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In the rapidly evolving realm of Web3, venture capital, and entrepreneurship, few personas embody the synergy between innovation and creativity as profoundly as Jennifer Cheng-Lo.
As the Founder and Chair of NewChic Capital Family Office, she invests in life-improving technology with the goal of making a universal impact. But her leadership roles stretch further, including positions in Ace Investment Management (AIM) Hedge Fund, JennClub DAO, and Coins Group.
Jennifer’s early life was a grand symphony of music and creativity, with her perfect pitch guiding her into the prestigious halls of the New England Conservatory and Boston University. Despite tantalizing opportunities in the entertainment world, Jennifer’s compass steered her towards the equally exciting universe of finance and emerging markets. Her journey is a testament to the blending of creators and entrepreneurs, a theme that resonates profoundly in today’s Web3 narrative.
As an upcoming professional who shattered the glass ceiling in the US, Jennifer’s path led her to Asia, where she completed her MBA at the Hong Kong University of Science and Technology as a Merit Scholarship recipient.
Today, Jennifer, with her deep roots in tradition and an unflinching gaze toward the future, is a beacon for budding Web3 entrepreneurs. She represents the thrilling juxtaposition of culture and modern evolution that Asia symbolizes, and her story is a testament to the untapped potential this vibrant continent holds.
“I think Asians are creators and builders at heart. It goes without saying that history has shown we have a strong track history of being entrepreneurs. It's in our blood.”
Jennifer’s portfolio includes a diverse range of startups and partners from Animoca Brands and Grab to Climate-X, Space-X, and more. She boasts a track record of successful exits in Asia, including Groupon, Ensogo Group, and Plukka. As a creator and musician, Jennifer has also released her own NFT collection, showcasing the harmonious union of her creative and entrepreneurial facets.
In this interview, Jennifer shares invaluable insights into the nexus between creativity and entrepreneurship and provides practical advice for Web3 founders on building meaningful connections. She pulls back the curtain on the venture capital world, revealing the qualities she seeks in a founder and the rigorous selection process that leads to investment.
As we delve into her narrative, you’ll discover a leader who embodies vision, innovation, and kindness, and who continues to redefine the boundaries of what is possible in Web3.
My leap into venture capital happened quite instinctively!
After a few successful entrepreneurial exits and wins as an investor, I felt a spark to start something new - and that’s how NewChic Capital Family Office was born.
NewChic Capital was like a canvas for my entrepreneurial spirit, allowing me to paint bold, innovative strokes by investing directly in other passionate entrepreneurs and co-invest with fund managers in Venture Capital, Private Equity, and alternative assets.
To me, these aren’t just investment avenues – I see them as a way of being able to fund entrepreneurs at scale as well as being a new breed of founders in and of themselves.
Now, being a chair of my own Family Office wasn’t just about pragmatic considerations like allocating my exit money and tax structuring. It was also about setting a powerful example for my three wonderful kids.
Although I leapfrogged the typical route into venture capital, my portfolio reflects a diverse mix of early, mid, and late-stage tech investments that we’ve continued to expand. We’re also limited partners in several fund managers. I’m still receiving offers from the fund and investment space, for which I am deeply flattered and honored.
The exploration of Web3 was a natural continuation of my journey.
Inspired by my younger relatives who started investing in cryptocurrencies like Bitcoin early on, I began to follow suit.
Furthermore, two of my partners - Doug and Virginia of Coins Group, with whom I shared an eCommerce exit over a decade ago - successfully launched a company via an ICO to be a major player in the crypto exchange space.
Their journey provided me with early insights into the evolving best practices for investing and risk management in token and coin trading, as well as the equity side of Web3 and fund management.
I enjoy not only managing my own Single Family Office but also investing in other fund managers and founders. I’m a firm believer in learning through doing and collaborating, and I’m excited to continue this journey in the Web3 space!
Like my journey into entrepreneurship and investing, I’ve found myself stepping into the role of an “unexpected influencer.”
Indeed, I’ve learned to embrace and thoughtfully cultivate my personal brand and online presence since I realized I had a digital footprint (instead of fighting it) – whether through social media or Search Engine Optimization.
It's immensely valuable for entrepreneurs and creators to do the same because, let's face it, your reputation is tantamount to anything you do.
Actually, I didn’t set out to build a digital presence from the get-go. It was only in my later childhood that the advent of the Internet and mobile phones happened. By then, I was already a multi-hyphenate creator, an internationally recognized concert pianist, and an award-winning writer and actress.
I simply ensured that I was open to the right partnerships and media coverage, much like how we’ve nurtured our relationship with the Tezos ecosystem over the past few years before officially deciding to serve as an Advisor to the TZ APAC Tezos Incubator Program.
Growing up, my parents and educators always encouraged me to surround myself with knowledgeable individuals with whom I could learn from and collaborate with. I’ve taken this principle to heart and continuously strive to integrate it into my personal and professional spheres, which have become quite intertwined.
In an age of radical transparency, it’s crucial that my voice remains genuine and my journey, track record, and available information are accurate and fact-based.
This is very important as these days, scams are unfortunately rampant, not just in Web3, and it’s vital to uphold myself and others to a higher standard. It’s deeply troubling to see high-profile individuals, myself included, being bullied or impersonated online for exploitative purposes.
I think that an online presence is a double-edged sword. So, it’s crucial to ensure that all the information about you, be it an interview or a social media post, is value-adding, authentic, and timeless. Simultaneously, anyone or any project you choose to invest time in must be thoroughly vetted, curated, and prioritized with the same intensity.
At this point, everyone and every brand needs to understand the importance of establishing, cultivating, and maintaining their brand. It’s not just about being “doxxed” - your reputation is invaluable and, at the same time, incredibly fragile.
I actually do see great synergy between an entrepreneur and a creative! Both are paths that aren’t conventionally encouraged by family or society - they both require great self-conviction and strength, as well as abilities like problem-solving and divergent thinking.
It’s very important for a creative to stay authentic and true to their artistic spirit. But at the same time, art by itself can’t pay the bills. Unfortunately, that cliche is true - so it’s crucial to understand how to commercialize without selling out.
The life of an artist is spent in pursuit of honing their craft, and I think that the ability to gather resources to fuel that growth is inseparable from that journey.
So, my message to artists would be to learn to leverage your unique creative perspective for problem-solving and make sure you learn to develop sustainable business models and monetization strategies.
In fact, I urge all creatives to immerse themselves in business principles, be it through formal education, reading books, online research, or working in startups or tech.
Don’t see business as being a boring industry full of blank-faced people in suits. A successful business, whether it’s a viable SME or a future tech unicorn, requires both a creative and a business mind.
In my observation, the most successful entrepreneurs elevate themselves not only just by having great ideas, assembling a winning team, and executing their plans. They also get to the next level by honing their own creative abilities and communicating passionately through authentic storytelling and brand building.
My creative endeavors have laid a solid foundation for my success in business. Contrary to what some might think, I’m not naturally an extrovert. In fact, I was once painfully shy and barely spoke up in class until the age of 10. My mother saw the arts as a vehicle for me to develop emotionally, mentally, and creatively, rather than feeling frustrated and too frightened to express myself.
It was my creative pursuits that essentially shaped me as a person, allowing me to learn, adopt a growth mindset, and most importantly, adapt like a chameleon. They’ve enabled me to engage with international media, lead large sales teams, and manage substantial revenue while still in my 20s with ease.
This shift from a fear-based mindset to one of abundance, collaboration, and creativity was a catalyst for my entrepreneurial journey that started in my teenage years.
For me, learning as a business person is a refreshing break that allows me to reset as a creator. I typically handle business, admin, and organizational tasks in the morning or on certain days of the week, reserving afternoons and late evenings for piano, acting, writing, and ideation.
It’s essential to nurture all aspects of yourself, especially in today’s rapidly evolving world, including automation. Everyone should strive to be a better creator, entrepreneur, and investor to avoid being left behind.
By being an investor, I don’t just refer to the traditional meaning of building a financial portfolio - but also investing in oneself, continually upskilling, learning, collaborating, and embarking on new adventures.
Change is the only constant in life, and we need to be ready to embrace it by investing in ourselves and future-proofing our skills.
Let me give you specific examples. Things like VR/AR, user experience design, motion capture, and eco-friendly fashion - they’re all changes that the world has rapidly adopted over the last decade. Creatives who embraced their curiosity and picked up these skills early have been able to become pioneers in their fields, trailblazing the path with their own bold spirits.
We’re all continually trying to balance and optimize our portfolios. The same applies to investing in ourselves, avoiding burnout as a creator or entrepreneur, and learning to manage our lives and time better.
After all, time is the most precious resource we have.
I’m glad you’ve highlighted this. Beyond examining objective elements like pitch decks, it’s vital for us to delve into the subjective factors that can either make or break a project. These can often be the ultimate secret sauce behind why one startup outperforms another.
We look for grit in founders, which encapsulates perseverance. We seek out examples of founders who have managed to rise above adversity, overcome daunting challenges, and continue to evolve and grow when others might simply throw in the towel.
For instance, we recently invested in a fund manager who displayed remarkable humility despite achieving a substantial exit at a young age. We saw how committed this individual was to fostering connections between portfolio companies, co-investors, and even those outside the portfolio, all in the interest of nurturing a thriving ecosystem.
I highlight this example because life is too short to invest time, capital, or resources in those who don’t merit it.
This could mean the individual’s values, ethics, or morals are questionable or weak. Or people who feign “niceness” only to achieve an end - I believe that being genuine means doing good for its own sake, and that our actions speak for themselves.
One of our approaches to seeking out these crucial “soft factors” is to prioritize the relationship first. We advise a select few, continuously reassess the project, the team, the founders, and the funders, and recalibrate as needed.
It’s important to remember that people and companies change over time, for better or worse. We’re all “works in progress,” and the sooner we embrace this, the better off we’ll be.
We receive thousands of cold leads and unsolicited deals every month, and while it’s possible to look at them all, it’s impossible to set up meetings with everyone or provide direct feedback.
As an investor, it’s essential to prioritize diligence and quality, which is why our due diligence process is incredibly rigorous. We focus on discovering those rare gems, either directly or through our network of co-investors, funds, and friends, and help polish them with a combination of resources, introductions, and advisory services.
Most of the deals in my network that end up in our Family Office portfolio or our Partner Funds’ portfolios come from other successful entrepreneurs and investor friends, including some featured on our websites.
Some may think it’s unfair that VC investments come from connections or leads from friends.
But remember, the reality is that often, these relationships are borne through years of working together or observing each other’s professional capabilities. It’s natural that you would trust a lead from someone you know to be highly competent and has good judgment.
Some of my best fund managers and founders are doing both roles simultaneously. As decades-long friends of mine, they excel as exited entrepreneurs, operators, executors, investors, and connectors.
Many of my most successful entrepreneur friends, with whom we share portfolios and select deal flow regularly, are serial-exited individuals like myself with 3-5 exits each. If you’d like, you can find some of their bios and backgrounds on NewChicCapital.com and JennClub.com DAO website.
For founders, one way to enhance your network is to say “yes” to more opportunities to provide help.
While it’s crucial to remain focused on your venture and not attend every social event, in your partnerships, work, and portfolio (if you have one), don’t put all your eggs in one basket.
I recommend aligning with stellar incubators like the TZ APAC Tezos Incubator, which maintains longstanding relationships with VCs, Private Equity firms, Investors, Institutions, and Family Offices. Quality should always take precedence over quantity.
TZ APAC is instrumental for us, as like our other main partners and co-investors, they understand that careful selection is key to maintaining the quality of the pipeline and portfolio. Having TZ APAC as an ally enhances the efficiency of our due diligence process, as the best candidates are already shortlisted for their TZ APAC Tezos Incubator Program for our mentorship.
In line with how excited we are that our ethos and values match with TZ APAC, we encourage all potential portfolio companies, founders, and teams to remain authentic throughout the process.
My advice for founders seeking to make genuine connections would be: Try not to bombard people; aim to add value first rather than being value-seeking.
This is important because while hustling is important, you don’t want to come across as purely transactional or as a social climber in any regard of the term.
All of us are here to contribute positively and in this mindset, you should prioritize community first. Engage in initiatives to give back, whether it’s through mentoring or donating your time or resources. Anyone claiming they can’t afford to give back is likely only interested in making an impact once they’ve secured their own situation, which in itself is self-serving and self-centric.
How do you add value? Make an effort to solve challenges for people. The investors and advisors you're approaching lead busy lives, filled with their own difficulties and pain points.
Here’s an example of how one engineer managed to capture my attention. A significant issue arose for me when over 100,000 contact details were corrupted due to a system merge.
This engineer took the initiative to solve my problem - importing my Google contacts into one unified location, and moreover, assisted in streamlining my team’s workflow for maximum efficiency by instructing them on how to proficiently utilize software tools.
In response, I personally mentored him for two weeks. Following this, he relocated to the U.S. and co-founded a very successful startup. I’d like to believe that I provided him with a tenfold return on the initial value he added for me.
The key is to be proactive and concentrate on cultivating a relationship from the beginning. Avoid the short-sightedness of pitching and trying to extract immediate value from someone you want to develop a long-term, mutually beneficial relationship with.
There are founders and fund managers in my portfolio whom I’ve backed multiple times, so it’s vital to maintain a long-term perspective. Continually adding value and prioritizing giving before receiving is not only appreciated and noted but will serve you well in the long run and far into the future.
