Knowing and Doing as One – My Journey in Hardtech Investing

As the Head of Portfolio Growth at CM Venture Capital, I possess over two decades of extensive professional experience, combining the strategic insights of a Fortune Global 500 company with operational experiences at startups. My focus is on empowering CM portfolio companies to overcome growth bottlenecks and achieve scalable, sustainable development through systematic resource integration and innovative transaction design.

Thinking Traits Shaped by Childhood Experiences

I had a rather unique "TCM childhood." Due to my naturally "hot" constitution, I was exposed to many "cooling" ingredients from a young age - from venomous snakes and frogs to centipedes and scorpions, many unusual items graced my dining table. This experience taught me early on that things that seem difficult to swallow might just hold unexpected "coolness." This principle often proves true in my work: facing seemingly intractable challenges in transactions often requires an open mind and an unconventional perspective to find a breakthrough. This childhood "courage training" has, in turn, shaped my psychological resilience and unconventional thinking.

Deep-seated Value from Formative Career Experiences

My final three years at General Electric (2015-2017), particularly my involvement in multiple transaction experiences, provided significant cumulative experience and a practical foundation for my current role. During this period, I led the design of several innovative transaction structures and was fully involved in the entire process, from internal approvals and external regulatory implementation to complex projects involving antitrust filings. This experience not only equipped me with systematic capabilities in designing and executing multi-party transactions but also deepened my understanding and practice of driving innovative solutions within a compliance framework to maximize the value of technology and products.

Bridging Large Enterprise Strategy and Startup Realities

My strength lies in my "cross-disciplinary" experience. Having honed my skills at a Fortune Global 500 company like General Electric, I am well-versed in standardized systems and complex transaction operations. Simultaneously, I have personally experienced the entire journey of startups from zero to one, deeply understanding their hardships and challenges. Consequently, when providing post-investment value-added services, I can profoundly grasp the positions and needs of all parties involved. I can leverage the strategic perspective of a mature enterprise to help founders clarify their direction, and also utilize the practicality and flexibility of an entrepreneur to drive resource implementation efficiently. My past experience in handling complex transactions, especially those involving multi-party coordination and regulatory filings, has made me adept at finding a balance between seemingly conflicting demands. This ability to "translate" and "connect" is now fully utilized in my deep collaborations with portfolio companies and ecosystem partners.

Shore up the Foundation, then Reach for the Stars.

When I make decisions, I have a very simple habit: first, I assess whether the worst-case scenario is bearable, and only then do I consider how high the potential ceiling is. This habit likely stems from my past transaction experience - before designing an architecture or advancing a project, I would repeatedly ask myself: If the worst possible situation arises, what would be our greatest loss? Is this loss within a controllable and acceptable range? Only after confirming this would I dare to go all out and fully explore the potential and opportunities within it. Now, in my post-investment management role, I still adhere to the same thinking. When communicating with the management team of a portfolio company, I first discuss together: If the current path doesn't work out, where is our bottom line? Have we prepared alternative plans? After clarifying the "safety net," we then go all out to strive for upward development. This approach may seem conservative, but it actually gives me more confidence to make decisions at critical junctures - because the worst-case scenario has already been thoroughly evaluated.

Full Steam Ahead and Seize the Moment

When advancing deals or critical matters, I tend to adopt a "go for broke" approach. This is especially true in cross-time zone and cross-cultural coordination; once the rhythm is broken, transaction costs can significantly increase, potentially leading to deal failure.

I once managed a project for General Electric that spanned both China and the US. That year, Chinese New Year fell unusually early, in January, immediately following the Christmas and New Year holidays. If we had waited until all holidays concluded to proceed, the entire timeline would have been delayed by at least two months, and the consensus already reached might have shifted. To avoid this, my teams on both sides and I held continuous, round-the-clock meetings. We successfully completed all internal GE approval processes and held a signing ceremony on the last working day before Christmas. Immediately after, the US-based signatory boarded their flight home.

Building Trust: Adding Certainty in Uncertainty

In my view, there are no "shortcuts" or "magic bullets" for building trust with entrepreneurs; it's more about doing every small thing well and thoroughly. My personal rule is: there must be a response to every matter, and a follow-up for every issue. Whether it's connecting resources, providing feedback, or arranging a last-minute call, I respond as quickly as possible and clearly outline the next steps. A CEO of one of our portfolio companies once told me that a major reason he trusted me was my prompt reply, even to late-night messages. Even if there was no immediate progress, I would proactively update him on the current status. This kind of "certainty" is incredibly important for entrepreneurs. They deal with a high volume of uncertainty daily, and if their partners can provide stable, reliable feedback, trust gradually builds with each interaction.

Advice for Hardtech Entrepreneurs and VCs

If you want to enter the hard tech venture capital field, my core advice is this: Root yourself in the industry, build a solid foundation, and be adept at connecting technology, business, and capital. We even consider having young people newly joining CM Venture to deeply engage with a hard tech portfolio company first, personally participating in frontline work such as product development, market strategy, and project management. Concurrently, you must continuously and consciously cultivate an industry perspective: closely monitor policy directions, supply chain dynamics, and the interplay of the global landscape, to understand the systemic opportunities embedded within technological breakthroughs.

Navigating Cycles with Belief and Grit

"A strong wind will surely come, and I will set my cloud-like sail to cross the vast ocean." In the process of hard tech entrepreneurship, only with unwavering belief and resilience can one navigate through cycles and reach success.

Knowing and Doing as One, Truth Found Through Practice

Wang Yangming's concept of "unity of knowledge and action" has always been my guiding principle, whether in transaction and negotiation, supporting entrepreneurs, or facing complex life choices: principles must be tested in concrete situations, and abilities must be accumulated by meeting challenges. Entrepreneurship and investment, in particular, are long-term endeavors of "practice what you preach, and refinement through experience."