Llama Ventures

Insights

Articles & Books

Writing on what we're learning about AI, venture capital, and building companies.

· Herman Zhou

The Value of Values: Anthropic's Investment Case Through the Lens of an "AI Constitution"

As AI grows more powerful, values are no longer abstract philosophy — they are becoming engineering components and commercial moats. A look at Anthropic's distinctive position as a governance leader.

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· Herman Zhou

The Thinking Game: Because You Believe, You Begin to See

A reflection on DeepMind's journey, Demis Hassabis, and the quiet power of long-term belief — inspired by the documentary The Thinking Game.

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· Herman Zhou

If It's Possible, Founders Should Still Come to Silicon Valley

The conditions that once made China the natural starting point for Chinese entrepreneurs have fundamentally changed. For those determined to build truly global companies, Silicon Valley remains one of the most worthwhile arenas in the world.

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· Herman Zhou

The Early-Stage Startup Checklist

A way to think clearly when everything feels uncertain. Break uncertainty into stages, prove what needs to be proven, and scale only what has earned the right to scale.

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· Herman Zhou

How Is Wealth Actually Created?

Labor gives us output. Exchange transforms output into value. Institutions make exchange secure. A first-principles look at where wealth really comes from.

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Books

Rethinking Entrepreneurship by Herman Zhou

Rethinking Entrepreneurship

Reflections Along a Founder's Journey

By Herman Zhou

Herman Zhou — founder of Yidao Yongche and an investment partner at Shunwei Capital — revisits two decades of wins and setbacks in entrepreneurship. With candor and clarity, he reflects on the realities behind growth, the lessons learned through failure, and the deeper thinking that shaped his journey as both founder and investor.

Forewords by Lei Jun (Xiaomi), Kai-Fu Lee (Sinovation Ventures), and Xu Xiaoping (ZhenFund). Endorsed by James Liang (Ctrip), Zhang Zhidong (Tencent), and Zeng Ming (Alibaba).

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