Bob Xu is the Founder and Managing Partner of ZhenFund. He is also known as one of China’s pioneering angel investors.This afternoon he joined the stage of 2014 TechCrunch Beijing  to share with us one thing and one thing only—the importance of partnership.

Bob started by giving his condolence to Robin Williams, who passed away as of this morning. Bob said that Robin carried characteristics that every entrepreneurs and founders should have. Bob reiterated many timesthat he believes “finding the right business partner” is much more important than having the right business model.

To illustrate his point, Bob gave a few examples about startups that had failed because of partnership structures. For instance, ZhenFund had invested in a promising e-commerce company which claimed to have two co-founders. Only after the company failed had Bob realize that one of these so-called “co-founders” only had 1% of equity. “He is not a partner! He is merelyan employee,” says Bob.

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