Abstract: In the development strategy driven by technological innovation, exploring how to fully leverage the role of technology incubators and accelerate the achievement transformation of hard technology enterprises has important practical significance. This paper takes the “Xiguang Model” of Zhongke Chuangxing as a research case to explore the path and mechanism of the transformation of scientific and technological achievements in hard technology enterprises, as well as the important role of venture capital in its model. It is found that introducing venture capital can accelerate the innovation and development of hard technology enterprises. At the same time, the appreciation of enterprise valuation can attract more capital to enter, forming a new circular development model of capital driven innovation. However, hard technology enterprises have the characteristics of high development risks and long development cycles, and the transformation of scientific and technological achievements requires continuous financial investment. Therefore, the development of hard technology enterprises needs to rely on relevant channels such as national policies and financial finance. Moreover, to solve the “financing difficulties” of hard technology enterprises, it is not only necessary to guide more social capital to participate through the leverage of state-owned capital, but also to fully leverage the role of market-oriented resource allocation. The case enterprise has promoted the development of hard technology enterprises through the “talent+technology+capital+service” four in one technological achievement industrialization model, and achieved its own growth, further enhancing its social service capabilities. The research in this paper lays the foundation for the development theory of hard technology enterprises with Chinese characteristics and provides a policy basis for the relevant decision-making departments.

Key words: hard technology, Xiguang model, venture capital, achievement transformation