T/TSLM 002-2023 Early investment evaluation guide for hard technology projects

Scope

Scope: This document provides fund managers (GPs) with key points to consider when investing in early-stage projects in the hard technology sector, including but not limited to the industry in which the investee enterprise operates, technological level, team situation, business analysis, and compliance issues. Main technical content: This document divides the evaluation system for early-stage hard technology investment projects into three levels, which are classified from macro to micro in a top-down manner, namely macro - policy understanding, meso - industry perspective, and micro - project evaluation. In the document, the macro and meso levels are briefly explained, and the micro-level project evaluation techniques are described in detail. At the micro level, GPs should conduct a comprehensive and in-depth evaluation of the investee projects, covering all aspects of the enterprise. This document conducts research and analysis on investee enterprises from five dimensions, namely "industry", "technology", "team", "business analysis", and "sustainable operation". These five dimensions serve as first-level indicators of the project evaluation system, and are further divided into 18 second-level indicators and 91 third-level elements, together constituting the evaluation system for early-stage hard technology investment projects. Among the five first-level indicators established in this document, the "industry" indicator is the individual-level research and expression of the previous two levels, "policy understanding" and "industry perspective". In today's venture capital environment, policy support and the macro-level perception brought about by the overall environment make the determination of the "industry" indicator highly certain; technological level is the core of hard technology projects, so the evaluation of the "technology" indicator is the top priority of this system; everything revolves around people, and the evaluation of the "team" is an extremely import

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