Venture Capitalists in China Aren't Risky.

The focus on commercial investment and the very small proportion of angel investors that do early stage investment, I think comes from what the risk matrix is in China. You can make a ton of money with small margins and high volumes in China. In terms of IP, China's promoted, changing its laws for trademarks, copyrights, patents, trade secrets. At the same time, we've also seen a great deal of patenting. But the value of those patents are miniscule compared to the number.