No better time to build than now, says CCV

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Hello reader,

Were your first steps into 2023 a little bit more trepidatious than in previous years? Can’t blame you – we’re in the middle of uncertain economic times.

That said, I’m a firm believer in the phrase “knowledge is power.” A lot of the anxiety and uncertainty that we feel, whether it’s to do with work or personal matters, is down to a lack of information – think of the “fog of war” that’s a staple of most real-time strategy games.

We’ll never be able to fully predict the future, but our Recession Run series of articles tries to piece it together with the help of Southeast Asia’s leading investors.

Today’s featured interview is with Zhou Wei, founding partner of Chinese early-stage VC firm CCV. Read on to find out what he thinks the next 10 years in tech will look like.

Today we look at:

• CCV’s thoughts on the future of the tech industry
• The US$6 million funding of a startup known as the “Airbnb for surgeries”
• Other newsy highlights such as the US$35 million series C of an India-based rural fintech firm and Sam Bankman-Fried pleading not guilty to criminal charges

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Get Smart

My colleague and friend Stefanie recently told me about how she came across 12-year-old photos when she was doing some end-of-the-year spring cleaning. We mused a little about how far we’ve come and changed since those days, and it’s really been quite significant.

She says she’s changed about 50% – I’d put my own number at closer to 70%.

Of course, this rate of change also applies to the tech and startup world. Smart devices are commonplace now, for example. And according to CCV, they’re about to become a whole lot more important.

• Intelligence: “We believe three technologies will be key for building smart tech: autonomous technology, AI, and robotics,” Wei says. “All this when connected together will be the future mobile phone platform equivalent.”
• Silver linings: Along with smart technologies, Wei says that CCV is optimistic about the fintech and digital healthcare industries even amid the current trying conditions.
• If not now, when? Wei’s final advice is to not hesitate if you have a great idea for a business. “There’s no perfect timing to build a startup. No matter if it is from the US or China, the best startups come up during difficult times, as they have much less competitors.”

I hope the cleaning fees aren’t too high

Quick bytes