Yusen Dai: Embrace the Era, Optimism, and the Power of Young People | Crossover with AI Tech Review Talk

This episode features a recent exclusive interview by AI Tech Review with Yusen Dai, Managing Partner at ZhenFund. In 2009, Dai dropped out of Stanford to co-found Jumei International Holding Limited with Leo Chen. Five years later, Jumei went public — Dai was 27 at the time.

In 2017, Dai joined ZhenFund, focusing on early-stage investments. Over the past year, he has concentrated on AI, backing leading projects including Moonshot AI.

In this episode, we explore whether genuine opportunities exist beneath the AI investment bubble, and how to assess whether a technology or product holds long-term value. We also analyze differences in AI development between China and the US, including divergences in AI applications between Silicon Valley and the Chinese market.

Finally, Dai candidly shares his personal journey from mobile internet-era entrepreneur to frontline investor in the AI age.

Guest

• Yusen Dai: Managing Partner at ZhenFund; investor in leading AI companies including Moonshot AI
• Kaifei Yao: CEO, BrandAI
• Jun Lin: Founder of Leiphone; tech history writer

Episode Highlights

Beer beneath the AI investment foam

• 04:21 Large AI models definitely have considerable foam, but what matters more is how much beer lies beneath
• 10:26 Have patience — major opportunities always play out over extended periods
• 13:23 AI products he personally uses: Perplexity, Moonshot AI, FSD, Meta Ray-Ban, Suno
• 21:57 Fully autonomous vs. collaborative; general-purpose vs. specialized; physical world vs. digital world
• 23:47 Domain-specific Copilots for professional users and SMEs will reach commercialization faster
• 26:55 AI hardware isn't about replacing phones, but filling gaps phones can't address
• 32:18 What has and hasn't changed in startup logic over the past decade: technology constraints vs. idea constraints
• 39:15 AI remains in a research and technology-driven phase; entrepreneurs with insight into future directions hold an advantage
• 43:23 Silicon Valley vs. China: ToB vs. ToC, software vs. hardware

Cross-cycle lessons on entrepreneurship and investing

• 46:16 How to find exceptional talent with higher probability
• 49:51 Go heavy on young people; bet on young prodigies in emerging industries
• 53:54 Zhilin Yang and Moonshot AI
• 57:12 The bet-on-people thesis is the correct way to approach angel investing
• 59:45 Believe in young people, commit to major trends, do what you love, stay optimistic about the future

Staff

• Producer: Jiafen
• Post-production: Keyone Studio

About ZhenFund

"For Real" is a general business podcast produced by ZhenFund, where our investment team shares the latest trends and industry insights with leaders across fields.

Founded in 2011, ZhenFund is one of China's earliest angel investment institutions. Since its inception, ZhenFund has actively sought out the most outstanding entrepreneurial teams and era-defining investment opportunities in artificial intelligence, chips and semiconductors, robotics and hardware, healthcare, enterprise services, new energy, cross-border expansion, consumer lifestyle, and beyond.

ZhenFund — your first stop in entrepreneurship!

Contact Us

WeChat Official Account: ZhenFund (ID: zhenfund) Website: www.zhenfund.com Email: media@zhenfund.com

You can find us on Xiaoyuzhou, Apple Podcasts, and Ximalaya.

We welcome your feedback and suggestions in the comments!