- Jing Tao emphasises pragmatic investment strategies that focus on industry expertise and long-term partnerships.
- He shares insights on the role of AI and autonomous driving technologies in shaping future industries.
- Jing Tao offers advice to entrepreneurs, stressing the importance of persistence, focus and practical execution.
In this exclusive interview with BTW Media, Jing Tao, co-founder of Great Filter Venture and a member of Tencent’s founding team, shares his investment philosophy, which emphasises pragmatism, industry expertise and long-term partnerships. He discusses his investment strategies in sectors such as biopharma, AI and autonomous driving, and offers advice to budding entrepreneurs on the importance of perseverance and the challenges of running a business.
Q1: Can you introduce yourself and share a bit about your background?
A: Hello, I’m Jing Tao, the co-founder of Great Filter Venture. In my early years, I was involved in the founding of Tencent, so I’m also known as a member of Tencent’s founding team. That’s one of my labels. After I started investing, I invested in companies like SpaceX, Black Sesame Technologies, Galactic Energy, Zhimeng Biopharma, and other notable projects. Now, I’m also a professional investor. As a third label, I’m a minor internet celebrity with hundreds of thousands of followers online.
Q2: Do you think your early experience at Tencent has influenced your work as an investor?
A: Definitely, Tencent had a profound impact on my life. In our twenties, we didn’t know much about society or the world, but we had determination and started making internet products. Internet products require constant updates and iterations based on user feedback. This pragmatic, focused attitude from the early Tencent days carried over into my work as an investor. Now, my team and the projects I invest in share this trait. As an investor, I emphasise practicality—when founders talk too much and don’t act, I usually don’t invest.
Q3: What was your vision when you co-founded Great Filter Venture, and what’s the long-term goal?
A: Great Filter Venture was co-founded by two former Tencent employees. Our vision is to make the world better and China stronger. This isn’t something we put on business cards but something deeply ingrained in our hearts. After we left the internet industry, we wanted to find a way to contribute to society. We realised that investing could not only provide direct help but also allow us to improve ourselves alongside the companies we invest in. It’s become clear that investing was the best decision for the second half of our lives.
Q4: What makes Great Filter Venture unique in the investment space?
A: The investment world can be divided into several categories—government funds, corporate venture capital (CVC), institutional investors, and family offices. Each type has its limitations, whether it’s government money with certain risks or CVC funds meant for strategic objectives. Great Filter Venture doesn’t fall into any of these categories. We don’t raise funds from others; we invest our own money. This gives us the freedom to make independent decisions and offer long-term support to entrepreneurs. We can invest at our own pace and are not bound by traditional timelines for returns.
This allows us to focus more on post-investment support, which we value highly. We emphasise post-investment work, ensuring that the companies we invest in have the support they need to thrive.
Jing Tao, co-founder of Great Filter Venture
Q5: Can you explain your investment approach and strategy?
A: Our approach involves following the real experts in industries. For example, in biopharmaceuticals, we’ve partnered with institutions like Trinity Innovation Fund. They scout projects, and we invest alongside them. Over time, we’ve become more than just followers—we’ve grown into fellow travellers. This allows us to focus more on post-investment support, which we value highly. We emphasise post-investment work, ensuring that the companies we invest in have the support they need to thrive.
Q6: How do you view the rapid development of AI, and what do you look for in AI-related investments?
A: We’ve been focusing on AI since 2017, exploring companies like Yitu, Megvii, and SenseTime, though we ultimately didn’t invest. Instead, we invested in AI chip companies like Novumind. AI represents a massive industry with the potential to change humanity. However, we’ve become more cautious recently. We continue to cast a wide net, investing in fields like autonomous driving, smart vehicles, and robotics. But the crucial factor is that the companies we invest in must have orders and the ability to generate revenue. We don’t invest in businesses that are only good at showcasing technology without a clear path to profitability.
Q7: You’ve mentioned autonomous driving. Can you talk about your investments in this area, such as Black Sesame Technologies and CalmCar?
A: Black Sesame Technologies is one of the few companies in the world that provides high-power automotive-grade chips and smart driving solutions. In China, there are only two companies that can do this. CalmCar’s founder is also a strong product-oriented technician, and the company has backing from shareholders like China Unicom and SAIC. CalmCar has already reached revenue exceeding 300 million, audited by IPO standards. We’re optimistic about the entire autonomous driving and smart vehicle sector.
Q8: With so many sectors in your portfolio, how do you balance them?
A: My partners and I come from an internet background, so when we transitioned to investing, we didn’t know which industries would experience significant growth. We chose to diversify, not putting all our eggs in one basket. We made decisions based on national needs and chose strategic emerging industries like biopharma, commercial aerospace, new materials, semiconductors, and artificial intelligence. In each sector, we rely on knowledgeable experts, building sincere relationships with them, and making investments based on their advice.
We try to share resources and connections to help companies grow. We don’t claim to manage companies, as we are minority shareholders, but we aim to serve them and offer long-term support.
Jing Tao, co-founder of Great Filter Venture
Q9: How does Great Filter Venture support the companies it invests in?
A: We help in three main areas. First, emotional communication, we provide companionship to entrepreneurs who often face psychological pressure. Second, we help with specific challenges like financing and government relations. Third, we offer professional or industrial support, though we are not experts in every field. We try to share resources and connections to help companies grow. We don’t claim to manage companies, as we are minority shareholders, but we aim to serve them and offer long-term support.
Q10: What is your view on the future of the venture capital industry?
A: In the future, investment logic will dominate the world. With the rise of AI, robotics, and autonomous driving, people will begin to exploit non-living assets that generate income. This will change the nature of investment. The current system, where LPs clash with GPs over returns, is harmful to industries and innovation. In the West, investment operates like a pyramid with layers, from top-tier public companies to early-stage startups. But in China, most funds are concentrated at the top, leaving grassroots entrepreneurs underfunded. I believe we need to build a more robust financial and capital ecosystem to support millions of private businesses, as they are crucial to China’s future.
