You Are Not a Lottery Ticket

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Dovey Wan dovey@danhuacap.com You are NOT a Lottery Ticket

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Dovey Wan – PM turned VC eBay - PM for major landing experience Global Market 36kr - Chief US Representative Danhua Capital - VP of Investments http://www.danhuacap.com/

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Early-to-growth stage investments Top notch Chinese strategic & institutional limited partners

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“ “A definite view favors convictions. Instead of pursuing many sided mediocrity and calling it well-roundeness, a definite person determines the one best thing to do and then does it. ” Peter Thiel

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What Startups are really like?

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Start-ups is… ◉ A full fridge with beers ◉ A ship steering by co-founders ◉ An emotional roller-coaster ◉ A place to make lots of life-long friends ◉ “Hunger Game” to your maximize hidden potential

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Start-up is NOT… ◉ A secured job with flexible working hours • Hire slow and fire fast • You work 24/7 ◉ A path to learn shit load of money • Most startups fails,exit rate less then 5% • And 80% of them are talent acquisitions ◉ “Cool Thing” more of “Cool Be” a.k.a 苦逼 • No training,no mentor,no bonus, no benefits

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◉Enjoy problem solving and scratching itches ◉You are young and hustling ◉Eager to learn and succeed ◉No financial obligation ◉Hate to be mediocre Startup is your choice

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Join a rocket ship

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Time is your most valuable asset ◉ No other investment is more committed than investing yourself ◉ Do your due diligence ◉ Know the founders & investors ◉ At least 2 years commitment (1 funding cycle)

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Case Study - background ◉ Worked at Google Tango Project for 2 years ◉ Got offer from both MagicLeap & Uber ◉ Insider’s negative feedback on MagicLeap (redflag) ◉ Still recommending joining MagicLeap

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Case Study – takeaway ◉ Slow ramping up vs Steep learning curve ◉ If marginal learning starts diminishing, you should quit ◉ Build your domain expertise ◉ Nurture your relationship ◉ Play strength

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Founding vs Joining

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“ “As a startup CEO, I slept like a baby. I woke up every two hours & cried” Ben Horowitz

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You can also split your content

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Prof. Shoucheng Zhang

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Prof. Shoucheng Zhang ◉ Founding partner of Danhua Capital ◉ Benjamin Franklin Medal ◉ Top candidate for Nobel Prize ◉ Angel investor of Vmware ◉ “The back of Envelope” ◉ “Simple & Universal” http://36kr.com/p/217772.html https://youtu.be/OCUqfeNhYDY http://www.fudan.org.cn/archives/16368 http://capital.chinaventure.com.cn/11/172/1394705770.shtml

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Chris Anderson

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Chris Anderson ◉ CEO of 3D Robotics ◉ Former Chief Editor of Wired ◉ Author of “The Long Tail” ◉ One of the top 100 thinkers featured by Time Magazine https://www.youtube.com/watch?v=CIZAZYsKM84 https://www.youtube.com/watch?v=3grzYoJ2oPQ https://en.wikipedia.org/wiki/Chris_Anderson_(writer)

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Jason Calacanis

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Jason Calacanis ◉ ThisWeekInStartup – my best sources for over 8 years ◉ A founder, podcaster, journalist and prolific angel ◉ Backed Uber at first round ◉ Extremely sharp and opinionated, and helpful http://thisweekinstartups.com/ http://www.launchfestival.com/ https://en.wikipedia.org/wiki/Jason_Calacanis

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“ “Life is not the amount of breath you take, but the moments that take your breath away”

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Books to Read

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Books to Read

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dovey@danhuacap.com Wechat: DoveyWan Thanks!