A personal journey of resilience, growth, and building a NASDAQ-listed venture, now advancing a mission to reshape the bridge between European VC and Asia’s strategic capital.
In this interview with Stan Yu, MBA’24 and IESE 40under40 honoree, the Taiwan-born entrepreneur reflects on his journey from launching a failed fitness equipment project to co-founding Nocera, which went public on NASDAQ in 2022. Stan credits IESE for deepening his business knowledge and opening the connections that led him to join Cardumen Capital, a European venture capital firm recognised for its deep-tech focus and strong partnerships with leading global corporates. His key lessons in entrepreneurship include the value of grit, treating anxiety as a useful signal, and choosing the right partners to navigate inevitable challenges. Today, Stan is taking on a pioneering role: building Cardumen’s presence in Asia and shaping a long-term bridge between European VC and the region’s strategic institutional capital.
Join us to discover what drives Stan, and his predictions for future business trends.
Hi Stan, tell us a bit about yourself.
I am from Taiwan, and I grew up in a city called Tucheng in Taiwan. I had my first entrepreneurial experience around the age of 24. I am a fitness enthusiast, which is why I was dedicated to starting a business in the fitness industry. At that time, I was involved in a fitness equipment project, but it failed after three years. We burned through all our cash and eventually had to give up in 2017. After that, I served in the military (mandatory in Taiwan). During my military service in 2018, I met two business partners who became my co-founders in two subsequent companies, namely VRTX Sports and Nocera. Nocera is the company that I took public in 2022, while VRTX continues to operate steadily.
Regarding my family, there are four of us: my sister, my parents, and myself. Both of my parents are entrepreneurs. My mother is in the educational services industry, while my father runs a food company.
How have IESE’s entrepreneurship ecosystem and your MBA journey contributed to your path as an entrepreneur?
I was already an entrepreneur before pursuing my MBA. After completing my MBA, I transitioned into venture capital and now lead the Asia-Pacific development efforts for a European VC firm. So, how did IESE help me? Actually, my connection with the co-founder of this VC fund is entirely thanks to IESE. This founder — Igor de la Sota (IESE 40under40 and MBA’11), co-founder of Cardumen Capital — and I met at IESE’s 40under40 event, and we hit it off immediately, discussing whether we could do something groundbreaking together in Asia. So, I joined Cardumen Capital in 2023 and have been working with them ever since. What we are doing now and planning for the future is very entrepreneurial: I am building Cardumen’s Asia office from the ground up and creating the firm’s first structured bridge between European deep-tech ecosystem and Asia’s major corporates and family institutions. This work involves opening new capital corridors, establishing strategic partnerships, and shaping Cardumen’s long-term presence in the region.
Looking back, the MBA curriculum at IESE was especially valuable, particularly during the first year. The core courses in accounting, finance, and operations were exceptionally strong and gave me a solid grounding in the fundamentals. That foundation continues to shape my thinking and will be essential in my future entrepreneurial journey. In terms of the MBA curriculum, IESE has also been very beneficial, especially in the first year. The foundational business knowledge courses, such as accounting, finance, and operations, were very solid. These courses have laid a strong foundation for my business knowledge, and I believe this knowledge will be very helpful in my future entrepreneurial journey.
You co-founded NOCERA and IPO’d in 2022 – what a journey this must have been. What are your top learnings from your journey as an entrepreneur so far?
My insight is that entrepreneurship is a battle against the law of entropy. You need to have strong GRIT to solve problems and be prepared for constant anxiety. Anxiety is not necessarily a bad thing because it makes you more cautious and helps you prevent mistakes. Sometimes, having fewer mistakes than your competitors means outpacing them.
I remember when I took on the role of COO at Nocera. Due to poor initial communication with a subsidiary, a domino effect led to severe consequences, resulting in a loss of control over the subsidiary. It took me nine months to clean up the mess. I felt very frustrated at that time, but my efforts to rectify the situation and minimize the damage earned the board’s recognition. This process was a true test of endurance because disasters are not resolved overnight; it requires daily persistence and error-free execution to resolve the issues. Furthermore, I became more cautious after this incident. The devil is in the details, and it’s crucial to always anticipate potential risks and prevent them on time.
To sum it up:
- Entrepreneurship requires strong GRIT.
- Moderate anxiety is not a bad thing; it constantly reminds you not to overlook the devil in the details.
Innovation requires moving away from traditional paths, how would you encourage out-of-the-box thinking in business?
I believe that understanding first principle thinking is key to breaking free from traditional frameworks. Through first principle thinking, you will critically evaluate whether what you are doing and the way you are thinking are just within a framework. E.g. Can we delve deeper to uncover its more fundamental and core meaning, and ensure that you are pursuing the most essential value and seeking truth?
Many great entrepreneurs also advocate for first principle thinking. I believe that when you clearly understand the most fundamental value and meaning behind anything, you can break free from conventional frameworks and pursue genuine truth.
Looking ahead, what do you believe are the key trends shaping innovation and business to tackle the world’s pressing challenges?
This is a broad question, but I believe several themes are becoming increasingly clear from my work connecting European deep-tech innovation with Asia’s strategic corporates. The first is, of course, AI. AI will continue reshaping entire industries, not only by automating tasks but also by expanding the capabilities of enterprises and governments. As AI scales, I believe there will be a growing emphasis on human development — how individuals and organizations adapt, learn, and find meaning in a world where intelligence becomes abundant.
A second trend is the rising importance of infrastructure behind AI: semiconductors, data centers, connectivity, and energy systems. Much of what we see at Cardumen in Europe reflects a new deep-tech cycle, and Asia’s corporates are actively seeking access to these capabilities. The reshaping of global supply chains, national industrial strategies, and capital flows will define the next decade.
The third key trend is sustainability — climate technologies, food systems, and resource efficiency. Climate change and food-related challenges are intensifying, and the world is accelerating investment in solutions that can scale globally. From energy transition technologies to new approaches in agriculture and materials, sustainability will remain a defining force for innovation in the years ahead.
So, the major trends I see are:
AI, human and organizational transformation, next-generation infrastructure, and climate-related technologies. These forces will shape how nations innovate, how industries compete, and how capital moves across regions in the years ahead.
As an entrepreneur, you may have experienced a setback or two, what advice would you give to fellow IESE students or graduates who are thinking of taking the entrepreneurship route?
I believe that before starting a business, you should first reflect on the setbacks you’ve experienced and how you handled them. Did you approach and overcome them in a positive way, or did you end up avoiding them? I think mindset is crucial. If you can handle setbacks positively, this reflects the GRIT (perseverance and passion) I mentioned earlier. If you have grit, then I believe you are well-suited for entrepreneurship.
My second piece of advice is to be very careful in selecting partners because dealing with people is often the most challenging aspect. You need to ensure that your partners can work steadily with you throughout the entrepreneurial journey and can resolve difficult issues together peacefully. This is extremely important because internal friction is a major cause of startup failure. Both you and your partners need to be mature enough to recognize this issue. One criterion for evaluation could be whether you have successfully worked together in the past.
Thank you Stan! Now, for the speed round
Q: What do you do in your free time?
A: Train—I’m a weight training freak.
Q: Dog, Cat, Parakeet, Goldfish, Pet Rock?
A: A Beast is better;) (We think outside the box)
Q: What are you reading, watching, or listening to these days?
A: “Let It Hail” by Team Fearless and NEFFEX songs.
Q: Something that makes you happy
A: Carbs on my cheat day.
Q: Favourite place?
A: A silent, empty café or gym, or wild places without people.