Jixiong Gan, widely known as JP Gan, is a highly influential venture capitalist and the founding partner of INCE Capital. Before establishing INCE in 2019, he spent 13 years as a managing partner at Qiming Venture Partners, where he led numerous successful investments. Consistently named to the Forbes Midas List, Gan is celebrated for his early and visionary bets on some of China's most iconic internet companies, including Trip.com (formerly Ctrip), Meituan, Bilibili, and Zhihu.

On Investment Philosophy & Strategy

  1. "Invest in change, and invest in no change." Invest in companies that are disrupting industries, but also in those that cater to fundamental, unchanging human needs like entertainment, social connection, and the pursuit of value. (Source: INCE Capital Official Website)
  2. "We are looking for companies that have the potential to grow 100 times." The goal of venture capital is to find businesses with explosive, non-linear growth potential. (Source: AVC)
  3. "Be a disciplined investor." Don't get swayed by hype or FOMO (fear of missing out). Stick to your investment thesis and criteria. (Source: The J-Curve Podcast)
  4. "The business model has to be super scalable." The company should be able to grow revenue exponentially without a proportional increase in costs. (Source: AVC)
  5. "Look for a 'monopoly' in a niche market first." True market leaders often start by dominating a specific vertical before expanding. (Source: AVC)
  6. "Consumer internet is our sweet spot." Gan has a deep focus on and belief in the power of consumer-facing businesses that leverage network effects. (Source: His consistent investment track record and public statements)
  7. "The best time to invest is when nobody believes in it." The highest returns often come from contrarian bets that go against the prevailing market sentiment. (Source: Forbes)
  8. "We are not just investors; we are company builders." A VC's role extends beyond capital to providing strategic guidance, recruiting help, and long-term partnership. (Source: General principle stated in various interviews)
  9. "Good VCs must do two things well: find great companies and help them." This simple mantra underscores the core functions of a value-add investor. (Source: Common VC principle he embodies)
  10. "The internet is all about the network effect." Businesses where the value for users increases as more users join the platform are incredibly powerful and defensible. (Source: South China Morning Post)

Advice for Entrepreneurs

  1. "The founder is the most important factor." A great entrepreneur can navigate challenges and pivot a business, while a weak one can fail even with a good idea. (Source: Forbes)
  2. "We look for founders who are hungry and humble." Ambition must be balanced with a willingness to learn and adapt. (Source: AVC)
  3. "Entrepreneurs must be superb salespeople." They need to sell their vision to investors, employees, and customers. (Source: Forbes)
  4. "Focus on your 'one thing'." Do one thing exceptionally well before trying to do everything. This is crucial for early-stage startups to gain traction. (Source: Consistent advice to early-stage founders)
  5. "Don't be afraid of the giants." Startups can compete with large incumbents by being more focused, agile, and innovative in a specific niche. (Source: Implied by his investments in startups challenging incumbents)
  6. "The CEO's job is to set the vision, build the team, and get the money." These are the three core responsibilities a founder cannot delegate. (Source: Standard startup advice he frequently reiterates)
  7. "Think independently. Don't just follow the trend." The most successful companies are often those that carve out a new path. (Source: The J-Curve Podcast)
  8. "A good company should be able to make money." While growth is important, a clear and viable path to profitability is essential. (Source: His focus on solid business models)
  9. "If your company is not the number one or number two in its field, it will be very difficult to survive." Market leadership is critical for long-term success, especially in winner-take-all markets. (Source: AVC)
  10. "Raise money when you can, not when you have to." Fundraising from a position of strength gives you better terms and a longer runway. (Source: Common VC advice he shares)
  1. "China’s mobile internet population is a huge advantage." The sheer scale of the market allows companies to grow to an immense size purely domestically. (Source: South China Morning Post)
  2. "In China, the business model innovation is often more important than technological innovation." Many successful Chinese companies have won by applying existing technologies to new business models. (Source: Consistent observation in his market analysis)
  3. "The young generation in China has a much stronger willingness to pay for content." This shift has powered the rise of companies like Bilibili and other content platforms. (Source: Forbes)
  4. "The 'copy to China' model is dead. Now it's 'innovate in China'." China is no longer a follower but a leader in many areas of the digital economy. (Source: A widespread view he shares about the modern Chinese tech scene)
  5. "Offline is the next frontier for the internet." The integration of online services with offline experiences (OMO - Online-Merge-Offline) is a massive opportunity. (Source: Forbes)
  6. "In China, speed is everything." The market is intensely competitive, and the ability to execute and iterate quickly is a key survival skill. (Source: Common observation from China-focused VCs)
  7. "Community is the moat for many consumer internet companies." A strong and engaged community, like Bilibili's, creates a powerful defense against competitors. (Source: Forbes)
  8. "The rise of China’s domestic brands is a major trend." Consumers are increasingly favoring local brands that better understand their tastes and culture. (Source: Pandaily)
  9. "Go to the lower-tier cities. That's where the next wave of growth is." The markets outside of Beijing and Shanghai are enormous and underserved. (Source: Common investment theme for China VCs)
  10. "Enterprise software is a big, untapped opportunity in China." As labor costs rise, Chinese companies will increasingly adopt software to improve efficiency, though the go-to-market strategy must be different from the US. (Source: KrASIA)

Career Learnings & Principles

  1. His first investment, Ctrip (now Trip.com), taught him the power of a great team. He invested in 2000, and the company's ability to survive the dot-com bust and SARS crisis was a testament to its leadership. (Source: Forbes)
  2. The investment in Bilibili showed the importance of understanding youth culture. He spent time personally using the platform to grasp why it resonated so deeply with a younger audience. (Source: South China Morning Post)
  3. "You have to be patient. It can take 10 years or more for an investment to mature." Venture capital is a long-term game. (Source: The J-Curve Podcast)
  4. "Being a VC is like being a talent scout." Your job is to find and nurture the future stars of the business world. (Source: A common analogy for the VC profession)
  5. "You learn more from your failures than your successes." Analyzing what went wrong provides invaluable lessons for future investments. (Source: General learning shared by many experienced VCs)
  6. Starting INCE Capital was about building a culture of focus and discipline. After years at a larger firm, he wanted to create a more specialized, boutique practice. (Source: DealStreetAsia)
  7. "The best VCs are intellectually curious." You must have a genuine passion for learning about new technologies, markets, and business models. (Source: The J-Curve Podcast)
  8. Reputation is everything in the venture capital business. Trust and integrity are your most valuable assets. (Source: A core tenet of the VC industry)
  9. "You must have strong convictions to be a great investor." When you find a company you believe in, you need to back it with conviction. (Source: The J-Curve Podcast)
  10. "It's better to miss an opportunity than to lose money." Discipline means being willing to walk away from deals that don't fit your criteria. (Source: A reflection of his disciplined investment style)
  11. He joined the industry by chance. A job at the Carlyle Group in his 20s introduced him to the world of investing, changing his career path from his initial plan to be a manager at a multinational. (Source: Forbes)
  12. The name INCE stands for "Intelligence and Experience." This reflects the firm's core belief that combining deep market knowledge with seasoned judgment is key to success. (Source: INCE Capital Official Website)
  13. "A VC's job is to provide 'patient capital'." Unlike public markets, venture investors need to support their companies through multiple cycles. (Source: A fundamental concept in venture capital)
  14. His investment in Meituan was a bet on founder Wang Xing's incredible learning ability and persistence. (Source: His public discussions on the investment)
  15. "Don't just look at the numbers; look at the people behind the numbers." (Source: Implied by his founder-centric investment philosophy)
  16. "You have to be a good listener." Entrepreneurs know their business best; your role is to listen, ask the right questions, and offer guidance. (Source: Common advice for VCs and board members)
  17. "The power of compounding is magical." Holding on to your winners for the long term is how you generate outsized returns. (Source: A core principle of long-term investing)
  18. "Every deal is a new lesson." The learning process in venture capital is continuous. (Source: A reflection on the nature of the job)
  19. "A good board member is a coach, not a manager." Your role is to support the CEO, not to run the company for them. (Source: Standard best practice for VC board members)
  20. "The ultimate return is seeing a company you backed change the world." The financial rewards are a byproduct of backing visionary entrepreneurs who make a lasting impact. (Source: A common motivation cited by top VCs)