Duane Kuang is a founding Managing Partner of Qiming Venture Partners, one of China's most prominent and successful venture capital firms. With a distinguished career that includes leadership roles at Cisco Systems and Intel, Kuang brought deep operational and technological expertise to the world of venture capital when he co-founded Qiming in 2006.

He has been instrumental in shaping the firm's strategy and has led many of its most successful investments in the Technology, Media, and Telecommunications (TMT) sector, including cornerstone companies like Xiaomi, UBTech, and Hesai Technology. His insights are highly sought after for their blend of C-level operational experience and long-term investment wisdom.

On Investment Philosophy & Strategy

  1. "We are looking for companies that can be leaders in big markets." The fundamental criteria are a large addressable market and a team with the potential to dominate it. (Source: Qiming Venture Partners Official Website)
  2. "Be patient. Venture capital is a marathon, not a sprint." It can take a decade or more for a company to reach its full potential, and investors must have a long-term perspective. (Source: A core tenet of Qiming's investment philosophy)
  3. "Our job is to find the best entrepreneurs and provide them with the resources to succeed." Qiming sees itself as a supportive partner, not just a financial investor.
  4. "We invest in people first." The quality, integrity, and resilience of the founding team are the most critical factors in any investment decision. (Source: Qiming Venture Partners Official Website)
  5. "Focus is our advantage." Qiming intentionally concentrates on two main sectors: Technology, Media & Telecommunications (TMT) and Healthcare. This allows the firm to build deep domain expertise. (Source: AVCJ)
  6. "It’s not just about capital; it’s about value-added services." Qiming has built a robust post-investment support system to help portfolio companies with recruiting, strategy, and business development.
  7. "A good company must create real value for society." Long-term, sustainable businesses are those that solve genuine problems and contribute positively to the economy and society.
  8. "We are thesis-driven investors." The firm conducts deep research to form a view on where an industry is heading and then proactively seeks out the best teams aligned with that vision.
  9. "Don't follow the hype. By the time something is a hotspot, it's often too late." The best returns come from investing with conviction before a sector becomes crowded.
  10. "A good venture capital firm must have a culture of partnership." Qiming's stability and success are built on the long-term collaboration and mutual respect among its managing partners. (Source: ThePaper.cn)

Advice for Entrepreneurs

  1. "The CEO is the ultimate guardian of the company's culture." As the company scales, the founder's most important job is to build and maintain a strong, positive culture.
  2. "We look for founders with 'unconstrained thinking'." Entrepreneurs must have the ability to think beyond existing limitations and imagine what is possible. (Source: Qiming Venture Partners WeChat Official Account)
  3. "Having a strong co-founding team is a huge advantage." A team with complementary skills and a high level of trust can navigate challenges more effectively than a solo founder.
  4. "Integrity is non-negotiable." Trust is the foundation of the relationship between a founder and an investor.
  5. "Focus on your core business. Don't get distracted." Many startups fail because they try to do too much, too soon. Master your core product before diversifying.
  6. "A founder must be a lifelong learner." The skills required to run a 10-person startup are very different from those needed to lead a 1,000-person company. The CEO must evolve ahead of the company.
  7. "Know your numbers. A CEO must have a deep understanding of the company's financials and key metrics."
  8. "Be prepared to adapt. The market is always changing, and your initial business plan will almost certainly need to be revised."
  9. "Choose your investors as carefully as they choose you." This is a long-term partnership, so ensure your investors share your vision and values.
  10. "Don't be afraid to ask for help." Your investors and board members are there to be a resource. Leverage their experience and networks.
  1. "We are entering the era of 'deep tech'." Future opportunities will be driven by fundamental breakthroughs in areas like AI, robotics, and semiconductors, not just business model innovation.
  2. "Autonomous driving is a marathon race." It's a sector that requires immense capital, long-term R&D, and patience. Qiming has been a major investor in this space with companies like Hesai. (Source: China Money Network)
  3. "The digital transformation of traditional industries is still in its early stages." There are massive opportunities to use technology to improve efficiency in sectors like manufacturing, logistics, and energy.
  4. "China has a unique advantage in robotics because of its massive market for industrial automation." The country's huge manufacturing base serves as a testing ground and a large customer for robotics companies. (Source: ThePaper.cn)
  5. "Software and hardware must be tightly integrated to create the best user experience." This philosophy, championed by companies like Apple and Xiaomi, is a key success factor in the smart device era.
  6. "The semiconductor industry is cyclical, but its strategic importance is absolute." Building a domestic semiconductor ecosystem is a long-term national priority for China. (Source: Qiming Venture Partners WeChat Official Account)
  7. "Enterprise SaaS is a huge, long-term opportunity in China." While the market has been slower to develop than in the US, the need for corporate efficiency is now a major tailwind.
  8. "AI is not a vertical industry; it is a horizontal enabling technology." The real value of AI will be in its application across all sectors of the economy.
  9. "The 'metaverse' is still in its very early days. We need to distinguish the vision from the hype." Qiming looks for practical applications and enabling technologies rather than speculative concepts.
  10. "Carbon neutrality is not just an environmental goal; it is one of the biggest economic and technological opportunities of the 21st century."

Career Learnings & Principles

  1. His 11 years at Intel taught him the importance of technological excellence and long-range planning. The semiconductor industry operates on multi-year cycles, which shaped his patient approach to investing. (Source: His official biography)
  2. His experience as General Manager at Cisco China gave him a deep understanding of the enterprise market and go-to-market strategies. This has been invaluable for Qiming's enterprise-focused investments.
  3. "A background as an operator is a great advantage for a VC." Having been in the CEO's shoes allows you to provide more empathetic and practical advice to founders.
  4. The investment in Xiaomi was a lesson in backing an exceptional team with a disruptive business model. He saw Lei Jun's vision to combine high-quality hardware, internet services, and a passionate user community. (Source: China Money Network)
  5. "Building a venture capital firm is like building any other company." It requires a clear vision, a strong culture, a great team, and disciplined execution.
  6. He was one of the key figures who established Qiming's dual-currency (USD and RMB) fund structure. This has given the firm the flexibility to invest in a wider range of companies and exit through different capital markets.
  7. "You have to be willing to take calculated risks." Venture capital is about betting on uncertain futures, and you cannot be successful if you are afraid to fail.
  8. The stability of the Qiming partnership is a key competitive advantage. The five founding partners have worked together for over 15 years, which is rare in the VC industry and provides a stable platform for entrepreneurs. (Source: ThePaper.cn)
  9. His investment in UBTech was a bet on the long-term future of humanoid robots. It was a contrarian bet at the time, but one grounded in a deep belief in the future of AI and robotics. (Source: His official biography)
  10. "A good investor must be a good listener." You learn far more by listening to entrepreneurs than by talking.
  11. He holds a Master's degree in Electrical Engineering and Computer Science. This technical foundation has been critical for his ability to evaluate deep-tech companies. (Source: His official biography)
  12. "Don't let ego get in the way of a good investment decision." The best ideas can come from anywhere, and you must be open to being challenged by your partners and by founders.
  13. "Success in VC requires a combination of art and science." You need the analytical rigor to evaluate a market (the science) and the intuition to judge a founder's character (the art).
  14. His role in incubating new partners and building the next generation of leadership at Qiming is one of his most important jobs. This ensures the firm's longevity.
  15. "The network is one of the most powerful assets of a venture capital firm." Connecting portfolio companies with potential customers, partners, and talent is a key part of the job.
  16. "You have to stay optimistic." To be a venture capitalist, you must have a fundamental belief in the power of technology and entrepreneurship to create a better future.
  17. He has been named to the Forbes Midas List multiple times. This is a recognition of his consistent track record of identifying and backing some of China's most successful tech companies.
  18. "Giving back to the community is a responsibility." He is involved in various educational and philanthropic initiatives.
  19. "The Chinese venture capital market has evolved from 'copying to China' to 'innovating in China'." He has had a front-row seat to this transformation over the past two decades.
  20. "The ultimate satisfaction comes from seeing a company you supported from its earliest days grow up to have a major impact on the world."