公私合作的科技創業投資機制研析－以德國高科技創業者基金（HTGF）為例

Stimulating S&T Startup through Public Private Partnership -an Analysis of German Model: High Tech Gründerfonds

黃慧嫺

《科技法律透析》 25卷4期 (2013/04) Pp. 16-39

摘要

本文主要探討德國聯邦經濟及技術部（BMWi）自2005年起推動的VC－高科技創業者基金（High-Tech Grhnderfonds, HTGF），此基金由政府資金與民間資金組成，以成立在一年內的研發型德國企業為投資對象，為現今德國科技企業於早期種子階段最重要的籌資來源。HTGF除運用創投業的思維與原則進行投資外，同時兼負將德國公部門資金挹注產生的科研成果，轉化成為實際之產業運用的創新政策面目標。當前我國正面臨如何銜接上游學研與下游產業這段創新生態中之關鍵問題，德國HTGF採用的公私合作創投模式，是否能成為政府解決經濟難題、擴大科技創新與產業化效益的參考，值得研究。本文探討HTGF之設計理念、機制運作方式以及德國為支援科技創業而進行的重大規範革新，同時也嘗試點出師法德國經驗來促進科技創業時所應注意之法制議題。

關鍵字

創業投資 ； 高科技創業者基金 ； 科技創業 ； 公私合作 ； 衍生公司 ； 創業補助計畫

並列摘要

This paper mainly discussed a special venture capital fund of the German Federal Ministry of Economics and Technology (BMWi): High Tech Gründerfonds (HTGF). BMWi started this fund in 2005 to provide capital to the german high-tech companies in the early stage (the ＂seed phase＂). HTGF is funded by the government, the KfG bankgroup and the private sector. HTGF invested in those technology-based german companies following the principles of European Private Equity and Venture Capital Association. This fund helps academ research institutes and individual to transfer their research result into commercial utilities. Now it is the main capital souce for germnay technology-based companies in the seed phase. Taiwan is seeking for the solution of bridging the so called ＂death valley＂ in the innovation ecosystem. It is suggested in the ＂9th National S&T Conference＂ that the government should establish an early stage fund to confront with this issue. In this regard, the german HTGF model may serve as a reference example. In this paper, the design concept, the organizational, operational and investment mechanisms of the HTGF is discussed. Moreover, the author tried to analyse the successful factors of the HTGF and pointed out those legal issues when considering the HTGF model.

並列關鍵字

venture capital ； High-Tech Grhnderfonds ； HTGF ； public private partnership ； spin off ； EXIST

參考文獻

Global Insight Report, Ventuue Impact (2009), available at http://www.nvca.org

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