Jenny Lee is a managing partner of GGV Capital who joined the firm in 2005 and helped set up its presence in China. She was ranked 10th on the Forbes Midas List in 2015, the first woman in the top 10. The items below are things she said in interviews. — The Business Times: Pieces that form the big picture (Dec 2018).

Infographic for "Lessons from Jenny Lee".

On Investment Philosophy & Strategy

  1. In a KrASIA interview, Lee named this directly as one of the core traits GGV looks for in a young startup: being driven by a CEO and founders who can clearly articulate their vision, passion, and unique advantage, alongside a genuine founder-product-market fit. [28]
  2. On Suspending Disbelief: In a KrASIA interview, she said: "I remind myself daily to “suspend disbelief” and listen carefully to the founder, to changing consumer and market needs and to view the world from the target customers’ perspective, not mine". — KrASIA: Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (Sep 2018)
  3. Rather than a fixed three-question checklist, what Lee described in the KrASIA interview was a trait she looks for directly: founders who are open to listening, learning, and adapting to market conditions, alongside a strong ecosystem network and a clear articulation of their own vision. [31]
  4. On Cross-Discipline Innovation: In a KrASIA interview, she said: "The best disruption comes from cross-discipline innovation". — KrASIA: Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (Sep 2018)
  5. Lee has described her own decision process in less metaphorical terms than a jockey-versus-horse line: final calls at GGV clear a brain test, meaning the standard qualitative due diligence on market, technology, and returns, and separately a heart test, meaning chemistry with the CEO, the CEO's own passion, and her personal conviction in the business. [29]
  6. On Failures Coming First: In a KrASIA interview, she said: "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". — KrASIA: Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (Sep 2018)
  7. In the same KrASIA interview she described looking beyond current market sizes and shutting out other VCs' hot areas so she isn't unduly influenced, to judge for herself whether a pitch has a real chance at a moonshot success. [24]
  8. On Educating Herself Across Industries: In a KrASIA interview, she said: "I educate myself on all interesting new technologies across different disciplines, different industries". — KrASIA: Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (Sep 2018)

Advice for Entrepreneurs

  1. "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.[KrASIA: Through the lens of VC: GGV Capital's Jenny Lee (Sep 2018)(Source: EDB Singapore)
  2. What Lee has actually said about sustaining a long investing career is less about celebrating small wins and more about temperament: she has described the job as an investor as a lonely one that requires strong individual conviction, since the emotional rewards are as personal as the setbacks, and picking yourself up after failure is simply part of the work. [32]
  3. On Starting From Ground Zero: In a Business Times profile, she said: "When I enter a new market or area, I always start from ground zero, always assume that I have to fight to win". — The Business Times: Pieces that form the big picture (Dec 2018)
  1. What Lee actually pointed to as a growth trend, in the same interview, was more specific than a generational globally-minded mindset: startups building cross-border models that carry learnings from one region into the next, such as exporting business models built in China into Southeast Asia, or from the US into South America and Europe. [30]
  2. On Learning to Adapt and Listen: In a Business Times profile, of an early job, she said that "very early on I had to learn to adapt, to listen and work with people from different backgrounds in a single room". — The Business Times: Pieces that form the big picture (Dec 2018)
  3. In a KrASIA interview she named startups leveraging data online to deliver better offline services, more integrated online and offline experiences especially in retail, as one of the trends GGV was most excited about. [23]

Learnings from a VC Career & Life

  1. In the same interview she framed the final call as a relationship question as much as a numbers one: after the quantitative due diligence, she still has to determine whether this is the CEO she can work with for the next ten years. [25]
  2. "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.[KrASIA: Through the lens of VC: GGV Capital's Jenny Lee (Sep 2018)(Source: EDB Singapore)
  3. 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."[KrASIA: Through the lens of VC: GGV Capital's Jenny Lee (Sep 2018)(Source: EDB Singapore)
  4. Being a woman in a male-dominated industry: In an interview with The Business Times, she said: "Being a woman actually helps" and "Most CEOs are lonely. When they have a problem they can't tell other employees. They need a board member or investor to talk to.". — The Business Times: Pieces that form the big picture (Dec 2018).
  5. 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."[KrASIA: Through the lens of VC: GGV Capital's Jenny Lee (Sep 2018)(Source: EDB Singapore)
  6. In the same interview she described GGV as sometimes called the Switzerland of venture capital, a preferred and value-added partner not just for startup CEOs but for other VCs too, which is exactly the kind of reputation that keeps quality deals flowing in from CEOs and peers themselves. [27]
  7. Forbes Midas List: The Business Times reported in 2018: "She was ranked 10th in Forbes Midas List in 2015, the first woman in the top 10.". — The Business Times: Pieces that form the big picture (Dec 2018).
  8. On Assuming You Know the Least: In the same Business Times profile, she said: "if you always assume that you know the least relative to everyone else, you'll try harder. You'll learn faster and be more humble". — The Business Times: Pieces that form the big picture (Dec 2018)
  9. On Becoming a Good VC: In the same Business Times profile, she said: "You're not born to be a good VC. Being a good investor means you have to understand people, markets and capital.". — The Business Times: Pieces that form the big picture (Dec 2018)
  10. Asked in the same interview why she said she'd never retire from the job, she called investing a passion rather than a job, one that keeps testing her resilience and problem-solving the same way it tests the founders she backs. [26]

Sources

  1. Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (KrASIA)
  2. Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (KrASIA)
  3. Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (KrASIA)
  4. Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (KrASIA)
  5. Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more (KrASIA)
  6. KrASIA, "Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more"
  7. KrASIA, "Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more"
  8. KrASIA, "Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more"
  9. KrASIA, "Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more"
  10. KrASIA, "Through the lens of VC: GGV Capital's Jenny Lee on unicorn traits and more"