Jenny Lee, a managing partner at Granite Asia (formerly GGV Capital), is one of the most respected and successful venture capitalists in the world. A permanent fixture on the Forbes Midas List for over a decade, she is renowned for her early and insightful investments in China's burgeoning tech scene.[1][2][3][4] Her background as a fighter jet engineer has shaped a unique, detail-oriented, and founder-focused investment approach.[5][6]

On Investment Philosophy & Strategy

  1. "Define the what, and then you talk about how." Before diving into execution, it's crucial to have a crystal-clear understanding of the problem you are solving and the product you are building. (Source: Widely attributed principle reflecting her engineering background)
  2. "We are looking for the next-generation leaders… They have to be passionate, long-term focused." The quality and vision of the founder are the most critical investment criteria. (Source: General theme from various interviews on founder assessment)
  3. "I like to look at the founder from a 360-degree view." It's essential to understand a founder's motivations, strengths, weaknesses, and how they interact with their team, sometimes even meeting their families to understand their support system. (Source: The Cutting Edge with Jenny Lee, YouTube)[7]
  4. "Is this founder a learner? Can he or she attract talent? And does he or she have the grit to pull through?" These are the three key questions she asks about every entrepreneur. (Source: Synthesis of interviews on founder evaluation)
  5. "Invest in people. You are betting on the jockey, not the horse." A great founder can pivot a so-so idea into a massive success. (Source: Common VC principle strongly reflected in her interviews)
  6. "We look for entrepreneurs who are looking at the white space." The biggest opportunities are often in creating new markets, not just competing in existing ones. (Source: Consistent theme in her investment strategy discussions)
  7. "The key is in the details. That’s something I learned as an engineer." A thorough, detail-oriented approach to due diligence is non-negotiable.[8] (Source: Venture capitalist Jenny Lee eyes China's investment future, YouTube)
  8. "Technology is a great enabler. It is borderless." Look for technologies and business models that have the potential to scale globally. (Source: Common theme in her discussions on global tech trends)
  9. "What’s the pain point? How is your product going to solve it? How is it 10 times better than the current solution?" Founders must have a compelling answer to these fundamental questions. (Source: Standard VC evaluation criteria she frequently emphasizes)
  10. "We’re thematic investors." Identify key trends (like Edtech, Fintech, and Automation) and then find the best teams and technologies within those themes.[9][10] (Source: Granite Asia / GGV Capital Official Profiles)

Advice for Entrepreneurs

  1. "As a founder, you have to be shameless." Don't be afraid to ask for help, seek advice, or pitch your idea to anyone who will listen. (Source: Attributed learning from her experience)
  2. "You need to have a 'think big, start small' mentality." Have a grand vision, but be willing to start with a focused, manageable product to gain traction. (Source: Common startup advice she champions)
  3. "It's a marathon, not a sprint." Building a company takes time and resilience; don't get discouraged by short-term setbacks. (Source: finews.asia)[11]
  4. "The founder is the brand." The CEO's reputation and ability to clearly articulate the company's vision are paramount for attracting talent and capital.[12] (Source: EDB Singapore)
  5. "Attracting and retaining talent is one of the key functions of a CEO." You cannot build a great company without a great team. (Source: The Cutting Edge with Jenny Lee, YouTube)[7]
  6. "Don’t be afraid of failure. Failure is part of the process." Every setback is a learning opportunity, similar to what founders experience.[12] (Source: EDB Singapore)
  7. "You have to be a domain expert." Deeply understand the industry you are trying to disrupt. (Source: Implied in her focus on founder-market fit)
  8. "Focus on explaining your vision, telling your story, introducing your team." When pitching, worry less about the immediate funding and more on conveying the core of your business.[12] (Source: EDB Singapore)
  9. "Celebrate the small wins." The entrepreneurial journey is long and challenging; it's important to acknowledge progress along the way. (Source: General advice reflecting the marathon nature of startups)
  10. "Even if you don't need capital, spend some time talking to investors. You're not asking for capital – you're asking for advice."[13] (Source: RISE Conference Q&A)
  1. "I like to see where the world is going to be 10 years from now, 20 years from now, 50 years from now." Her sci-fi enthusiasm shapes her forward-looking investment thesis into areas like flying cars and anti-aging tech.[6] (Source: Moniify)
  2. "AI is not a sector. AI is a tool." Artificial intelligence will be a fundamental layer across all industries, much like the internet is today. (Source: GGV Capital's Lee on China's Tech Sector, AI, Women in Tech, YouTube)[14]
  3. "We are seeing a new generation of Chinese entrepreneurs who are 'globally-minded' from day one." The ambition of founders in Asia is increasingly global. (Source: Common observation from her China-based investing)
  4. "The 'mobile-first' to 'mobile-only' generation is a huge driving force for innovation." Consumer behavior in Asia, particularly, is shaped by mobile technology. (Source: RISE Conference Q&A)[13]
  5. "Software as a Service (SaaS) is a huge opportunity in China." As businesses look to improve efficiency, the demand for enterprise software will grow. (Source: 996 Podcast with GGV Capital)[15]
  6. "Data is the new oil." Companies that can effectively collect, analyze, and utilize data will have a significant competitive advantage. (Source: Widely used tech analogy she aligns with)
  7. "We look at tech trends but we also look at consumer behaviour." Understanding how people consume products and services is key to identifying investment opportunities.[13] (Source: RISE Conference Q&A)
  8. "The line between online and offline is blurring." The future of commerce and services lies in an integrated "omnichannel" experience. (Source: Reflected in GGV's portfolio and market analysis)
  9. "There’s a shift from 'Made in China' to 'Innovated in China'." China is no longer just a manufacturing hub but a center for technological innovation. (Source: Forbes)[16]
  10. "China has a chance to lead the global market" in the Internet of Things (IoT). The convergence of sensors, hardware, data, and software is a major area of activity.[16] (Source: Forbes)

Learnings from a VC Career & Life

  1. Her experience as a fighter jet engineer taught her the importance of precision and teamwork. In both fields, there is no room for error, and success depends on a coordinated team.[6][17] (Source: Moniify, Forbes)
  2. "You have to earn the trust of the entrepreneur." The VC-founder relationship is a long-term partnership built on mutual respect and trust. (Source: Widely held belief in her approach to board management)
  3. Being a VC involves being a psychiatrist or even a marriage counselor. The job is a "people business," requiring emotional sensitivity to support founders through immense stress.[18] (Source: South China Morning Post)
  4. The decision to move to China without having been there before was her "best investment decision." Taking a risk on herself and a new market was foundational to her success.[8] (Source: The Business Times)
  5. "You learn the most when you are outside of your comfort zone." Pushing boundaries is essential for personal and professional growth.[12] (Source: EDB Singapore)
  6. "The job as an investor is a lonely one and requires strong individual conviction." It involves independent thinking and the resilience to weather tough times with founders.[12] (Source: EDB Singapore)
  7. "Curiosity is a key trait for a good investor." She advises entrepreneurs to read outside their industry, as the best ideas come from unexpected places.[12] (Source: EDB Singapore)
  8. The ability to bridge Eastern and Western business cultures is a significant advantage. Her global experience has been crucial for cross-border investments.[9] (Source: Milken Institute)
  9. "Stick to your own judgement and follow your heart. Don't listen to the established ones." After two decades, she learned that the quality of an investment decision has nothing to do with age or title.[19] (Source: The Business Times)
  10. She has never battled with imposter syndrome. "I never wanted to become anybody, nor do I ever think of myself as somebody. For me, life is a journey full of adventures."[19] (Source: The Business Times)
  11. She chose venture capital for the passion, not the job. "I love engaging with founders and listening to their stories... and I love seeing how new models and new products can be created."[12] (Source: EDB Singapore)
  12. A hands-on approach is vital. She is known for being deeply involved with her portfolio companies, from product strategy to hiring veteran executives to help them scale.[20] (Source: Forbes)
  13. Being a woman in a male-dominated industry can be an advantage. It can offer a unique perspective on technology trends and an inside track with some companies.[16] (Source: Forbes)
  14. The split of GGV Capital into Granite Asia reflects the need to adapt. The move was a response to the increasingly complex global operating environment and geopolitical landscape.[21][22] (Source: Private Equity International, The Business Times)
  15. "You can’t time the market." Focus on finding great companies and investing for the long term, rather than trying to predict market cycles. (Source: A fundamental principle of long-term venture investing)
  16. "The best way to predict the future is to create it." By backing visionary founders, VCs play an active role in shaping what's to come. (Source: A guiding philosophy of venture capital)
  17. To be a good investor, you need a founder's internal strength. "In our business, the failures happen first, so the ability to pick up the pieces and continue to move on is similar to what startup founders go through."[12] (Source: EDB Singapore)
  18. "A VC's reputation is their most valuable asset." How you treat founders, even the ones you don't invest in, matters. (Source: Implied in her emphasis on being a preferred partner for entrepreneurs)
  19. She became the first woman to break into the top 10 of the Forbes Midas List. This historic achievement in 2015 solidified her status as a trailblazer in the industry.[1][4][5]
  20. "The job is never done." In the dynamic world of technology and venture capital, you must always be learning, adapting, and looking for the next big thing. (Source: Evident in her ongoing high-level engagement and deal-making)

Sources

  1. mrowl.com
  2. fortunestime.com
  3. dbpedia.org
  4. wikipedia.org
  5. investorsglobe.com
  6. moniify.com
  7. youtube.com
  8. businesstimes.com.sg
  9. dealstreetasia.com
  10. milkeninstitute.org
  11. finews.asia
  12. edb.gov.sg
  13. riseconf.com
  14. youtube.com
  15. thechinaproject.com
  16. forbes.com
  17. herworld.com
  18. scmp.com
  19. businesstimes.com.sg
  20. forbes.com
  21. privateequityinternational.com
  22. businesstimes.com.sg