Most of the VC said they want to invest in the next big ideas – the next Google or Amazon.  They are telling the entrepreneurs to think big and focus on game changing strategies.  But, in fact, not all of them are like that.

Recently, I was helping a friend to source funding for his startups.  So, I paid a visit to a VC friend who I have known for a long time.  He is a early backer of Joyo.  He introduced me to Chen Nian, when I wrote my book on China internet.  Chen Nian built Joyo from scratch to the largest online book store in China and later he founded another online retailer of his own, Vancl, which is the largest online clothing store in China.

“What sector are you investing nowadays ?” I asked.   “Mostly the tradictional industries.  No more tech or internet,” he said.   “It is difficult to judge internet startups.  Who knows what business model will work??  And even if you pick the right sector, it is hard to select the eventual winner.  And it is usually a winner take all market.  No place for the second,” he added.

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Sherman So

Author of Red Wired: China's Internet Revolution, the first book to completely survey the nature of China's internet. (http://redwiredrevolution.com/) She previously was the lead China technology reporter...