The Valley of Despair and the Next Wave: Venture Finance in China
About the Speaker
Hany Nada is co-founder of GGV Capital and has worked as a long-term partner with more than 150 companies over the past decade to build companies that can succeed in today's global marketplace. He is a trusted resource to public and private company CEOs and management teams on global market development, customer introductions and M&A/IPO guidance across US and Asian markets. CEOs that have worked with Hany characterize him as their go-to advisor for both general direction and company growth strategies.
As a leading venture investor, Hany made his first investment in China in 2001, and has led the firm’s successful investments in athenahealth (NASDAQ: ATHN), Endeca (acquired by Oracle) Glu Mobile (NASDAQ: GLUU), Kintana (acquired by Mercury Interactive), Turbine (acquired by Time Warner) and Xfire (acquired by Viacom). Currently, he serves on the Board of Directors for Tudou, China’s leading video content provider, Vocera Communications, RootMusic, Glu Mobile, and Wild Tangent. In addition to actively making investments in the mobile and digital media sectors in the US and China, Hany is responsible for one of the industry’s most successful China/US investment teams as well as general oversight of the firm's funds.
Before entering the venture capital business, Hany spent ten years on Wall Street as a top-ranked research analyst at Piper Jaffray focusing on Internet software and infrastructure. Hany is a graduate of the University of Minnesota where he earned a B.S. in economics and a B.A. in political science.
G102, Gunn Building, Knight Management Center, 635 Knight Way, Stanford, CA 94305-7298
An on-the-ground perspective of North Korean society
Returning to her office in Pyongyang from a site visit to an agricultural development project one day last year, Katharina Zellweger had a revelation to share with her colleagues:
“I saw trees, bushes, upland rice, maize, berries, and all kinds of other crops planted on the hillsides!” she said.
Life in North Korea today is much more vibrant than the stark slopes and muted grey concrete buildings Zellweger encountered when she began traveling to North Korea in the mid-1990s. Day-to-day existence is still a struggle for many people, especially in the countryside, but Zellweger, who is the 2011–12 Pantech Fellow with Stanford’s Korean Studies Program, has watched positive change slowly ripple throughout the country for 17 years.
“If you have the patience and perseverance, and try to understand the country as well as you can, it is possible to do work there that is meaningful for the survival of the people and for the future of the country,” she said during a recent interview.
Zellweger’s projects in North Korea began in 1995 while she worked for the Hong Kong office of Caritas Internationalis, a Catholic network of humanitarian organizations, and continued when she moved to Pyongyang to lead the efforts of the Swiss Agency for Development and Cooperation, a part of Switzerland’s Federal Department of Foreign Affairs. She lived in Pyongyang and interacted with North Koreans on a daily basis for five years until coming to Stanford in October 2011.
Since her earliest visits to North Korea, Zellweger has introduced ways to help alleviate the formidable problem of food scarcity and hunger. North Korea has always been a country of urban dwellers, she said, and the 60 percent of North Koreans who live in cities drain the countryside of its crops. In an effort to carve out new places to grow food during the toughest years, farmers have resorted to stripping hillsides of their trees. The solution is short-term and unsustainable, though, as the denuded slopes can only be planted for a few years, and it leads to soil erosion and flooding.
“If you do not have enough to eat and you are hungry, that is what people do,” Zellweger said.
She and her team tackled the problem in one province with a simple solution. They taught rural housewives to plant bands of deep-root vegetation every 10 meters along cleared hillsides. The slopes are a “no man’s land” outside of the commune system, and the women have official permission to either keep what they harvest or sell it in the market for extra income. The environment also reaps big benefits from this sustainable agricultural method, which is catching on in more provinces.
“The last time I visited the project, the women told me that they now grow about 15 species of crops, whereas previously they only had one or two,” Zellweger said. “It has brought biodiversity back to those areas.”
Along with receptiveness to new farming techniques, North Koreans have also embraced certain technological developments. Even though the city and countryside are relatively cut off from one another, for example, cell phone tower transmissions now crisscross most of North Korea. Already one million of North Korea’s 24 million citizens own cell phones, and can find coverage in 75 percent of the country.
“Mobile telephones are not just in the big cities—even farm managers have them,” Zellweger said. “With that, communication has improved a lot among the North Korean people.”
Some ripples of change have also penetrated North Korea’s educational system. English replaced Russian a few years ago as the main foreign language taught in school, Zellweger said, who smiled as she described the warbling greetings of school children who would sometimes approach her to test out their language skills.
“Years ago, I would not even have eye contact with people,” she said. “People would simply look down, and I would feel like thin air, as if I did not exist. That has gone—there is now a certain amount of natural curiosity.”
When she first began visiting North Korea, the Pyongyang Business School, a professional development project close to Zellweger’s heart, did not exist yet. Under her leadership, several groups of 30 to 35 mid-level managers and government officials had the opportunity to participate in a special diploma program. During each 12-month program cycle, lecturers from the Hong Kong Management Association flew monthly to Pyongyang to teach an intensive three-day seminar on subjects ranging from finance to management.
“The Hong Kong lecturers would say, ‘We could not have more diligent students,’” Zellweger said. “The feedback from the students was also very, very positive.”
As Zellweger experienced during her 17 years working in North Korea, change may unfold gradually there but it does come. And for the positive development to grow even more transformative, she said, the basic needs of everyday North Koreans must be met.
“When basic needs like food and medical care are covered, I believe things will start moving forward at a different pace,” Zellweger said. “There are 24 million people in North Korea who just want to lead a decent life, and who have the same dreams and hopes as we all have. That goes beyond any political issue.”
Zellweger will give a talk on May 11 about her work and the change she witnessed in North Korea.
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Entrepreneurship in Japan’s ICT Sector: Opportunities and Protection from Japan’s Telecommunications Regulatory Regime Shift
Entrepreneurs and entrepreneurship played a critical role in transforming Japan’s telecommunications sector. Between the mid-1990s and mid-2000s, in a sector long dominated by a stable set of large actors with well-established patterns of interaction, entrepreneurs introduced new technologies, new business models, and new norms of interaction.
The subsequent transformation of Japan’s telecommunications sector was dramatic, providing consumers with not only fast and sophisticated services but also low prices and an entire new ecosystem of mobile content—a considerable departure from Japan’s long track record of being known as producer- rather than consumer-oriented, with consumers enjoying high-end services and products, but at high prices.
Yet, these transformative entrepreneurs were not acting in a vacuum. Regulatory shifts in telecommunications were critical in providing opportunities for entrepreneurs, while simultaneously protecting them from large incumbent firms. These regulatory shifts were driven by the political dynamics of the 1990s as Japan struggled through its post-bubble economic malaise and political changes.
Philippines Conference Room
Kenji E. Kushida
He has published several books and numerous articles in each of these streams, including “The Politics of Commoditization in Global ICT Industries,” “Japan’s Startup Ecosystem,” "How Politics and Market Dynamics Trapped Innovations in Japan’s Domestic 'Galapagos' Telecommunications Sector," “Cloud Computing: From Scarcity to Abundance,” and others. His latest business book in Japanese is “The Algorithmic Revolution’s Disruption: a Silicon Valley Vantage on IoT, Fintech, Cloud, and AI” (Asahi Shimbun Shuppan 2016).
Kushida has appeared in media including The New York Times, Washington Post, Nihon Keizai Shimbun, Nikkei Business, Diamond Harvard Business Review, NHK, PBS NewsHour, and NPR. He is also a trustee of the Japan ICU Foundation, alumni of the Trilateral Commission David Rockefeller Fellows, and a member of the Mansfield Foundation Network for the Future. Kushida has written two general audience books in Japanese, entitled Biculturalism and the Japanese: Beyond English Linguistic Capabilities (Chuko Shinsho, 2006) and International Schools, an Introduction (Fusosha, 2008).
Kushida holds a PhD in political science from the University of California, Berkeley. He received his MA in East Asian Studies and BAs in economics and East Asian Studies with Honors, all from Stanford University.
Phoenix Rising from the Ashes: Japan's Response After the Tohoku Disaster
Prior to March 11, 2011, many observers had all but written Japan's economy off; after all, it was said, Japan produced only 10 percent of global manufacturing output. Four days later, the world realized that a good portion of that 10 percent sits at a critical upstream spot in the global supply chain, in many products that we not only like (such as the iPad) but also need (e.g., fine chemicals for lithium-ion batteries, silicon wafers, or microcontrollers). In some cases, more than half of global output in critical input materials was located in the Tohoku region. Remarkably, by May 2011, most of the factories not located in the radiation zone had repaired the earthquake damage and resumed operations.
This presentation explores Japan's role in producing components and materials that are critical in global manufacturing, and then zooms in to analyze the speedy efforts at reconstruction by Japanese business after the Tohoku disaster. It argues that Japan is unlikely to relinquish its leading role in supplying critical components due to this shock, precisely because these "New Japan" companies are competitive, nimble, and fast.
Ulrike Schaede studies Japan’s corporate strategy, business organization, management, financial markets, and regulation. Her book Choose and Focus: Japanese Business Strategies for the 21st Century (Cornell UP, 2008) argues that Japan’s business organization has undergone a strategic inflection so fundamental that our knowledge of Japanese business practices from the 1980s and 1990s is no longer adequate. Her current research looks at “New Japan” companies that have assumed global supply chain leadership in materials and components. She also works on projects regarding corporate restructuring, changing human resource practices, and entrepreneurship in Japan.
Schaede holds an MA from Bonn University, and a PhD from the Philipps-Universtät in Marburg, Germany. She is trilingual and has spent a total of more than eight years of research and study in Japan. She has been a visiting scholar at the research institutes of the Bank of Japan, Japan's Ministry of Finance, and the Ministry of Economy, Trade and Industry, and at the Development Bank of Japan. Before joining the University of California, San Diego in 1994, Schaede held academic positions in Germany (Philipps-Universtät Marburg) and Japan (Hitotsubashi University, Tokyo), and she was a visiting professor at the business schools of UC Berkeley and Harvard.
Philippines Conference Room
Sumitomo's Yasunori Kakemizu discusses his Stanford experience
What do running a business and flying an airplane have in common?
“Starting a business is like takeoff and cruising,” says Yasunori Kakemizu, a Corporate Affiliates Visiting Fellow at Stanford’s Shorenstein Asia-Pacific Research Center (Shorenstein APARC). “But exiting from it is very difficult—like landing—because you need to try to make a profit.”
Kakemizu should know. He has spent over a decade promoting business development at Japan’s Sumitomo Corporation and its affiliate company Jupiter Telecommunications (J:COM). He is also currently training in his free time for his pilot’s license.
Assistant to the general manager of the Cable TV Department in Sumitomo’s Media Division, Kakemizu has spent the past year at Stanford studying the strategies of major American cable companies in adapting to industry changes like the rise of online streaming media. He has examined, for example, the launch of Comcast’s Xfinity streaming service, and how the company has successfully grown it into a profitable part of its business.
“I’m looking for lessons J:COM and other affiliates can use in the next steps of their own streaming services, which is still relatively new in Japan,” Kakemizu says.
Kakemizu is also taking advantage of Stanford’s close ties to Silicon Valley by attending entrepreneurship seminars and enrolling in classes like cloud computing and investment finance. He is fascinated by the opportunities Stanford students have to work on projects with Silicon Valley companies, and the important role Stanford plays in the regional and global business world.
“This university gathers people from around the world and educates them on how to create new companies,” he says. “They then transmit this knowledge globally.”
During the academic year, Kakemizu has enjoyed taking part in the Corporate Affiliates Program site visits to cutting-edge local tech companies, such as Facebook. He found the visit to Cypress Envirosystems, a company that merges digital technology with older HVAC analog technology, especially intriguing.
“Most businesses are ‘forward thinking,’ but they’re focusing on older technologies,” Kakemizu says. “As a result, they don’t have any market competitors. From a business point of view, their strategy is very clever.”
As the academic year winds down, Kakemizu will wrap up his research project and present the results at a seminar. He and the other Visiting Fellows will have a chance to receive feedback and respond to questions from Shorenstein APARC faculty.
Kakemizu will also finish up his pilot’s license training before he returns to Japan. If you hear an airplane flying over campus one day this spring, it might just be him.
“The view of Stanford from the air is very beautiful,” he says.
Stanford US-Russia Forum Capstone Conference
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Stanford U.S.-Russia Forum Capstone Conference
April 18 - 20, 2012, Stanford University
CONFERENCE AGENDA
Day 1 Wednesday, April 18th, 2012
12:00 - 1:00pm Lunch
1:30 - 2:30pm Panel: Business
Speakers: Birger Steen, Parallels CEO; Bobby Chao, DFJ DragonFund Managing
Director; David Yang, ABBYY Founder and Chairman of the Board
Moderator: Alexandra Johnson, DFJ
Topic: International Entrepreneurs and VCs in Conversation
4:30 - 6pm Keynote
Speaker: Francis Fukuyama
Topic: Regime Change in Middle East and Post-Soviet Space
6:00 - 7:00pm Dinner
Day 2 Thursday, April 19th, 2012
9:15 - 10:30am Delegate Presentations -- Civil Society
Groups: U.S.-Russia Perceptions, Corruption
11:00am - 12:30pm Panel: Civil Society
Speakers: Professor Kathryn Stoner-Weiss of Stanford, Professor Steve Fish of
Berkeley
Moderator: Dr. Patricia Young of Stanford
Topic: The Post-Election Political Landscape in Moscow
12:30 - 2:30pm: Joint BBQ with the Russian Student Association
Performance: Fleet Street
2:30 - 3:30pm Speaker: Gender
Speaker: Professor Katherine Jolluck, Stanford
Topic: Women in the Post-Soviet Sphere
5:15 - 7:15pm Delegate Presentations -- Economy
Groups: Investment Banking, Public-Private Partnerships, Resource Curse
Day 3 Friday, April 20th, 2012
9:30 - 11:00am Panel: Nuclear Defense
Speakers: Professor David Holloway of Stanford, Ambassador Jack Matlock of
Columbia, Professor Theodore Postol of MIT
Moderator: Dr. Benoît Pelopidas of Stanford
Topic: NATO, US and Russia & Cooperative Missile Defense
11:30am - 1:30 pm Delegate Presentations -- Security
Groups: Afghanistan, Missile Defense, Space
1:45 - 2:45pm Lunch
3:00 - 4:30pm Speaker: Foreign Policy
Speakers: Professor Abbas Milani of Stanford
Topic: Russia, U.S. and Iran Sanctions
4:45 - 6:00pm Delegate Presentations -- Institutions
Groups: Education, Immigration
6:30-8:30pm Closing Dinner
Keynote: Professor Stephen Walt of Harvard
Additional Information:
Meals only for SURF delegates, officers and paid attendees.
All presentations and panels will be held at the Black Community Services
Center, Room 418
Santa Teresa Street, Stanford, CA.
The closing dinner will be held at the Stanford Faculty Club, 439 Lagunita Drive
Stanford, CA.
The Closing Dinner is available by invitation only
Black Community Service Center
418 Santa Teresa Street
Stanford, California
Francis Fukuyama
Encina Hall, C148
616 Jane Stanford Way
Stanford, CA 94305
Francis Fukuyama is the Olivier Nomellini Senior Fellow at Stanford University's Freeman Spogli Institute for International Studies (FSI), and a faculty member of FSI's Center on Democracy, Development and the Rule of Law (CDDRL). He is also Director of Stanford's Ford Dorsey Master's in International Policy, and a professor (by courtesy) of Political Science.
Dr. Fukuyama has written widely on issues in development and international politics. His 1992 book, The End of History and the Last Man, has appeared in over twenty foreign editions. His book In the Realm of the Last Man: A Memoir will be published in fall 2026.
Francis Fukuyama received his B.A. from Cornell University in classics, and his Ph.D. from Harvard in Political Science. He was a member of the Political Science Department of the RAND Corporation, and of the Policy Planning Staff of the US Department of State. From 1996-2000 he was Omer L. and Nancy Hirst Professor of Public Policy at the School of Public Policy at George Mason University, and from 2001-2010 he was Bernard L. Schwartz Professor of International Political Economy at the Paul H. Nitze School of Advanced International Studies, Johns Hopkins University. He served as a member of the President’s Council on Bioethics from 2001-2004. He is editor-in-chief of American Purpose, an online journal.
Dr. Fukuyama holds honorary doctorates from Connecticut College, Doane College, Doshisha University (Japan), Kansai University (Japan), Aarhus University (Denmark), the Pardee Rand Graduate School, and Adam Mickiewicz University (Poland). He is a non-resident fellow at the Carnegie Endowment for International Peace. He is a member of the Board of Trustees of the Rand Corporation, the Board of Trustees of Freedom House, and the Board of the Volcker Alliance. He is a fellow of the National Academy for Public Administration, a member of the American Political Science Association, and of the Council on Foreign Relations. He is married to Laura Holmgren and has three children.
(October 2025)
Global Populisms
Kathryn Stoner
FSI
Stanford University
Encina Hall C140
Stanford, CA 94305-6055
Kathryn Stoner is the Mosbacher Director of the Center on Democracy, Development, and the Rule of Law (CDDRL), and a Senior Fellow at CDDRL and the Center on International Security and Cooperation at FSI. From 2017 to 2021, she served as FSI's Deputy Director. She is Professor of Political Science (by courtesy) at Stanford and she teaches in the Department of Political Science, and in the Program on International Relations, as well as in the Ford Dorsey Master's in International Policy Program. She is also a Senior Fellow (by courtesy) at the Hoover Institution.
Prior to coming to Stanford in 2004, she was on the faculty at Princeton University for nine years, jointly appointed to the Department of Politics and the Princeton School for International and Public Affairs (formerly the Woodrow Wilson School). At Princeton she received the Ralph O. Glendinning Preceptorship awarded to outstanding junior faculty. She also served as a Visiting Associate Professor of Political Science at Columbia University, and an Assistant Professor of Political Science at McGill University. She has held fellowships at Harvard University as well as the Woodrow Wilson Center in Washington, DC.
In addition to many articles and book chapters on contemporary Russia, she is the author or co-editor of six books: "Transitions to Democracy: A Comparative Perspective," written and edited with Michael A. McFaul (Johns Hopkins 2013); "Autocracy and Democracy in the Post-Communist World," co-edited with Valerie Bunce and Michael A. McFaul (Cambridge, 2010); "Resisting the State: Reform and Retrenchment in Post-Soviet Russia" (Cambridge, 2006); "After the Collapse of Communism: Comparative Lessons of Transitions" (Cambridge, 2004), coedited with Michael McFaul; and "Local Heroes: The Political Economy of Russian Regional" Governance (Princeton, 1997); and "Russia Resurrected: Its Power and Purpose in a New Global Order" (Oxford University Press, 2021).
She received a BA (1988) and MA (1989) in Political Science from the University of Toronto, and a PhD in Government from Harvard University (1995). In 2016 she was awarded an honorary doctorate from Iliad State University, Tbilisi, Republic of Georgia.
Download full-resolution headshot; photo credit: Rod Searcey.
David Holloway
CISAC
Stanford University
Encina Hall, E214
Stanford, CA 94305-6165
David Holloway is the Raymond A. Spruance Professor of International History, a professor of political science, and an FSI senior fellow. He was co-director of CISAC from 1991 to 1997, and director of FSI from 1998 to 2003. His research focuses on the international history of nuclear weapons, on science and technology in the Soviet Union, and on the relationship between international history and international relations theory. His book Stalin and the Bomb: The Soviet Union and Atomic Energy, 1939-1956 (Yale University Press, 1994) was chosen by the New York Times Book Review as one of the 11 best books of 1994, and it won the Vucinich and Shulman prizes of the American Association for the Advancement of Slavic Studies. It has been translated into seven languages, most recently into Chinese. The Chinese translation is due to be published later in 2018. Holloway also wrote The Soviet Union and the Arms Race (1983) and co-authored The Reagan Strategic Defense Initiative: Technical, Political and Arms Control Assessment (1984). He has contributed to the Bulletin of the Atomic Scientists, Foreign Affairs, and other scholarly journals.
Since joining the Stanford faculty in 1986 -- first as a professor of political science and later (in 1996) as a professor of history as well -- Holloway has served as chair and co-chair of the International Relations Program (1989-1991), and as associate dean in the School of Humanities and Sciences (1997-1998). Before coming to Stanford, he taught at the University of Lancaster (1967-1970) and the University of Edinburgh (1970-1986). Born in Dublin, Ireland, he received his undergraduate degree in modern languages and literature, and his PhD in social and political sciences, both from Cambridge University.
Abbas Milani
615 Crothers Way,
Encina Commons, Room 128A
Stanford University
Stanford, CA 94305
Abbas Milani is the Hamid and Christina Moghadam Director of Iranian Studies at Stanford University and a visiting professor in the department of political science. In addition, Dr. Milani is a research fellow and co-director of the Iran Democracy Project at the Hoover Institution.
Prior to coming to Stanford, Milani was a professor of history and political science and chair of the department at Notre Dame de Namur University and a research fellow at the Institute of International Studies at the University of California at Berkeley. Milani was an assistant professor in the faculty of law and political science at Tehran University and a member of the board of directors of Tehran University's Center for International Studies from 1979 to 1987. He was a research fellow at the Iranian Center for Social Research from 1977 to 1978 and an assistant professor at the National University of Iran from 1975 to 1977.
Dr. Milani is the author of Eminent Persians: Men and Women Who Made Modern Iran, 1941-1979, (Syracuse University Press, Syracuse, NY, 2 volumes, November, 2008); King of Shadows: Essays on Iran's Encounter with Modernity, Persian text published in the U.S. (Ketab Corp., Spring 2005); Lost Wisdom: Rethinking Persian Modernity in Iran, (Mage 2004); The Persian Sphinx: Amir Abbas Hoveyda and the Riddle of the Iranian Revolution (Mage, 2000); Modernity and Its Foes in Iran (Gardon Press, 1998); Tales of Two Cities: A Persian Memoir (Mage 1996); On Democracy and Socialism, a collection of articles coauthored with Faramarz Tabrizi (Pars Press, 1987); and Malraux and the Tragic Vision (Agah Press, 1982). Milani has also translated numerous books and articles into Persian and English.
Milani received his BA in political science and economics from the University of California at Berkeley in 1970 and his PhD in political science from the University of Hawaii in 1974.
U.S. - India: Doing Business Together
Information is available on the World Affairs Council of Houston website.