Starting from 2024, I had the opportunity to intern at DCM Ventures , a top-tier cross-border venture firm known for backing bold founders at the earliest stages. What I expected to be a fast-paced dive into market research and startup analysis turned out to be something far more transformative — not just in skillset, but in mindset.
📉 From describing both sides to taking a side
When I first joined, I approached deals like an analyst: thorough, careful, and balanced. I was trained to present both sides of the story, to anticipate objections, and to cover all bases. But I quickly realized: in venture, synthesis without stance is not enough .
There’s a saying in the industry:
“If you’re treated like an analyst, you’ll behave like one.”
Analysts explain what others believe. Investors decide what they believe — and they bet on it. This shift from agent to principal , from information interpreter to judgment owner, became the core of my growth.
At DCM, I was expected not only to understand the landscape, but to form a view , back it with reasoning, and revise it under pressure. That leap — from contributor to decision-maker — was hard-earned and deeply internal.
🔍 Product heat > pitch decks
I worked on early-stage opportunities across AI, consumer, and B2B. We evaluated GTM strategies, user personas, cross-border expansion paths (especially across the US, China, and Southeast Asia), and often had to do it with incomplete information.
Two of the deals we ended up investing in didn’t come from polished decks or flashy traction — they emerged through iteration , pivoting , and deep conviction-building between the founders and our team. I saw how DCM actively co-built with founders, refining not just the story but the strategy itself.
That changed my perception of what VC is.
Done right, VC isn’t just capital — it’s early product-market fit discovery with a check behind it.
🧠 Thinking from first principles
One of the most important muscles I built was learning to cut through noise. Instead of benchmarking companies to existing comps or chasing momentum narratives, I was pushed to return to first principles :
Who is the user?
What core behavior is changing?
What truth is this team betting on that the market hasn’t caught up to yet?
This lens also helped me better understand non-consensus opportunities — ones that feel strange now but inevitable later. In that light, I began to see the role of the investor as someone who can recognize mispriced truths and act before consensus forms.
🧭 Structure vs gut: finding the balance
I also began to observe how top funds maintain internal discipline — not just in how they underwrite risk, but in how they don’t get swept away by market noise . At DCM, I saw firsthand how dollar funds manage valuation rigor even in high-conviction themes.
One idea that stuck with me was Accel’s internal “90% rule” :
A great investor should already know 90% of what a founder is going to say before they say it.
That level of preparation requires real product intuition — and not outsourcing your thinking to hype.
It also reminded me of a classic insight from Tom Perkins :
“Great VCs don’t take reckless bets — they use limited capital to eliminate asymmetric risk.”
True courage in VC isn’t in swinging blindly — it’s in having clarity while others are still guessing.
🧭 Analyst vs Owner. Agent vs Principal.
The biggest change wasn’t technical — it was psychological.
I began the internship thinking like an analyst: synthesizing input, asking good questions, covering all bases.
I left thinking like an owner: taking a stance, accepting uncertainty, and being willing to be wrong.
I realized that venture capital — especially at the early stage — is not about being right more often . It’s about having the courage to be right early , and the resilience to be wrong gracefully.
🚀 What’s next
While venture has taught me how to think, I now want to learn how to build. This summer, I’ll be joining Advance.AI , focusing on GTM and cross-border strategy in Southeast Asia and the Middle East . My goal is to experience growth from the inside: to understand what scales, what localizes, and what breaks.
I want to be the kind of investor who doesn’t just write the check — but helps shape the trajectory.
To support the relentless, resourceful rebels — in more ways than one.
🙏 Final thanks
I’m incredibly grateful to Qi Wang and the DCM team — thank you for challenging my thinking, trusting me with real work, and giving me a front-row seat to what thoughtful, global venture capital looks like. You’ve helped me grow in ways I couldn’t have predicted.
If you’ve read this far — thank you. And if you’re early in your career, trying to figure out whether you want to analyze or build, advise or own — my only suggestion is this:
Don’t just learn frameworks. Learn to bet on your thinking.
Learn to be brave, not just right.