating with state-owned asset funds to take into account angel investment in the "from 1 to 2" stage.
Second, highlighting leverage and amplification, reconstruct the industrial investment fund matrix. The government-guided fund and the state-owned asset fund strengthen cooperation, complement each other's advantages, and leverage the extensive participation of social capital to strongly support the implementation of the industrial multiplication strategy.
Third, highlighting resource coordination, reconstruct the management system of the guiding fund. Improve the management mechanism, optimize the fund layout, and attract and leverage more core elements to gather in Hubei.
Signing ceremony of the seed fund for the transformation of scientific and technological achievements in universities. Photo by Hu Yi.
Signing ceremony of the first batch of projects included in the seed fund. Photo by Hu Yi.
To create a high-quality venture capital ecosystem, focusing on "investing in the early stage, small enterprises, and hard technology", the "Work Plan" proposes to "build a group of seed investment funds in the 'from 0 to 1' stage". By setting up seed funds, it will focus on investing in the transformation of scientific and technological achievements in Hubei's universities, technological innovation in key regions and key industries, etc., to solve the financing difficulties of science and technology innovation enterprises in the "first mile".
First, set up a group of direct investment funds for the transformation of scientific and technological achievements in universities. Guided by the investment of the Chutian Fengming Fund, in cooperation with regions rich in scientific and educational resources such as Wuhan, it will attract and leverage universities, enterprises, alumni funds, science and technology charity funds, etc., to set up seed direct investment funds to support the transformation of scientific and technological achievements in universities and the innovation and entrepreneurship of teachers and students. For key universities such as Wuhan University and Huazhong University of Science and Technology, separate seed direct investment funds will be set up in a "one-to-one" manner.
Second, set up regional science and technology innovation seed funds. Support the Chutian Fengming Fund to cooperate with key regions such as Wuhan East Lake High-tech Development Zone, Yichang City, and Xiangyang City. Based on local industrial characteristics and resource endowments, it will jointly set up regional science and technology innovation seed funds with social capital to promote the implementation of the regional linkage strategy and strengthen the strong support of the "Golden Triangle" of Wuhan, Xiangyang, and Yichang.
Third, set up science and technology innovation seed funds in key industries. Focusing on the "51020" advanced manufacturing industrial clusters and five major modern service industry clusters, the Chutian Fengming Fund will cooperate with key laboratories, R & D institutions, industrial capital providers, etc., to set up science and technology innovation seed funds in key industries, to support the transformation of scientific and technological achievements and entrepreneurial R & D projects in key laboratories, new R & D institutions, manufacturing pilot platforms, science and technology business incubators, etc., and to promote the integrated development of technological innovation and industrial innovation in Hubei with greater efforts.
At the same time, to promote the implementation and effectiveness of the "Work Plan", the Hubei Provincial Government Investment Guiding Fund Management Committee has formulated and issued regulations such as the "Administrative Measures for Hubei Provincial Government Venture Capital Funds" and the "Administrative Measures for Hubei Provincial Government Industrial Investment Funds", and improved support measures in terms of carefully selecting fund managers, preferentially selecting projects, making efficient investment decisions, and conducting scientific evaluations.