Wang Yingqi, a '90s Tsinghua Entrepreneur Accelerating in a Niche Track, Files IPO Prospectus

First EncounterWang YingqiIt was in September last year atTsinghua Industrial Research InstituteAt a medical innovation forum, he spoke as the co-founder of TopView Medical.

Figure 1 | Wang Yingqi speaks at the Tsinghua Industrial Research Institute Innovation Forum

Although it was our first face-to-face encounter, Wang Yingqi left me with a somewhat “unforgettable” impression. On one hand,He, born in the 1990s, looks very young., appearing somewhat out of place among the group of guests; on the other hand, he co-foundedTupai Medical, this emerging force incubated by the Tsinghua University Institute of Industrial Research, onlyBecame a leading enterprise in China's ophthalmic medical equipment industry in just four years，and had already completed four rounds of financing at that time, with a rather rapid upward momentum.

As expected, three months later, TopEye MedicalVCBeatAnnouncement of CompletionRMB 200 Million Series B Financing, the press release quickly dominated my WeChat Moments as soon as it was issued. I promptly reached out to the colleague who authored the article for verification, and he told me thatNearly 30 investment firms have asked him to help facilitate introductions to TopEye Medical., he is a bit overwhelmed.

This only heightened my curiosity about Wang Yingqi. At the time, I resolved to conduct an exclusive interview with him—a goal that was ultimately realized, giving rise to this article.

TopP Medical is not Wang Yingqi’s first entrepreneurial venture., he had already made an attempt during his master's studies.

In 2014, as the national“Mass Entrepreneurship and Innovation” Boom, in active response to this call, Tsinghua University encourages everyone to bring innovative technologies from the laboratory to the market through the commercialization of scientific and technological achievements. Wang Yingqi certainly would not let this opportunity slip away; he took the invention he co-created with his laboratory supervisorFluorescence Imaging TechnologyIt was written into an article, and a patent was successfully applied for.

However, at the critical stage of transforming patents into products, Wang Yingqi suddenly felt insurmountable obstacles. He remarked, “Before starting my business, I did not anticipateThere is still a long way to go from a new technology to a mature product., and it became increasingly difficult as time went on. At that time, I lacked experience and did not know how to seek external resources to address the issue, so my first entrepreneurial venture ended quickly.It lasted only seven or eight months in total.。”

However, Wang Yingqi did not become overly discouraged. Shortly after graduating with his master’s degree, he joined another outstanding enterprise within the Tsinghua University ecosystem.PINS Medical, becoming a standard "corporate worker."

In fact, in addition to fulfilling his own job responsibilities, Wang Yingqi also wanted toLeading Enterprise in the Field of NeuromodulationEngage in learning,Learn how a mature enterprise operates, and learn how a mature medical device product is born, these were precisely the experiences that Wang Yingqi severely lacked at the time.

However, this segment by Wang Yingqi“Advanced Training” ExperienceIt did not last long. At the end of 2016, he left PINS Medical. There were two main reasons for his departure: first, the field focused on by PINS Medical was not well aligned with Wang Yingqi’s areas of expertise; second,Compared to working for others, Wang Yingqi prefers entrepreneurship.。

In the interview, he stated, “My work experience at PINS has taught me a great deal and resolved many of my uncertainties regarding entrepreneurship. But I stillI aspire to take on more challenging endeavors and truly create my own value., so I chose to leave at that time. But this does not mean that working at Pinchi was not challenging or unable to create value; it is justFor me personally, entrepreneurship is a way to maximize value realization.。”

Having experienced the failure of his first startup and immersed himself in learning at Pinchi, Wang Yingqi has matured considerably, and luck seems to be shifting in favor of this distinguished Tsinghua University graduate.

In 2016,Professor Huo Li, Department of Electronic Engineering, Tsinghua UniversityAssembling a startup team with the aim ofSwept-Source OCT (Optical Coherence Tomography)and other cutting-edge optoelectronic innovations are better applied in clinical settings.

Backed by Tsinghua UniversityX-Lab Entrepreneurship Exchange Platform, Professor Huo Li met Wang Yingqi, and they hit it off immediately upon their first meeting, along with Professor Huo Li's two studentsDr. Yanfei Xing, Xiao WangTogether, they co-founded TopEye Medical.

Recalling this experience, Wang Yingqi still has vivid memories. “I was from the Department of Biomedical Engineering, while Professor Huo Li was from the Department of Electronic Engineering, so we were not familiar with each other before meeting. However, after hearing each other’s ideas, both of us felt that this was a highly valuable technological direction and agreed that it presented an excellent opportunity for entrepreneurship. Therefore, afterMarket Research, and after listening to the opinions of investors in the industry, finally choseHigh-End Ophthalmic Instruments and Equipment"This niche sector marked the beginning of our entrepreneurial journey."

As for why he chose to focus on the niche segment of high-end ophthalmic instruments and equipment, a field rarely explored in China, Wang Yingqi has his own considerations.

First is the enormous application value of the technology itself.Swept-source OCT is a cutting-edge technology that was transitioning from an immature to a mature stage at the time, with the ophthalmic application market representing a blue ocean. Furthermore, the core optoelectronic technologies derived from swept-source OCT can be extended to other areas of high-end ophthalmic instrumentation.

Second is the extremely high import monopoly rate.. According to incomplete statistics, based on sales revenue, imported products account for more than 95% of the market not only for OCT devices but across the entire category of ophthalmic instruments and equipment; even when measured by sales volume, this proportion exceeds 90%.The high proportion signals the dawn of the “domestic era” for high-end ophthalmic instruments and equipment.

Third is the underestimated market size of the ophthalmic equipment and instruments industry.The capital market pays extremely high attention to ophthalmic consumables, while its perception of high-end instruments and equipment remains stuck at“Every sale reduces the remaining stock”on this simplistic cognitive level.

But that is not the case. According to the latest prospectus of a leading domestic ophthalmic device distributor, whether in the global market or in the Chinese market,The annual sales volume of ophthalmic equipment and instruments is roughly on par with the total volume of consumables, and both are experiencing rapid growth.The blue ocean market effect is becoming increasingly pronounced.

But"Success"Ultimately, one must rely on oneself. Just as with the first entrepreneurial venture,Translating new technologies into commercial products remains a major challenge for startups.But this time, Wang Yingqi was much smarter; he no longer blindly pursued absolute innovation in foundational technology, but ratherLeverage the strengths of universities, rely on a robust team with an engineering background, and focus on innovation in the field of engineering technology.

This also aligns with the fundamental principles of current medical innovation. With the rapid development of the times, China's healthcare industryWe are currently in a transitional phase characterized by the rapid evolution and convergence of multiple technologies., and thus future opportunities will undoubtedly arise from interdisciplinary innovation; therefore, “Med-Eng Integration“This entirely new model is becoming a consensus among healthcare innovators.”

As the Double First-Class university with the strongest engineering capabilities in China, Tsinghua University’s Institute of Industrial Research has consistently prioritized the translation of medical-engineering innovations into clinical applications. However, in the early incubation of projects,The Industrial Technology Research Institute of Tsinghua University has done far more than that.

First, in terms of facilitating collaboration. The Institute for Industrial Research of Tsinghua University was officially established in 2017, the year Tuopai Medical was founded.GHIC (Global Health Industry Innovation Center) is a translational platform dedicated to providing comprehensive incubation support for early- and mid-stage medical device projects.Its emergence has made the collaboration between Topview Medical and Tsinghua University more efficient, providing many favorable conditions for Topview’s rapid start-up in the early stages.

Figure 2 | Tsinghua Industrial Research Institute - Global Health Industry Innovation Center

Secondly, in terms of talent output. Tsinghua University itself is a huge “"Talent Pool", boasting a top-tier talent pool across various engineering disciplines, which has, to some extent, addressed the early-stage talent gaps at Topcare Medical. In addition, GHIC continuously facilitates communication and collaboration between incubated enterprises and external stakeholders by regularly hosting exchange activities, thereby helping them recruit fresh talent within the industry.

Finally, regarding specific services. According to Wang Yingqi,GHIC provides enterprises with specialized training resources covering the full lifecycle of medical devices, from research and development to registration and certification., these resources effectively compensate for entrepreneurs' deficiencies in the specialized aspects of medical devices, which is particularly important for startups.

Of course,GHIC Also Has Its Own Boundaries in Incubation, once a company has matured, its future path depends on the company itself. Therefore, the future of Tupai Medical still needs to be defined by Wang Yingqi himself.

Wang Yingqi stated in an interview,The growth rate of TopEye Medical has exceeded his expectations.

While external factors certainly played a role, the primary driver was internal orientation; Wang Yingqi must have done certain things right in the course of his entrepreneurial journey.

First, recognize the importance of the team and have full confidence in your team.Compared with his first entrepreneurial venture, Wang Yingqi believes that his greatest change is havingTeam Awareness, he no longer "fights alone" as he once did, handling everything personally; instead, he responds withThe Concept of Absolute Trust, entrust specialized matters to more specialized professionals.

In Wang Yingqi’s view, this is a mindset that founders should have from the very first day their company is established. He stated in an interview, “Entrepreneurs must never assume they can do everything., if you aspire to accomplish something great and build a great enterprise, the core task isContinuously identify the most outstanding and specialized professionals in the industry to handle specialized tasks, foster effective collaboration among top talents, and ultimately build a strong and stable team.. Because an individual’s capabilities always have a ceiling, and one’s vision and perspective are also limited, it is essential to respect and trust the most outstanding professional talents.”

But how can one find such outstanding individuals in a sea of faces? Wang Yingqi has her own set of principles and methods.

"In Wang Yingqi’s view, the prerequisite for recruiting top talent is mutual respect, mutual understanding, and mutual recognition of the win-win value of collaboration."“This is not a job seeker-employer relationship; it is an equitable, long-term partnership between both parties.”

Wang Yingqi believes that,The Importance of an Excellent Team Outweighs That of the Founder, this value is reflected not only in salaries but also in equity. Guided by this philosophy, Tupai Medical has continuously expanded its Employee Stock Ownership Plan (ESOP), increasing the proportion of employee shareholding and steadily advancing its “Employee Stock Ownership Plan”, covering nearly 50% of the company’s total workforce, with the aim of establishing long-term and stable partnerships with a large pool of top-tier talent.

Wang Yingqi stated that the greatest challenge in talent recruitment lies in information asymmetry, making it difficult for candidates and companies to establish trust at the outset. Therefore, founders should prioritize face-to-face communication with candidates as the initial step, which represents the optimal approach. According to Wang Yingqi, between 2018 and 2021Over the past four years, there were nearly 200 flight records in total., with 90% of them aimed at recruitment.

“Recruitment is a highly intuitive endeavor; you must approach issues from the candidate’s perspective rather than the company’s.”In the interview, Wang Yingqi stated, “Empathy is the foundation of effective negotiation, and built upon empathy is a rational consensus between both parties on the fundamental alignment of personal and corporate future development. Ultimately, companies need to convey one thing, and talent needs to believe in that same thing: ‘Topu is the leading Chinese manufacturer of high-end ophthalmic equipment. Topu and I will maintain a long-term partnership based on equality and mutual trust, enabling me to reach the pinnacle of my career at Topu.“Once such a consensus is reached, complemented by reasonable compensation and equity allocation, the recruitment of top talent will be imminent.”

However, this is not enough. To further enhance the team's overall strength,Wang Yingqi has also set his sights on overseas markets.

"This is actually part of our strategic planning for the future," said Wang Yingqi. "TopEye Medical's business will inevitably go global, so we need to start building a globally capable team right now."Attract a cohort of top-tier overseas talent, but the pandemic has made things more difficult, with high communication costs. Yet this also presents a valuable opportunity. As the world’s most dynamic emerging economy today, China holds immense appeal for them amid the pandemic. Therefore, we aim to seize this opportunity, ‘“Staggered” introduction of a batch of overseas talents.”

If Wang Yingqi is emotional when it comes to hiring, he is extremely rational in selecting investment institutions.

First, in terms of mindset, Wang Yingqi believes that one should not be overly concerned with short-term gains and losses.In the interview, he stated, “If founders are not looking to cash out and exit in the short term, but are instead driven by career aspirations and ideals, they should not be overly concerned with immediate gains or losses when it comes to financing and investment. They must not focus solely on money, but rather take a comprehensive approach.”Consider the professionalism of investment institutions, their long-term commitment, and whether they can provide you with high-quality resources."This is very important for startups."

Secondly, in terms of pacing, Wang Yingqi believes that it is essential to keenly observe market changes and respond appropriately.In his view, founders tend to optimistically overestimate their companies’ valuations, a phenomenon that is particularly pronounced among startups founded by university teams. However, such market-detached projections are clearly unsustainable.Only by achieving the corresponding milestone nodes can valuation have a logical basis for support.

However, considering that the fundraising process typically lasts three to six months, there is a certain degree of lag,Therefore, initiating fundraising at an appropriate time before a major milestone and fully ensuring the successful achievement of business milestones constitutes an optimal fundraising cadence.The rapid growth of a company places an enormous, often unexpected, strain on its cash flow; if the pace of financing is not managed properly, the company will find itself in a highly precarious position.

Moreover, both the secondary market and the primary market exhibit cyclical patterns.The impact of the secondary market will be transmitted to the primary market., founders must navigate this dynamic effectively to secure financing smoothly during the upward and stable phases of the capital market. This ensures sufficient “ammunition” to facilitate a smooth transition through downturns while awaiting the market’s recovery.

Of course, Wang Yingqi also believes that excelling in the company’s core business is the best weapon to withstand all fluctuations in the capital market., the most outstanding companies do not need to worry excessively about financing issues; prioritizing business excellence is of paramount importance.

Finally, regarding target selection, Wang Yingqi believes that one must achieve “precision,” which is akin to finding a hammer while holding a nail.Throughout Tupai Medical’s five rounds of financing, Wang Yingqi has consistently adhered to this approach.

Figure 3 | Tuopai Medical's Financing History

In the early stages, Wang Yingqi’s choices were primarily focused on investment institutions affiliated with Tsinghua University, mainly adhering to a"Mutual Trust"stance. This deep trustOn one hand, it can protect enterprises; on the other hand, it enables precise resource matching and business synergy.

However, in the mid-to-late stages, Wang Yingqi began to make external choices in investment and financing, and graduallyAttention has shifted to industrial investment institutions.This is because industrial investment firms have the deepest understanding of projects and markets; they can fully grasp the core value of a company’s products and technologies, while also bringing additional industry resources to the enterprise. Of course, collaboration with industrial investors must be based on the principle of mutual benefit and equality, which is something companies should keep in mind.

In the realm of innovation, Wang Yingqi and TopEye Medical have consistently pursued excellence, often staying ahead of the curve.

First, in terms of specific investment. According to statistics,In 2021, TopEye’s cumulative R&D investment exceeded RMB 50 million, a figure that meets the standards of many publicly listed companies.; secondly, in terms of staffing, TopEye’s current team size is nearly 150 people,Among them, the R&D team accounts for nearly 50%., with 70% of the R&D team holding master’s or doctoral degrees.

Finally, in terms of actual implementation, Tupai has currently establishedBeijing, Shanghai, Nantongthree R&D centers, andBeijing, Suzhoutwo manufacturing centers, and jointly established with GHICOphthalmic Medical-Engineering Translation and Innovation Laboratory. And all of these investments and achievements have been realized in less than five years.

In addition to these, Wang Yingqi alsoExploring Innovative Standardization Models. In his view, the currently proposed “Medical-Engineering Integration“It is indeed a promising R&D direction, but implementing it in practice is by no means easy.”

This is because, regardless ofHospitals, universities, and enterprises each possess distinct advantages and shortcomings in medical-engineering innovation, along with their own boundaries and limitations.Therefore, how to leverage the strengths of all parties to facilitate tripartite collaboration among “hospitals, universities, and enterprises,” thereby generating medical-engineering translation outcomes with genuine clinical application value and commercial value, is what Topvue Medical will continue to explore in the future.

However, such substantial investment in innovation has also raised questions about Tupai, namely, as a startup,How Can the Discrepancy Between R&D Investment and Corporate Revenue Be Balanced?

At this point, Wang YingqiNot only did they not consider “pulling back,” but they continued to raise the stakes.. In the interview, he remarked, “Many people don’t understand; they feel that since Topvue has already launched three products, it could well slow down its pace at this stage to boost profits and accelerate its listing.”But in reality, Toupai’s core objective is not to go public; rather, an initial public offering (IPO) merely marks a new starting point for its future.What we truly aim to do isComprehensive Product Line Layout in the Field of High-End Ophthalmic Instruments and Equipment“, therefore, every product line of TopView must not only achieve domestic leadership but also global leadership.”

“Furthermore, we are not concerned that the substantial R&D investment at present will hinder our future progress. According to Tupai’s internal roadmap, we are currently developing multiple flagship product lines in parallel,”Each represents a high-end product category where domestic production is currently nonexistent, with global market sizes reaching billions of U.S. dollars and extremely high technical barriers.From the perspective of the external capital market environment, we believe that both the primary and secondary markets currently recognize hard-tech innovations in the field of high-end medical devices and equipment. As long as technological and product advancement is ensured, coupled with substantial market potential and growth prospects,Therefore, a one- to two-year delay in reaching the break-even point due to increased R&D investment is not a negative outcome, as entrepreneurship is inherently a future-oriented endeavor..” added Wang Yingqi.

At the end of the interview, I asked Wang Yingqi, “If you were given another chance to choose,”Would you choose to stay in academia for research or venture into entrepreneurship?？

Wang Yingqi did not hesitate much, “It is not because Tupai is developing well now that I say this.Even if I were to choose again, I would still choose the path of entrepreneurship.Others say that starting a business is ‘a near-death experience,’ but this is a general probability,Entrepreneurs should not pessimistically rely on the generality of probability, but should actively create their own ‘conditional probability’.. With a solid technical foundation, precise selection of entrepreneurial direction, a founding team with shared values, comprehensive talent policies, and business management concepts that keep pace with the times, the odds of success can shift from “slim to none” to “even money,” or even “virtually guaranteed.” Therefore, if I were to start over, I would still be willing to face these challenges, as I would perform better than I did last time, no matter how much hardship it entails, as long asWhen enterprises can create value for the industry and society, all their efforts are worthwhile.。”