GGV Capital

Robin Li

If the past few years have taught me anything, it’s that human connection is priceless. When in-person interactions are scaled back, virtual communities like Fishbowl* and private membership networks like Chief** spring up. As an investor in consumer internet startups powered by enduring communities, I keep going back to these three guiding principles for startup founders and entrepreneurs who are looking to acquire—and retain—loyal users and customers:

Diverse Perspectives Can Help Solve Big Problems.

Founded in 2019, Chief became a newly-minted unicorn in March 2022 after closing its $100 million Series B round. Pivoting to a virtual format during the pandemic helped Chief turbocharge its value as a professional network that’s reimagining what leadership looks like. Now with more than 16,000 women executives from more than 8,500 U.S. companies, Chief boasts a global waitlist of more than 90,000 women.

When you join Chief, you’re added to a “core group” of eight to 12 women executive leaders with similar levels of responsibility and who are in similar life stages—but who likely work in different industries or functions. A core guide helps to facilitate as each member shares her professional and personal goals.

As my guide Lisa Rubin says, this “peer advisory brain trust” offers diversity of thought. As both a founding member and an investor in Chief, I’ve found that the mix of backgrounds and experiences in my core group helps to avoid groupthink and echo chambers. I know that my core group—which includes execs from advertising, financial services, entertainment, healthcare, and technology industries—pushes me out of my comfort zone while broadening my network.

In the time that I’ve known CEO Carolyn Childers, what stands out about her leadership style—and her founding team—is a fundamental belief in learning and development. Both Carolyn and Co-founder Lindsay Kaplan are both relentlessly dedicated to supporting executive women and being a leader in the movement of writing the new rules of business leadership.

You can Learn a lot from Anonymous Feedback

Fishbowl is a social network that connects industry professionals but unlike LinkedIn where your professional identity is always front and center, the app supports candid, anonymous conversations on everything from salary transparency to social justice issues.

Founded in 2016, the Fishbowl app gained traction during the pandemic—the startup grew its user base by three times in 2021. By the time Glassdoor acquired the company and its 1 million users in September 2021, it was clear that the rise of remote work wasn’t going to stop workplace conversations from happening.

" For startup founders and entrepreneurs looking to acquire and retain loyal users and customers, they can benefit from diverse perspectives, learn from anonymous feedback, and appreciate empathy "

Amid the Great Resignation, the ability to trade insights and information on sites like Fishbowl, Blind, and AllVoices can be a way for employees to feel connected—and for employers to better understand how their employees are feeling. As the lines between personal and professional are increasingly blurred, it’s more important than ever for virtual communities to be built on trust. For example, Fishbowl’s community is 100% verified as you need a work email in order to participate. The platform’s ability to allow for anonymity makes people feel safe to ask often sensitive questions they otherwise wouldn't if they had to disclose their names.

One of the most engaging products inside Fishbowl is their daily live industry talks, allowing users to have direct conversations with industry leaders through audio chat or “fishbowl” text-based Q&As. Because of this, you even have companies themselves paying to be on Fishbowl for their own credentialed pages. After all, HR and senior leaders are always seeking ways to engage with their own internal employees and external communities within their industry.

Empathy Goes a Long Way During Times of Uncertainty

Given concerns over a looming recession, rising inflation, and the ongoing effects of the pandemic, belonging to a community will become even more essential. Sometimes that means finding people who can truly empathize with you. For example, The Mighty** is a digital health community that helps connect those who are living with (or caring for people with) challenges around mental health, chronic illness, disability, and other health issues. As founders and entrepreneurs lead their companies through more turbulent times, they’ll need to prioritize both their own mental health and their employees’ well being.

Where these communities and support systems don’t already exist, someone will need to build-and nurture-them. As founders reimagine communities and connection, I wonder:

● What new communities and platforms will emerge during a downturn?

● Will they be global or hyperlocal? Virtual, in-person, or hybrid? Robin Li

● What role might Web3 and the metaverse play?

● What future offline industries and verticals will be transformed?

I’m also reminded that building communities takes time. Earlier this year, I hosted a series of LinkedIn Live conversations in honor of AAPI Heritage Month. Among the featured guests was Bob Wu, Managing Partner at Vermilion Ventures, which invests in AAPI founders.

As Bob told me: “If in 15 years my daughter is facing the same issues, I haven't done my job. But the idea is that we do this one step at a time… We have to build our community back brick by brick. We have to interact with each other… We have to support each other, and we have to actively do that. We can't do it as bystanders.”

As the mother of two young kids myself, I couldn’t agree more. Building lasting communities will take a village.

Based in New York, Robin Li is an investor who focuses on investments in consumer internet, new retail, and digital economy for GGV Capital. She serves on the board of directors for Bustle Digital Group, Flieber, Glow Concept, and Odeko. She is also a board observer or actively involved with Bowery Farming, Chief, Frubana, Function of Beauty, K Health, Shelf Engine, Slice, Snappy, StockX, Swimply, and Yami.