On October 10, 'the Sixth China Venture Capital Industry Summit', co-sponsored by the State Development and Reform Commission, the Ministry of Science and Technology and the People's Government of Sichuan Province, was held in Chengdu. More than 400 people from the National Development and Reform Commission, the Ministry of Science and Technology, the Securities Regulatory Commission, the Banking and Insurance Regulatory Commission, local provincial and municipal management departments, well-known economists, well-known entrepreneurs, well-known investors and representatives of investment institutions attended the summit. Mr. Feng Gao, the founder of Bright Stone Innovation Group, was invited as the guest speaker.

'Daily Economic News' gave a detailed report on the summit. The following is Mr. Gao's speech quoted in 'Daily Economic News':

On October 10, during the National Innovation Week of Volkswagen Venture Capital in 2018, the Sixth China Venture Capital Industry Summit was held in Chengdu, attracting the government, venture capital institutions and industry experts. Under the boom of "double creation", venture capital has become the focus of attention.

Venture capital is an investment and financing way that combines technology, capital, talent and management with venture enterprises. It is also an important way to achieve high-quality economic development. In the era of 'double creation' 2.0, to create an upgraded version of 'double creation'' venture capital needs to return to its original source. Gao Feng, the founder of Bright Stone Innovation Group said: 'The future trend of venture capital is no longer mode innovation, but to focus on the field of technological innovation to promote the growth of venture enterprises by technological innovation'.

At present, in the process of creating the upgraded version of 'double creation', how to better play an important role in the venture capital industry also needs new thinking. 'Venture capital should return to serving the source of real economy, uphold the original intention of value investment, faithfully fulfill the obligation of good faith to investors, and invest the capital of venture capital in the industry with the greatest development potential and the most representative direction of future development'. Cong Liang suggested that.

This also represents a change in the direction of investment in the venture capital industry. 'The future trend of venture capital is no longer mode innovation, but to focus on the field of technological innovation and promote the growth of venture enterprises by technological innovation.' As a venture capitalist who has worked hard for many years, Feng Gao said that in the future, innovation in the high-tech field is the focus of attention.

Not only that, while the direction of venture capital has changed, the way of investment should also be improved. 'Venture capital will be industrialized, that is to say, more and more attention will be paid to industrial development from the perspective of industrial development, upstream and downstream industries.' Gao said.

This is also called 'craftsmanship' by venture capitalists. Feng Gao said: 'In the past, venture capital is investment or withdrawal. In the future, we need to cultivate industry and grow with enterprises. Investors also need the spirit of craftsmen.'

Mr. Gao