Research On The Co-competition Relationship Between?? Technology Business Incubator And Venture Capita

Technology business incubators and venture capital can promote the growth of start-ups.Existing research generally believes that there is a complementary relationship between incubators and venture capital.The cooperation between them can complement each other and help to enhance the start-up of new ventures' entrepreneurial performance and ability to address their own development issues.As the incubator business model continues to innovate,its own financing capabilities have also been significantly improved,technology business incubators and venture capital will compete fiercely in the field of network center location,investment share,decision-making power of start-ups,and distribution of cooperative benefits.In complex competition and cooperation,technology business incubators and venture capital need to correctly judge when to cooperate with each other,when to compete with each other,and the closeness of cooperation and competition,in order to grasp the initiative and achieve in an ever-changing environment.This paper first analyzes the motivations of competition and cooperation between technology business incubators and venture capital.Then,the dual-population evolutionary game model of technology business incubator and venture capital is established,and the stackelberg game model between individual technology enterprise incubators,individual venture capital and new ventures is constructed.The study found that:(1)the evolution results between the incubator population and the venture capital population at different stages of development are different,and the changes in the co-opetition relationship between the incubator and the venture capital are summarized into four stages;(2)the key factors affecting the transformation of the co-opetition relationship include the additional income generated by the cooperation,the cooperation cost,the ratio of the cooperation benefit to the cooperation cost,and the ratio of the relative income to the relative cost;(3)internal and external factors have different effects on the tightness of incubator and venture capital cooperation.External factors include government tax intensity to enterprises,tax rebates to enterprises,subsidies to incubators,and internal factors refer to start-ups held by incubators and venture capitalists.The share of the company's equity,where internal factors determine whether the venture capital leaves the incubator network;(4)the critical conditions for venturecapital to exit the incubator network were obtained.Finally,combined with the case of the Sinovation Venture,the co-opetition mechanism between the technology business incubator and venture capital was studied,including the formation mechanism and operation mechanism,and the conclusion of the game model is partially verified.Through the research on the relationship between technology business incubator and venture capital,this paper discovers the evolution path of the relationship between the two and the various factors that influence the transformation of the competition.It has certain theoretical and practical significance for guiding the development of technology business incubators and venture capital.Based on the conclusions of the study,the following recommendations are made:(1)technology business incubators should develop appropriate competition strategies based on their own development;(2)through the choice of partners and the design and improvement of the cooperative operation mechanism,increase the additional benefits of cooperation,reduce the cost of cooperation,achieve fair distribution of benefits,extend the cooperation interval and expand the total revenue generated by cooperation;(3)the government should use policy elements to promote the growth of technology business incubators and venture capital and to extend the cooperation between the two sides.