At the end of last year 1 1, at the scene of TV recording, actor Godfrey Tsao suddenly fell to the ground while running, and died of cardiac arrest after being rescued. But before that, in March, on the basketball court of Beijing Dongdan Stadium, a man in his fifties went into cardiac arrest and fell to the ground. Fortunately, in the stadium next door, doctors from Union Medical College Hospital are playing badminton. Six doctors immediately rushed to the scene to perform chest compressions and external defibrillation with AED. Then the man was sent to Tongren Hospital for follow-up treatment and passed by death.

It was also a cardiac arrest, one person died with regret and one person survived successfully. In addition to the timely action of doctors, it is also inseparable from the AED (automated external defibrillator) equipped in Dongdan Gymnasium. AED can instantly stimulate the heart in the form of electric shock, making it return to normal beating state. For cardiac arrest, there are "golden four minutes" in first aid. If it takes more than four minutes, the brain will be irreversibly damaged. At the same time, the success rate of survival is only 10%, and if AED intervenes early, the success rate will reach 74%. It can be seen that the role of AED is even more indispensable.

The AED supplier of Dongdan Gymnasium is a company registered in Shanghai, named Heen Medical. Hearn Medical 20 15 entered the field of public first aid. For Hearn Medical, this may be a market with great potential. What is the market potential?

The above is only the difference in the number of aeds delivered. We should also consider the popularization of first aid knowledge and skills, the construction of public first aid system and personnel, and the improvement of relevant laws and regulations. It can be said that the development of this field in China is still in the primary stage.

Since the market potential is huge, why haven't you seen the explosive growth in this field? According to public information, Hearn Medical completed the angel round of financing on 20 15, and then obtained the Pre-A round of financing from Yuhong Capital on 20 19. The first reaction was that another company in the domestic first aid field, 20 15, obtained the A-round financing invested by Yueketou and Tencent. There is also a company called Bang Chen First Aid, which was established on 20 15, and there is no financing information for the time being. The financing scale in this field is small, only at the level of 10 million.

Where is the difficulty?

In fact, both enterprises and investors can see the potential of this market, but the market has just started and it is very difficult.

For enterprises, market infrastructure is the most important before effectively providing first-aid related products and services. China people say that "if you want to get rich, build roads first", which reflects the importance of infrastructure, and the infrastructure in the field of first aid includes the cultivation of consumer awareness, the establishment of public first aid system, and the introduction of supporting laws and regulations.

For Hearn Medical, the beneficiaries and payers of first aid products and services are different. In the marathon, the beneficiary is the runner who participates in the competition, and the payer is the organizer or the local government. In the above-mentioned rescue incident in Dongdan, Beijing, the beneficiary was a man with cardiac arrest, and the payer was also a donor and a Beijing first aid volunteer. The beneficiaries are wide and basically oriented to the public, and the payers are usually the government, enterprises, donation institutions and individuals.

This is different from ordinary goods. For example, despite the huge smartphone market, payers and beneficiaries overlap.

The non-coincidence of the two in the field of public first aid makes enterprises have to do two things: on the one hand, they must find institutions and individuals who are willing to pay; On the other hand, it is necessary to raise public awareness of first aid, so as to promote the development of this field.

After the capital invested by enterprises completes the cultivation of consumer awareness, it will eventually have a positive spillover effect, which is conducive to reducing the entry threshold and cost of latecomers. The cultivation of consumption consciousness also belongs to a public product. The final cost is borne by the enterprises that entered the field in the early stage, and the income is enjoyed by the whole market.

It is precisely because of the existence of the above phenomenon that enterprises and investors who entered the field of first aid have become the big losers. Some people may ask: can't public first aid be given to government agencies or charitable organizations?

In fact, government agencies themselves play an important role in industry policy formulation and industry ecological construction. For example, the Singapore Civil Defence Force not only took the lead in placing AEDs in public places, but also launched a mobile phone application to mark the geographical location of AEDs and announce cardiac arrest. With the help of the life-saving project, the Civil Defence Force also trained community first-aid personnel.

Of course, non-governmental organizations can also lead the development in this field. For example, Japan Emergency Medical Foundation, a foundation related to first aid, was established in 199 1 to provide funding for research in the field of first aid and provide relevant education and training. It also launched an AED map, which collected the installation location and maintenance information of AED equipment provided by various AED manufacturers and vendors in Japan. Judging from the development cycle, it took about 7 years for Japan to launch aed to reach 65,438+000 units per100000 population. From the perspective of development mode, Japan relies on the participation of the people to effectively mobilize the strength of the whole society, reaching the result of more than 500 units per100000 population.

Who can break the game?

According to the target forecast of "per100,000 people100 aeds", the demand for aeds in China is about10.4 million.

Obviously, the gap between reality and goals cannot be solved by relying solely on the government or charitable organizations. This requires the participation of private capital. Public emergency medical treatment is a very special industry, and the development of enterprises in this field can bring more social benefits. However, the enterprise is in the early stage of development, with great uncertainty and relatively high risk, and the financial return at this stage may not reach the market average. Ordinary investors who only consider the rate of return are not necessarily willing to participate, because there is a problem of "return allowance". This concession means that in the process of opening up a new market field, investors need to give some concessions in financial returns in order to achieve the expected social benefits at the market level.

Compared with traditional investors, influence investors are more willing to invest in this field. Influence investors actively create positive and measurable social influence, and give consideration to financial returns. Under certain conditions, such as promoting the development of the public sector and paving the way for infrastructure, influential investors are willing to sacrifice part of their financial returns in exchange for social benefits at the market level, so they can accept financial returns below the market average.

Mencius said, "Who else is there in today's world?" For the corresponding enterprises of public first aid, it is difficult to expand the scale without the capital of influential investment; For influential investors, their positive intention to promote social progress forms the essence of "who to give up" in investment. From another point of view, in order to embody the spirit of "Who else", influence capital has an additionality: if I don't invest, who else will? This additionality reflects the great responsibility of influential capital in the new market. When other types of capital are timid and unwilling to take on more responsibilities, they are brave and diligent, and flow to places where capital is scarce to create the greatest social influence.

Many times, when commercial capital is unwilling to enter the market because of high risk and long return period, charitable organizations will make up the gap and introduce charitable donations to the market. But the average person here will ask, is the use of funds by impact investment more efficient than charity? That is, for the same dollar, can investment produce greater social benefits than donation? In other words, when the government and non-profit organizations participate in the development of public first aid, how to measure the efficiency of influence input?

In view of this, Acumen Fund, a pioneer in the field of impact investment, provides a scheme called BACO, which takes the best available charity options as a benchmark to highlight the difference between impact investment and traditional charity. Compared with BACO, impact investment has the advantages of financial leverage, enterprise efficiency and technological innovation. The "efficiency multiplier" of impact investment can be determined by BACO ratio, that is, the ratio of impact investment to social benefit of BACO unit. For example, the Smart People Fund used to take African anti-malaria mosquito nets as an example. The social benefit of its fund investment 1 yuan is 52 times that of BACO, that is, the BACO ratio is 52. This is enough to show the great energy that influential investors can exert in it.

Generally speaking, in the stage of market development, the infrastructure construction that enterprises participate in has the characteristics of public funds, which in turn restricts the entry and development of start-ups At this time, influential investors with the spirit of "give up who I am" can become game breakers.

Qiu Ciguan is a professor at Shanghai Institute of Advanced Finance, Shanghai Jiaotong University, and a well-known and influential investment scholar. Zhang Xuhua, a researcher at the Social Responsibility Investment Fund of Shanghai Institute of Advanced Finance. )