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21st Century Business Herald reporter Yan Qi reports from Beijing

21st Century Business Herald, 21st Century Venture Capital Research Institute and Tsinghua University School of Economics and Management successfully held a closed-door seminar on "Cultivating 'New Quality Productivity': Scientists and Investors on the Road to Innovation", and jointly discussed topics such as supporting China's basic science and applied science research, exploring unknown areas, creating social value, extending capital value, and capital helping to transform scientific and technological achievements into new quality productivity.

Dong Jianing, head of the research department of China Science and Technology Innovation Star, said at the event: "As an early-stage investment institution focusing on the field of hard technology, China Science and Technology Innovation Star has always insisted on transforming scientific research results. It has invested in and incubated early projects of scientific research institutes and universities 11 years ago. The process of transforming scientific research results has to go through many difficulties and the cycle is also very long, which places high demands on the patience and long-term companionship of the capital behind it."

As the creator of the "hard technology" concept and a pioneer in "hard technology" investment, China Science and Technology Star is committed to building a hard technology entrepreneurial ecosystem integrating "research institutions + early-stage investment + entrepreneurial platform + post-investment services", providing technology entrepreneurs with professional, in-depth and comprehensive investment, incubation and financing solutions.

Zhongke Chuangxing said that there are obvious differences between scientific research thinking and business thinking, and scientists who want to start a business must first overcome the barrier of mindset transformation. Some analysts say that it may take an average of 4-5 years for a scientist to transform into an entrepreneur, which requires investment institutions to understand scientists and help them implement their ideas.

At present, the number of institutions willing to invest in early-stage investments is very limited, and capital support for scientists' entrepreneurship is still insufficient. Zhongke Chuangxing analyzed that on the one hand, each investment institution has its own considerations for controlling the fund cycle, and on the other hand, it is related to its own resource endowment. Investing in hard technology is not easy. It requires not only business knowledge, but also technical knowledge. "Invest early, invest small, invest long, and invest hard" is in line with the concept of capital pursuing high risks and high returns, but this is also a long-term, high-investment road. Data shows that it takes an average of 16 or 17 years for a science and technology enterprise to go from its establishment to the lifting of the ban and exit after listing, so more long-term patient capital is needed to support it.