Aiming to find "patient capital" and "long-term capital", the first phase of 1 billion yuan, Fudan Science and Technology Innovation Fund of Funds was launched
In the investment world, the Yale University Fund of Funds is legendary, with an annual return of 10.9% in the past ten years, 3.0% higher than the average return. Focusing on the long term and being patient are among its core principles.
On December 3, the "Fudan Science and Technology Innovation Fund of Funds" jointly initiated by Fudan University, local governments, state-owned enterprises and market-oriented institutions was launched. The first phase totaled 1 billion yuan. Its goal is to guide the sub-fund to become " “Patient Capital” and “Long-Term Capital.”
What are the highlights of Fudan’s fund of funds focusing on “technological innovation”? A reporter from Liberation Daily and Shangguan News conducted an exclusive interview with Sun Pengjun, the head of Fudan Science and Technology Innovation Fund of Funds.
[Not just the money, but more importantly the empowerment behind it]
The so-called "fund of funds" is a "fund of funds" that does not invest in specific projects. It is a fund that specifically invests in "sub-funds".
"The identity of Fudan Science and Technology Innovation Fund of Funds mainly comes from three dimensions." Sun Pengjun introduced. First, the disciplinary characteristics. Fudan University is good at basic research and has burst out original innovations in the fields of life sciences, new generation integrated circuits, artificial intelligence, etc. More; the second is the achievement transformation ecology, which places more emphasis on openness, cooperation and collaboration; the third is the operating mechanism, which places more emphasis on "market-oriented mechanisms and professional operations" and leaves professional matters to professional people.
Why is openness, cooperation and collaboration so important? Sun Pengjun believes that basic research is the foundation for the transformation of results, but to burst out new productive forces, it is not feasible to rely solely on the university itself to build a relatively closed ecosystem.
The road from an original innovation to a product is long, and it takes many "fellow travelers" to navigate this road. Sun Pengjun said that only "patient capital" and "long-term capital" can help major original achievements to finally achieve complete industrialization. On the other hand, they hope to find capital that is willing to be a long-term "partner" of scientists, "not just money, but more importantly, the empowerment behind it."
[From the innovation end to the industry end, I want to make a difference]
Innovation is one of Shanghai's greatest strengths. The preparatory team for the "Fudan Science and Technology Innovation Fund" found in preliminary research that although the number of patents generated by universities every year is very high, there are structural 'blocking points' on the conversion side. A great scientific research result often does not turn into new productivity after several years. "We established the fund not to follow the trend, but to feel this 'blocking point' and the social needs behind it. The entire chain from the innovation end to the industry end has not yet been opened up. We want to make a difference." Sun Pengjun said.
"The fund takes the name of Fudan and gives priority to supporting Fudan's scientific and technological achievement transformation projects and alumni innovation and entrepreneurship projects. However, we do not just invest in Fudan, let alone a 'small circle', but seek out the best investment management teams from around the world."
"Currently, most direct investment funds in the market prefer to invest in projects that can be listed on the Science and Technology Innovation Board as soon as possible. They often don't pay enough attention to cutting-edge and early results. They have to wait until the product comes out, the market becomes clear, and the team is stable before they are willing to invest." Fudan Science and Technology Innovation Fund of Funds' aim is to invest in small businesses, invest early, and invest in hard technologies to meet the country's technological innovation needs."
To do something, we also want to build a "tropical rainforest" ecology.
"Why are there so many startups near Stanford University? Because there is a positive ecosystem, a strong atmosphere of innovation among scientists, and there are early-stage capital, professional management talents, intellectual property lawyers, etc. who truly understand scientists."
Sun Pengjun is a senior achievement transformation person with ten years of experience, and has embarked on a "from 1 to 10" transformation path with Fudan characteristics. "Compared to ten years ago, everyone's ideas are changing. The school has completely opened up the protection of intellectual property rights, and Shanghai has also laid out a modern science and technology innovation and industrial system. I am confident about moving forward."
Liu Duo, deputy mayor of Shanghai, Qiu Xin, secretary of the Party Committee of Fudan University, and Jin Li, president of Fudan University and academician of the Chinese Academy of Sciences, attended the launching ceremony.