Hurst Lin is a highly influential figure in the venture capital landscape, bridging the worlds of technology and investment between the US and Asia. Before co-founding DCM Ventures, a prominent cross-border venture capital firm, he was a pioneering tech executive who was instrumental in the growth of one of China's foundational internet companies, SINA Corporation, where he served as COO.

His unique experience as both a hands-on operator who took a company public and a seasoned global investor gives him a deeply pragmatic and insightful perspective. His learnings are a masterclass in building scalable businesses, navigating market cycles, and understanding the nuances of the global tech ecosystem.

On Investment Philosophy & Strategy

  1. "We are 'operators-turned-investors'." This is the core identity of DCM. The partners' deep operational experience allows them to provide practical, hands-on advice to founders. (Source: DCM Ventures Official Website)
  2. "We look for three things: a big market, a great product, and an amazing team." This simple, foundational framework guides their investment decisions. (Source: Stanford eCorner)
  3. "Don't invest in a business you wouldn't want to run yourself." This operator's mindset ensures they only back businesses they truly understand and believe in.
  4. "Cross-border is in our DNA." DCM's key differentiator is its ability to identify trends in one market (like the US or China) and apply those learnings to invest in similar models in another. (Source: DCM Ventures Official Website)
  5. "The best companies are often built during the worst times." He is a strong believer in investing counter-cyclically, as downturns wash out weak competitors and allow strong teams to acquire talent and market share. (Source: Forbes)
  6. "We are not just a check. We are your first phone call." The firm prides itself on being a true partner to founders, offering support through the inevitable challenges of building a company.
  7. "A great VC needs to be a 'prepared mind'." Success comes from doing deep research on a sector for years, so when the right team and product emerge, you can invest with conviction and speed.
  8. "We look for 'painkillers', not 'vitamins'." Invest in products that solve an urgent, critical need for customers, not just something that is "nice to have." (Source: Stanford eCorner)
  9. "It's better to have a great team in a good market than a good team in a great market." Ultimately, the quality and resilience of the founding team are the most important factors for long-term success.
  10. "Venture capital is a game of outliers." The entire fund's returns are often driven by a few "home run" investments, so the goal is to find companies with the potential for massive, 100x outcomes.

Advice for Entrepreneurs

  1. "The CEO's most important job is recruiting." You must be able to attract and retain people who are better and smarter than you in their respective functions. (Source: Stanford eCorner)
  2. "Focus. You cannot be everything to everyone." Startups die from indigestion, not starvation. It's crucial to focus on a specific customer segment and solve their problem better than anyone else. (Source: Stanford eCorner)
  3. "Don't just build a product, build a 'moat'." Think about your long-term defensible advantage. What will prevent a competitor with more resources from crushing you?
  4. "Culture eats strategy for breakfast." As a founder, you must intentionally design and cultivate the company culture from day one. It is your most sustainable competitive advantage.
  5. "Fail fast, fail cheap." Encourage a culture of rapid experimentation. The goal is to learn as quickly as possible what works and what doesn't, without betting the entire company on one idea.
  6. "Get your 'unfair advantage'." What is it about your team, technology, or go-to-market strategy that is unique and difficult to replicate? (Source: Stanford eCorner)
  7. "Listen to your customers, but don't always do what they say." Customers are great at telling you their problems, but they are not always good at envisioning the solution. That's the founder's job.
  8. "Manage your cash flow obsessively." More startups die from running out of money than any other reason. Always know your burn rate and your runway.
  9. "Choose your investors wisely." You are entering a long-term partnership. Look for investors who have relevant experience, share your values, and will support you in tough times.
  10. "A great story is your most powerful tool." A compelling narrative helps you recruit talent, win customers, raise capital, and rally your team around a shared mission.
  1. "China is the fastest place to see the future of the mobile internet." The scale and hyper-competitiveness of the Chinese market mean that new models and user behaviors often emerge there first. (Source: Forbes)
  2. "There is no 'one size fits all' strategy for China." Foreign companies that try to simply replicate their home market strategy in China are almost guaranteed to fail. The market has its own unique rules and ecosystem.
  3. "The 'copy to China' era is long over. Now, we are seeing 'copy from China'." Innovative Chinese business models in areas like social commerce, short-form video, and super-apps are now being emulated globally. (Source: Forbes)
  4. "Software as a Service (SaaS) is a massive, multi-decade opportunity." As businesses across all industries digitize, the need for software to improve efficiency and collaboration will continue to explode. (Source: DCM Ventures Blog)
  5. "The line between the consumer and the enterprise is blurring." Employees now expect enterprise software to have the same user-friendly design and mobile accessibility as the consumer apps they use every day.
  6. "Every company is becoming a fintech company." The integration of financial services like payments, lending, and insurance into non-financial applications is a huge trend.
  7. "The world is moving from a 'mobile-first' to a 'mobile-only' mindset." For a huge portion of the global population, the smartphone is their only computer and their primary gateway to the internet.
  8. "There are two internets: one in China, and one for the rest of the world." Due to the 'Great Firewall', China has developed its own parallel universe of tech giants, platforms, and user behaviors.
  9. "The 'silver economy' is a hugely underestimated market." The aging population in many countries represents a massive opportunity for new services in healthcare, entertainment, and social connection.
  10. "Vertical-specific social networks are a big opportunity." While Facebook is the horizontal giant, there is room for many successful networks built around specific interests like gaming, fashion, or professional communities.

Career Learnings & Principles

  1. His experience as COO of SINA during the dot-com boom and bust was his "baptism by fire." It taught him invaluable lessons about managing through extreme volatility and building a resilient business. (Source: His official biography)
  2. "Being an operator makes you a better investor, and being an investor makes you a better operator." The two skill sets are highly complementary. Operators understand the challenges of execution, while investors understand pattern recognition and capital allocation.
  3. "The transition from operator to investor is a shift from 'doing' to 'advising'." It requires a change in mindset, from being the one making the decisions to being a coach and mentor to the CEO.
  4. "You have to be comfortable with a loss of control." As a VC, you can't force a founder to do anything. Your only power is the power of persuasion.
  5. "Humility is essential." The tech landscape is littered with once-dominant companies that were disrupted. Acknowledge that you don't have all the answers and be open to learning from young founders.
  6. Taking SINA public on the NASDAQ was a landmark event. It was one of the first mainland Chinese internet companies to do so and paved the way for giants like Alibaba and Baidu. (Source: SINA's IPO history)
  7. "A VC's reputation is their most valuable asset." It's a small industry, and how you treat founders—especially when you say no or when their company is struggling—is what defines your long-term brand.
  8. "You learn more from your failures than your successes." Deconstructing why an investment failed provides more actionable lessons than simply celebrating a win.
  9. "The best partnerships are built on complementary skills and deep trust." The long-standing partnership at DCM is a testament to this.
  10. "You have to have a global mindset." The best ideas and talent can come from anywhere. Being open to different cultures and business practices is a huge advantage.
  11. He started his career as an engineer. This technical background has been invaluable for understanding product and technology differentiation. (Source: His official biography)
  12. "Don't confuse luck with skill." In a bull market, it's easy to think you're a genius. True skill is demonstrated by generating consistent returns across multiple market cycles.
  13. "The best VCs are intellectually curious." They have a genuine passion for learning about new technologies and business models.
  14. "Building a strong network is not about collecting contacts; it's about building genuine relationships."
  15. "You have to be able to tell the signal from the noise." VCs are inundated with information. The key is to identify the few data points that truly matter.
  16. "Pattern recognition is a VC's superpower." Having seen hundreds of companies succeed and fail, experienced VCs can spot patterns and anti-patterns that a first-time founder might miss.
  17. "You have to be an optimist to be in this business." Venture capital is fundamentally a bet on the future and the power of innovation to solve the world's problems.
  18. "Give back to the ecosystem." He is active in mentoring the next generation of entrepreneurs through organizations like his alma mater, Stanford.
  19. "Stay disciplined on fund size." DCM has intentionally avoided raising mega-funds, believing that a smaller fund size keeps them focused on their early-stage, hands-on strategy.
  20. "The ultimate reward is seeing a company you backed from the beginning become a household name and change an industry."