From Game Theory to Global Ventures: Kai (Tony) Zhou on Strategy, Persistence, and Building in the Age of AI

When Kai (Tony) Zhou (BCom UTM ‘17) reflects on his time at the University of Toronto Mississauga, he doesn’t point to a single achievement or milestone. Instead, he credits something more foundational: a way of thinking. 

“My alma mater gifted me one of my finest virtues: humility,” he says. But beyond that, one course in particular, left a lasting mark. “If you ask me what the University of Toronto left me with most profoundly, my answer would be a second-year economics course: ECO202.” It was in that class that Tony was introduced to game theory, the Nash equilibrium, and dominant strategy – concepts that would go on to shape not only how he understands markets, but how he approaches life and leadership. “It changed the way I see the world.” 

A mindset shaped at UTM 

Before studying game theory, Tony viewed decisions in simple terms: success or failure, right or wrong. But that perspective shifted as he began to understand systems as dynamic and interconnected. “I began for the first time to look at the world through the lens of evolution… to understand individuals, organizations, markets through their interactions and continual change.” 

The idea of a ‘dominant strategy’ became particularly influential. Rather than chasing short term wins, Tony learned to focus on decisions that remain resilient over time. “It taught me to look for paths that are more robust, more stable, and more worth committing to across a wide range of conditions.” This mindset would later become a guiding principle in his entrepreneurial journey. 

Learning strategy through experience 

After graduating, Tony returned to China and began his career in private equity, gaining early exposure to the realities of investment and capital markets. It was a pivotal transition from theory to practice. “What I had learned in the classroom began to connect with real companies, real industries, and real interests.” During that time, a piece of advice from a senior colleague stayed with him: first do addition, then do subtraction — a principle that would later inform how he evaluates opportunities and makes strategic decisions. 

Building, failing, and rebuilding 

In 2018, he launched his first venture, initially focused on using blockchain technology to create a marketplace for private equity fund trading. In hindsight, the idea was ambitious but premature. “For my team and me at the time, it was too far ahead of the market and beyond the resources we could realistically mobilize.” The experience became a defining lesson. “Entrepreneurship is not just about having an idea… direction, resources, regulation, timing, and market education all matter.” 

Rather than walk away, Tony chose to adapt. He pivoted the business toward providing technology development services for fintech companies, using this phase to build capital, capabilities, and a more sustainable path forward. “What matters most is not whether your original idea is perfect, but whether you can still find the next road forward in the middle of change.” 

Scaling globally and going public 

That adaptability laid the foundation for Waton Financial’s next phase of growth. In 2021, Tony led the acquisition of a licensed securities brokerage and asset management firm in Hong Kong. Over the following years, the team transformed the business through digital innovation, eventually launching a brokerage cloud platform supporting financial institutions across Hong Kong and U.S. markets. The company’s momentum continued to build, culminating in its Nasdaq IPO in 2025. 

For him, however, the milestone represented more than financial success. “It marked the point at which Waton Financial had finally emerged from years of experimentation into a new stage.” What he values most is not a single achievement, but the journey itself. “What I am proudest of is that this is still my first startup. I never abandoned my partners, and I never lightly walked away from the trust my investors placed in me.” 

Leading in the age of AI 

As the company evolved, so did Tony’s focus. Recognizing the growing impact of artificial intelligence, he founded Descart AI Lab in 2024 to explore the company’s position in a rapidly changing technological landscape. “We were exploring… the answers were not clear from the beginning.” Through that process, Tony came to a deeper understanding of strategy in emerging industries. “The most important strategic judgment is not about chasing the hottest concept, but about finding the position that matches your own capabilities, resources, and structural advantages.” 

Today, he leads initiatives at the intersection of finance and AI, including the development of new products aimed at shaping how humans and intelligent systems interact in financial markets. 

A philosophy that endures 

Throughout his journey, one principle has remained constant: persistence. “I didn’t give up… I didn’t change my company… I didn’t give up any of my person.” That resilience, combined with the perspective he developed at U of T Mississauga, continues to guide his leadership. 

Tony also credits his time in Canada with shaping how he approaches people and business. “Canada is multicultural and we treat each other well. This shaped me into the kind person that I am today.” In an industry often defined by competition, he sees this as an advantage rather than a limitation. “People want to do business with kind people.” 

Looking ahead, Tony believes the rise of artificial intelligence represents a defining moment for humanity. “This may well be the true third industrial revolution.” While the future remains uncertain, he encourages others to find their place within it. “My hope is that each of us can find our own position in this wave, or make our own contribution to it.”