Study on the Disparities in Capital Requirements Across Different Stages of Technological Innovation and the Matching Logic of Patient Capital

Danping Qiu

doi:10.6981/FEM.202601_7(1).0020

Authors

Danping Qiu

DOI:

https://doi.org/10.6981/FEM.202601_7(1).0020

Keywords:

Technological Innovation; Life Cycle; Patient Capital; Capital Demand; Matching Logic.

Abstract

Technological innovation serves as the core driver of high-quality economic development, exhibiting significant heterogeneity across its entire lifecycle. Correspondingly, capital requirements differ fundamentally in terms of scale, cycle, risk appetite, and other dimensions. Patient capital, centered on long-termism, provides stable financial support for technological innovation by tolerating short-term uncertainty and extending investment cycles. However, the matching logic between patient capital and the various stages of technological innovation has yet to be systematically clarified.This study, grounded in the theory of the technological innovation lifecycle, categorizes the innovation process into four distinct phases: basic research, applied development, commercialization, and industrial expansion. It systematically analyzes the capital demand characteristics of each phase. Building upon this foundation, a matching analysis framework for patient capital and different stages of technological innovation is constructed across four dimensions: scale of capital supply, risk-sharing mechanisms, return orientation, and value-added provision. Finally, drawing on case studies from representative industries, differentiated patient capital matching strategies are proposed.The findings offer theoretical insights and practical implications for optimizing innovation capital allocation efficiency and enabling patient capital to precisely empower technological innovation.

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