波士顿：深度科技投资者指南(英文 20 页)

---

An Investor’s Guide to Deep Tech

While many investors were prospecting elsewhere, deep (or  emerging) technologies staked out territory as an established asset class—with the returns to match the best venture investments. 

Deep technologies are the technologies of the future— the solutions to major global challenges, such as climate change, food shortages, and disease. As investments, they are not for the faint-hearted since they are almost always risky and typically require more capital and greater pa-tience than do other asset classes. But the markets that  deep tech opens and the returns that startups realize  can be huge.

For these reasons, over the past half decade, deep tech has become a mainstream funding destination for corporate, venture capital, sovereign wealth, and private equity inves-tors. Deep tech claims a stable 20% share of venture capi-tal funding, up from about 10% a decade ago. Multiple funding rounds and billion-dollar investments are com-monplace. Investors that do not understand the opportuni-ties, which are significant, and learn the ropes, which can be complex, are missing out on attractive returns and an excellent means of diversifying their portfolios.

BCG has been advising on, researching, and writing about deep tech for years. (See the sidebar “A Selection of BCG’s Thinking on Deep Tech.”) Here’s our guide for investors that are now looking into the field.

深度科技投资者指南

虽然许多投资者在其他地方进行勘探，但深度（或新兴）技术已经确立为一个成熟的资产类别——其回报与最佳创业投资相匹敌。

深度技术是未来的技术——是解决重大全球挑战的解决方案，例如气候变化、食品短缺和疾病。作为投资，它们不适合心慈手软的人，因为它们几乎总是具有风险，通常需要更多的资本和更大的耐心，而其他资产类别则不然。但深科技所开拓的市场和创业公司所实现的回报可能是巨大的。

因此，过去半个世纪以来，深度科技已成为企业、风险投资、主权财富和私募股权投资者的主流资金目的地。深度科技占据了风险资本资金的稳定20%份额，而十年前约为10%。多轮融资和数十亿美元的投资已司空见惯。不了解这些机会（它们是重要的）和学习其中的复杂内容的投资者正在错失有吸引力的回报和一个优秀的多元化投资组合手段。

BCG多年来一直在就深度科技提供建议、进行研究和撰写报告。以下是我们为现在对这一领域感兴趣的投资者提供的指南。