BlueRun Ventures' Jianping Shi: As Web3 Integrates with the Real Economy, Value Unlocks

Recently, BlueRun Ventures Investment Partner James Shi appeared as a guest on the SustainaDAO Non-fungible talk podcast. In an hour-long conversation, Shi shared BlueRun Ventures' key investment priorities, insights on blockchain and Web3, his personal journey from corporate executive to entrepreneur to investor, and advice for founders.

Shi emphasized that the future is not a winner-take-all era — entrepreneurs should avoid zero-sum thinking and embrace abundance, collaboration, and ecosystems. Economic downturns, he argued, are the best moments for entrepreneurs to create new opportunities. When the bull market returns, the value of these startups will be unlocked and ultimately succeed.

01

Navigating Multiple Tech Cycles, Hunting for the Next Value Opportunity

Q: How might the current economic climate impact venture capital? How do you adjust your investment strategy based on new economic data?

James Shi: BlueRun Ventures focuses on early-stage investing. We stick to a long-term investment strategy and pay attention to future trends, so we're not heavily influenced by short-term inflation or economic cycles. We believe economic downturns will bottom out and rebound within a certain timeframe. Because we focus on fundamental long-term value, we're not interested in purely profit-driven investments.

Economic downturns are the best moments to create new opportunities. We hope startups can use this time to build their technological moats. When the bull market comes, the value of these startups will be unlocked.

Q: Drawing on your investment experience in enterprise software, consumer technology, and Web3, what do you see as the emerging market trends in the coming years?

James Shi: First, empowering Web2 and traditional enterprises to embrace Web3 and blockchain is a major emerging area. Compared to Web2's billions of users, Web3's current scale is still tiny — there's massive room to bring Web2 users and enterprises into this space. Specifically, the area we're most interested in is infrastructure-level innovation in Web3 and blockchain.

Second, decentralization is critically important. Blockchain is just one form of decentralization. In a decentralized world, it's open-source and node-based — everyone can participate at different levels. Compared to Web2, security faces greater challenges, but this will also create enormous opportunities.

On the infrastructure side, when we talk about cloud computing today, it's mostly distributed computing in data centers. But in the future, decentralized cloud computing will become mainstream. At the same time, within cloud computing, we'll see decentralized PaaS. On the application side, we'll see innovation in areas like the metaverse.

Another area is the distribution economy and creator economy. We'll see more creative economies being activated, with creator-driven services being delivered to end users.

02

Scarcity vs. Abundance: Farewell to the Winner-Take-All Era

Q: What will be the next focus area for blockchain investment? Which innovations in Web3 have impressed you most?

James Shi: I believe the full value release of Web3 will come from its integration with 2C and 2B scenarios and the real economy. Just as cloud computing and AI unlocked value after being empowered, Web3 and blockchain will follow this path. In the Web3 world, I expect to see more scalable, secure, decentralized infrastructure supporting both Web3 and Web2 applications.

Beyond Web3 natives, more Web2 enterprise users will enter this space, leveraging both technologies to embrace a better world — rather than Web3 replacing Web2.

In terms of innovation, what impresses me most is trusted computing, which doesn't exist in Web2. We have similar paradigms and technologies, but never in this open form. Another is decentralized platforms that enable individuals to own their data and financial sovereignty, and even let participants share in growth.

Often in the Web2 world, it's winner-take-all. But in the Web3 world, people talk more about Abundance, collaboration, and ecosystems — very different from the traditional, past world. We're exploring Abundance and Scarcity. Having an abundance mindset means believing there are sufficient resources to tap into. With a scarcity mindset, you believe someone else's achievement somehow means you've lost something.

Q: What role do you think Web3 initiatives or blockchain technology can play in addressing sustainability issues?

James Shi: Blockchain and Web3 initiatives can definitely address sustainability, but on the technical side, blockchain and Web3 haven't yet achieved sufficient efficiency.

But from the initiative itself, standing from a global impact perspective, they are indeed addressing some sustainability issues. Because the core value behind Web3 initiatives and blockchain is Abundance — trying to ensure everyone can work within the ecosystem. Trying to create decentralized infrastructure to foster better innovation.

Today, if you have the chance to talk to Web2 entrepreneurs, they believe the strong get stronger. So they'll use opportunities to build bigger platforms to monopolize markets. To some extent, this stifles innovation. So from this perspective, blockchain and Web3 can create more long-term, sustainable growth opportunities.

03

Entrepreneurs Should Pioneer New Frontiers, Avoid Zero-Sum Games

Q: In the current macroeconomic environment, many startup founders have plenty of worries — shrinking funding sources, unreachable revenue targets, and so on. As an investor and tech veteran, what advice do you have for startup founders?

James Shi: In the current economic volatility, the most important thing for startups is to focus on cash flow. CEOs and founders need to make decisive decisions, cut costs quickly, and ensure the company's fundamentals.

Second, on product and development, don't be too idealistic. We've talked to many founders who are true visionaries. But as a business, you can't just be a visionary. You must also be a businessman, with business acumen.

Third, manage growth. As part of your growth strategy, whether entering a new market, driving new product adoption, or hiring people — you need to focus on one thing, rather than expanding the battlefield and doing many things simultaneously.

Fourth, in a challenging environment, the business needs to be commercially sound. Startups with clear business models will find markets, attract investors, and show reasonable returns.

Q: As an entrepreneur with experience in both China and the United States, what advice would you give to the new generation of entrepreneurs who want to build global startups?

James Shi: Chinese entrepreneurs and talent can bring tremendous value to global innovation and the global economy. If you want to build a global company, you must have a global vision — but this is just a starting point. How to achieve it? A global vision isn't just about building the world's best technology.

First, founders need global thinking. This means you need a global team, and team members should be diverse.

Second, you should embrace global culture. Business norms differ across countries — some emphasize sustainable growth, collaborative ecosystems, and corporate social responsibility. Different markets have their own regulatory and business rules. In regions where you operate, you should both comply with local regulations and embrace global norms.

Additionally, you must "believe in abundance." Whether you're in Web3 or Web2, whether in software, biotech, or healthcare — try to "believe in abundance." I think you'll go much further on this path.

The final thing is, don't try to build zero-sum businesses. In the United States, for example, you see many startups trying to do something different, pioneering innovation in new fields. This is abundance, because opportunities are plentiful — don't just focus on what's right in front of you.

Further Reading

BlueRun Ventures ranked TOP 2 in 36Kr's "Most LP-Recognized Early-Stage Investment Firm"

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BlueRun Ventures' Jui Chan: Investment Volume Won't Decrease This Year, Concentrating on Advantageous Projects

BlueRun Ventures: The Golden Age of Tech Investment Is Arriving, Being a Calm First-Mover in Era Transformation and Industrial Innovation

BlueRun Ventures was founded in 1998 in Silicon Valley. BlueRun Ventures China was established in 2005 and is a venture capital firm focused on early-stage startups.

Currently, BlueRun Ventures China manages multiple USD and RMB dual-currency funds, with assets under management exceeding RMB 15 billion, making it one of the largest early-stage funds in China. Its investment stage focuses on Pre-A and Series A, covering hard tech and innovative interaction, enterprise technology, new consumption, and healthcare. It has cumulatively invested in over 150 startups, including Li Auto, Waterdrop, QingCloud, Guazi Used Car, Songguo Mobility, Ganji.com, Energy Monster, Yuntion Semiconductor, Machenike, Yunheng Intelligence, Anxin Network Shield, and BioMap.

BlueRun Ventures has been ranked #1 in Zero2IPO's "China Top 30 Early-Stage Investment Firms" and ChinaVenture's "China Best Early-Stage Venture Capital Firms TOP30," and was named among Preqin's Top 10 VC Fund Managers Globally for Sustained High Returns.

Additionally, BlueRun Ventures has for multiple consecutive years received honors from Forbes China, 36Kr, Cyzone, Caixin Media, CBNweekly, Jiemian, and other media organizations, including "China's Best Early-Stage Firm of the Year," "China's Top Venture Capital Firm," "Most Entrepreneur-Friendly Early-Stage Firm of the Year," and "Most Influential Early-Stage Firm of the Year."