Awaken* newsletter

May 25, 2024

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Anna Fang is the CEO of ZhenFund, an early-stage venture fund that has invested in over 600 startup companies, particularly in e-commerce and AI, with successful investments in unicorns like RED (XiaoHongShu), Perfect Diary, and Horizon Robotics. Anna began her career in investment banking at JPMorgan in New York City and later helped expand M&A efforts at GE China before joining ZhenFund in 2011.

In a recent interview with AHN Ventures, Anna shared insights about her venture capital journey, the high standards ZhenFund maintains for selecting founders, and the evolving landscape of early-stage investments. Read through to learn more:

HanYue: What inspired you to start Zhen Fund?

Anna: I began building Zhen Fund in 2011 after a significant tenure at GE. The catalyst was a conversation with a Graduate School of Business friend who was with Sequoia China about initiating a Y Combinator-like model in China. During this period, I met Mr. Xiaoping Xu, whose vision was truly inspiring. Additionally, the vast opportunities in China’s entrepreneurial landscape were too compelling to ignore.

HanYue: You are one of the pioneers in China’s venture capital industry. How has being an investor changed over the years?

Anna: Ten years ago, being a VC wasn’t as glamorous as being a private equity or angel investor. The scene was quieter. Entrepreneurship wasn’t as trendy, so it was easier to find thoughtful, high-caliber founders. Our first fund was $15 million, and we made 16 investments, including Xiao Hong Shu, which topped lifestyle app charts, and Huobi, HTX, which became China’s largest crypto exchange, and Deeplint, which went public. The VC scene entered a hype cycle from 2014 to 2020, with an overwhelming amount of money chasing deals. It felt wasteful to me. Now, with a ‘VC winter,’ I appreciate the slower pace that allows for more selective investments.

HanYue: Can you discuss the high standards Zhen Fund maintains when selecting founders?

Anna: There’s a high bar, especially for AI nowadays. Founders must deeply understand the technology. For example, we invested in Zhilin Yang, a renowned and famous PhD.  Zhilin Yang is the founder of Moonshot AI, with a ChatGPT-like product Kimmy Chat.When I was looking for interns, there are kids these days who would say ‘whoa, you invested in Dr. Yang? That’s so cool. I want to work for you.’ Interns want to work for us because we invested in Yang, that was really something special.

HanYue: Yodu achieved many significant successes with your first fund. What excites you currently?

Anna: Lately, I’m fascinated by AGI and the global integration of foundational models into robotics. There’s also a burgeoning interest in applications built on these models, alongside video and productivity apps like monaco.im and max.me. Observing how human and AI co-pilots can coexist and interact is particularly intriguing.

HanYue: You’ve invested in many successful founders. What traits do they share?

Anna: It all boils down to hustle – your organization’s name Asian Hustle Network really speaks volume by the way. Successful founders are not afraid to get out there and continue to network. They have an infectious enthusiasm. Even I had to do it once. When I was just getting started, I would put ‘send me deals’ directly in my email signature.

HanYue: What challenges do early-stage startups typically face, and what advice do you have for navigating these challenges?

Anna: All successful companies have experienced moments where they almost didn’t survive, be it due to regulatory issues, cash flow problems, or founder conflicts. My advice is not to be phased by difficulties. Believe that you will pull through. Having mentorship is also crucial as it provides support and helps solve problems together.

One thing I really love about angel investing is the thrill of being the first to adopt new and innovative ideas, always staying alert and aware of emerging trends. Emma and I often joke about not being the top students at Stanford, always admiring how incredibly smart our classmates are. 

Bob taught me the essentials: reviewing the team page – I often feel like an admissions officer searching for predictors of future success. It’s like trying to find Yao Ming among a crowd of tall people—a search for standout talent in a field of strong contenders. 

With everything changing so fast, I am more excited about looking for really thoughtful founders. For example, I am really excited about this one young man, who used to my intern, he could just sit there and talk about the macroeconomy trends forever. And the way he thinks about what might become popular among young people continues to impress me. For example: The younger generation embraces ‘YOLO’—living in the present. And as a founder, you will need to think about new hobbies and cultural shifts that might emerge, and find ways to take advantage of that. 

HanYue: As a lecturer at GSB and a seasoned investor, how do you differentiate in a crowded VC landscape?

Anna: Our differentiation lies in our founder-first approach and our simplified, transparent investment process. Even when we pass on an investment, we provide thoughtful feedback. Zhen Fund is not just about funding; it’s about fostering a community and offering programs like the EIR and Ostrich Club that systematically identify and support potential top founders. We want to build a supportive community. 

Edwin: What trends from China do you see influencing the US, and vice versa?

Anna: E-commerce platforms like Shein and Temu are leading trends, with TikTok’s integration of e-commerce being particularly noteworthy. We’re also seeing interest in replicating China’s online education model and infrastructure globally. Additionally, attempts to mimic the success of businesses like Luckin Coffee in various international markets highlight the growing influence of Chinese business models abroad.

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Stories

Breaking Boundaries and Making Laughter with Julie Kim

From the Boardroom to the Comedy Club

Julie Kim didn’t begin her career in comedy—she initially followed the stereotypically ‘Asian’ path of stable jobs in academia and office work. Born and raised in Toronto to a Korean immigrant family, her upbringing took place in a tight-knit, two-bedroom apartment above her family’s grocery store. “At one point, there were seven people in the apartment,” she recalls. “And for a solid six or seven years, I slept on the pull-out sofa bed in the living room.”

With multiple degrees under her belt—including a Master’s and two attempts at a PhD—she straddled the worlds of business, education, and motherhood. Amidst the hustle and bustle, there remained a silent passion in her for a creative life. “At first, I wanted to speak well to stand out among a sea of old white men in boardrooms,” she says. “I also wanted to do a difficult, admirable thing. It was a checkbox.”

Julie Kim | Comedian

A Dramatic Shift to Comedy

Julie didn’t quit everything overnight to pursue comedy. She experimented with it while holding multiple stable jobs, contract roles, while also pursuing her PhD, oscillating between full and part-time focus on her studies. But passion has a way of growing, and eventually, she did what she had to—crossing what she describes as ‘a bridge between conventional pursuits and creative pursuits.’ She stepped away from academia, turned down secure opportunities, and entered a world full of uncertainty and creative risk.

However, Julie was no stranger to the industry’s harsh stereotypes. She faced mistreatment and discrimination, navigating everything from blatant racism to sexism disguised as condescension.  “One booker tried to push me out of the scene because I winced when someone tried to make me kiss him against my will,” she shares.  “A few local comics hated or resented me from the start because I didn’t ‘need’ to do comedy—as if they deserved it more because I had other options. It was a different kind of discrimination I hadn’t encountered before, but for sure it taught me to stay far, far away from the bitter ones in this industry.”

Jumping to comedy, Julie Kim’s now one of Canada’s most sought-after comedians.

Despite this, Julie pressed forward like the boss that she’s always been. “I had to learn how to produce and promote my own shows. And that built tenacity,” she says. “Now, I’m centered in my identity. My cultural identity and my confidence in it are central to much of the  success I’ve had in the past few years.”

Today, she’s one of Canada’s most sought-after comedians, performing alongside stars like Ronny Chieng, Atsuko, JR de Guzman, and more as she headlines major comedy clubs across North America. “This is the best time of my life,” she says. 

“I’m having the time of my life. But also, I’m still working on a little scarcity mentality and the feeling of constant survival mode,” she shares. “Part of me really enjoys that and part of me needs a new car and a real vacation.”

Being a Mom on the Mic

Being a mother in comedy isn’t easy—especially when constantly on the road. Julie has faced criticism from all sides: family members, fellow parents, and the weight of societal expectations. ‘I deal with it by blocking people out of my life or turning them into jokes—or both,’ she says with a laugh.

Her journey as a mother isn’t separate from her comedy—it is integral to it. “To do my work well, I need to be grounded, happy, and creative. So I try more and more to take care of myself to be those things,” she reflects. “I think it’s an accomplishment to still be writing and performing after more than a decade of true hustling. It’s taken a lot of grit, perseverance, some audacity, and foolishness.”

Julie Kim’s experience as a mother isn’t separate from her comedy career.

Julie Kim’s list of accolades is stacked: writing and producing Simu Liu’s iconic I Am Canadian monologue at the JUNO Awards, winning a 2023 Canadian Screen Award, and headlining four sold-out Just for Laughs shows in Toronto.  She’s also written for Kim’s Convenience and Run the Burbs, two shows centred around Asian Canadian families that have reached global audiences. 

As she continues to tour across North America, Julie is also working on upcoming television and film projects and producing her new podcast, Bothered. Next, she will prepare for a new 2026 tour of her solo storytelling show called ‘No One Special’ and writing her first book. 

Connect With Julie Kim

Website: https://www.juliekimcomedy.com/shows 

Podcast: https://www.juliekimcomedy.com/podcast 

Instagram: @juliekimcomedy

YouTube: @JulieKimComedy 

Facebook: Julie Kim

TikTok: @juliekimcomedy

Blogs, Ideas

Pretty Isn’t Enough: 3 Functional Must-Haves for Your Website

A beautiful website doesn’t guarantee success if it lacks functional design. Here are some functional features that you need to consider for your website.

Loading Time 

Nobody likes waiting, so that means a slow website will significantly downgrade your audience’s experience. Improving your website speed is one of the first things to keep in mind when building a website.

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Mobile Responsiveness

Your audience won’t always find you on a laptop. With nearly 60% of global web traffic coming from mobile devices, it’s essential to design with phones in mind. Don’t just build for desktops—make sure the mobile experience is just as strong.

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Clear Navigation

Users should find what they need in 2-3 clicks—anything more feels like ordering a coffee but going through a visa application to get it.

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Why Asian Hustle Solutions?

Looks are not all that the audience cares about. It’s the feels and experience that come along with it. At Asian Hustle Solutions, we help you build fast, functional, and stunning websites that don’t just look good—they convert.

If you want to learn more about our services, visit the Asian Hustle Solutions website at asianhustlenetwork.com/services/

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Stories

Jelyca Villanueva Turns Passion for Color into a Purposeful Business

Being a female entrepreneur isn’t easy. Jelyca Villanueva is a mother of two, a wife, a certified personal color and image consultant, and the founder of Timeless Tones & Co. While juggling a range of responsibilities, one of her core priorities has always been helping others discover the power of color—not just to enhance their wardrobes, but to express themselves and reflect the unique tones of their lifestyles.

Her studio, Timeless Tones & Co., is more than just a color consulting brand—it offers an experience where clients feel truly seen.

Coming from a professional background in corporate environments, Jelyca brings a unique combination of analytical precision and sensory intuition to her work. She is known for her personalized approach that blends science, aesthetics, and cultural celebration.

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Jelyca Villanueva | Founder of Timeless Tones & Co. 

From Curiosity to Passion

All passion begins with a simple question, and Jelyca’s interest is no exception. “It really started with curiosity. I’ve always loved the way color can completely transform how someone feels,” she shares.

That curiosity soon unfolded into a world of colors—where she was captivated not only through science, but also the cultural richness embedded in various systems, from Korean and Japanese frameworks to Western methodologies. “Once I learned about the science and cultural depth behind personal color analysis, I was hooked. I wanted to create a space where people could experience that same ‘aha’ moment—where everything just clicks and they feel seen.”

Realizing the transformative power of discovering one’s personal color palette, Jelyca decided to turn her passion into a professional journey. Timeless Tones & Co. came to life as a call for everyone to step into a world where color is more than just aesthetics—it’s a bridge to self-acceptance, cultural pride, and everyday confidence.

A Global, Tailored Approach to Color

As she immersed herself in advanced training—including professional certification under CPLUS3 Academy, where she studied Korean, Japanese, and American color systems—Jelyca developed a deep understanding of global color theories. She also trained under Francesca Cairns in the UK and received professional training in the Cocory colorimeter, a scientific tool widely trusted in Korea.

Currently, she is also expanding her expertise through certification in Colors in Nature: Wedding Colors by Leatrice Eiseman, further deepening her understanding of color harmony and seasonal palettes.

Determined to bring this knowledge home, she became San Diego’s first and only provider offering a multi-system approach—merging the best of Korean, Japanese, UK, and American frameworks to deliver deeply personalized results.

As a mother, her mission became even more personal. She aspired to create a business that embodied cultural pride, creativity, and empowerment. “There’s nothing better than seeing someone light up when they find the shades that make them feel confident and radiant,” she proudly shares.

Timeless Tones & Co.

Building a Business from Scratch

Working a stable office job while minding her own business at the same time was no easy task. “Shifting my mindset from structured systems to building something entirely my own was tough,” Jelyca reflects on this life-changing leap. However, it was this bold move that helped her develop the flexibility and creativity that would become the cornerstone of her entrepreneurial journey.

Adding to the challenge was the fact that personal color analysis was still a novel concept in San Diego. This meant Jelyca had to exercise patience, taking time to educate her clients while staying grounded in her belief in the value of her work. Through persistence and unwavering dedication to her craft, she gradually earned the community’s trust. With each session, her clients not only discovered colors that enhanced their features but also gained newfound confidence and a deeper understanding of themselves—solidifying the mission of Timeless Tones & Co. and highlighting the profound impact of her work.

Jelyca and her clients.

Connect with Jelyca Villanueva – Timeless Tones & Co.

Website: timelesstonesandco.com

IG: @timelesstones.andco

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Blogs, Ideas

Creating Websites That Connect With Asian Hustle Solutions

A good website goes beyond just its visual design. Its effectiveness hinges on user experience: the ease of navigation, the seamlessness of their journey, and the ability of the site to build brand trust and connection.

Make It Effortless to Explore

The process must stay accessible and navigation-friendly. Keep menus simple, pages scannable, links accessible, and CTA buttons recognizable. 

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Let Your Values Show, Naturally

A “good-looking” website means nothing if it doesn’t show who you are.
Your audience should feel your values—through your words, your visuals, your voice.
Whether it’s the copy, the images, or the testimonials, let your mission speak for itself

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Optimize for Local SEO

Check out the latest SEO trends in your region. Optimizing for local search can help you stand out in specific markets. Utilize location-specific keywords, maps, and business hours.

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Why Asian Hustle Solutions?

At Asian Hustle Solutions, we understand that a great website is more than just a pretty design. It’s about creating an intuitive, seamless experience, and aligned with your brand’s values. Let’s create a website that feels right—for you AND your audience!

If you want to learn more about our services, visit the Asian Hustle Solutions website at asianhustlenetwork.com/services/