At first, he came to Singapore to take a break. As he watched Tencent, Alibaba and Baidu Inc. filling the void he had left behind, he planned to return. But his wife cautioned against it, telling him there were different opportunities ahead.
“Many people spend their whole life to climb a mountain. Maybe you can climb several mountains,’’ she said.
A devout Buddhist who studied ways to transcend suffering, Chen decided to change course for good: The family relocated to Singapore in 2010 and began to withdraw from the business. In 2011, they offered to take Shanda Interactive private for $2.3 billion. They later sold off their stock in Shanda Games and Chen resigned from its board.
Shanda ultimately couldn’t make the leap to become China’s answer to Disney and lost ground in games as players shifted to smartphones.
``It is a formidable challenge,’’ said Serkan Toto, the founder of Tokyo consultant Kantan Games Inc. ``Games are a totally different vertical from a lot of things that Disney has been doing.’’
For three years, the couple explored what they should dive into next. Eventually, they zeroed in on the brain.
The realization that “there is something more important than selfish you started when I became a mom,” said Chrissy, seated next to Chen.
It’s not all altruism. The Chens see enormous business potential in decoding the human brain. Among other projects, they plan to fund research into debilitating diseases such as Alzheimer’s and Parkinson’s. They’ve already backed ElMindA Ltd., an Israeli startup that’s developing tools for detecting the early stages of brain diseases.
His Singapore-based investment firm, Shanda Group, has invested in more than 100 advanced technology ventures in China and around the world. Virtual reality is a focus in part because of opportunities to connect the technology with neuroscience. He has backed The Void LLC, a U.S. entertainment company that's trying to create a VR theme park; Los Angeles-based VR game maker Survios; and Iceland’s Solfar Studios ehf, a VR travel adventure app developer.
Chen’s obsession has rubbed off on his daughters, 13 and 8: They now talk about growing up to be neuroscientists. “I have brainwashed them,” Chen says.