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Following the good investment results of the industrial upgrading fund and the market-oriented sub-fund, the government investment guidance fund system in Beijing Yizhuang has been "upgraded" again. The reporter learned from the Beijing Yizhuang Innovation Release on the 16th that Beijing Economic and Technological Development Zone (hereinafter referred to as "Beijing Economic Development Zone", also known as "Beijing Yizhuang") has established a complete government investment guidance fund system of "industrial upgrading fund + special sub-fund + market-oriented sub-fund", covering the entire life cycle of enterprise development seed stage, angel stage, VC and PE stage, focusing on the leading industries in the district such as new generation information technology and future industries such as general artificial intelligence.

Covering the entire life cycle of the enterprise

Wang Wengeng, director of the Beijing Economic and Technological Development Zone's Finance and State-owned Assets Bureau, introduced that as early as January last year, the Beijing Economic and Technological Development Zone had registered and established the first phase of a government investment guidance fund with a scale of 10 billion yuan, and successively established an industrial upgrading fund and a number of market-oriented sub-funds. "Since the beginning of this year, after the establishment of the seed fund, a special sub-fund, the science and technology innovation fund and the talent fund were established not long ago. The continuous enrichment of special sub-funds has further improved our government investment guidance fund system." So far, the Beijing Economic and Technological Development Zone has established a complete government investment guidance fund system of "industrial upgrading fund + special sub-fund + market-oriented sub-fund", covering the entire life cycle of enterprise development seed stage, angel stage, VC and PE stage.

Industry focus is another prominent feature of the Beijing Economic and Technological Development Zone government investment guidance fund system. Wang Wengeng introduced that the industry upgrading fund in the Beijing Economic and Technological Development Zone government investment guidance fund system focuses on enterprises that meet the industrial positioning of the Economic and Technological Development Zone and relevant industrial policies, and focuses on major projects and potential enterprises related to the economic development and industrial upgrading of the Economic and Technological Development Zone. It has completed investments in companies such as Blue Arrow Aerospace and Huixi Intelligent.

Special sub-funds mainly make up for the "market failure" in the field of equity investment, focus on early investment, small investment, innovation and investment in hard technology, and give full play to the guiding role of government investment. Among them, the science and technology innovation fund mainly invests in six future industrial directions, including future information, future health, future manufacturing, future energy, future space, and future materials, as well as new technologies and iterative technology projects in line with the four major leading industries of the Economic Development Zone (new generation information technology, high-end automobiles and new energy vehicles, biotechnology and big health, robots and intelligent manufacturing); the seed fund focuses on seed-stage and start-up growth companies; the talent fund focuses on attracting all kinds of talents to start businesses in the Economic Development Zone.

Market-oriented sub-funds are divided into angel sub-funds, venture capital sub-funds, and industry sub-funds according to different investment stages. In order to support early-stage investment, the upper limit of the investment ratio of the guidance fund to angel sub-funds can reach 40%, and the upper limit of the investment ratio of venture capital sub-funds and industry sub-funds is 30% and 20% respectively. "Market-oriented sub-funds can attract cooperation from various well-known private equity investment institutions, with rich project resources and strong industry drive."

"The government investment guidance fund has achieved initial investment results in more than a year." Wang Wengeng revealed that the government investment guidance fund has decided to invest 7.8 billion yuan. Among them, the industrial upgrading fund has completed decision-making on 18 projects with a decision amount of 2.8 billion yuan; the market-oriented sub-fund has completed decision-making on 10 projects with a decision amount of 3.6 billion yuan; and the special sub-fund has completed decision-making on 3 projects, totaling 1.4 billion yuan.

Wang Wengeng said that the Economic Development Zone will further expand the scale of government investment guidance funds, improve the investment system of guidance funds, and effectively play the guiding and supporting role of government investment guidance funds in strategic emerging industries. It will further strengthen post-investment empowerment, provide good corporate services, industrial chain investment and industrial ecology, expand and strengthen industries such as integrated circuits, biomedicine, artificial intelligence, and high-end manufacturing, and optimize the layout of industries such as autonomous driving, embodied intelligence, and commercial aerospace. In addition, it will further deepen cooperation with national and municipal funds and market-oriented institutions, share resources, jointly support projects, and expand the fund's "circle of friends".

Talent Fund Empowers Talent Entrepreneurship

Li Bing, director of the Organization and Personnel Department of Beijing Economic and Technological Development Zone, introduced that the Talent Venture Capital Fund of Beijing Economic and Technological Development Zone was reviewed and approved in July this year. It is funded by the Beijing Economic and Technological Development Zone Government Investment Guidance Fund. It aims to play the guiding role of government funds, operate in a market-oriented manner, drive social capital, provide inclusive promotion and support for talent entrepreneurship, and help talent-led start-ups develop rapidly. It plays a major role in promoting the gathering of talents and industries, improving the financial service system, and creating an environment for talent entrepreneurship.

"The Talent Fund mainly invests in the top talents, outstanding talents, and leading talents of Yicheng that have been identified, and entrepreneurial talents that meet the core identification standards of Yicheng leaders and above," Li Bing introduced. The first phase of the Talent Fund has a scale of 200 million yuan, and the maximum investment in a single project is 5 million yuan. It focuses on entrepreneurial talents in the seed and start-up stages, insists on investing one step earlier, investing faster, and investing at the beginning, and promotes various resource elements such as capital and technology to focus on talent start-ups, providing strong guarantees for high-level talents to seize the beachhead in key industries, and reserving projects and talents with high growth potential for innovation-driven development.

In terms of operation mechanism, the Talent Fund implements diversified evaluation and assessment, starting from guiding, nurturing and supporting talent entrepreneurship, mainly assessing its actual results such as social benefits, investment operation, and industrial driving effect, and not taking financial return as the only evaluation indicator. In addition, the Talent Fund also establishes a fault-tolerant mechanism. Establish a policy orientation that encourages innovation and tolerates failure, and determine the overall performance target of the fund based on the actual operation of the fund within two years.

In addition, the Talent Fund encourages applicants to repurchase their equity first to exit. Enterprises that meet the Talent Fund's entrepreneurial demonstration standards during the investment period can choose to repurchase all or part of the equity held by the fund at a preferential price. The Talent Fund's attributes of supporting talent entrepreneurship are highlighted, and the entrepreneurial enthusiasm and sense of gain of talent are enhanced, so as to promote the win-win situation of regional economic development and the realization of talent value.

"At present, the talent fund has been implemented, and the talent fund service guide has been issued and launched simultaneously through the Economic and Technological Development Zone policy implementation comprehensive service platform. We are continuously and extensively soliciting talent start-up projects in key areas and key links of developing new quality productivity. The next step will be to orderly advance project demonstration, decision-making, investment, management and other work. We sincerely invite all talents and teams to come and apply with their scientific and technological innovation achievements." Li Bing said.

Seed Fund focuses on high-tech "seedlings"

The promotion of the transformation and application of scientific and technological achievements cannot be separated from the support of science and technology innovation funds. "The science and technology innovation fund established this year is derived from the original special fund for scientific and technological innovation in the Economic Development Zone." Zhu Shanshan, deputy director of the Science and Technology and Industry Promotion Bureau of Beijing Economic Development Zone, introduced that the original special fund for scientific and technological innovation has successfully supported nearly 80 enterprises in the zone after years of operation and achieved a series of innovative results. For example, it has supported enterprises to obtain more than 2,000 patents in total, 39 enterprises have been rated as provincial-level "specialized, refined and innovative" enterprises, and the valuations of some enterprises have increased significantly, etc.

Zhu Shanshan introduced that in order to further deepen the financial empowerment of scientific and technological innovation and promote the development of new quality productivity, the Beijing Economic and Technological Development Zone Government Investment Guidance Fund will invest in the establishment of a science and technology innovation fund, and transform the fund into a fund operation model. On the basis of fully absorbing the policy advantages of the original science and technology innovation funds, the management experience of angel guidance funds in other regions was drawn on to form a plan for the establishment of the science and technology innovation fund.

As a key link in the government investment guidance fund system of Beijing Economic and Technological Development Zone, the Science and Technology Innovation Fund mainly focuses on the development needs of four major leading industries and six future industries, increases support for investment promotion of key projects, promotes the development of the entire industrial chain from the perspectives of supplementing, consolidating, strengthening and extending the industrial chain, further improves the industrial chain structure of the Economic and Technological Development Zone, and accelerates the cultivation and development of new quality productivity. The first phase has a scale of 1 billion yuan, and the Science and Technology Innovation Fund can invest up to 20 million yuan in a single project.

In order to better support start-up enterprises, the Economic Development Zone Government Investment Guidance Fund has also established a seed fund. According to reports, the seed fund uses market-oriented means to expand the scale of equity investment in early-stage enterprises and guide social capital to "invest early, invest in small companies, and invest in hard technology." The seed fund focuses on seedling enterprises in the four major leading industries and six future industries in the Economic Development Zone, such as the new generation of information technology industry, aiming to cultivate new formats, new models, new growth, and new momentum, directly reach the original innovation and technology source, promptly promote the transformation and implementation of scientific and technological achievements, give priority to harvesting cutting-edge scientific and technological achievements, and gradually realize industrialization through cultivating and accompanying the growth of enterprises.

The initial scale of the seed fund is 200 million yuan. In principle, the fund's cumulative shareholding ratio in a single enterprise during the investment period shall not exceed 30%, and the cumulative investment in a single project may reach up to 10 million yuan.

"The seed fund adheres to government-led and market-oriented operations, focuses on post-investment empowerment of enterprises, has a professional team to follow up continuously, helps enterprises connect with industries and investors, and provides enterprises with multi-dimensional value-added services such as business, management, and financing." Zhu Shanshan said.