A perspective by Jackson Fu, Co-Founder of CREAM
What Makes VeChain a Great Project?
I wanted to share some insights as strategic advisor to VeChain on why I decided to work with them and why I see VeChain as the only project currently capable of delivering the first mass adopted public blockchain.
When I first discovered the project in 2017, I knew I had found a unicorn in the making. I am very confident that VeChain will take over Ethereum as the leading public blockchain network in the coming years, and, while that might seem outlandish to some, I talk from the perspective of a businessman and a private equity investor, someone who intimately understands enterprise needs. I have had the fortune to witness first-hand exactly why businesses are choosing to work with VeChain over Ethereum and other projects, some projects I have been involved in deeply so I have heard the evidence directly.
As a bit of background; my career thus far has been centered around financial services and investing. While I did work in large investment banking and private equity firms, I also co-founded a quantitative hedge fund focused on Chinese markets, with established algorithms in Alpha, HFT, and CTA focus. The fund is doing very well. Now I focus most of my time and efforts on CREAM, an investment incubation firm. CREAM identifies, invests in and incubates blockchain technology-related businesses solving existing real-life problems.
When it comes to deciding which companies to invest in and work with I would always look for two key traits. 1) A visionary but tangible application of a technology that addressed some difficult and large problem and, 2) A solid, professional team. Point 2 is the most important. Lots of people can have good ideas, but very few people have the skill, drive, and determination to execute on bringing the ideas to life and actually solving problems, which is very difficult.
Having had previously worked with other blockchain projects from the crypto space, I was immediately impressed by VeChain, it was totally unique in how it approached its business model, especially during 2017, when almost all blockchain projects were “just tech”. It had a clear vision of a solution-driven product, as opposed to a tech-driven product. It already had a few high profile clients actively working on PoCs, It was clearly a company that understood business, because before the team went into this business, they’ve actually interviewed many C level executives of large corporations. In fact, VeChain’s understanding of enterprise mindset has led to PwC seeking VeChain’s help to gather and co-conduct a survey focusing on gathering over 40 senior executives on their views of blockchain technology. The survey can be found here for reference: https://www.pwccn.com/en/risk-assurance/2018-china-blockchain-survery-report-en.pdf
Sunny, Jay, Kevin, Gu and the rest of the senior management team all had high achieving backgrounds. Sunny was previously the CIO of Louis Vuitton China and the current CTO, Gu had been the technology head of TCL communications, as examples. The kinds of experience they had only came from illustrious careers, striving for success, and making mistakes. As someone who has known good results from working with these kinds of professional entrepreneurs, I was excited to get involved.
VeChain’s approach to business development was, and still is, intelligent and targeted. It leveraged the expertise of industry leaders, gathered insights from those with the oversight (VeChain and PwC interviewed 40 enterprise CEOs and CTOs to identify key business challenges that could not be resolved by traditional technologies) and thought about how to resolve issues where there was a viable market for those solutions. This approach was in stark opposition to the ‘build-it-and-they-will-come’ mentality that is 99.99% of crypto projects to this day. Saying “here, I built this, use it” is simply not how the world of business works. The majority of project founders believe their technology is ready to solve the world’s problems when in reality, their technology is neither ready nor even a solution. They lack the business acumen to thrive in the corporate world.
Finding a team that understood the nuances of business as well as having a killer product and the collective intellectual capacity to design advanced, marketable solutions was incredibly refreshing. There was never any doubt in my mind this project would succeed.
The rest is history.
Next Article: What are the real bottlenecks for blockchain adoption? Why is VeChain #1?
The world is transitioning to embracing blockchain technology, there is no doubt about this. Public blockchain will be one of the most transformative technologies in recent decades and up-end the global economic status-quo, ushering in the age of digitization. VeChain is incredibly well-positioned to harness this transition. In my mind, there is little doubt it is the leader among public blockchain networks in gaining real-world traction. As a result, it stands to create immense value for both itself and the real economy with its first-mover advantage and backing from many multi-billion dollar clientele, with more to come. In the next article of this series, I will share what I think are the most critical factors and the bottlenecks of the blockchain revolution, and how VeChain is positioned to break through these bottlenecks and eventually attain unimaginable heights over the coming years.