It is perhaps no surprise that a media and education group would have a strong career development scheme. The training scheme at Bertelsmann Asia Investments (BAI) is proof that when talent meets opportunity, impressive results can occur.
Within only three years of his investment career, which only really started in September 2014 when he was given direct investment dealmaking authority, Will Wang had already led investments in 10 companies out of a total of about 40 at BAI.
Annabelle Yu Long, managing partner of BAI and CEO of the Germany-based publisher’s China corporate centre and member of the main group management committee, was full of praise for Wang.
She said Wang joined BAI in August 2012 “as a fresh graduate” from the London Business School and BAI’s talent programme. Wang said his break came after he “was the leader of the winning team of Bertelsmann’s Talent Meet Bertelsmann business plan competition”. Wang’s edge in the competition was in part due to having created or co-created three startups before the event.
Long added: “Wang’s investment career was accelerated by working directly with the BAI management team to take in a steep learning curve.
“Recently, Wang has also participated in Bertelsmann’s Preparing for Future Opportunity study programme for mid-level management at the Insead business school in France.”
Wang himself recognised the challenge of being on such a fast track. He said: “The biggest challenge for me is that I am so young. With only three years working experience, I find myself facing the challenge of providing strategic advice for the 10 CEOs I am now working with.
“In terms of getting the cash back at exit, I am fresh and I have lots to learn from Annabelle. I am grateful for the steep learning curve I have been on that arises from considering all the business challenges the CEOs are confronted with every day.”
Such reinvestment in staff training is usually reserved for the brightest stars. Of Wang’s 10 angel to series-B-round deals, half have already achieved up-valuation within a year.
The five up-valuation deals were XiaoZhan, which had an up-round series C by Sequoia; EZJ, which had an up-round series A by SIG; Career Dream, which had an up-round by ChangAn Capital; Keep, which had an up-round by GGV; and MONO which had an up-round by BAI and CRK2.
Wang’s five other proprietary deals were Mioji, a series B with Morningside and DCM; See, a series A with IDG and Morningside; Tocar, as an angel with CRK2; Open, as an angel with CRK2; Penguin Guide, as an angel with GGV and Trustbridge.
The strong strike rate came about after more than 1,000 visits to technology, media and telecom startups in China and his frequent blogging.
Wang has also participated in most of the other successful deals devised by BAI, such as Dayima, from series A to series C, and Lagou, from series A to series C. Wang actively takes management responsibility in five portfolio companies.
His hope over the next five years is to have delivered a “home run return for BAI – be the VC investor of $1bn company”.
Unsurprisingly, therefore, Wang said “Corporate venture capital (CVC) units should leverage the stable source of capital from the corporate as a strong value proposition to aid long-term, visionary entrepreneurs.”
He should have enough time to see his goals realised.