English to Chinese: investment promotion policies General field: Bus/Financial Detailed field: Investment / Securities
Source text - English In general, county and state business development officials, as well as entrepreneurs, indicated that venture funding was available for relatively late-stage companies in the cluster. Regardless of the location of the venture funds, these officials indicated that the funds are attracted to the Maryland cluster by the existing human capital in life sciences. In addition, many local life science firms perform contract work for NIH, providing them with a revenue stream while they undertake R&D activities.
One popular state tax program is an investment tax credit for 50 percent of an eligible investment in an early-stage biotechnology firm, up to $550,000. Firms can apply for this credit at the beginning of the fiscal year. Applicants must meet certain minimum criteria, and then credits are given on a first-come, first-served basis until funds are used. The program is always fully subscribed, although there are some bureaucratic challenges for firms, as they are required to secure all of the targeted investment within 30 days of applying for the credit.
Silicon Valley is characterized by the number of spinoffs it generates. Figure 2.5 compares the estimated number of former employees of major firms and universities who started companies (“employee founders”) and the resulting number of start-ups (“spinoff startups”) from local firms in Silicon Valley, to similar figures from Boston’s Route 128, which is also a high-technology cluster. The estimates are limited to start-ups whose founders were funded by venture capital between 1992 and 2001. Local universities in Silicon Valley and Boston produce similar numbers of start-ups. However, the number of start-ups produced by firm employees, and of firm spinoffs, in Silicon Valley dwarfs the number in Boston. This culture of spinoffs has been present since the formation of the Silicon Valley cluster, as we discuss below.
Translation - Chinese 总体上，县、州级负责企业发展工作的官员们以及企业家们都表明：风险投资仅投向本地区内相对处于创业后期的公司。这些官员称，不管这些风险基金来自何方，吸引他们的都是马里兰州产业集群区现有的生命科学方面的人力资源。另外，本地很多生命科学公司还从国家卫生研究所那里承包一些业务，以便在从事研发活动的同时，获取持续的收入。