On a special "AMA" (Ask Me Anything) episode, GGV Managing Partner Hans Tung answers questions posed by our listeners on a wide range of topics.

How did Hans break into the VC world? What made he move to China and then come back to Silicon Valley afterwards? How does he deal with failures as an investor? What does it take for non-Chinese entrepreneurs to succeed in China? What motivates him to wake up and work hard every day?

Join our listeners' community via WeChat/Slack at

The 996 Podcast is brought to you by GGV Capital, a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud and Frontier Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds. Past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance, Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Keep, LingoChamp, Namely, Niu, Nozomi Networks, Opendoor, Peloton, Poshmark, Slack, Square, Wish, Xauto, Xiaohongshu, Yellow, YY, Zhaoyou and more. The firm has offices in Beijing, San Francisco, Shanghai and Silicon Valley. Learn more at, or "GGVCapital" on WeChat.

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00:00:18Hi there, welcome to the man at six podcast brought to you by Gigi capital on the show went to the movers and shakers of China's tech industry and discuss how the founders from around the world can draw lessons from China's type of ecosystem. My name is Khan song. I'm a managing partner igtv capital and I've been working at and investing in startups across the US China and other emerging markets for the last 20 years of a marketing manager at ggv Capital and a former journalist. Why is this show called 96 96 is to work schedule and many Chinese Founders at organically adopted that is 9 a.m. To 9 p.m. Six days a week 6 captures Lincoln City drive-in speed with China's internet companies, which are produced many growth Miracles over the last decade Channel where you can connect with like-minded people interested in tagging China. We organize regular off my events across the world 400 followers. You can join these by visiting 96.2
00:01:19I ever won today. I'm very excited to Hozier special Ama or ask me anything episode with our managing partner hanstone was here with me to answer questions from followers of the 96 podcast. So we analysis and they are a couple weeks ago and caught on our listeners to submit questions and have since they receive a lot of great questions on all kinds of topics. So I apologize in advance. If we don't get your question since we have limited time here so far just a little bit of background off Hannah's those of you who regularly listen to our show should know quite a bit about him already. But anyways, I g g v he focuses on investments in consumer internet e-commerce, and I was he slapped her across the US China and other Emerging Markets. He's invested in 11 unicorn companies about it over a billion dollars including xiaomi wish musically now part 2 by dance Airbnb song. She was little red book OfferUp. Is that a row he grew up in Taiwan and move to LA in his teens at his work or lived in New York, Boston Hong Kong Singapore Shanghai Beijing and the Bay Area. He's now based in Menlo Park.
00:02:19Especially on a play every other day so welcome to the show on the 1st. I was kind of surprised but also not surprised that around half of all people with some it a question is wrote down the same question. How do you break into a VC? So let's first address this Burning question that a lot of people seem to have on their mind. I was very fortunate to be in the class of 1993 at Stanford. So that was a year. Netscape browser was released and the world become a very different place thereafter. I think Peter Thiel was a couple years ahead of me and Sherry Ann was a year behind me but as a graduate student in so that was that was the right time to be in the internet business, but I didn't know anything about BC back then I saw my career in banking in New York and then Hong Kong and then spend the next 5 years in Asia through Hong Kong type in Singapore doing
00:03:19Tech-related growth Investments basically investment companies that were trying to do country manufacturing semiconductor chip design internet was not a big focus at that point in time and then run around 1999 that group of Ivy Leagues and stuff for graduates got together including myself to start to startups for the other and both know for internet and not remind me a lot of love what people are doing about blockchain and cryptocurrency today. So very very similar and I think if I didn't have that start up experience, I probably wouldn't know I will be very interested in entrepreneurship just NASA found her that I'm better suited as an investor combining my banking and my growth Capital Investments parents with my appreciation for her hardest to go to start how you spell it. So I think if I didn't have the 8 to 10 year experience in investment finance and as a Founder, I would know that busy with the right career.
00:04:19But to get into BC I still had to come back to the US go to MIT for graduate school and then join a Bessemer and it was at Bessemer that I learn how to be an American b c with appreciation for what was happening in China. So I think I'm very grateful for my ex-colleagues about summer for give me the opportunity and I think I'm in China and see that this a market on the bus about to take off. I made a commitment to my family my wife and I to to China and field on my Visa Korea really in China over the next eight years between 2005 and 2013 has seen my time at seeming and also now it says you both were very fortunate because the the world for internet users worldwide grow from a billion to 4 billion smartphone and then China economy really took off and I made a huge impact on Chinese growth in a way that none of us thought was possible back in 2005.
00:05:19Begin CBC. I think one has to have some kind of a Consulting with banking background and ideally some startups parents or part of management experience so that you have appreciation of what's it like to be inside of startup what kind of issues. Founders go through what kind of challenges and suburbs have to overcome in order to succeed and what kind of lessons can be learned from other mistakes. That's how I probably will make when you have a sense of peace and rent them in the house. I appreciate syn for banking or Consulting unlimited skills. You can marry the two New York to be much better prepared to be a good visit.
00:05:57Do what qualities do you look for when you are hiring people to join? The GV team number of Founders are startups have succeeded. There is a high correlation between what schools that went to and what are they end up becoming a unicorn or not? What is Harvard or other Ivy League's vs Stanford or Berkeley and Stanford Berkeley Chihuahua and B. I'll probably the top sports goals of generate. Most number of a unicorn's be young. Foote on University and different seeing you and others. There's a high concentration. So for vcs-10 to come from one of the top schools that have the network and exposure to startups while in school already and it's becoming increasingly tough getting to the PC business without having prior exposure to that new edition if you have let that whiskey
00:06:57Especially if you come from China you can speak Chinese fluently and have spent time in China also have some kind of banking or Consulting background Plus at the oldies some kind of exposure to running a star part of stop. Those are all the things increasingly required to be hard by one of the top of his fever. So the next question is from two people Richard Cowart CEO of China and missions as well as Jacob who describes himself as a little African American who is moving to China in March. The question is what advice would you give to a foreigner starting a business in China? And do you foresee trying to be as attractive as the us as a place to live and work in tap for foreigners question. I've heard since I moved back in the time that was in China for 8 years or more foreigners become interested in the China model in China experience. Obviously, you know, she should be invested in Alibaba as early as 2003 of the batteries in the hundreds.
00:07:57$389 and now is a 500 billion dollar market cap company with M Financial. It's worth at least another hundred fifty billion. So when you see company can grow that much, you know, something was happening fundamentally in that Society internet and stop making such a big impact to allow this kind of an equation to happen. So when you see that kind of growth you learn a lot about how to help companies to scale overtime and if you have the ability to learn quickly and be willing to help Founders, that's the best way to Crave. I don't know if we can create value for the founders you end up creating value for yourself as well to China and what kind of preparations should I make today? Learn Chinese is it that useful do they need local connections China has caught up.
00:08:58Therefore SF Warner you need to figure out how to bring something unique. Try not doesn't have an historically that was an experienced regardless of where you went to school. You do a Higher by a Facebook or a Google or Amazon pick up a lot of pain management knowledge and Engineering skills heavy on Taylor science and algorithm. Chinese companies would want so important. We having that hardcore CS experience or parliamentary experience is going to be helpful for you to evaluate in China without the language skills. And you know that not having the ability to speak. My mind is not easy. It is important for a foreigner to learn how to speak Chinese in order to have that it in China cuz there's the talent level is so great in China. They are more than 4.6 million stem graduates a year. There's so many people were good at the basic fundamental skill set. So you don't have something you need is a lot harder now she has two.
00:09:58What is a China or us you have a language skill I think working China is an absolute must be as a Chinese place models have much more relevance for emerging markets in Latin America in Indonesia. And India Bryson Middle Class loss of organization High population density Improvement in structure with High-Speed Rail and and a subway system sell their experience of China's much more relevant to these Emerging Markets much more so than more spread out cities in the US and more Advanced Consumer experience in the US. So something special and then be willing to just do eat humble and learn a lot will do someone Wonders by working China not just be successful in China but learn lessons because I'm very possible for other things done around here that having that something special like your extensive experience of working in your home country is even more valuable than being able to speak Chinese because a lot of people
00:10:57Chinese overseas returnee Square already bilingue in Chinese and English and they also know some Western societies pretty well. So like what is the rationale for hiring a foreigner over hiring a Chinese overseas returnee? Like you have to have something that the others don't have it also. So if you come from him and Market, that's where Chinese companies want to go to. What is India or southeast Asia or parts of us your knowledge of the local market as a mainstream user of products that understands how local conditions are different from China over time will be very valuable. Even for our Chinese food Chinese from us. If you're in the US you need to understand how us markets behave not just in San Francisco New York or LA but also have the red States function how users consumers and Southwest and Southeast are different than the lights.
00:11:57You understand? I'll different consumers behave the more about if you can quit on the Enterprise side knowing how to feel product that can help companies become more efficient better yet get more orders customers becomes very useful for someone who has a career in Enterprise Tech. Then that's the easiest for you to have a differentiation by doing keep tax in the US and then eventually go to China to apply what you have learned assuming that you know, there's nobody at least nobody. I people texting issues to be able to bother you and do more work in China. I think that Alexa is just no matter what you do just go really deep and do it really well and then you will create about it wherever you go. The next question is from xuchang a software engineer at Google who is considering going back to China to start a company. What made you go to China and what made you come back to Silicon Valley to China for me? I knew that China is about
00:12:57To enter Grove some kind of changes as early as 2003. I like the how the political machine handled and a position and also handled starts price as well. So I feel that I should be stable at least for the next 10 years for startups. Do better also having taken place in trip to China this obvious that China needs develop more technology internally, what are semiconductors were other things but even more importantly there's a chance. Internet could end up being a great way to build National businesses in offering world is very difficult to move expand from City to city or Province to Province internet. This seems to be a way to generate traffic on a national basis relatively quickly. What wasn't sure back in 2005 for me it was at is there a way to monetize. I'll talk to you on the internet. Thank God. There is already pay we should make that pisses possible and without a paid know you can pay for virtual items. You can pay for e-commerce.
00:13:57And so. Give me the confidence. Channel could be different between 2005 to 2015. And that's why I decided I'm going to spend the next ten years my career in China grow with a Chinese Internet space in. Tornillo by 2012-2013. You can tell that Chinese smartphone penetration is increasing fast and at some point in time everybody in China what have a smartphone so it is a great Market. There's a lot of growth still ahead. But at some point it will reach saturation yet. The Chinese business models are super useful for other markets in 2011-2012. I saw Ali Baba and become to make investment and tried businesses Beyond China. I was helping. Xiaomi to recruit Hugo Barra to join show me working with other show me cuz I have to do so and become quite interesting to see how they are similarities between Chinese market in India and other places and objects show me how is international license out very well between 2013 and 2017. So when you see
00:14:57Tattoo Company as you can go abroad I start a thing but what is the next 10 years of my life one will be on 2015 and I thought that for the next 10 years from 2015 to 2025. You should be the sheriff or quotation Go Global. Morton company will go beyond China and also many local startups can learn from China as well. So I know that if my experience in China could be applied to other markets that I will do be able to add more value to the ecosystem of my joint could do more as well. So the seed of true Hi-C my head as early as late 2012 early 2013 and I was fortunate to be able to join forces with you to be to be able to at Airbnb China. What is the hardest decision you've ever made as a investor?
00:15:57In 2013. I was born in Taiwan. I speak fluent Chinese, but I never lived in China for eczema. Pump. I didn't go to college in China. I didn't have a lot of connections that people grew up with in China. So what am I going to add that could be helpful to the ecosystem that's forming in China. And I realize that it was my experience of the understanding Japanese history coming through growth. Of Korea Singapore Hong Kong and Taiwan over the 80s and 90s. That's the most valuable chores I can share about what kind of China in an exit in your. And leveraging internet to help to get there. So the whole consumption upgrade new retail were twins. I foresaw as early as 2015 2500 and I knew that some point with the help of Audi pay and then later we Taipei China can do a lot of stuff online offline in a way that we saw in other Asian countries already.
00:16:57Even bigger and even better over time. So having that understanding of how I can add value or I can be helpful to Founders in China gave me the confidence. You know, this is that join the war to me and by 2013 at already succeeded in done well in China, there's really worth risking your career to move to something about a arguably the most competitive market in the ABCs to do something completely different at least for most people Minds, what I've done before. I also was a hard decision for me. My kids were young. They could probably benefit from being China another six years and learn Chinese better, but I figured I'd for us as a family to be in Silicon body was the best thing for us to be will you build a more Global BC practice and experience could be helpful team in my kids later as well to see how one could be Multicultural operating different environments and have a more Global mindset. So both in 2013.
00:17:57What to do with my career with the top of singer had to face listen to the episode we did with Jenny Lee I'm a highly recommend checking it out because on that episode both hands and Jenny talked about what it was like for them to move to China as a full-time. You've asked her without having grown up in Milledgeville. I know that was very instructive we talked about a lot is very easy if I want to assume that we're men and Chinese. So how well we have done and how well we build friendships how well we support Founders in China sometimes comes get discounted supposed to do and experience help to us to see if I go to a foreign market Newmarket. How do I be helpful to others? What others want to help me and not coming supposed to come very useful not only in China go back in the u.s. In some Paulo in Jakarta in Bangalore in in Mumbai in
00:18:57So it is in startups and Founders mentality in many respects a kind of universal. Everyone knows that the startup thing is very lonely. You're a midnight facing all empty desk and try to figure out what's the plan for tomorrow the next month and next year and Beyond it is all the pressure when you have Founders so haven't come through startups women's myself and I was buzzed Jenny. We understand how funders think he's in that position. Once therefore we know what to do to help the Thunders when if you are helpful. Of people Founders Internet space extremely based on meritocracy, if you add value and you are willing to help people want others who want to be helpful to them and people on the other box Optimum is very basic human need download. This is for get a lot of issues that two things that are smarter than the founders that they can choose and decide things the basis of Lifestyle business.
00:19:57Sing that's the farthest thing from truth overtime on the help will be seized will be around cuz Founders are smart, and they talk to each other is from Justin Chan who is an equity investment Analyst at Lloyd George Management in Hong Kong. He says as a young investor, I often make mistakes and I try to struggle through and learn from them. I will be grateful to hear from your experience in dealing with a fil Investments or lessons that has shaped you to become a successful venture capitalist. How did you get through the failure? And how does that applies to your process today? Low-probability business is almost like baseball. In fact, there's a quite a bit of Neurology in baseball is going bad 300. You're amazing in NBC Eva 30% of a company's workout. You are Superstar and there's a slugging percentage Concept in baseball, which means that each home run count more in Grand Slam that brings a four runs to the home base even more and that's
00:20:57Call you know, if you have any unicorns that ends up being and so the things that I think every VC need to have mistakes you want to learn from them and skip to the unicorns. It's very difficult for anyone walk in and just start picking and do well. This is such a hard business the Charlotte business being a Founder is very hard to be in with the chance of success as a Founder is less than 2% And so in that business with probabilities of success only 2% you want to do a 30% success rate at odds are against you. So in that situation in order to figure out how to be helpful to people and then learn from mistakes is truly important. I think some Investments. I'm not going to name the names the common issues that we faced were Founders did not get along or the level competition becomes much more Fierce than originally estimated at Founders wasn't able to make the pivot as quickly as
00:21:57So you as a b c you print out the founders to get better try to help him to make a decision. If I customer trying to have them to find Partners try to help me find buyers on the way the more you eat the time use we spend helping with anger the more we learn about what to do and what not to do when you come help on the future. One thing. I was a jazz for most gum disease when you first thing about staying don't invest too much money into any company, you're much better off learning from other people's mistakes that we don't invest don't invest too much but you spend a lot of time with accomplishing back seat so that you use other people's money to learn but learning at the law opportunity cost. So it doesn't work out the lost to the firm or to The Punisher. It's not great. But you look a lot in the process without having done that at Bessemer and cheating to have my share of mistakes, but keep the album Costello and make sure that you know, nobody.
00:22:57We do put money in and I'm making money is the way I survived the amenity seen his business who didn't have the right ventricular Leon and end up over-committing the new market or new area too soon and they couldn't recover from the mistakes. So learn how to survive on the battlefield is half a bubble tea, there are two major types of mistakes. You can make one is missing out on a deal. The other one is making an investment but the company as up as a failure. So how do you prevent each and which one do you think is more serious different people have different thoughts missing on a deal sounds like a terrible the RMS on Facebook or I missed out on Alibaba on Amazon. $0.10 Best Buy do it sounds terrible, but it actually even if a species miss out on a lot of deals cuz there's more deals that one can do so
00:23:57It is important to learn why you miss it so that you catch the next wave in my career in China do with yours, but I want to do but I couldn't convince my other colleagues and other firms to do that get you look at the stuff I did too. But as xiaomi you warm up a wall or a High car rental. Why was I dreaming or when I met your TV Airbnb Poshmark shopping show musically name any of them already doing better and not miss out as much after the first six to eight years my career there always is coming. So missing out stuff early is not the end of the world the key things to learn. Why you listen to how to capture next one. That's what I was trying to dress in my first question, which is learn the business by not over-committing each deal. Each of a 5 deals you do if your career don't put too much money in learn from them work with them and be okay with helping your colleague. I'm there.
00:24:57Exiting profolio the more you learn about property management the more, you know what to avoid when you make mistakes a lot of ABC business Outsourcing and making basement that it's wrong. It's not as difficult as or steals is many people could deal for all the time is Mass important to learn a few make investment of the help company to scale and overcome their your overtime. If you don't have a company Builder mentality and you just picking deals that seems very risky and in a long run is hard to do. Successfully see the safest way to become a 600cc is have a company Builder mentality to be willing to help with a folio. This is everything is to me is when I start up I don't want to reward received that think I'm just one of his 20 companies and doesn't matter which will the 20 works out. Well as he was she will win. Anyway, that is not a good feeling.
00:25:57BC Score company Builders and you go to the Eastern basketball thinking that way your chance of success in the chance of being in sync with the funders will be a lot higher product manager at Facebook. What are your thoughts on gen Z in the US vs. Gen Z in China and how will this generation ship social retail entertainment is satera users in China to look at who House movie Republic of Desire that you have two fantastic movie and that's all right. I'm going to interview with her next week is a lot of pressure. They each have parents and grandparents who support and when I get married in the number x 2 so it is a lot of pressure over type special living Tier 1 cities. So a lot of users look for escape look for things that can kill time to get them or hope and we've needed help him to even figure out a way to adjust.
00:26:57Go back to cheer to three cities later. So the chance he's a really that have short attention span. They are much more willing to share what they're doing everyday online and get connections online users in u.s. Have some similarity. They don't have as much pressure but the need to express himself the need to get instant gratification the need the two hopefully not work as hard but it would be able to enjoy your Fame and good fortune quickly very common in both sides. And so it's very funny to see lot of similarities and overtime. I think we'll be making Investments That Could do well in both China and us with Millennial and gen two users between different Generations is even greater than the geographical divide between the people of the same age, but live in different countries. I feel like a lot of their culture and consumption habits are starting to converge.
00:27:57Based on age. That's correct. And I was seeing that not only as a u.s. Versus China thing but also across the board and other Emerging Markets as well. They're just a lot more similarity for people of the same H across this affect Emerging Markets with big cities advertising manager who loves to GB both podcast 96 and found a real talk. The question is what are your thoughts on the enterprise software Market in China? Will there be equivalence of Salesforce workday Nestle anytime soon? I'm sure we'll talk. It's a GP podcast hosted by Glenn Solomon. It's an Exxon podcast. Wait about an interesting Enterprise space Also your name for those who can understand. The Chinese animal is a fantastic job talking about start up inside story in China for China as economic growth rate slows down and ever since I moved back to China in 2005, growth rate.
00:28:57Always been slowing down China needs to improve efficiency and go to make up for the loss slowing down across right so they will be more need for sauce for software to help generate efficiencies and aggregate demand for many Enterprises who need to get so this is where the u.s. Have a lot of best practices that Chinese asking me if you can share and I seen in a long run in China, they will be something similar to a Salesforce or a similar to a work day and so forth. But you Papi take a bit more time and you have served more SMB customer that big Enterprises biggest Enterprises paying on time accounts payable. I want to get dropped out so serving SMB taught that you can help me to get a order therefore. They will share their website with you. There's a increase your chance of getting paid sooner and earlier. So we will always looking at South, leaving try not to conserve the SMB pack SMB customer.
00:29:57Device is better the consensus. Is that what that's slowing down GDP growth and Rising labor cause that's what definitely develop but it's just a matter of time when I actually take off. So the next question is from Michael kahoot is from One Piece work. What do you think will be China's internet ecosystems next International success as Michael knows the many times companies are already in Southeast Asia Ali Baba and inferential is affiliate our investors in Indonesia, like tokopedia Pokemon pack and has acquired a Lazada headsets investor Inc. See how much is Karina and shoppy in so many of the DDS investor in grab and so Chinese companies already in Southeast Asia and you look at a top 100 apps at Eton Dia Especial the top 20 many of them almost a third. If not more are somehow China. If so,
00:30:57More times, we are definitely looking at India as a next big Market with similar population size lower GDP per capita in having come through experiences with different Chinese models in chill want you to chat with your four cities Chinese companies are ready to share that experience somehow in India. That's in the best teams that can do that. Well, we'll end up being having somebody who is from China America's web seeing a lot of X Huawei senior managers who have living India or Latin America or something. Is that for a long time? But still stay connected what's happening in a space in China to end up finding a local partner in this Emerging Markets to collaborate and build something together for the local market Leviton Channel resources experiences with no Halo of a customer pain points in this Emerging Markets within that's the next Subway formula for Chinese startups do well these Emerging Markets then export Chinese bus models.
00:31:57The next question is from Rose to a communication specialist working with Chinese companies listed in the u.s. Other than engineering what skill set is most in-demand at the company's you invest in. It's very obvious. He's number one, but increasingly understanding of foreign markets emerging markets in India and Southwest Asia RSS a plus that we said earlier having a special knowledge in something. What is a customer insights or a way to grow hack Facebook on Instagram that you needed something to differentiate yourself and also the ability to speak English. Well in Prattville are super helpful for nex-5 Foreigner returnees to be able to a battery in a Chinese company. The Chinese users are increasingly sophisticated. So how do you communicate and service is Chinese users who demand a lot? I mean these days JD and Elizabeth and deliver products to their consumers in less than 3 hours if you live
00:32:57It was in the 5 km radius of Hibachi in 30 minutes. So there are Chinese users are increasingly demanding More For Less. So how do you get used to that kind of a speed of change speed of iterations speed of delivery is what every Foreigner expired and and returning need to know people to adjust to do you think that marketing and branding is also in crazy and demand because China has always been great at producing things but less greatest selling them. So and as more more Chinese domestic brands are starting to grow do you think this specific function would receive a lot of amend just spending a lot of money is not enough and just come out with the interesting story and Brent image is not enough as you know, it is a lot of operation or Union Channel.
00:33:57What is xiaomi? Oh Hai di Lao. They're both very experienced at figuring out how to make the brand cool a month. A lot of influencers a month. A lot of hash oil the heavy Kik users. Whatever it is in China. You haven't figured out why like why why was there a earthquake you need have ability to beginning to run operation to get a crew of ambassadors were volunteers to incentivize them with the right rep share for them to help you to build up a brand correctly. So that's something that most foreigners don't realize someone like a Starbucks or KFC or McDonald helping China long enough learn from their previous mistakes. Learn how to localize know how to build up a good brand so dull how to build pride in a Chinese way with both Western brand building know how and experience is Africa critical. To succeed in China.
00:34:55I think go to market in Charter requires a lot more working with the channels than in the US. So I in the US we can speak of dieter's tea brands or direct-to-consumer. But in China, you're literally cannot go direct to Consumer like you have to go through team or JD or one of the platforms. You have to work closely with them and actually a lot of the new brands in China. I have met have like dedicated teams that work on team just to make sure they're serving their customers. Well on that specific Channel, but the best player cannot just depend on chemo and so far some of that I shall me you were Hadi law or others need to be able to build a relationship with a with a consumer. How do you build your own place in the community? So that other people are willing to speak up for you is not easy. I remember for in the case of xiaomi. Xiaomi how to say show Chacon a phone expert
00:35:55Paint. They launched before they announce the first phone and I'm not campaign Legend showed off his 56 phones that he has ever own the entire life and talk about the strength. + -2 each phone many DUI users there about a hundred thousand of them also participated and share their knowledge which in turn attracted about 460,000 people to participate. So when I see if about half a million users talk about what I like about the phones they had not like no, okay you figure a way to being a topic to attract enough people without spending a lot of money on something that they care about. So once you have that you build a community that's willing to give you yours first home a chance at Rye. So how do you get users on on your own in the future is the initially leveraging a WeChat leveraging a football team all that uses? All right is critical. Or without which I wouldn't be. So, how do you leverage the possum.
00:36:55She filled up what amounts of fact it's something that every small start-up all uniformed needs to figure out an overtime. It would depend on your own ability and your brand value depreciation the Bell or something as unique as a Hai di Lao Shan 2.0. The next question is from Tiger Fang who is X Uber general manager and now the founder of a startup called cargo which is similar to what type of Indonesia there's a lot of talk about chuhai entrepreneurs in startups copying photos from China to Emerging Markets. What are the advantages of Chinese entrepreneurs in Chinese models in places like Indonesia, India Latin America versus local entrepreneurs and big heavy ways from the US makes a lot of sense for Indonesia. I think that the lessons I learned back in 2013. What side China in a span of only 10 to 15 years?
00:37:56Rudy's average internet bill many national business across many sectors from entertainment media Commerce retail gaming transportation in microbiology and so forth. So when you have a country that leverage internet to change itself from to c22 B2B to b2c so many different layers are being affected become more efficient because of Internet they are about 300 BC back companies from China That's listed in the US another under a sew in Hong Kong all are in an unrelated and then no more unicorns live 113 unicorns in the pipeline. That's all in and I relate as well. So we have all these things that happen.
00:38:41The address Tiffany's from Pier One City to cure for five cities show all models of these 500 companies many Emerging Markets are founders, this from Latin America from Southeast Asia from India, whatever problems trying to solve their own country. They almost always can find at least one company in China among Among Us 500 companies was trying to sell something somewhat sure they going to be differences. But at the same time we merch Mark is going through a fast organization fast rising middle class A lot of problems that people need to solve are very similar shows almost like all those 500 companies in China. You can always find something that will be useful in a local emerging-market. And for what tigers doing with a water bong Logistics is inefficient, your many drivers who are not getting enough jobs how to match them with the right orders to make them efficient so they can make more money and sometime can more jobs done is a matter of both Alvarez.
00:39:41In as well as Anderson local market in order to make the matching possible. So the models that China has come through in the case of water pump becomes quite useful for him. Next question is from Eduardo vasconcellos with the Brazilian Stanford grad living in the US and where can a family office when an entrepreneur from emerging-market country outside of China looks at the Chinese internet ecosystem for inspiration he or she always has to take China size into consideration so that I can adjust expectations about things such as Market size potential inside of scale. Is that a question is what are some other unique elements about this Market that you think do not exist in most emerging markets and that an entrepreneur from these countries should consider when deciding whether or teddies business model platform could work in their country or not.
00:40:32Yes, and I don't know I was asked questions think what we always take for granted and people from outside to inside inside. The Chinese government historically have been quite a fishing at least over last 20 years to build up an infrastructure with High-Speed Rail and Subway systems and internet infrastructure that makes a possible for internet business from PC. Subbiah route to mobile to happen. If the structure is pour, it doesn't allow fast transportation of goods and people in his will be much harder to build a e-commerce business for Alibaba. What is Topo Tema or chetti deliver a product in 3 hours in his major cities with all modern infrastructure of transportation. Is it physically possible to do so, I think having a fishing government that can lay down official infrastructure is extremely critical and to allow different sort to try things with not alot of
00:41:32Relation in regular only later is in second career that's important is very easy to shut down something for local government do so that you don't allow Innovation happened. What is spice sharing with scooter sharing and other things you don't allow people to try stuff then it's not likely you've got something new in the US over ex did not start until the San Francisco city government was willing to let Looper X2 experiment and I was 4 years after Uber car started. So in China despite the population that people think that China's government has a TD and the quieter you were still allowed to try things. So without trying things people make fun of example, mobike and overflow. Of mountains of deserted bikes and then so forth. This is making fun of that. But at the same time without experience the happen, it's very difficult to come up with something something new. So I need government. I can lay down infrastructure and be willing to let startups experiment are critical for sale.
00:42:32Models to happen and take off in other emerging markets in healthy walking habit how to deal with information overload in the world. That's rapidly changing. What's the rice sector? What's a right Trend or tackle issues? Like how do I adjust to a new country hot wire be used for when I go back all these are very practical tactical questions in the vices asked me. How do you think how you make decisions? And what a notice is everybody has a different kind of body clock the amount of time you need to make decision after I have imperfect data difference for people. I think the best you guys look book a sports as example the best football player the best soccer player in the best basketball player baseball player. They can make split-second decisions extremely quickly.
00:43:32What is the value of a quarterback because when she has a ball within 2 seconds, he can make Split Decision with for Reed's who destroyed about you and nobility make your system quickly is to me almost everything. I notice all the people take more time to make decisions. And usually the quality of decision doesn't improve with more time taken. So how do you make decision within Perfect Day. In the short. Of time to me is almost a single most defense Schoenherr of how you went. Cuz the summer for you to succeed from 0 to 100 no matter how smart you are. You have maximum number of mistakes cuz everybody has any know enough IQ to succeed in American modern have enough get you to succeed as well. But at the same time how do you feel comfortable to make decisions quickly and then from that and be able to lift through some of the mistakes that you never will, if we get the right answer if you don't make enough mistakes, you cannot get the right answer because if the hypothesis need to be tested before you prefer,
00:44:32If you're super smart, so you have fewer mistakes, but you said he gave me something up time to make those mistakes. So how do you make decisions very quickly and love to do them practice over 10,000 hours to train yourself to make simple decisions officially so that overtime you develop intuition of how to make decisions. So the overtime you you're so used to doing that with pressure comes you don't get scared cuz you practice for y already yourself with a simple decision first with the opportunity cost is low and belt without overtime. So about time you have to make a big decision to me I thrive on it. I love having the challenge of bacon top position and I love go to bed early. Think about it while sleep wake up in the morning when there's no one bother me and think of all those choices again and when you think hard, what's the point of meditating for those for 5 hours intuitively, it becomes very clear what to do and this is one aspect of East Asian culture, especially Japanese Zen culture.
00:45:32I like to study. How do you be so calm and so focused and block out everything else to be able to make that split-second decision and just about love watching sports and see how do squid players when championships in the most critical amount of time with him the facts. No second left on the clock. How do you so calmly and nail. Shot to win the game or what hit the baseball hit to get the Scorpion. Those are the most fun things in life. And if you train yourself along the way since College to do that. Well, by the time you should be too certain age. You are naturally know what to do because I become second nature to practical level. What are some life hacks. You used to make sure you consume a vast amount of
00:46:20Temperature is as well because you were you consume a lot of information every day and there's a lot of news out there with how to decide what's worth your time. And what's not me is I have a develop a sense of what is important when so that I can say hey to high back in 2013. What's the train? I remember debating with people he was at why doesn't make sense. Compared to Chinese ticket ever go out. So you asked me. How do I know to height is it? I can probably thirteen when people each other things had to come and just ate entire town is big enough because either you have that sense or you don't and only if you keep on trying it and you get a write more often than not do you develop an intuitive feel so I am not good at giving very practical to the law is based on principles and you become better at figure out what it is and it's very personal for for everyone.
00:47:20When I first came back to you as soon as we see black people say you have not work in the US for over 10 years. You're not a woman Shopper. You don't even know all the brands that you tried any vested. How do you know you picking the right companies for me? It's just that if you study the societal Trends, you know, what should happen when I first came by the life of things that could be the Amazon you had to be, you know, how to differentiate a high-margin high brand value. We got to be loved by Broadway San Francisco LA and so forth and I disagreed I said, you should go off the mass markets. I know until I see users in the US as well. Then that's country report of you if you ask me. How do I know? It's just a matter of understanding. What is the landscape sticking out with a competition is we will figure out where there's underserved command & Beyond the cop Liza quickly fashion out if he will do so the ability to make decisions quickly is play some figuring out what's going on. Who's
00:48:20Who's losing who's strong? Who's not? Where's the opportunity? Where is the pain pill that starts off yet? And if so cuz on it with the ways to make it more easily accessible for people who are under so you apply that principle you can find Opportunities anywhere a business development leader NBA are there instances of new tech entrepreneurs that don't know how to code to become a successful in China the most successful found in China who was not a colder is obviously Jack ma Kings. They still be a jockey box that says, all right. If someone has an uncanny ability to build a brand as a Superuser is super consumer as someone who loves new retail and therefore knows what is still missing a lot of Chinese go to Japan to buy in a tortoise eats that warm your behind this amazing by the toothbrush from Japan.
00:49:20These prices are better than American brush cuz they massage your teeth. Can you brush that are cell products out there who just defy the odds of making consumer happy exceed expectation. You don't need of ability the cold and you just not have a sense of what users still want and be able to work with designer to design a kind of product. They can still be successful there still a chance to be the next OC job in the consumer consumption of a really good at coding to join you. Because that's like a required aspect of doing a startup articulate very clearly some people gravitate. Yeah, that's the future and you know, where you going? I'm willing to help you to get there from the list.
00:50:20Also from you who Airbnb experience manager from Airbnb try to what motivates you to work at ggb everyday?
00:50:29I actually also wonder that sometimes because you're the most hardworking person I've ever seen and a lot of people who are in your position would like they don't need to work. So
00:50:42My sister Kelly is I wasn't laughing. I think that when I was four or five years old the stories, I read that stick to my mind were these either sports figures or historical figures who Define odds, they were on the Martin on the French but ends up either and winning it all with build a team with all, robbery to win it together what is winning the championship or to establish a new Dynasty a new Empire and its star Journey making it together that's extremely gratifying and inspirational and no matter how they always find a way to make it work. And so part of me feel that I am very fortunate. We live in you're aware number of the neighbors are screwed from a billion 2.5 billion for being on a smartphone and yet when I go to the Emerging Markets or other places even your ass there places worth
00:51:42How to make as much positive impact and there's a lot of Stewart hype about how Chinese Founders or Chinese feces are and I just feel that if we can show died being a Global BC or Global founder you can do a lot more good for society against all the other odds of people thinking that they'll just too complicated you don't need it just be happy for your own self and you work to live not live to work. I don't like those kind of contrast in those kind of narrow definitions. I feel that the ability to show it is a different way to make impact to experience life by making big changes and show that this is possible cuz I lost is extremely gratifying and satisfying to me and I hope that my colleagues who work long hours and work smart at the same time work hard and work smart, and we feel that they're doing something useful.
00:52:42And the police and share the value of this mission to 4 today, and thanks for everyone who participated and we're going to do more of this kind of interactive sessions in the future. So if you have them, please join are we try groups are slack Channel and then is 6. Thanks for listening.
00:53:12Airline flight 879 89.4 who does episode of 996 Venture Capital firm based in Silicon Valley on high and Beijing we have been partnering with leading technology entrepreneurs for the past 18 years proceed to pre IPO with 6.2 billion dollars in capital under management across the retain funds ggv invests in consumer new retail social digital a internet Enterprise cloud and Frontier Tech GTA V has in Boston over 290 companies with more than 45 companies valued at over a billion dollars.
00:53:56Portalet companies include Airbnb Alibaba see trip Didi chuxing Domo hashicorp Hello by cows keep slat Square Hotel wish soundtrue white white and others find out more at We also highly recommend joining our listeners WeChat group in slack Channel where we regular share insights events and job opportunities related to attack in China join these groups that 96.3 Community or would like to recommend the gas, please email us at 996 at GGC. Com.

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