The journalist learned from Xiamen Municipal Bureau of Science and Technology that in order to support the development of future industries and serve enterprises dealing with scientific and technological innovation, Xiamen has set up a scientific and technological innovation and entrepreneurship guiding fund with an initial size of 3 billion yuan. Recently, relevant departments have launched "Measures of Xiamen Municipality for Administration of Scientific and Technological Innovation and Entrepreneurship Guiding Fund". The fund will be implemented on May 1.

According to Kong Shuguang, Director-general of Xiamen Municipal Bureau of Science and Technology, the scientific and technological innovation and entrepreneurship guiding fund was funded and established by Xiamen Municipal Bureau of Science and Technology and Xiamen Municipal Finance Bureau. With an initial size of 3 billion yuan, the investment priority of the fund will be given to innovation and entrepreneurship projects in Xiamen Science City. Through capital-based operation and professional management, the fund will serve to channel high-quality industrial capitals, projects, technologies and talents into strategic emerging industries and future industries.

The scientific and technological innovation and entrepreneurship guiding fund is run by adopting direct investment and establishing sub-funds. The fund is characterized by high investment contribution, high profit-sharing rate and long-term investment horizon with its priorities being given to "investment in the introduction stage, investment in small enterprises, investing locally, and investment in science and technology".

It is stipulated that the sub-funds established based on the scientific and technological innovation and entrepreneurship guiding fund should fall between 100 million and 500 million yuan. The sub-funds should be directly invested in Xiamen's local technology enterprises established for less than 7 years. The sub-funds should also serve to direct social capital to future industries and strategic emerging industries such as flexible electronics, new generation of artificial intelligence, high-end equipment, advanced functional materials and life health. In addition, through consultation with the investors, the duration of the sub-funds can be extended for another 2 years but no longer than 10 years. 

Xiamen has been advancing technology finance in the past few years. Even earlier, Xiamen Municipal Bureau of Science and Technology and Xiamen Municipal Finance Bureau have already taken the lead in establishing the fund for transformation and industrialization of scientific and technological achievements and the seed angel investment fund in Fujian Province. Direct investment was adopted to support Xiamen's technology enterprises at the seed stage and the start-up stage. Up until now, the investment of the funds has reached 243 million yuan, covering 95 enterprises. The funds have also managed to generate social financing worth of 1.183 billion yuan, produce 3558 jobs and obtain 2464 pieces of independent intellectual property.

Source: Science and Technology Daily