Being the first check means you're evaluating with almost no data. You're betting on the founder's ability to generate the data that doesn't exist yet.
The companies that defined the internet looked toy-like or legally risky or too small when they started. YouTube looked like all three. That's why we invested.
We backed Bilibili when most people could not see how it would ever make money. That is exactly when you have to be early.
We invest early, in areas where we have deep expertise and a real track record.
The best returns come from getting in early, when a company is just a founder and a conviction.
China's best companies were not obvious at the start. The job is to see them before they are.
Back the founder first. A great person in a rough market beats a weak person in a great one.
For me, the thing I love most in this world is finding a great founder with a new idea and investing from the very beginning, often before a product or business plan even exists.