2021 white paper on the development of venture capital in Chinese Universities From Turning science into cloud & Qingke Entrepreneurship

The following is the 2021 white paper on the development of venture capital in Chinese Universities From Turning science into cloud & Qingke Entrepreneurship recommended by recordtrend.com. And this article belongs to the classification: Venture capital, Investment & Economy, research report.

The white paper focuses on the transformation of scientific and technological achievements in Colleges and universities, combs the overall development of the transformation of scientific and technological achievements in Chinese colleges and universities from the perspectives of key policies, the transformation path of scientific and technological achievements, R & D funding, and the main problems in the transformation of scientific and technological achievements in Colleges and universities, and takes nearly 500 college start-ups supported by vc/pe institutions in recent years as research samples, from the basic information of enterprises, market investment and financing, investors From the aspects of key industries and typical enterprises, analyze and summarize the overall development, investment and financing of University start-ups, and then put forward suggestions on promoting the transformation of university scientific and technological achievements and promoting the investment and financing of University start-ups from the aspects of increasing policy support, promoting platform construction, financial innovation support, University local university enterprise cooperation, professional institutions and personnel training, so as to provide reference for the development of University start-ups, Provide information channels for institutions to invest in the transformation projects of scientific and technological achievements in Colleges and universities, and provide research support for relevant departments to formulate policies and measures. ‍

Module I

An overall analysis of the transformation of scientific and technological achievements in Chinese Universities

01 policies and regulations on the transformation of scientific and technological achievements in Colleges and Universities

In recent years, the CPC Central Committee and the State Council have attached great importance to the transformation of scientific and technological achievements, issued and revised a number of laws, regulations and policy documents, and constantly enriched and improved the policy system for the transformation of scientific and technological achievements from the aspects of strengthening intellectual property protection and R & D funding support, improving the evaluation system of scientific and technological achievements, and strengthening the construction of the platform for the transformation of scientific and technological achievements.

The newly revised Patent Law of the people’s Republic of China will come into force on June 1, 2021, which adds the provisions that “units can dispose of their right and patent right to apply for patent for service invention creation in accordance with the law” and “the State encourages the units granted patent rights to implement property right incentives”, fully endows universities and scientific research institutions with autonomy in the disposal of intellectual property rights, and improves the incentive policy for the transformation of scientific and technological achievements, Stimulate the enthusiasm of scientific researchers for innovation and entrepreneurship.

In October, 2021, the Ministry of Finance and the Ministry of science and Technology issued the revision of the Interim Measures for the management of the national guidance fund for the transformation of scientific and technological achievements, proposing that “the operation mode of the national guidance fund for the transformation of scientific and technological achievements should be more market-oriented, focusing on the use of equity investment, and focusing on supporting the scientific and technological SMEs in the seed, start-up and growth stages of the transformation of applied scientific and technological achievements”. According to the announcement of the Ministry of science and technology, in 2021, the national scientific and technological achievements transformation guidance fund plans to set up 6 venture capital sub funds, including the state investment (Guangdong) scientific and technological achievements transformation venture capital fund, with a scale of 20.193 billion yuan. Since then, the national scientific and technological achievements transformation guidance fund has accumulated nearly 70billion yuan, and has nearly 40 venture capital sub funds, with a fund magnification of more than 4 times.

Module II

Overview of the development of entrepreneurial enterprises in Chinese Universities

01 types of entrepreneurial enterprises in Colleges and Universities

The “University start-up enterprises” referred to in the white paper focus on two types: first, University affiliated enterprises, including enterprises controlled, shared, established and incubated by universities or their affiliated units, generally take the transformation of university scientific and technological achievements as the background or purpose of establishment; Second, the affiliated enterprises of university personnel, including the enterprises of University academicians, professors, researchers and other part-time or off-duty entrepreneurship, pricing and shareholding, and team collective entrepreneurship, are mainly concentrated in the hard technology related industries where the transformation of scientific and technological achievements is more active. On the whole, part-time or off-duty entrepreneurship of university personnel, team joint entrepreneurship, etc. are important paths for the transformation of scientific and technological achievements in Colleges and universities, and have also received more attention from the capital market.

Due to the large number of colleges and universities and their affiliated enterprises, in order to ensure the standardization and operability of data statistics, the consistency of reporting statistical caliber and the representativeness of enterprises, the white paper combines the pedata Max data of Zero2IPO venture (01945.hk) and the public information of enterprises, and takes 479 college start-ups with public equity financing records as research samples.

From the perspective of related relationships, there are 185 university related enterprises, accounting for 38.6%, of which more than 50% are jointly established / established by universities and other scientific research institutions, governments, institutions and enterprises; There are 294 affiliated enterprises with university personnel, accounting for 61.4%. They are mainly part-time / off-duty start-up enterprises such as university experts / professors / scientific researchers, and enterprises whose core teams mainly come from universities, which is directly reflected in the relatively small number of enterprises whose scientific and technological achievements are valued and invested by university personnel.

On the whole, part-time or off-duty entrepreneurship of university personnel, team joint entrepreneurship, etc. are important paths for the transformation of scientific and technological achievements in Colleges and universities, and have also received more attention from the capital market. This is closely related to a series of policies of the State Council, the Ministry of education, the Ministry of science and technology, etc. to improve the quality of University patents, promote the transformation and application, give scientific research personnel the title or long-term use right of scientific and technological achievements, promote the construction of specialized technology transfer institutions in Colleges and universities, improve the evaluation mechanism of scientific and technological achievements, and further support college students’ innovation and entrepreneurship. At the same time, it is also influenced by the great development of China’s equity investment market since 2015 The agglomeration of innovation and entrepreneurship vitality in various provinces and cities and the enhancement of Universities’ support for the transformation of scientific and technological achievements.

In addition, most university start-ups have strong “hard science and technology” attributes. With the continuous support of the state for science and technology-based small and medium-sized enterprises, the government guidance funds and market-oriented investment institutions have increased their attention to “investing in early, small and hard science and technology”, which will also provide a better development environment for university project incubation and university personnel entrepreneurship.

02 basic information of the enterprise

In terms of the establishment time of the sample enterprises, 2000-2001, 2005-2006, 2009-2010 and 2014-2015 are relatively intensive years for the establishment of University start-ups, and the overall trend is in line with the phased characteristics of the macroeconomic cycle, national development planning and industrial policies.

From the perspective of enterprise background, only about 10% of the 479 sample enterprises have state-owned background, which to some extent indicates that university start-ups have broken away from the attribute of “school run enterprises”, and are more driven by the needs of industrialization of scientific research projects, entrepreneurship of university personnel and teams, capital market investment incubation, etc., and the flexibility and marketization of their own development have been improved.

From the perspective of enterprise listing, among the 479 sample enterprises, the number of listed companies accounts for about 18.4%, and most of them are listed on the new third board. With the upsurge of investment in scientific and technological innovation fields such as new energy, semiconductors and health care, capital is paying more attention to the entrepreneurship of scientific researchers and the transformation of scientific and technological achievements in Colleges and universities. College start-ups are expected to usher in a new round of entrepreneurship and investment boom, and the number of IPOs of enterprises that have obtained financing in the early stage will also increase to a certain extent.

In terms of industry distribution, there are more enterprises in the information technology and service industries and the medical and health industries, accounting for more than 40% in total. In the information technology and service industry, there are many software development, information technology services, information system integration and Internet of things technology services enterprises, accounting for more than 70% in total. In the medical and health industry, the number of sample University start-ups in the three sub sectors of medicine, medical devices and medical services roughly presents a ratio of 5:3:2.

In terms of the geographical distribution of enterprises, Beijing has the largest number of University start-ups, accounting for 29.4%, followed by Guangdong Province, accounting for about 13.8%; In addition, Shanghai, Jiangsu, Hubei, Sichuan, Anhui and other places have been invested in a relatively large number of University start-up enterprises, while the southwest, northwest and other places are less. On the whole, the distribution of venture enterprises in Colleges and universities has a certain correlation with the geographical distribution of colleges and universities, and also has a great correlation with the innovation and entrepreneurship vitality of provinces and cities and the popularity of equity investment.

From the perspective of enterprises’ associated universities, the development of entrepreneurial enterprises in Colleges and universities is closely related to the distribution of traditional advantageous disciplines in Colleges and universities, the construction and practical operation guidance of scientific and technological achievements transformation platforms in Colleges and universities, the foundation and planning of key industries in the provinces and cities where colleges and universities are located, the vitality of social innovation and entrepreneurship, and the activity of equity investment.

03 financing difficulties, institutional concerns and functions of University start-ups

Module III

Analysis on the investment and financing market of Chinese University start-up enterprises

01 analysis on the scale of venture capital in Chinese Universities

According to the data of pedata max of Zero2IPO Research Center, a total of 1216 investment events were disclosed by 479 sample University start-ups, of which 954 events disclosed the investment amount, the total investment amount exceeded 130billion yuan, and the average investment amount of a single event was close to 140million yuan.

From the number of investment cases disclosed, 2015-2018 is a period of high investment activity of University start-ups. Since 2019, the number of investment cases has fluctuated and declined, which is closely related to the development of macro-economy, industrial policy and equity investment market as a whole. At the national policy level, with the proposal of “mass entrepreneurship and innovation” in 2014 and the release of the “Internet +” action plan in 2015, the development and financing needs of emerging technology enterprises represented by information technology and services have increased on a large scale. In the same year, the State Council set up the national venture capital guidance fund for emerging industries to focus on supporting innovative enterprises in the “faltering” initial stage. In recent years, the state has continuously increased the scientific research investment and preferential policies for the transformation of scientific and technological achievements of small and medium-sized scientific and technological enterprises and universities. The scientific research atmosphere is becoming stronger. The fourth wave of entrepreneurship is coming, hard science and technology investment is in the ascendant, and the attention of the equity investment market to the transformation projects of scientific and technological achievements of universities has significantly increased.

From the perspective of disclosed investment amount, the amount of venture capital in Chinese colleges and universities has achieved rapid growth from 2015 to 2018. During this period, the amount of venture capital in Colleges and universities is mainly concentrated in round C, fixed increase in listing and round D. the rounds are relatively late. The amount of investment received by enterprises in the expansion period is relatively high, which is closely related to the continuous financing of Star College venture enterprises in the fields of artificial intelligence, medical health, industrial robots and so on. Since 2015, driven by the great development of “mass entrepreneurship and innovation” and “supply side reform”, domestic high-quality targets have been emerging, and the equity investment market is active, injecting capital vitality into university start-ups. In 2019, China’s equity investment market will enter a period of adjustment under the complex international environment and regulatory upgrading. From 2020 to 2021, the equity investment market experienced a “rebound” growth after the epidemic, and some university start-ups in energy and mineral, artificial intelligence, medical and health industries received large amounts of financing.

On the whole, influenced by the development stage of the domestic equity investment market and the entrepreneurship system and mechanism of colleges and universities, the number of investment events and investment amount disclosed by college start-ups were at a low level in the early stage, which has increased significantly since 2010 and has remained at a high level since 2015. From the range of financing amount, most enterprises have accumulated financing amount of tens of millions of yuan, but there are also many star enterprises (especially in artificial intelligence, medical health, industrial robots and other fields) that have accumulated billions of yuan of large-scale financing.

02 analysis of venture capital industry in Chinese Universities

From the number of investment cases disclosed, the two major industries of information technology and services and medical health have the highest investment activity. 2015-2017 is a period of rapid development of domestic mobile Internet. In 2019, Shanghai Stock Exchange officially launched the scientific innovation board and registration system, and the investment in new generation information technology, biomedicine, high-end equipment manufacturing and other industries has increased. In terms of the disclosed investment amount, the artificial intelligence industry ranks first with an investment amount of more than 50billion yuan. Thanks to the upgrading of intelligent automation technology and the growth of the demand for “machine replacement”, University start-ups in industrial robots, biometrics, autonomous driving and other segments have developed rapidly.

03 distribution of rounds of venture capital in Chinese Universities

According to the data of pedata max of Zero2IPO Research Center, the investment cases disclosed by the sample University start-ups are relatively concentrated in the early rounds. Among them, the number of pre-A, a and a+ round investment events accounted for the highest, up to 39.2%; Angel round and seed round investment events accounted for 17.1%. This distribution is consistent with the fact that investment institutions often participate in the early investment incubation of projects and help transform scientific and technological achievements in the process of entrepreneurship in Colleges and universities. In terms of the disclosed investment amount, the investment amount of round C and subsequent rounds accounts for the highest proportion, which is concentrated in the fields of artificial intelligence and medical health; The large amount of investment since the listing of fixed increase orders is mainly concentrated in the semiconductor field.

04 regional distribution of venture capital in Chinese Universities

According to the data of pedata max of Zero2IPO Research Center, the sample University start-ups are concentrated in the first tier cities and coastal areas with intensive universities, strong scientific research atmosphere and strong policy support. The number of investment cases and amount of investment in Beijing rank first in China. The number of investment cases in Beijing, Guangdong, Zhejiang and Shanghai exceeds 100, accounting for 64.4% of the total number of cases in China.

Module 4

Key industries and representative enterprises of venture capital in Chinese Universities

01 main development characteristics of entrepreneurial enterprises in Colleges and Universities

02 representative enterprise of venture capital in Chinese Universities

Based on the industry, main business and products of University start-ups, their relevance to the transformation of university scientific and technological achievements, financing times, cumulative financing amount, major investors, etc., the white paper comprehensively selected 80 representative target enterprises, covering key industries such as artificial intelligence, information technology and services, medical health, high-end manufacturing, semiconductors, as well as chemical & new materials, energy conservation and environmental protection Enterprises in energy and mineral industries, and brief the basic information, core business / products and the latest financing of key industries and enterprises.

Module V

Suggestions on the development and investment of Chinese University start-up enterprises

The white paper invited 20 university achievement transformation experts, partners of venture capital institutions and founders of University start-ups to discuss the difficulties and pain points faced by University start-ups, feasible solutions, opinions and suggestions, elements of concern and investment strategies of institutions for University start-ups, and around the government, universities, start-ups, investment institutions and other participants, from the aspects of policy improvement, platform construction, financial innovation support From the perspectives of key industries and technology development, professional institutions and personnel training, this paper puts forward reference opinions and suggestions on the innovative development and financial support of Chinese University start-ups.

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