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"Study and Implement the Spirit of the Fourth Plenary Session of the 20th Communist Party of China(CPC) Central Committee" Column

Crossing the "Valley of Death": The Operating Logic of Foreign  Proof-of-Concept Centers and China's Path Optimization 

Chen Jin1, 2 , Peng Gangdong1, 2 , Li Liping3

(1.School of Economics and Management, Tsinghua University, Beijing 100084, China; 2.Research Center for  Technological Innovation, Tsinghua University, Beijing 100084, China; 3.Business School, Chengdu University, Chengdu 610106, China

Abstract: As an institutional innovation originating in the United States, Proof-of-Concept  Centers effectively reduce the uncertainty of technology transfer by providing early-stage fund⁃ ing, technical validation, and business mentoring. This study adopts institutional comparative  analysis and multi-case study methods, selecting five representative countries—the United  States, the United Kingdom, Germany, Singapore, and Israel—to conduct an in-depth analysis  of the diverse models of their Proof-of-Concept Centers from dimensions such as government  roles, organizational models, operating mechanisms, and funding sources. Based on this, it ex⁃ plores a systematic development path suitable for China's national conditions. The study finds  that although the five countries' Proof-of-Concept Centers differ in their models, their success⁃ ful operation follows five common logics: a clear strategic positioning, with each country regard⁃ ing them as core infrastructure of their national innovation system; a diversified funding ecosys⁃ tem, forming a sustainable cycle of "government leverage, social amplification, and market rein⁃ vestment"; professional service capabilities, supported by a team of professional technology man⁃ agers with backgrounds in technology, industry, and business; a strong resource network, effi⁃ ciently integrating various resources as an innovation hub; and flexible operating mechanisms, adopting market-oriented approaches such as staged funding and milestone management. In con⁃ trast, the construction of Proof-of-Concept Centers in China still faces deep-seated challenges, including vague strategic positioning, a shortage of professional talent, a single source of fund⁃ ing, and a loose collaborative network. This study deepens the application of boundary organiza⁃ tion theory in the field of innovation management at the theoretical level. At the practical level, it  proposes that building a Proof-of-Concept system with Chinese characteristics requires coordi⁃ nated efforts in five areas: strengthening top-level design by incorporating it into the national " 15th Five-Year Plan" and implementing classified layouts; building a diversified funding ecosys⁃ tem to cultivate "patient capital"; innovating organizational models by promoting a "public insti⁃ tution + corporate" operation and advancing the professional development of technology manag⁃ ers; enhancing specialized service capabilities by creating a dual-track evaluation system for  "technology + business"; and persisting in open cooperation by deeply integrating into the global  innovation network. 

Key words: Proof-of-Concept Centers; transformation of scientific and technological  achievements; valley of death; new quality productivity; China's path optimization; institutional  innovation; innovation system; international experience