技术创业型企业孵化资本投入的风险管控——来自多案例对比

待孵化的技术创业型企业同时具有概念性技术向差异化产品转化的高风险与产品异质性被认同后溢价评估的高收益特点，导致其投资者多处于隔岸观火却欲罢不能的的孵化投资矛盾中。对孵化资本实施有效的风险管控，成为吸引外部资本投入的关键。基于此，选择在可创概念选育与技术创业孵化领域探索出高成功率路径的概念证明中心、YCombinator和创新工场为研究案例，分析其在创业项目筛选、孵化资金运营等关键环节的风险管控方式，以期完善我国孵化资本管控理论、助力我国商业孵化器提高资金风险管控能力、促进外部资本投入。

Research on Risk Management and Control of Incubating Capital of Technological Entrepreneurship Business ——Comparison of Multiple Case

Technological entrepreneurial enterprises waiting for incubation have the high risk of transforming conceptual technology into differentiated products, and they also have the characteristics of high returns after product differentiation is accepted by the market. Effective incubation capital risk management and control has become the key to promoting external capital investment. In response to the above problems, this article selects three typical cases that have created a high success rate in the field of technology entrepreneurship incubation, the Proof of Concept Center, Y Combinator and the innovation workshop. This paper collects case data, analyzes the risk management and control models of these three cases in key links such as startup project screening and incubation capital investment, and improves the theoretical methods of capital risk management and control for business incubators in my country. The research conclusions can provide reference for the rapid development of business incubators.