“今年最火的20家机器人，我只投中5家”

Core Insights - The article discusses the investment strategies and reflections of Wang Sheng, a partner at Inno Angel Fund, particularly in the context of the AI and robotics sectors, highlighting the importance of early investment and the need to adapt to changing market dynamics [2][4][14]. Investment Strategy - Wang Sheng emphasizes the significance of identifying potential winners in the robotics industry, noting that he invested in five out of the top 20 most valuable robotics companies in China, achieving returns ranging from tens to hundreds of times [2][4]. - The investment logic varies among companies, with some being tactical responses to market trends while others are based on strategic foresight regarding the future of intelligent development [2][4]. - There is a reflection on the missed opportunities in investing in multiple promising companies rather than betting on a single champion, suggesting a shift in investment philosophy towards a more inclusive approach [14][16]. Personal Journey - Wang Sheng's background includes a long career in internet and entrepreneurship, transitioning to early-stage investment as he recognized the potential in the mobile internet and entertainment sectors [3][4][5]. - His experiences highlight the importance of personal interest and passion in investment decisions, as he found success in areas he was genuinely interested in, such as entertainment and AI, rather than forcing himself into less appealing sectors [4][62]. Industry Trends - The article notes the rapid evolution of the AI and robotics sectors, with a particular focus on embodied intelligence and the need for a deeper understanding of the technology behind it [24][26]. - Wang Sheng discusses the misconceptions surrounding embodied intelligence, clarifying that it is more about human cognitive processes and learning through interaction rather than merely endowing machines with intelligence [26][27]. - The investment landscape is characterized by a cautious yet proactive approach, with a focus on companies that demonstrate both long-term growth potential and immediate revenue generation [35][36]. Reflections on Investment Philosophy - There is a critical examination of past investment choices, with an acknowledgment that overconfidence in market predictions may have led to missed opportunities [16][19]. - The current investment strategy has shifted to place greater trust in founders and their visions, even when they diverge from the fund's initial assessments [20][21]. - Wang Sheng emphasizes the importance of understanding the people behind the projects, suggesting that strong teams can adapt and thrive even if their initial direction differs from established trends [20][22].