Simin Zhou, chief strategy and development officer for US-headquartered safety and regulatory services provider UL, said when she was serving as vice-president and managing director of its corporate venture capital (CVC) arm, UL Ventures: “Chris is a driven investor and savvy dealmaker who is passionate about exploring new ideas and technologies. With his diverse background and strong network, he brings a unique perspective to the team and broadens the reach of UL Ventures in the investor and startup community.
“Since joining [in 2019], he has led two investments and has been instrumental in helping our portfolio companies as a board member including introducing investors and customers, navigating the challenging macro environment and facilitating an exit.”
1. First, just give us a quick overview of who you work for, what you do, and how long you have been doing it.
I am an investment director at UL Ventures and responsible for leading investments in companies in the enterprise automation space. My focus area includes startups empowering the skilled workforce through digital automation of business functions as well as robotic automation in the manufacturing, transportation, supply chain, and agriculture markets.
At UL Ventures, we invest in early-stage (seed to series B) business-to-business software opportunities in the sustainable ecosystem.
I have been with UL Ventures since February 2019 and spent more than 12 years in the technology ecosystem as an advisor, investor and entrepreneur.
2. What attracted you to CVC?
Ability to bring innovative technologies and solutions into a large corporate ecosystem while interacting with passionate and interesting startups.
UL Ventures offered a unique opportunity for me to join a newly established CVC where we can build the right structure, governance, and process.
3. What have been your greatest successes at your unit?
I led two investments in Kyndi and Aurora Labs within the first 12 months since joining the firm.
As a board member, I guided a portfolio company, Metamoto, through a successful exit by leveraging my investment banking experience and network.
I took on multiple board responsibilities of our portfolio companies and supported their journey by introducing potential customers and investors, establishing proper KPIs and milestones, and addressing the macroeconomic challenges in 2020.
Introduced various partnership opportunities and new solutions and technologies to the digital transformation, automotive, and environment and sustainability business units within UL.
4. What have been your biggest challenges?
Building the network within UL. It took a while to find the right business champions to conduct proofs of concepts (PoCs) and engage with the startup community.
Understanding the nuance of CVCs and intricate relationship with the parent company.
5. What is your main professional ambition for the future?
Fulfil my intellectual curiosity by investing and advising startups.
Facilitate the adoption of new technologies and solutions while bringing the startup mindset to legacy companies.
6. What do you think all CVCs could do better to make it a stronger industry?
Stronger focus on financial return. Similar to any business unit, the goal of CVCs should be to achieve superior financial returns as well as strategic goals.
Attract more external talents rather than recruiting solely from the parent company. CVC needs more diversity in terms of background, experience and interest.
The investment thesis and focus area should be consistent and aligned with the long-term vision of the parent company. It is difficult for the CVCs to build expertise and network in the startup ecosystem if the parent company constantly changes the focus area every six to 12 months.
CVCs need to take a more active role in the post-investment management of the portfolio companies. Conducting PoCs and collaboration with the parent company is one of many responsibilities of an investor. We need to have more skin in the game and dedicate more time to help the portfolio companies.
7. And, finally, for colour, what did you do prior to CVC or in your spare time?
After graduating from the University of Illinois with a degree in Accounting and Finance, I spent more than seven years in investment banking and three years running my startups in the digital automation space.
I like to be active and typically spend my weekends hiking, camping, biking and playing tennis. As an avid traveller and adrenaline junkie, I spend my vacation scuba diving, sky diving, sailing and skiing.
