Anna Fang is the CEO and Partner of ZhenFund, one of China's most influential and active early-stage investment firms. Since joining in 2011, she has been the driving force behind the firm's professionalization and growth, overseeing its investments in over 800 startups. A fixture on the Forbes Midas List, she is celebrated for her sharp investment acumen, her deep empathy for founders, and her role as a powerful advocate for women in venture capital and technology.

Her insights offer a pragmatic and deeply human guide to building successful companies and navigating the venture capital landscape.

On Investment Philosophy & ZhenFund's Approach

  1. "Our philosophy is founder-first. We bet on people." This is the core principle of ZhenFund. The character, ambition, and learning ability of the founder are more important than the initial business plan. (Source: The Mills Fabrica)
  2. "We look for founders who are 'T-shaped'." They need deep expertise in one area (the vertical bar of the T) but also a broad, interdisciplinary curiosity and ability to learn (the horizontal bar).
  3. "A founder's ability to attract talent is a key indicator of their potential." If a founder can't convince talented people to join their mission when they have nothing, they won't be able to build a great company. (Source: The Macmillan Collector's Library Podcast)
  4. "We are the 'first believers'." ZhenFund's role is to be the first institutional check and the biggest cheerleader for a founder, providing them with the confidence and support to get started. (Source: A common refrain in her descriptions of ZhenFund)
  5. "The three most important qualities in a founder are integrity, learning ability, and leadership." Without these, even the most brilliant idea is likely to fail.
  6. "We try to be the investor that a founder calls at 3 a.m. when they are in trouble." The relationship is a deep, long-term partnership that goes far beyond the boardroom. (Source: DealStreetAsia)
  7. "Don't just look at the resume. Look for the 'fire in the belly'." She seeks founders with an obsessive, unstoppable drive to solve a problem.
  8. "Our job is to help founders avoid the 'stupid mistakes'." While startups will always make mistakes, an experienced investor can help them avoid the common pitfalls that kill young companies. (Source: The Macmillan Collector's Library Podcast)
  9. "We are not afraid to invest in first-time founders." Many of the most successful entrepreneurs, like Mark Zuckerberg, were first-time founders. ZhenFund bets on potential, not just past experience.
  10. "ZhenFund is the 'family' for our entrepreneurs." The firm has built a powerful and supportive community where founders can learn from and help each other. (Source: Slush)

Advice for Entrepreneurs

  1. "The number one reason startups fail is co-founder conflict." She places immense emphasis on the health and alignment of the founding team, calling it the "startup marriage." (Source: The Macmillan Collector's Library Podcast)
  2. "Have a co-founder. The journey is too lonely and difficult to do by yourself." A co-founder provides complementary skills and crucial emotional support.
  3. "Talk to your users. Every single day." Founders must be obsessed with their customers and deeply understand their needs and pain points.
  4. "Your first 10 employees determine the culture of your company for the next 10 years." Hire slowly and carefully in the beginning, focusing on people who embody the values you want to instill.
  5. "Don't outsource your most important functions." In the early days, founders must be deeply involved in product, technology, and sales.
  6. "It's okay to start with a small idea." Many billion-dollar companies started by solving a very simple problem for a niche audience. Focus on dominating a small market first.
  7. "When you pitch, tell a story, don't just list facts." Investors are human. They connect with a compelling narrative and a clear vision.
  8. "Choose your investors like you choose your co-founders." This is a long-term relationship. Optimize for investors who you trust and who can provide real value, not just the highest valuation. (Source: CGTN)
  9. "Communicate with your investors, especially when there's bad news." Transparency builds trust. Don't hide your problems; ask for help.
  10. "A startup is a marathon of sprints." You need the long-term vision and endurance of a marathoner, but the daily intensity and speed of a sprinter.
  1. "The biggest trend in China is 'consumption upgrade'." Consumers are not just buying more; they are buying better-quality, better-designed products that reflect their identity. (Source: Milken Institute)
  2. "There is a huge opportunity for Chinese brands to go global." The next generation of global consumer brands will increasingly come from China, thanks to its supply chain expertise and innovative digital marketing. (Source: The Business of Fashion)
  3. "Enterprise software is finally having its moment in China." For a long time, it was a difficult sector, but rising labor costs and the need for efficiency are now driving huge demand.
  4. "The line between online and offline is completely gone." The most successful new consumer companies are "omnichannel" from day one, seamlessly integrating their digital and physical experiences.
  5. "China is no longer a 'copycat' nation. It is a center of genuine innovation." This is especially true in business models, social commerce, and mobile applications. (Source: Milken Institute)
  6. "The 'silver-haired economy' is a massive, underserved market." As China's population ages, there are huge opportunities in healthcare, services, and consumer products for senior citizens.
  7. "Social commerce is not just a feature; it's a fundamental rewiring of how people discover and buy products."
  8. "The next generation of founders in China is globally-minded from day one." Many have studied or worked abroad and are building companies with global ambitions from the start.
  9. "AI is the 'electricity' of the 21st century." It will be the underlying technology that powers innovation in every single industry.
  10. "Mental health is a growing and incredibly important sector." There's a huge, unmet need for mental wellness services in China.

On Her Career, Leadership, and Women in VC

  1. Her move from investment banking at J.P. Morgan to ZhenFund was a move from a structured to an unstructured world. It taught her how to build something from the ground up. (Source: Asia Society)
  2. "As a leader, my job is to hire the best people and get out of their way." She believes in empowering her team and giving them the autonomy to succeed.
  3. "Venture capital is the best job in the world." She loves the constant learning and the privilege of working with brilliant, passionate founders who are trying to change the world. (Source: The Macmillan Collector's Library Podcast)
  4. "Being a woman in a male-dominated industry can be an advantage." She found that people remembered her, and founders often appreciated a different perspective. (Source: The Harbinger)
  5. "Don't try to be a man. Embrace your own leadership style." She leads with empathy, collaboration, and a focus on building genuine relationships. (Source: The Harbinger)
  6. "We need more female investors because we invest in what we know." A more diverse group of investors will lead to a more diverse group of funded entrepreneurs, who in turn will solve problems for a broader range of people. (Source: TechCrunch)
  7. "Find a mentor and a sponsor." A mentor gives you advice, while a sponsor advocates for you when you are not in the room. Both are crucial for career progression.
  8. "You can't have it all at the same time, but you can have it all." She is candid about the challenges of balancing a demanding career with motherhood, emphasizing that it's about making choices and finding a supportive partner. (Source: The Macmillan Collector's Library Podcast)
  9. "My role as CEO is to be the 'Chief Culture Officer'." She has intentionally built ZhenFund's culture to be collaborative, supportive, and founder-friendly.
  10. "The best way to promote women in tech is to fund more female founders." This is a core part of her mission.

On Personal Growth & Life Philosophy

  1. "Stay curious. Read everything." She is a voracious reader and believes that constant learning is the key to staying relevant in a fast-changing world.
  2. "Your network is your net worth." She is a master networker, but she emphasizes that it's about building authentic, long-term relationships, not just collecting business cards.
  3. "Life is too short to work with people you don't like." Surround yourself with people who inspire you and make you better.
  4. "The power of compounding is real, not just in finance, but in knowledge and relationships." Small, consistent efforts every day lead to massive results over time.
  5. "Don't be afraid to be vulnerable." Admitting what you don't know and asking for help is a sign of strength, not weakness.
  6. She learned from her father, a successful entrepreneur, the importance of hard work and integrity. (Source: The Macmillan Collector's Library Podcast)
  7. "Take care of your health." The startup life is a marathon. You can't perform at your peak if you are burned out.
  8. "The biggest risk is not taking any risk." Her own career is a testament to this, having left a safe and lucrative job for the uncertainty of a startup VC firm.
  9. "Give back before you're asked." She believes in proactive altruism, whether it's helping a founder in her portfolio or mentoring a young professional.
  10. "Ultimately, it's about the journey, not the destination." She finds joy and meaning in the process of building companies and working with inspiring people.