Founders Are VCs’ Top Selection Criteria

Reflections on Investing in the AI Era – Insights from Miao Hong, Managing Partner, Silicon Valley Future Fund

Over the past decade, Miao Hong and his team have invested in more than 300 companies across AI, cybersecurity, and life sciences. Yet, as he shared in a recent WeShine VC Spotlights and Startup Pitches, the pace of innovation in the last two years has been unlike anything before.

In fact, the number of truly unique AI startups emerging recently is nearly equal to what we saw over the previous ten years combined.

This is why Miao believes we are still in the very early stage of AI, and why this moment represents a rare opportunity for founders.

How does he select projects?

His answer is simple and consistent: “Founders. Founders. Founders.”

In today’s AI landscape, ideas are easy to replicate. What differentiates outcomes is the founder:

• Experience and judgment
• Ability to execute and adapt
• EQ as much as IQ
• Communication, fundraising ability, and resilience

Over the past two years, the number of truly unique AI startups has grown at a pace nearly equal to the previous decade combined. In this environment, speed is non-linear. Missing one round can mean missing a 10x outcome.

On AI hardware & physical AI:

Robotics and AI glasses will be major platforms—but physical AI is far harder than software and will take time.📌 On success stories like Manus:
Product matters—but connections and networks matter too. Great companies often succeed where strong technology meets the right ecosystem.