РHalf of the VC funds in the Kauffman Foundation portfolio fail to return?investor capitalРNet Return?Number of?Multiple Funds? <1x 50? 1x-<2x 33? 2x-<3x 10? 3x+ 6?Source: Kauffman Foundation VC portfolio analysis of y-nine VC funds, 1989–2011.РClassical Biotech ModelРA New Innovation PathwayРVenture InvestmentРUniversity ResearchРpanyРEnable Innovation?Bridging-the-Gap Funding?Mentor?Find incubator space?Provide start-up servicesРEcosystem PartnersРUniversity ResearchРpanyРEnable Innovation?Bridging-the-Gap Funding?Mentor?Find incubator space?Provide start-up servicesРInnovators?outside the UniversitiesРA Newer Innovation PathwayР孵化器是干什么的?Р孵化器的目标:培育掌握自主知识产权,具有发展潜力的科技型企业和具有创新思想的企业家?孵化器的服务对象:初创期和成长期的科技型中小企业?孵化器的任务:创造和提供适宜科技型中小企业发展所需的软硬环境?孵化器的要件: 科技条件平台+科技企业?科技条件平台:科技企业从成立到成熟的发展过程中所需的一切要素的集合