There's a difference between a just-launched startup and a seed - or growth-stage company that's already earning revenue.

刚刚启动的创业项目和处于萌芽或者成长阶段而且已经能够盈利的公司之间还是大有区别的。

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Provide tax incentives to create locally-managed angel funds and seed and early-stage capital focused on minority high-growth entrepreneurs.

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Most (78%) emphasize growth stage investments, as opposed to, say, seed (18%).

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Some provide early stage (seed) capital, while others come in with mezzanine or growth capital.

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