任何高新技术的产业化通常分为四个阶段:技术酝酿与发明阶段、技术创新阶段,技术扩散阶段和工业化量产阶段。而每一阶段的完成和向后一阶段的过渡,都需要资金的配合,而每个阶段所需资金的性质和规模都是不同的。而创业投资属于长期性与低流动性的权益资本。正常情况下,创业投资家不会将资本一下全部投入初创企业,而是随着企业的成长不断地分期分批地投入资金。这样做既可以减少风险更有助于资金周转。种子期(seed stage) The industrialization of any high-tech is usually divided into four phases: technology brewing and invention phase, technological innovation phase, technology diffusion phase and industrial mass production phase. The completion of each phase and the transition to the next phase require funding, and the nature and scale of funds required for each phase are different. Venture capital is long-term and low liquidity equity capital. Under normal circumstances, venture capitalists will not invest all the capital start-ups, but as companies continue to invest in phases and in batches. Doing so can reduce the risk and contribute more to cash flow. Seed stage