Most US VCs hitting emerging markets are basically playing tourist: they have quarterly fly-ins, logo drop, wait for deals, etc. Results-wise, that's not a viable strategy. The real edge is being a bridge. You can't build real relationships in 3-day trips or expect warm intros when you only show up for your own benefit. Take Gary Rieschel, for example, he founded Qiming Venture Partners in Shanghai back in 2006 and built a serious influence in China, becoming one of the most influential VC firms in the region with over $10 billion AUM. I was fortunate enough to work under his leadership at Qiming. He didn't try to "blend in"; he translated global capital into local conviction and local realities into global trust. I think the better playbook is to show up early and often. Build relationships before you need them. And earn trust with conviction and follow-through, not just your company/firm logo. In the US, naturally, top firms own the best deals. In the right emerging market and at the right moment, however, you get to define what "first tier" means and carve a whole new path or set a whole new standard. I think a good exercise is to frequently ask yourself "where does my edge compound fastest?" What do you think?