(1) Seed stage: less capital demand; There is no income record and the source of funds is limited; Faced with risks such as unstable technology, market and financial entrepreneurial team.

● Channels: self-raised funds and financing from relatives and friends.

(2) Start-up period: the demand for funds is gradually increasing; Enterprises have no profit record, lack the ability of mortgage and guarantee, and still face great risks.

● Channels: angel investment and venture capital.

(3) Growth period: the demand for funds has increased sharply, which requires a large amount of funds to be put into production and operation, and it is impossible to meet the needs of enterprises by relying on personal funds.

● Channels: institutional financing, such as venture capital, commercial banks and government support programs.

(4) Maturity: When the enterprise enters a stable development track, the risk is significantly reduced, the capital demand is stable, and it is easier to raise funds than at any previous stage. The emergence of new opportunities still needs external funds to achieve rapid growth and scale expansion.

● Channels: Capital markets such as bonds and stocks provide rich sources of funds, and entrepreneurs can also quit their enterprises through public listing and management buyouts.