The Ledger
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Tencent's WeChat is likely the world's most valuable digital asset
“Tencent's WeChat was created on mobile, and it's probably the most valuable digital asset in the world today.”
Tech is in the second act of cloud and mobile, not waiting
“Where I disagree with Elad is I think we're already in a very important second act of the paradigm shifts around cloud and mobile, and so I disagree that we're waiting for anything.”
Silicon Valley-centric VCs miss the global tech interplay with China
“These are global trends and really for the first time are flattening technology markets so that the interplay between China and the U.S. Where we're focused and other markets as well is as vibrant as it's ever been, and that's where I think some of the folks W…”
Using valuation as a reason to pass on deals is a crutch
“I think it's a crutch to use valuation as a reason to walk from deals.”
Silicon Valley is losing its primacy as the hub for tech startups
“Silicon Valley is, losing its primacy for startups. You're seeing great startups getting going in lots of regions throughout the U S and throughout the world.”
China is no longer a copycat market but a genuine innovation leader
“I think the smart entrepreneur now realizes that China's not a copycat market anymore, that real innovation is happening there, and they just want to learn.”
Chinese tech giants prioritize early investment in breakout startups over copying them
“What I see happening more recently is not that those companies are copycatting and trying to kill startups. They're trying to identify the startups that have breakout potential and get money into them and invest in them as soon as possible.”
None of Glenn Solomon's cheap venture investments ever turned out great
“I can't think of a cheap deal I've ever done in my life that turned out great.”
Alibaba and Tencent back rival startups rather than co-investing
“It's unlikely, for example, that both Alibaba and Tencent will come into the same company, and if one backs a company, then you can expect that the other will back a competing company in the space.”
Cloud and mobile are the two biggest paradigm shifts of our lifetime
“These two shifts, the mobile computing and cloud computing shifts, Have been massive. They're interrelated. They're probably the two biggest paradigm shifts I'll see in my life, and they're giving birth to some of the most important network effect businesses a…”
First-time founders make a mistake by excluding executive teams from board meetings
“I'd say that's a mistake I see first time entrepreneurs frequently make is that they make the board meetings all about themselves, when in fact, while scary, it's the right thing to do to give more exposure to your executive team, to the board.”
GGV Capital has over 50% of its investments and team in China
“Today, half our team is in China, half our, over half our investment team, over 50% of our investments have been made in the China market.”
Opendoor's value proposition targets Middle America, not San Francisco or New York
“With Opendoor, this is really a middle America play. This is not a play that necessarily resonates in markets where there's a lot of liquidity in residential real estate like San Francisco, Bay Area, and New York, where there also are a lot of VCs.”