Here's an honest piece of advice: when choosing a project, the CTO's past track record is very important. Technical leaders without successful experience often lack vision, and those without industry influence should be even more cautious—they usually follow a pattern of private early-stage accumulation and then sell off significantly at critical moments.

How far a project can go essentially depends on three factors: whether the founding team has industry experience and the ability to break into new circles, whether the project itself has gained capital recognition, and whether team members can adapt to market changes. All three are indispensable. If the founder's vision is limited, fundraising is difficult, and there is no network effect to drive growth, frankly, the failure rate of such projects can be as high as 99%. Many people have lost everything because they overestimated a CTO's capabilities. I hope everyone conducts thorough due diligence before investing and doesn't be fooled by attractive technical solutions.