Beyond: The Amazing Journey of Peter Liu

INTRODUCTIONS
SEEKING AN IDENTITY ABOVE AND BEYOND ONESELF

PETER LIU

Human beings spend their lives seeking identities above and beyond themselves. My own journey of pursuit and exploration has filled me with a zest for life and a gratitude for the opportunities that have come my way. And with that, I have come to appreciate those feelings that are genuine and rich in human warmth.

As part of the first generation of post-war baby boomers, I grew up at a time when my country was still reeling from the trauma of separation. It was a land beleaguered by a broken post-war economy, finding its feet and staggering into modernity. At the time, I was just a young boy from Bai-Chuan Ding, a ‘military dependents’ village’ in the city of Chiayi in Taiwan. Not yet aware of the world, I spent leisurely days at Chiayi Middle School in the Shanzaiding district. Little did I realize the thrilling adventures waiting for me just around the corner.

In 1969, when the hippie movement was in full swing in the US, I arrived at the University of California, Berkeley, to begin a life of study and work. After graduating, I suppose I could have led a comfortable middle-class life — the American dream, no less. However, deep in my heart, I felt rootless and knew there must be some greater form of identity. It was an identity I knew I wanted to find.

A MEETING THAT CHANGED MY LIFE

It was a phone call in mid-1985 that brought about the biggest turning point of my life. Learning that my father, from whom I had been apart for nearly 20 years, was seriously ill, I rushed back to Taiwan to be with him for the final stage of his life. My father was a graduate of the Central Aviation Academy at Jianqiao, Hangzhou, on the mainland. The motto of the academy was, ‘Together, we shall fight the enemy’s battleships with our bombs, our planes, and our lives!’ He had experienced life and death in the skies, and his heroism and patriotism left a deep impression on me.

During those last few months caring for my father, two other family members also traveled back to Taiwan: my cousin, Te-Kong Tong, who was writing the memoirs of statesmen and historical figures such as Shih Hu, Tsung-Jen Li, VK Wellington Koo and Hsueh-Liang Chang; and my uncle, Shenggao Tong, who taught at Boston University. They asked my mother and me to accompany them in visiting Kwoh-Ting Li (KT), (later to be known as Father of Taiwan’s Economic Miracle), who had extended an invitation to dine at his home. While there, KT spoke of national affairs and the development of the Taiwanese economy. It was only later in the evening that he brought up the topic of venture capital, something he believed the country must pursue. Looking back, I remember

that KT talked to me for more than two hours that evening.

THE ALLURE OF ALTRUISM

A critical moment in Taiwan’s technological development happened around the year 1985. There were many who, like me, had been inspired by KT’s altruism and sense of mission and decided to return to Taiwan to get down to work. It was this altruism that compelled the top echelons of talent from Taiwan and beyond to join KT in his quest to modernize the nation. In doing so, they created a generation to remember.

Looking back, what strikes me is that the leaders of this great era were truly exemplary — selfless and singularly invested in their work. We were, as young people, attracted by this and felt encouraged to be fearless, working together to raise Taiwan onto the world stage of modern technology and finally make it a global competitor.

My venture capital story starts with KT, a model representative of his generation, whose life and work ultimately inspired me to publish this book. By sharing some of the stories and experiences from my life as a venture capitalist, I hope that younger generations will better understand KT and his generation, who always held the nation close to their hearts. I hope, too, that this will inspire young people to reshape the destiny of our country, forging a path toward a more open and far-reaching community actively engaged on the world stage.

A HOLY GRAIL: MY FINAL WISH FOR VENTURE CAPITAL

Venture capital often involves turning future crises and challenges into opportunities to innovate. The creation of the cooperative, multi-player ‘foundry model,’ for example, provided a development blueprint that ensured Taiwan’s survival within the semiconductor industry. Today, the model represents a crucial geopolitical battleground. As countries around the world are levying carbon border taxes on imported goods, the ability to provide clean energy is fast becoming a key factor in the competitiveness of Taiwanese products on the global market. The Holy Grail of clean energy is undoubtedly nuclear fusion technology. It represents our best bet at solving the energy crisis.

In recent years, I have actively sought to engage world-class talent, technology and capital to promote the establishment of the clean energy industry in Taiwan. This holds great significance for the future of the country’s competitiveness. I have done this because I want to see a change, not because I want to lecture or preach. But we need a sound ecosystem underpinning us if we are to mass-produce anything like small-scale ‘tabletop’ nuclear fusion generators. In other words, sectors across the board — the government, industry, academia and investment circles — must seek consensus and cooperate if we are to make clean energy the jewel in Taiwan’s crown. This is my final wish for my career in venture capital.

THE BENEFITS OF AN ORAL HISTORY

If it weren’t for the support and urging of the Global Views Monthly founder, Professor Charles Kao, and the magazine’s publisher, Cora Wang, the memories and stories you will read here would not have so easily been committed to paper. Kao, a little older than I am, is a scholar of national importance for whom I have the greatest respect. We were both born on the mainland and grew up in

Taiwan. We are both from Air Force families and have both been accepted as members of the Committee of 100 in the US. Over the past 40 years, throughout the many ups and downs our country has faced, Kao has always shown himself to be a man of intellect who dares to speak up. Having done so much, so uncomplainingly, for our country, he is certainly deserving of great admiration.

Author Alice Yang, in preparing to write this book, interviewed more than a hundred of my friends and family members, along with many important people in the VC space. With a thorough understanding of history and extensive experience interviewing people in the fields of scientific and technological development, Yang has written an account that goes beyond a mere personal history of

my life. The result is a book that affords a bird’s-eye view of the past 30 years of scientific, technological and economic development on both sides of the Taiwan Strait. I am immensely grateful for the efforts of both Yang and those at the Commonwealth Publishing Group who first published this book in Chinese.

LIFE’S MOST PRECIOUS TREASURE

I want to express my deepest thanks to the friends and colleagues who have come into my life. You have all enabled me to become the person I am today, someone who is able to give something back to society. Life is beautiful when we are together. Throughout the challenging times I have faced, it is you who have helped me to maintain my enthusiasm for life, and search for innovation and humanity. These are the core truths that I cherish most.

My family means everything to me. My years have been made so happy and memorable thanks to the love and care of my parents, elder sister, Annie, brother-in-law, Gary, younger sister, Susie, and her husband, Robert. And, of course, thanks to my children, Ida and Edward. My work has prevented me from seeing them as much as I would have liked. Finally, I dedicate this book to the woman who banishes all my cares, the love of my life: my darling wife, Diana.

Bertie Lionheart-Coningsby is an experienced translator and dedicated sinologist focusing on literary translations from Chinese to English. He received hons in Chinese (Classical and Modern) and Social Anthropology, SOAS University of London. Now, he lives in UK.

資深媒體人。政治大學新聞系畢業、美國華盛頓大學教育傳播碩士，曾任《天下雜誌》總主筆、英國利物浦大學經濟史研究員、美國華盛頓教育研究會研究員，現任廣東汕頭大學教授。從事新聞實務三十年，曾至二十餘國採訪，訪問超過三百位國際領袖、企業CEO及知名學者。

著有《孫運璿傳》、《IC教父：張忠謀的策略傳奇》、《迎戰風暴──劉兆玄內閣的關鍵478天》等書。《孫運璿傳》獲1989年國家文藝獎傳記文學類獎。歷年報導曾獲金鼎獎、吳舜文新聞獎、亞洲平面媒體公共服務獎。

Alice Yang is a senior advisor of Commonwealth-Global magazine group, a professor at Shantou University, China, and has had a distinguished career in journalism.

She is the author of best-selling The Biography of Mr Yun-Suan Sun and has won numerous awards and scholarships, including the National Literature Award.

She has interviewed over 300 political and business leaders worldwide.

美商中經合集團董事長。生於北京，成長於台北，在美國完成學業。進入創投界後，迅速攫取大眾目光，是公認的亞洲創投界先鋒、華裔創投第一人，「創投元老」和「創投高手」是他的代名詞，對創投的獨到見解，被奉為「劉氏標準」。

1983年，創立國際創業投資，正式將創投引入台灣。1985年，受時任行政院政務委員李國鼎邀請，協助創辦華登國際亞洲基金。1993年成立美商中經合集團後，從軟體、網路、通訊、醫療、人工智慧到近來的循環經濟，無一不涉獵，整合美國、台灣、中國大陸等三地資源，充分掌握在地化與跨國境的優勢，搶先布局全球。

目前旗下管理13個創業投資基金，累計資產破10億美元，投資400多家公司，創造超過100家上市及併購成功案例，包含耳熟能詳的DivX、Creative Technology、CommerceOne、Intraware、S3、ISSI、PChome、分眾傳媒和創新工場等，其中多家為美國那斯達克上市企業。

縱橫創投界近40年，他對市場的敏感及精準眼光，始終引領趨勢，在美國、中國大陸、台灣等地創造了深刻影響力。

美商中經合集團董事長。生於北京，成長於台北，在美國完成學業。進入創投界後，迅速攫取大眾目光，是公認的亞洲創投界先鋒、華裔創投第一人，「創投元老」和「創投高手」是他的代名詞，對創投的獨到見解，被奉為「劉氏標準」。

1983年，創立國際創業投資，正式將創投引入台灣。1985年，受時任行政院政務委員李國鼎邀請，協助創辦華登國際亞洲基金。1993年成立美商中經合集團後，從軟體、網路、通訊、醫療、人工智慧到近來的循環經濟，無一不涉獵，整合美國、台灣、中國大陸等三地資源，充分掌握在地化與跨國境的優勢，搶先布局全球。

目前旗下管理13個創業投資基金，累計資產破10億美元，投資400多家公司，創造超過100家上市及併購成功案例，包含耳熟能詳的DivX、Creative Technology、CommerceOne、Intraware、S3、ISSI、PChome、分眾傳媒和創新工場等，其中多家為美國那斯達克上市企業。

縱橫創投界近40年，他對市場的敏感及精準眼光，始終引領趨勢，在美國、中國大陸、台灣等地創造了深刻影響力。

Peter Liu, Chairman of WI Harper Group, is a legendary visionary businessman with a career spanning 30 years. He is an expert in maximizing shareholders’ wealth in the ever-challenging world of venture capital investments.

Peter is one of the Foundation Members of the World Economic Forum, serves as a Director on the Fifth Council of the China Overseas Exchange Association and is a Member of Committee of 100.

He has served as a long-time member of the Atlantic Council of the U.S. and is an honorary board member of the Flying Angels Foundation, as well as a member of the Yacht Club de Monaco and the Yacht Club Costa Smeralda.