真格基金
@zhenfund
Articles
OpenAI and Anthropic CPOs on Conversation: The Core Skill for Product Managers in the AI Era Is Writing Evals | Z Talk
A 60% accuracy rate is the "Mendoza Line" for AI products.
Vozo AI's Changyin Zhou: Early Google X Engineer, Video Product Goes Viral on Product Hunt, 6 Million Global Users | Z Talk
The market for video creation is a $100 billion opportunity that's severely underestimated.
Betting on AI Startups Four Years After a VAM Gamble: The Full Story of a Data Startup's Acquisition
I was going to ring the bell; how could I have sold the company after just four years?
127 startups founded by Tsinghua alumni, all backed by this one fund
On average, one out of every six companies ZhenFund has invested in comes from Tsinghua University.
It Took Six Product Pivots to Find PMF — This Company Is Sharing Its 10,000-Word Methodology | Z Talk
Get these five steps right, and you'll be well on your way to finding product-market fit.
From Rejected by VCs to a $15 Billion Market Cap: Toast CEO's 10,000-Word Entrepreneurship Manifesto | Z Talk
Every new hire at Toast must spend one quarter working in frontline sales.
Golden Skies, Orange Leaves, Good News with Autumn | Z News
The autumn air is crisp and clear.
A Flying Action Camera That Raised Over $4.4 Million on Overseas Crowdfunding | Z Talk
Within two hours of going live, the crowdfunding campaign hit one million dollars.
Yichao Ji, Peak: A Small Step Toward Replicating OpenAI o1 — Steiner Open-Source Model Progress Report | Z Talk
Since OpenAI released o1, I've been working on reproducing it as a side project in my spare time.
Horizon Robotics Goes Public: We Can Finally Talk About Kai Yu's Story | Z Talk
How can a risk-averse entrepreneur pull off something incredibly risky?
Podcasts

A Three-Way Dialogue on AIGC Creativity, Product, and Investment: Will the Future Pixar Be Born Inside an AI Company?

CreativeFitting Founder Zhu Jiang: Building a Super Content Platform for the AI Era — Fundraising and Self-Sustaining Revenue Must Go Hand in Hand

A Conversation with Zhaogang Group's Wang Dong: One Team, One Email, Thirteen Years of Building Zhaogang --- When Wang Dong, founder of Zhaogang Group, sent that email thirteen years ago, he didn't know he was assembling what would become one of China's most resilient B2B platform teams. The email went out to a small group of former colleagues and industry contacts. The subject line was simple, almost too simple for what it would set in motion. They were going to digitize steel trading — an industry notorious for opacity, fragmentation, and old-school relationship-based dealmaking. "We were basically a group of people who understood steel but didn't understand the internet," Wang Dong recalls. "And somehow that turned out to be an advantage." The early years were brutal. Steel is a commodity business with thin margins and entrenched middlemen. The platform model required convincing buyers and sellers — many of whom had operated through personal networks for decades — to transact online. Trust had to be built transaction by transaction. What separated Zhaogang from the wave of B2B platforms that emerged in the mid-2010s was operational discipline. While competitors burned capital on rapid geographic expansion, Wang Dong's

A Long Conversation with Yusen Dai on Agents: Every Industry Will Face Its "Sedol Moment" — Is Attention Not All You Need?

A New Year Conversation with Koji: 2025 — The Critical Year for AI, the Dawn of the Agent Era

The Evolution of Coding Agents: In-Depth Conversations with Chinese and American Agent Founders, Alibaba Researchers, and Investors

A Conversation with Google DeepMind and LLM Researchers: Deconstructing OpenAI o1 and the LLM+RL New Paradigm

Acquired by a multinational after just five years in your first startup? Ren Dongni, founder of Fanqu, breaks down the game of entrepreneurship and exits --- When Ren Dongni co-founded Fanqu in 2016, the cross-border e-commerce space was already crowded with well-funded players. Five years later, the company had been acquired by a multinational corporation — a relatively swift exit by startup standards. In this conversation, Ren reflects on what it took to build and sell a company, the calculus behind taking strategic investment from a potential acquirer, and why he believes first-time founders often overcomplicate the "game" of entrepreneurship. **On the acquisition decision** "The offer came at a point where we saw the competitive landscape shifting dramatically. Cross-border e-commerce was consolidating, and the platforms with the deepest pockets were starting to squeeze out mid-tier players. We had built something valuable — a supply chain infrastructure and brand relationships that took years to cultivate — but scaling to the next level would have required capital and operational bandwidth we didn't have." The acquiring company, Ren explains, had been a strategic investor in Fanqu's Series B round. "That relationship gave them visibility into how we operated. When they approached us about a full acquisition, it wasn't

Talking AI Tech Applications, Founder Mindset, and the Scale of Entrepreneurship | A Conversation with Xiaoyu Wang of Castbox










