healthcare or what?

A lot of the time, [companies] don't actually need to raise a lot of money," says Leung, the Hong Kong-based head of healthcare investments for Qiming Venture Partners. So she weeds out entrepreneurs "who want to make a quick buck" and instead picks early stage firms with long-term vision, especially in healthcare. The strategy has paid off with a trio of recent IPOs including Chinese vaccine maker CanSino and medical device maker Venus MedTech in 2019 and U.S.-based Schrödinger, which makes chemical simulation software, in February 2020.

Shortly after cofounding FirstMark Capital during the 2008 recession, Heitzmann met two young founders at an NYU business plan contest who foresaw a sea change from a text-based world to an image-based one. Their idea became Pinterest, and Heitzmann, the lead investor in its $525,000 seed round in 2009, eventually enjoyed a reported 1,900x return multiple when it went public at a market capitalization in April 2019 of $12.7 billion. "Nothing's easy, especially when you're starting in a recession, but it makes you gritty," says Heitzmann, who is also an investor in Airbnb, Dashlane, Discord, DraftKings, Hubble, Ro Health and Upwork, and who previously was the first institutional investor in Riot Games and StubHub.