What It Means to Be Named 36Kr's Most Founder-Friendly Investor for Three Straight Years — and How We Should Think About the Investor-Founder Relationship

On September 18, 2019, in Shenzhen, at the 36Kr Future Investor Summit, the 2019 Top 100 Most Popular Investors / Investment Institutions list was unveiled:

• FreeS Fund was named one of the "Top 50 Most Popular Early-Stage Investment Institutions in China 2019," ranking 2nd
• Feng Li, founding partner of FreeS Fund, was selected for the "Top 50 Most Popular Investors in China 2019"

This marked the third time 36Kr released its "Most Popular" series since launching the rankings in 2017. FreeS Fund and Feng Li have made the list for three consecutive years.

▲ Top 50 Most Popular Investment Institutions in China 2019

▲ Top 100 Most Popular Investors in China 2019

Beyond performance, 36Kr also gathered entrepreneurs' comprehensive evaluations of investment institutions and investors across three dimensions: professional capability, post-investment support, and brand support.

"From the entrepreneur's perspective, they want investors who can talk, think, and get their hands dirty. They want investors who can help while also giving them the freedom they need. They want investors who are skilled at analyzing problems and bring rich investment experience. They want investors who are not just capital providers, but reliable partners who understand your concerns and share your urgency."

We thank 36Kr for this recognition, and we're grateful to be chosen by entrepreneurs. As an early-stage investment firm, we've been fortunate to encounter many original dreams and witness them grow into something great. Along the way, we've continually asked ourselves what role we should play for founders, and beyond capital, how else we can be helpful.

Two months ago, on the eve of Three Squirrels' IPO, Feng Li spoke with Cyzone about his thinking on these two questions. He said:

Capital, first, can hardly — or completely cannot — change a company's DNA. Second, it almost can't change its trajectory either. If you have enough money, you can stretch out a process (though stretching it out isn't necessarily good; you might make bigger mistakes), but you basically can't change a company's destiny.

When I first started investing, I tended to get deep inside companies, always putting myself in the CEO's shoes to think through problems. Later I realized that wasn't necessary, because the CEO knows the business best. I just need to observe trends well, observe companies well, explain the trends to the CEO, and pay attention to the CEO's and company's condition.

Now, I think the best role is this: first, we can grow together and are willing to exchange ideas and discuss. Second, for investors, the most important ability is this — you can't actually change how things unfold, but you can observe how a person changes through the process. That's the core. If you can see, when they're struggling, that they'll definitely get through it, that gives you tremendous opportunity. And if you can spot potential problems when things are going well, that's also very helpful.

▲ Feng Li, founding partner of FreeS Fund

Entrepreneurship is a marathon, a war of attrition. Going forward, we'll continue to play the role of observer and companion, climbing hills and crossing obstacles alongside founders, doing what's right rather than what's easy. We also wish you, on your entrepreneurial journey, wisdom and determination, with a bit of luck on your side — to explore, to strive, to persist.

(The 2019 Top 100 Most Popular Investors / Investment Institutions list was produced by 36Kr. Click "Read More" to view the full rankings.)

▲ FreeS Fund wins 36Kr "China Top 10 Dark Horse Funds," hard tech investments also recognized by LPs ▲ FreeS Fund wins three awards at ChinaVenture 2018 Annual Rankings ▲ Our three years: exploring, persisting, moving upward