Here's 10 key takeaways from host Rebecca Fannin's conversation with Gary at Silicon Global Online Series:
Ask A VC Anything.
1. Innovation will enter a hyperactive period that will last well into a decade as a result of the Covid-19 virus speeding up changes in lifestyles and norms
2. VC fund raising will become exceedingly difficult as limited partners that are already over-allocated in this asset class become more selective
3. VC investing in tech will be more selective as China faces its first downturn ever since Chinese venture took root nearly two decades ago
4. China tech investing into the U.S. is dead, a victim of politics
5. Stricter financial disclosure requirements for Chinese companies listing in the US could come into play in the wake of alleged fraud at China's Luckin Coffee
6. Fair competition between the US and China over tech dominance is healthy, but both country's governments are too involved
7. New rules of the road will need to be developed for the use of AI, regarding such issues as patient data protection, which is more freely shared in China than in the US
8. Tech markets are moving away from a focus on the consumer internet to product solutions plus data
9. Sectors that will be hurt the most in this coronavirus crisis include commercial real estate and the shared economy such as co-working while those that will benefit include online education and pharmaceutical
10. US-China relations are at a low point politically but putting moats around tech with dual standards and decoupling of US and China markets won't work since technology likes to move, to flow
Highlights of Gary's career
• Co-founded or sponsored 4 China VC firms and helped to jumpstart China venture investing• 30 years experience as a venture investor working in Silicon Valley, Japan, Shanghai and now Seattle
• Co-founded Qiming Venture in 2006, which now manages $5.3 billion with nine US $ funds and four RMB funds
• Despite challenging times, recently raised a new $1.1 billion fund focused on healthcare and tech investing
• Returned to the US in 2016 and launched the firm's 1st US fund investing in healthcare, and raised a second fund to total $300 million in capital
