The Era of Scientific and Technological Great Navigation: How Sci-Tech Enterprises Cross the 'Valley of Death' and Sail Forward
The era of a tech-driven grand voyage in scientific and technological innovation has arrived.
Data shows that as of August 31, 2022, a total of 459 companies were listed on the STAR Market. In the first half of 2022, companies on the STAR Market collectively generated operating revenues exceeding RMB 519.5 billion, representing a year-on-year increase of 33%.
Among these, the clustering effect and sectoral demonstration effect of companies in multiple frontier hard-tech fields—such as the integrated circuit industry chain, biopharmaceuticals, new energy, industrial robots, and advanced rail transit—are becoming increasingly prominent.
Meanwhile, companies listed on the STAR Market are anchored in the innovation-driven development strategy, continuously increasing R&D investment and accelerating the advancement of independent innovation.
In the first half of 2022, total R&D expenditure reached RMB 46.054 billion, a year-on-year increase of 20%; the average ratio of R&D expenditure to operating revenue was 17%, with 63 companies recording an R&D intensity exceeding 30%; the number of newly granted invention patents totaled more than 4,800, averaging 120 invention patents per company.
However, these figures only reflect Side A of the current state of sci-tech innovation enterprises. On the other side lies a failure rate as high as 80% among high-tech companies. The reasons for such failures often lie not in technology, but in non-technical factors.
Scientists and entrepreneurs are inherently labels of two distinct attributes.
For scientists, although they have achieved the pinnacle of technical excellence, building a business requires applying technology to the market. The initial stage demands “translation” capabilities, while the commercialization phase requires “operational” acumen. Therefore, on the arduous path of entrepreneurship, only a rare few manage to succeed, and those who ultimately guide their companies to an initial public offering (IPO) are even more exceptional.
Sci-tech enterprises must not only keep their heads down to innovate, but also look up to see the road ahead.
First, examine cognitive thinking.Scientists and entrepreneurs differ fundamentally in their mindsets. While scientists can afford a degree of idealism, entrepreneurs must ensure practical implementation. The primary prerequisite for such implementation is to identify the right direction, “gain insight into the essence,” and assess macro trends, thereby achieving an accurate understanding of the value of science and technology innovation enterprises.
Secondly, the technical pathway must be considered.At present, China’s healthcare sector has moved beyond the entrepreneurial era dominated by “domestic substitution” under traditional business models. Future opportunities will increasingly favor innovative enterprises that possess genuine original technologies and can meet clinical needs. Therefore, strategic choices, technological R&D, and development pathways are particularly critical for science and technology innovation enterprises, making “model innovation” imperative.
Then, we need to examine corporate operations.This requires consideration from multiple dimensions, first of which isTeam, namely how to efficiently manage talent and maximize their value; secondly,Funding, namely, how enterprises can maintain the stability of their capital chains and how to fully utilize funds; finally,Rhythm, namely, how to leverage market analysis to identify key milestones in corporate development, including financing rounds and dynamic equity incentive grants.
This necessitates that enterprises establish “governance empowerment” mechanisms, including robust corporate governance and leadership, resilient organizational structures, and cultural innovation. Simultaneously, they must build a “mechanism synergy” system across areas such as intellectual property strategy, marketing, supply chain management, cash flow management, internal financial controls, and the creation of synergies among science and technology innovation enterprises. Furthermore, as an initial public offering (IPO) represents a critical pathway for realizing the value of science and technology innovation enterprises, it is essential to lay the groundwork for “IPO readiness” by enhancing capabilities in managing intermediaries and integrating resources.
Finally, examine market resource linkages and applications.Startups must be market-oriented; therefore, navigating the market often becomes a major challenge for scientists on their entrepreneurial journey. Engaging in frequent face-to-face exchanges with industry-leading enterprises and drawing upon proven entrepreneurial experience can help startups avoid pitfalls and achieve mastery across their chosen sectors. This also requires sci-tech entrepreneurs to cultivate competencies in communication psychology, public opinion management, crisis management, and design thinking—skills that may seem “useless” yet prove indispensable.
Technological innovation has already gained momentum. However, for sci-tech enterprises to overcome challenges, they must pay greater attention to integrating principle with practice. Advocating a "human-centric" approach has become a mainstream value worldwide, and the field of sci-tech enterprise management should follow suit. The integration of humanities and management does not overturn traditional corporate management models but rather “softens” them.
For technology-driven enterprises, it is even more critical to first leverage technology to reduce costs and enhance efficiency, thereby creating a market willingness to pay for such innovations. By delivering greater value to users and harnessing technology to improve human life and work, we ensure that technological advancement remains benevolent and people-centric.
Honoring Scientific and Technological Innovation with Originality: Fudan University School of Management has established the “Fudan Sci-Tech Entrepreneur Camp” as a practical model, actively leading research in sci-tech innovation management and the cultivation of talent in this field, thereby empowering the growth of sci-tech enterprises. The “Fudan Sci-Tech Entrepreneur Camp” is designed not only to help sci-tech startups overcome critical challenges but also to enhance the wisdom and cultural refinement of the new generation of sci-tech entrepreneurs through the integration of humanities and management.
The fifth cohort of the “Fudan Sci-Tech Innovation Entrepreneur Camp,” currently enrolling students, features a humanities module specially designed by Fudan University’s School of Management in collaboration with the School of Philosophy. This program has established an integrated curriculum system combining “Management + Technology + Humanities,” with philosophy, history, and literature courses woven throughout, and has received support and recommendations from Fudan University’s School of Microelectronics and School of Life Sciences.
Furthermore, the fifth cohort of the “Fudan Sci-Tech Innovation Entrepreneur Camp” has undergone further iteration in terms of curriculum systematicity and adaptability, while also providing robust support for collaborative co-creation between student enterprises and the integration of ecosystem resources.
DomesticTargeted course curriculum designed to address key pain points, including equity incentive design for sci-tech innovation enterprises, corporate governance, strategic thinking and planning, R&D and team management, corporate culture development and conflict management, and effective mechanisms for scientists’ transition into entrepreneurs.
ExternalOvercoming prominent challenges such as financing for sci-tech innovation enterprises, cross-industry exchange and research resource matchmaking, patent and intellectual property protection, leveraging intermediaries and resource integration, establishing effective business models and sales channels, and government communication and expansion.
In addition to the seven core modules tailored for sci-tech entrepreneur students, the curriculum also includes components designed for core team members of their enterprises, addressing the differentiated needs of organizational development.Advanced Elective Courses, including strategic co-creation workshops, equity incentive workshops, and peer enterprise case study workshops, to help enterprises achieve organizational alignment and apply learning to practice.
Among the 106 participant companies from the first four cohorts, 100% are technology enterprises, and 80% are represented by founders at the camp, fostering resonance and mutual encouragement for shared progress. During the program, two companies went public on the STAR Market, nine entered the Pre-IPO stage, and 77% secured financing to enter a phase of rapid growth.
Organized by the Science and Technology Innovation Office of Fudan University School of Management, the program brings together Fudan alumni resources and relevant stakeholders to build a future-oriented ecosystem of mutual trust and win-win collaboration in science and technology innovation, continuously empowering participating student-led enterprises. All student enterprises enjoy the benefits of Fudan University School of Management’s Science and Technology Innovation initiatives.Investment and Financing Ecosystem, Industrial Ecosystem, Scientific Research Ecosystemand other platform resources, which are also empowering resources obtained beyond talent development.
Empowering Sci-Tech Innovation through Management, Driving the Success of Sci-Tech Enterprises. The 5th Cohort of the “Fudan Sci-Tech Entrepreneur Camp” will officially launch on November 18, 2022. The curriculum comprises seven modules and spans seven months. Upon successful completion and defense, participants will be awarded a Certificate of Completion from Fudan University.
Application Requirements：
Core Technology Track: Oriented toward the entire country and aligned with the national science and technology innovation competition tracks, it possesses strong capabilities in hard-core technologies.
R&D Technical Strength: Equipped with professional R&D personnel and an independent R&D system; possesses core technologies with independent intellectual property rights and related patents.
Founder/Executive: Applicants must be founders or co-founders of enterprises, or core senior executives at the CEO or VP level and above; professor-led startups are given priority admission.
Corporate Development and Financing Stages: The company has entered a critical stage of development or plans to file for an IPO within the next 2-3 years.
Application Process：
“Application Form/Recommendation Letter” — Expert Panel Review — Admission and Enrollment
Consultation Hotline：
021-25011568 (Teacher Wang)
Contact Email：
Innovation_fdsm@fudan.edu.cn
Scan the QR code to pre-register and embark on a new journey as a sci-tech entrepreneur.
