David Zhang (Zhang Zhen) is a founding partner of Gaorong Capital, now Banyan Capital. This collection translates his own words from Chinese-language interviews, with the Chinese original quoted beside each translation. — 对话“高榕三剑客”：拥抱科技，创造美好生活.

Infographic for "Lessons from David Zhang".

On Investment Philosophy & Strategy

  1. On judgment: David Zhang (translated from the Chinese): "Judgment is the core of investing." Original: "判断力是投资的最核心。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  2. On missing the upside: David Zhang (translated from the Chinese): "I am not afraid of downside risk; what I fear is missing the upside opportunity." Original: "不怕Downside的风险，怕的是错过Upside的机会。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  3. On the credit going to the lead: David Zhang (translated from the Chinese): "If your judgment is good enough, you do not need to invest alongside others at all; the capital market gives most of the credit to the lead investor." Original: "如果你判断足够好，根本不用跟别人一起，资本市场会把主要的Credit给领投方。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  4. On being aggressive in China: David Zhang (translated from the Chinese): "If you want to be an excellent investor, especially in China's environment, you cannot win deals without being aggressive." Original: "如果你想要成为优秀投资者，特别是在中国这个环境，不激进项目拿不下来。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  5. On aggression being necessary but not sufficient: David Zhang (translated from the Chinese): "Many people are aggressive, but that is only a necessary condition, not a sufficient one." Original: "很多人Aggressive，但它只是一个必要非充分条件。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  6. On three dimensions for choosing companies: David Zhang (translated from the Chinese): "I often use three dimensions: the first is vision, the second is organizational strength, the third is execution." Original: "我经常用三个维度，第一是Vision，第二是组织力，第三是执行力。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  7. On working within your boundaries: David Zhang (translated from the Chinese): "We want to work within the boundaries of our abilities; when you know exactly what you are capable of, you do not get anxious." Original: "我们希望在能力边界内做事，当你知道自己几斤几两，你就不会焦虑。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  8. On paying tuition: David Zhang (translated from the Chinese): "Who has not paid tuition, who has not had failed projects? Your successes will cover for the failed ones." Original: "谁没有付出学费，谁没有失败项目?你的成功会把失败的项目Cover住。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  9. On what grows in your field: David Zhang (translated from the Chinese): "Either the fruit above ground is abundant, or the roots underground are especially strong; what you fear is that nothing big has grown in your field." Original: "要么地上的果实很丰盛，要么地下的根茎特别茁壮，怕的是你的地里没长出大东西。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  10. On Costco and Disney: David Zhang (translated from the Chinese): "He said very early that he wanted to build Costco and Disney, and at that time I did not understand it." Original: "他很早说做Costco和迪士尼，那时候我没搞懂。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.

Advice for Entrepreneurs

  1. On a safety margin of cash: David Zhang (translated from the Chinese): "I believe you must set aside enough funds for the next 12 to 18 months; only then do you have a safety margin." Original: "我认为是你一定要给自己备足未来12-18个月的资金，你才具有一个安全边界。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  2. On cash being king: David Zhang (translated from the Chinese): "So I want to remind every CEO that 99% of companies die because they have no money, so remember that cash is king and build up your cash reserves. Thank you." Original: "所以我还是提醒所有CEO，公司死掉99%的原因是因为没有钱，所以大家一定要记住现金为王，把自己的现金储备好，谢谢。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  3. On a financing mistake: David Zhang (translated from the Chinese): "Sometimes a single mistake in capital operations can make an excellent company miss its best moment, slide into being a second-tier company, and even gradually decline." Original: "有时候资本运作上的一个失误，可能就是一个优秀的公司错过最好的时机，而沦落成为二流公司甚至最后逐渐衰落。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  4. On why companies die: David Zhang (translated from the Chinese): "At that time I talked with Lei Jun, and Mr. Lei said that 99% of companies die because they have no money." Original: "那时候我跟雷军交流，雷总说公司死掉99%是因为没有钱。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  5. On money buying another life: David Zhang (translated from the Chinese): "Even if your team runs into difficulty, or your direction does, if you have enough funds to extend your life, you still have a chance." Original: "即使你的团队出现了困难，或者方向出现了困难，但如果有足够的资金能够帮你续一条命，你依然有机会。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  6. On partnership: David Zhang (translated from the Chinese): "It is not about everyone being nice to one another; first we have to be at the same level, so that we can work with you rather than work for you." Original: "不是你好我好大家好，首先我们在一个量级上，是可以Work with you，而不是Work for you。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  7. On empathy for founders: David Zhang (translated from the Chinese): "I had met many entrepreneurs, but only when we ourselves became entrepreneurs did we understand them more deeply." Original: "过去见了很多创业者，但当我们真正自己变成创业者的时候，我们才对创业者有了更深的体会。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  8. On investors who are also founders: David Zhang (translated from the Chinese): "We are investors, and we are also entrepreneurs." Original: "我们是投资人，也是创业者。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  9. On jumping into the wave: David Zhang (translated from the Chinese): "Only after we truly jumped into the wave of entrepreneurship and went through all of this did we gain a deeper understanding of starting a business and of companies." Original: "只有我们真正跳入创业大潮，我们经历这一切以后，我们才会对创业、对企业有了更深的认知。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.

On Organizational Building & Culture

  1. On rejecting yourself: David Zhang (translated from the Chinese): "It is easy to reject others and very hard to reject yourself, which is impressive." Original: "否定别人容易，否定自己很难，多牛啊!" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  2. On why partnerships age: David Zhang (translated from the Chinese): "It is because people grow old, their knowledge structures age, and new needs arise." Original: "是因为人员会老去，知识结构会老化，新的需求会产生。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  3. On the essence of partnership: David Zhang (translated from the Chinese): "The essence of a limited partnership is cooperation among people, while the essence of a limited company is cooperation of capital; if a partner cannot keep up with the firm's growth, that partner has to step down." Original: "Limited partnership的本质是“人合”(人的合作)，Limited company的本质“资合”(资本的合作)，如果合伙人跟不上机构的成长，就要退出。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  4. On succession and exit: David Zhang (translated from the Chinese): "This includes the succession system and the exit mechanism; it is top-level design and the institutional foundation, and we thought about it a great deal back when we had nothing." Original: "包括传承制度和退出机制，这是顶层设计和制度基础，在我们一穷二白的时候就思考了很多。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  5. On a stable structure: David Zhang (translated from the Chinese): "If it were not the three of us together, I would recruit more people; three people make a stable structure, ideally an equilateral triangle, and complementary." Original: "如果不是我们三个一起，我也会再招人，三个人是稳定的架构，最好是等边三角形，而且互补。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  6. On complementary roles: David Zhang (translated from the Chinese): "Yes, our personalities are also different. Suppose I am the regiment commander, putting my energy into strategic choices and organizational systems; Gao Xiang is the political commissar, very good at binding people together and developing the team; Yue Bin is the chief of staff, very sharp and keenly attuned to new trends." Original: "对，我们性格也不同，假设我是团长，精力放在战略选择和组织制度上，高翔就是政委，粘合力很强，擅长培养团队;岳斌是参谋长，非常Sharp，对新趋势很敏锐。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  7. On the essence of investing: David Zhang (translated from the Chinese): "No; the essence of investing is to create wealth for society, not to raise more money." Original: "错，投资的本质是为社会创造财富，而不是募集更多的资金。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  8. On dividing the focus areas: David Zhang (translated from the Chinese): "I focus on new consumption, including new e-commerce, Gao Xiang is responsible for culture and entertainment, and Yue Bin for new technology." Original: "我专注新消费包括新电商，高翔负责文娱，岳斌负责新技术。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  9. On the original intention: David Zhang (translated from the Chinese): "Through the excellent startups in this room and the excellent companies we may invest in, we hope to promote things that make human society better; this is our original intention." Original: "我们希望通过参与到在座优秀创业公司和未来我们可能会投资的优秀公司，来推动一些使人类社会更加美好的事情，这是我们的一个初心。" — 对话“高榕三剑客”：拥抱科技，创造美好生活（张震的回答）.
  1. On consumption inclusion: David Zhang (translated from the Chinese): "Compared with 'consumption upgrade,' 'consumption inclusion' may be a description that better fits the facts." Original: "比起“消费升级”，“消费普惠”可能是一个更符合客观事实的说法。" — 【专访】高榕资本张震谈拼多多上市：比起消费升级，我们更认可消费普惠|界面新闻 · 科技（张震的回答）.
  2. On consumption tiers and fairness: David Zhang (translated from the Chinese): "Consumption inclusion is about consumption tiering and consumption fairness, an oscillating process in which the long term and the short term are intertwined within a particular space." Original: "消费普惠在于消费分级与消费公平，是一个在特定空间里长期与短期交织在一起的震荡过程。" — 【专访】高榕资本张震谈拼多多上市：比起消费升级，我们更认可消费普惠|界面新闻 · 科技（张震的回答）.
  3. On the two directions of traffic: David Zhang (translated from the Chinese): "Changes in traffic have two main directions: one is the emergence of new kinds of traffic; the other is improved efficiency in how traffic is used." Original: "流量的变化主要有两个大的方向：一个是新型流量的产生；一个是对流量使用的效率提升。" — 【专访】高榕资本张震谈拼多多上市：比起消费升级，我们更认可消费普惠|界面新闻 · 科技（张震的回答）.
  4. On crises and innovation: David Zhang (translated from the Chinese): "Looking at history as a mirror, you find that after a major crisis there are often disruptive innovation opportunities." Original: "以史为镜，会发现在大危机过后，往往孕育着颠覆式的创新机会。" — 高榕资本张震：生鲜电商崛起是必然 疫后消费理念将升级（张震的回答）.
  5. On difficult times and great companies: David Zhang (translated from the Chinese): "We have always believed that difficult times are often the times when great companies are nurtured." Original: "我们始终认为，环境艰巨的时刻，往往也是孕育伟大公司的时候。" — 高榕资本张震：生鲜电商崛起是必然 疫后消费理念将升级（张震的回答）.
  6. On fresh-food e-commerce: David Zhang (translated from the Chinese): "On the supply side, the traditional fresh-food supply chain has many redundant and inefficient links; on the demand side, supply represented by traditional wet markets can no longer meet the needs of new groups, and today's consumers, especially young people, are more willing to trade money for convenience." Original: "从供给看，传统生鲜供应链存在很多冗余和低效环节；从需求来看，传统以菜市场为代表的供给，已经无法满足新人群的需求，当下消费者、尤其是年轻人更愿意用金钱换取便利性。" — 高榕资本张震：生鲜电商崛起是必然 疫后消费理念将升级（张震的回答）.
  7. On the second half of the internet: David Zhang (translated from the Chinese): "Standing at the 2014 mark and looking ahead, the second half of the internet is the close combination of the internet with industry, such as education, finance, healthcare, smart hardware and autonomous driving, and these are worth far more than 3 to 4 trillion." Original: "我们站在2014年的节点往后看，互联网下半场是互联网与产业的紧密结合，比如教育、金融、医疗、智能硬件、无人驾驶，它们可不止3-4万亿。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  8. On the internet combined with industries: David Zhang (translated from the Chinese): "Xiaomi is the internet combined with the mobile phone industry, Meituan is the internet combined with local services, and Didi is the internet combined with transportation." Original: "小米是互联网与手机行业结合，美团是互联网与生活服务结合，滴滴是互联网与出行的结合。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  9. On competitive advantages in a downturn: David Zhang (translated from the Chinese): "Companies with differentiated value, technology drive and a positive unit-economics model have more competitive advantages with which to meet the opportunities of growing against the trend." Original: "有差异化价值、有技术驱动、有正向单位经济模型的企业，可以有更多的竞争优势，去迎接逆势发展的机会。" — 高榕资本张震：生鲜电商崛起是必然 疫后消费理念将升级（张震的回答）.
  10. On technology fusing with industry: David Zhang (translated from the Chinese): "In the past two years we have also seen emerging technology merging ever more deeply into industry and really solving practical problems." Original: "近两年来，我们也看到新兴技术正不断深入融合到产业之中，真正解决现实问题。" — 高榕资本张震：生鲜电商崛起是必然 疫后消费理念将升级（张震的回答）.

Career Learnings & Principles

  1. On knowing the founder for years: David Zhang (translated from the Chinese): "I have known Colin Huang for more than a decade; I know his professional experience, and I saw that he understood things that many people did not." Original: "我认识黄峥十几年，我知道他的从业经验，看到他理解的东西是很多人没有理解的。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  2. On leading consecutive rounds: David Zhang (translated from the Chinese): "Few people lead one round and then lead the next, which shows you are extremely bullish." Original: "很少有人领完一轮再下一轮的，那就说明你是极其看好的。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  3. On a founder with foresight: David Zhang (translated from the Chinese): "Colin Huang is a person of exceptional foresight; he has a very deep insight into human nature and so keenly captures market opportunities." Original: "黄峥是一个特别有远见的人，他能非常深的洞察人性，从而敏锐的捕捉到市场机会。" — 【专访】高榕资本张震谈拼多多上市：比起消费升级，我们更认可消费普惠|界面新闻 · 科技（张震的回答）.
  4. On recruiting a partner: David Zhang (translated from the Chinese): "But my most successful project at IDG was recruiting Yue Bin." Original: "但是我在IDG最成功的项目是招到了岳斌。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  5. On tuition at a new platform: David Zhang (translated from the Chinese): "If you did not pay enough tuition at your old institution, you have to keep learning on your new platform." Original: "如果在原来的机构没交足学费，就得在你的新平台继续学习。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  6. On finding a bet: David Zhang (translated from the Chinese): "Within those months I looked at almost every project in the industry similar to jet.com and never found one that excited us enough to bet on." Original: "在当时的几个月内，这个行业几乎所有的类似jet.com项目我都看过，一直没有找到让我们兴奋的、愿意去下注的。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.
  7. On the early rounds: David Zhang (translated from the Chinese): "At Series A almost no institution had seen Pinduoduo, and at Series B many institutions saw it but did not invest." Original: "拼多多A轮时候没什么机构见过它，B轮很多机构见了它却没投。" — “创业者”张震：高榕资本5年 经验不止拼多多创业频道北广科技讯网-中国科技生活门户-IT科技新闻,IT新闻,互联网,移动互联网，互联网+，黑科技,服务器存储，云计算，大数据，软件，信息化，中小企业，智慧城市，智能工业，智能制造，智能家庭（张震的回答）.