Vincent Tao is more commonly known as the founder of PPTV, China’s largest online TV provider with 300 million active user per month, but he has now taking a new role as chairman of Global Earth Capital, an investment institution founded in September 2014. Tao, who has been on both sides of the tech industry. Here are three tips he gave to entrepreneurs at TechCrunch last week.
1. Timing
Tao cautions entrepreneurs from flocking into a so-called “hot” industries. “What’s more important than seeking out the next big trend in tech industry is spotting the right timing in doing it, or to check whether the technology and market are mature enough to foster a prosperous industry”, he said.
Many people thinks internet of things (IOT) is going to be the next big thing. This is true according to a Gartner report which showed that IOT is at the peak of industry expectations. “However we also have to bear in mind that an emerging concept has to go through the stages of disillusion and the plateau of productivity after the peak of inflated expectations.”
3. Courage, Passion and Persistence
When talking about characteristics in successful entrepreneurs, Tao said “we are looking for people who can survive the wild jungle of entrepreneurship with their courage, passion and persistence. I like those entrepreneurs who have experienced the ups and downs in doing a startup. Investors may have no ideas about what your project is, but they can tell from the way you are doing it about whether you are tough enough to overcome all the hurdles.”
3. Cooperation through Partnership
Excellent investors and entrepreneurs are two kinds of totally different people who focus on different things, according to Tao. “It is not only about giving and receiving the funding, but a deeper collaboration that enables sharing of resources from both parties.”
Vincent is also the founder of online mapping service GenTango. He sold the company to Microsoft in 2005 and worked as executive of Microsoft USA for four years, responsible for MSFT internet business strategy for China/Japan/Korea. Prior to that, Vincent held a professor position at York University, Toronto.