降低投資者投資在早期醫療科技新創的被稀釋風險：一種積極型聯合投資策略研究

Abstract

傳統創投（VC）公司由於基金規模的增加，正逐漸將焦點從早期投資轉向後期投資，這要求企業達成顯著的里程碑才能引起興趣。這一趨勢在醫療科技領域尤其顯著，因為該領域面臨將創新推向市場的獨特挑戰，資金缺口也特別大。天使投資人、微型創投（Micro VC）和家族辦公室等早期投資者試圖填補這一缺口，但遭遇嚴重的稀釋風險，這導致一個惡性循環，阻礙了早期投資，並使醫療科技初創企業籌集資金變得更加困難。本文探討了一種新的聯合投資策略，旨在減少這些稀釋風險並打破這個惡性循環，研究方法包括產業關鍵意見領袖（KOL）的見解和一個由三位早期投資者參與的試點計劃。 本研究顯示，如果該聯合投資策略能夠成功實施，對企業家和早期投資者都將有顯著的好處。然而，該策略需要大量的協調和溝通，以確保聯合投資成員在分期投資結構上達成一致。所以如果成員間具彼此信任條件並且擁有相似願景、基金壽命和目標回報的話，這將有助於提高執行此策略的成功機率。此外，要實現該策略需要的資金配置的話，聯合投資成員可能至少需要四名，使得此類聯合投資的形成具有一定的機遇性。與策略性投資者合作減少所需成員的數量，可能會提高形成此類聯合投資的成功機會。

Traditional venture capital (VC) firms are shifting focus from early-stage deals to later-stage investments due to increasing fund sizes, requiring ventures to achieve significant milestones before attracting interest. This trend is especially impactful in the medtech sector, which faces substantial funding gaps due to the unique challenges of bringing innovations to market. Early Investors, such as angels, micro VCs, and family offices, attempt to bridge this gap but encounter severe dilution risks, creating a vicious cycle that deters early-stage investment and complicates capital raising for medtech startups. This paper explores a new investment syndication strategy designed to mitigate these dilution risks and break the cycle, assessed through industry KOL insights and a pilot program with three Early Investors. The study indicates significant advantages for both entrepreneurs and Early Investors if the syndication strategy is successfully implemented. However, the strategy requires substantial coordination and communication to align syndication members, especially regarding tranche structuring. Initiating syndication with members sharing similar visions, fund lifespans, and target returns, and fostering strong trust, could increase success chances. Adequate capital allocation likely requires at least four members, making syndication formation opportunistic. Partnering with strategics to reduce member numbers could improve the chances of successfully forming such a syndication.