Lili (Lily) Chen

IESE Business School

“I make things happen: driving healthcare innovation, business growth, and impactful investments.”

Hometown: Weihai, China.

Fun fact about yourself: Growing up in a small city in China, I traveled across half the world to find my Spanish husband, raised my trilingual daughter during my MBA, and moved our family from Spain to the U.S. for my international exchange —proving that life’s best adventures happen outside my comfort zone!

Undergraduate School and Degree: Institute of Chemistry, Chinese Academy of Sciences (ICCAS)-Joint-Cultivated Program for MSc in Materials Science; Qingdao University-MSc in Materials Science; Qingdao University-BSc in Polymer Materials Science and Engineering.

Where was the last place you worked before enrolling in business school?  Insight Lifetech, Co-founder/VP/Director of International marketing and sales.

I co-founded Insight Lifetech in 2015. Our first product, an FFR microcatheter, helps cardiologists determine whether a patient needs a stent, while our second product, IVUS, enables precise stent placement. Today, with over 500 employees, we have built a comprehensive product portfolio that empowers physicians and improves patient outcomes all over the world. Growing with the company has been an incredible journey, giving me the opportunity to build and lead cross-functional teams across R&D, quality, regulatory, production, and international marketing and sales. After Insight Lifetech filed for an IPO on the Shanghai exchange and achieved operational stability, I chose to pursue a full-time MBA at IESE to further expand my leadership capabilities and global business perspective.

Where did you intern during the summer of 2024? Business Development Lead in Asia at VB Devices in Barcelona.

Vascular Barcelona Devices, S.L. (VB Devices), is a medical technology company focused on innovating in vascular health through the development and manufacture of devices. Among other products, the company has developed and marketed VARIXIO, an automated micro-foam preparation system for use in the treatment of varicose veins with sclerotherapy. Foam sclerotherapy is one of the most popular and fastest-growing treatment alternatives for varicose veins (Rabe, E. et al., 2014). VARIXIO overcomes the limitations of manual foam preparation and allows physicians to prepare very high-quality foam in an automated and standardized way.

Where will you be working after graduation? After my MBA, I’ll continuously drive healthcare innovation by commercializing new technologies, scaling businesses, and investing in impactful ventures.

Community Work and Leadership Roles in Business School:

* Guest speaker of the IESE MBA course on Management of Small and Medium-sized Enterprises

* Panelist of Founder’s Connect-Startup & Entrepreneurship Club

* Mentor of students in the Greater China Business Club

* Mentor of students who aspire to work in healthcare

* Co-founded an angel fund with MBA classmates to support aspiring entrepreneurs, with a focus on the IESE community and a global reach, providing early-stage capital and mentorship

* Startup & Entrepreneurship Club Leadership Team: As a first-year director, I worked on the entrepreneurship leadership team to connect aspiring founders and organize events like Venture Brew, where they could come together to brainstorm ideas, refine their thinking, and practice articulating their vision through compelling presentations and persuasive pitches. This platform provided future founders with valuable opportunities to hone their skills and gain confidence. Additionally, I helped organize and promote the Summer Entrepreneurship Experience, an alternative to traditional internships for students looking to start their own ventures. I worked to raise awareness of this opportunity, interviewed interested students to understand their concerns, addressed their questions, and provided feedback to improve the program’s design and impact.

* Healthcare Club Leadership Team: I worked as a first-year director and later as a second-year Vice President in Corporate, Startup and VC in Healthcare. I helped organize panels, networking dinners, company presentations and visits to connect leaders from corporates, startups, and venture capital firms in the healthcare industry with students exploring these career paths after their MBA. This platform enabled students to build meaningful connections, expand their industry knowledge, and advance their career opportunities in their target fields.

Which academic or extracurricular achievement are you most proud of during business school? Coming from an engineering background, I always wanted to strengthen my skills in finance, communication, and data analysis—areas I saw as crucial for my growth during my MBA. With no prior knowledge in Financial Accounting, Communication, and Business Analytics, I worked hard and ultimately earned A’s in all these three courses, achieving exactly what I set out to improve.

This accomplishment was not just about mastering new subjects, not just because I hadn’t been in a classroom for a decade, it was also about overcoming the unique challenges I faced as a mother of a two-year-old girl. Balancing coursework, club activities, networking, and family life was demanding, especially in the first year, when we had just relocated to Barcelona. I still vividly remember preparing for my Financial Accounting exam while holding my daughter in one arm when she was sick and crying.

Despite the challenges of raising my daughter during my MBA, I later decided to take her with my husband from Spain to the U.S. for my international exchange at Kellogg School of Management, Northwestern University. Adjusting to a new academic environment while helping my daughter settle into a different school was a whole new level of challenge, yet it became one of the most rewarding experiences of my life and made my MBA journey even more fulfilling.

What achievements are you most proud of in your professional career? I am incredibly proud to be the co-founder of Insight Lifetech, a company founded in 2015 that provides innovative solutions for the diagnosis and treatment of cardiovascular diseases. Turning an idea into a product, especially one with a unique packaging structure never created before, was an immense challenge. My first role as a co-founder was to turn an idea into a tangible product to secure our initial funding rounds.

The journey was full of challenges, from recruiting a team willing to take a risk on a startup, to fundraising, to overcoming complex technical problems. We failed many animal tests before finally breaking through the technical barriers and successfully developing our product. It is the first-of-its-kind in China and only the second in the world. Since medical devices require rigorous quality standards from R&D to manufacturing, I built both a strong team and a robust quality management system to ensure we met the highest regulatory and industry standards.

After leading our products to NMPA approval in China and CE approval in Europe, we faced another challenge: the lack of a suitable leader for international marketing and sales. To not lose the momentum of our global launch, I took on the role myself at the request of our CEO. With no ready resources or distribution channels, I eventually built an international network of physicians and distributors, raised awareness of our company and products abroad, and successfully expanded our market reach across Europe, Asia, the Middle East, and Latin America.

Why did you choose this business school? I chose IESE for its case-method teaching, supportive culture, and being close to my Spanish family in Barcelona.

When choosing my MBA program, I sought a school where I could learn the most from real business cases. I knew the case method was a powerful way to simulate real-world challenges, providing deep insights through real business scenarios. Although I had experience founding and growing a company, this approach allowed me to gain fresh perspectives across various industries. It turned out that I quickly fell in love with this teaching style, especially cases that unfolded in a series, revealing unexpected twists. I was often amazed by how a case that seemed to point logically toward one decision would end with the protagonist taking a different path, overcoming challenges and achieving even better results.

Beyond academics, I was drawn to IESE’s caring culture. When I attended the open day in Barcelona, I was immediately struck by the beautiful campus, the warmth of the staff, and the genuine care they showed in every conversation. Of course, being close to my Spanish family was a meaningful bonus, making my MBA experience even more fulfilling.

Who was your favorite MBA professor? My favorite professor during the program was Albert Fernández Terricabras, who taught us Management of Small and Medium-sized Enterprises in my second year. His course was a revelation—it was eye-opening to realize that strategies effective in large corporations often don’t work in smaller companies.

Professor Fernández is incredibly passionate about teaching. His case discussions were always engaging, whether on acquisitions, business expansion, or crisis management. I was completely captivated throughout each session, as he masterfully led insightful discussions and made every topic deeply relevant. Beyond the classroom, he provided detailed takeaways based on our discussions and even sent apology emails if he needed to delay them due to his many other responsibilities. He exemplifies unwavering dedication and genuine humility.

What truly sets him apart is his unwavering commitment to his students. Despite his demanding schedule, he remains highly responsive, always finding time to help others. He receives countless requests for meetings, mentorship, and advice from both students and alumni. While he could easily decline due to time constraints, he embodies IESE’s spirit of service, always striving to support everyone as much as possible.

I learnt a lot from Professor Fernández. His generosity and dedication have profoundly influenced me, inspiring me to carry forward the same spirit of service after graduation.

What was your favorite course as an MBA? IESE offers many outstanding courses, but if I had to choose one, Entrepreneurial Finance stands out as my favorite. This course has provided invaluable insights into the financial intricacies of launching and scaling a business. Through well-designed cases, I learnt about different financing instruments, valuation methods, and exit strategies. The negotiation exercises and group assignments have honed my ability to think critically and collaborate effectively with others. As a co-founder who previously started a company without formal knowledge of entrepreneurial finance, this course has been a game-changer. It has deepened my understanding of how to assess new venture opportunities, value privately-held companies, and structure financing deals effectively.

What was your favorite MBA event or tradition at your business school? IESE has many incredible events—Multi-Culti, Gala, and Asado, to name a few—but one tradition that stands out to me is the “Cow Award.”

In every class, students vote to award a small plush cow to someone who makes a particularly smart, witty, or memorable remark—professors included! This tradition, evolved organically, reflects the unique culture of IESE—a blend of intellectual rigor, collaboration, and lightheartedness, creating a fun and engaging classroom atmosphere. It also fosters a spirit of camaraderie, mutual respect, and intellectual curiosity, where both students and faculty embrace diverse perspectives in a fun and interactive way.

It’s a symbol of the happy and inclusive learning environment that IESE cultivates, even within a highly ranked and academically demanding MBA program. The cow tradition reminds me that learning doesn’t have to be overly serious—it can be joyful, collaborative, and filled with moments of laughter.

Looking back over your MBA experience, what is the one thing you’d do differently and why? It’s funny to say this, given that I have a Spanish husband, yet my Spanish was at level zero when I arrived in Barcelona. Looking back over my MBA experience, the one thing I’d do differently is prioritize learning Spanish more seriously. During my first year, I participated in the Business Spanish Program, which helped me improve from M0 to M4, but I still lack the confidence to speak fluently. I often feel I didn’t dedicate enough time to studying vocabulary and grammar, and I missed opportunities to practice with my Spanish family and classmates, as I was used to talking to them in English.

If I could start again, I would devote more time to learning Spanish. I even wish I would have worked towards graduating with a dual diploma in both the English and Spanish MBA programs, because this would have enriched my cultural experience and opened more professional opportunities for me.

What is the biggest myth about your school? The biggest myth about IESE is that it’s an overly competitive and intense environment where students have little time for anything outside of academics. While the program is undoubtedly rigorous and demanding, the reality is that IESE fosters a highly collaborative and supportive culture. From my experience, classmates are incredibly willing to help each other, whether it’s through study groups, sharing insights, or simply offering encouragement during challenging times. The sense of camaraderie is strong, and the focus is on collective growth rather than individual competition.

I also remember during my first day at IESE, MBA Director Prof. Marc Badia shared how the IESE MBA program is designed and encouraged us to “trust the process.” Now, at the end of my second year, I truly understand the value of this process. Yes, it is intensive and demanding, but it has also taught me how to prioritize, be more efficient, and let go of FOMO (fear of missing out) by focusing on making meaningful connections. The program has not only deepened my academic and professional knowledge, but also helped me grow personally, balancing my MBA journey with family life and personal interests. IESE is far from the myth of being purely academic-driven—it’s a place of collaboration, growth, and lifelong relationships.

What did you love most about your business school’s town? What I love most about Barcelona is how perfectly it balances my academic, personal, and family life. With my 2-year-old daughter and my mother-in-law living here, I have the invaluable support of family, which allows me to fully immerse myself in my studies while knowing my daughter is well cared for. Barcelona’s vibrant energy and stunning architecture, especially Gaudi’s masterpieces like Sagrada Família and Park Güell, inspire me daily and remind me of the city’s unique blend of creativity and history.

For my hobbies, Montserrat mountain offers incredible hiking trails with breathtaking views, while the Mediterranean beaches provide a perfect escape to relax and recharge. The city’s blue skies and sunny weather make every day feel full of life and possibility. As someone passionate about innovation, I’m thrilled to be in a city teeming with startups and university spin-offs, where entrepreneurial spirit is palpable. Barcelona truly has it all—family support, natural beauty, cultural richness, and a thriving innovation ecosystem—making it the ideal place to pursue my MBA while enjoying a fulfilling personal life.

What movie or television show (e.g. The Big Short, The Founder, Mad Men, House of Lies) best reflects the realities of business and what did you learn from it? One movie that truly resonates with the realities of business is The Founder. It tells the story of Ray Kroc and the rise of McDonald’s—not just as a fast-food chain, but as a brilliantly-structured business empire.

As a co-founder of a medical device company dedicated to improving patient outcomes, I saw striking parallels between scaling a business in healthcare and the lessons from The Founder. The film highlights the power of vision, persistence, and strategic thinking—but also the ethical dilemmas that come with rapid growth. It reinforced the importance of building a strong business model, protecting core values, and ensuring that growth is sustainable and aligned with a greater mission.

Now, as an MBA student at IESE, I’m gaining a broader perspective on how different industries operate. The movie serves as a reminder that execution matters just as much as innovation—having a great product or service is just the beginning. Success ultimately depends on strategy, partnerships, and the ability to navigate challenges without losing sight of what truly matters.

What is one way that your business school has integrated AI into your programming? What insights did you gain from using AI? When ChatGPT first gained popularity during my first year at IESE, the school quickly integrated AI discussions into the curriculum, organizing sessions on how AI will shape the future and how we can leverage it as a tool to enhance both work and life. Through case discussions, we explored AI’s impact across industries, from its role in diagnosing cancer—raising ethical dilemmas around liability for misdiagnoses—to the controversy of AI-powered surveillance in schools and the discomfort it might cause parents. One particularly heated debate revolved around the potential for AI to replace future management teams and how human leaders should respond. AI was even incorporated into our Leadership course final exam, during which one question required us to evaluate a ChatGPT-generated response to a human-related dilemma and decide whether we would adopt or modify it.

From these initiatives, I’ve come to understand that IESE goes beyond teaching technical business skills; it emphasizes the development of well-rounded individuals with a strong ethical foundation, a global mindset, and a commitment to leading with impact. As leaders, we cannot blindly rely on AI-generated outputs. Instead, we must critically evaluate its recommendations, question underlying assumptions, and consider the broader ethical and strategic implications of our decisions. AI is a tool, not a replacement for human values, empathy, or long-term vision.

Which MBA classmate do you most admire? Before starting my MBA, I was told that full-time MBA students might have fewer insights than EMBA students. However, my experience has proven otherwise—I have had the privilege of learning alongside some of the most inspiring, brilliant, and humble individuals. Among them, the classmate I admire most is Christa Zacharia, a member of the IESE MBA Class of 2025 in the Munich section.

Christa embodies the qualities of an exceptional future leader. She creates an environment where people feel comfortable speaking with her and genuinely enjoy working alongside her. Always wearing a warm smile, she was even nominated by our class as the ideal future role model for parents—someone we would want our children to look up to.

Her academic dedication is remarkable. She comes to class well-prepared, takes meticulous notes, and articulates her thoughts with clarity and conviction. When she raises her hand, her contributions are always well-structured, logical, and insightful. Beyond excelling individually, she is deeply committed to helping others. She selflessly led exam review sessions, patiently explaining complex problems on the board until everyone grasped the concepts.

Her leadership extends beyond the classroom. Christa secured a highly competitive BCG London summer internship, an impressive achievement given the limited number of offers available. She is also an active contributor to student life, serving as Co-President of the Consulting Club and a leadership team member of the Women in Business Club. Her wisdom, elegance, and persuasive leadership inspire me deeply. She has shown me what it means to be a strong and impactful female leader, influencing my own aspirations to lead with confidence and purpose.

What are the top two items on your professional bucket list? I want to see innovation at the intersection of various fields to tackle the most challenging problems in healthcare and ultimately drive better patient outcomes. I am passionate about exploring how diverse disciplines can come together to solve complex issues in the healthcare industry.

I also want to support aspiring entrepreneurs—whether they are searchers aiming to become CEOs through acquisition or founders launching their own ventures. I want to help guide them through the journey of building impactful companies and bring their visionary ideas to life.

What made Lili such an invaluable addition to the Class of 2025?

“I met Lili in a second-year MBA course, and she has been an invaluable member of our program. As the co-founder of Insight Lifetech, a Chinese MedTech company that grew to 500+ employees in just eight years, Lili brings a wealth of entrepreneurial experience to the class. Yet, she shares her insights with remarkable humility and passion, always eager to learn from both her classmates and professors.

When I invited her to share her journey in class, she spoke with such authenticity and passion that everyone in the room was captivated. She took us through the highs and lows of building a company from the ground up—the moments of uncertainty, the tough decisions, and the relentless perseverance it took to succeed. Her story wasn’t just about business; it was about resilience, leadership, and believing in a vision even when the odds were stacked against her. Seeing her classmates so engaged, inspired, and eager to learn from her experience was a testament to the impact she has on those around her.

Beyond her impressive leadership skills, Lili is a true team player—both in her entrepreneurial journey and within the IESE community. She balances the demands of the MBA program while raising her daughter and actively engaging in initiatives such as the Exchange Program and the Healthcare Club.

Lili’s resilience, dedication, and values make her an outstanding candidate for the Poets & Quants Best & Brightest MBA Class of 2025 recognition.”

Professor Albert Fernández Terricabras
Accounting and Control Department and Entrepreneurship Department, and holder of the Creand Chair of Entrepreneurship & Banking
IESE Business School

 

“Lili’s academic journey in the Entrepreneurship course has been impressive. She consistently demonstrated a deep understanding of the key concepts, blending theoretical knowledge with practical insights. Her ability to analyze business challenges, articulate persuasive arguments, and think critically enriched our case discussions and elevated the learning experience for the entire class.

One of Lili’s standout qualities is her intellectual versatility. She excelled not only in areas where she had prior expertise but also in topics that were completely new to her, showcasing a strong capacity to adapt, learn, and apply entrepreneurial frameworks effectively. Her contributions to group discussions were insightful and thought-provoking, often challenging conventional perspectives and encouraging innovative thinking.

Beyond her individual performance, Lili also played a key role in fostering a collaborative learning environment. She actively engaged with her peers, shared valuable insights, and provided constructive feedback, embodying the entrepreneurial spirit of teamwork and problem-solving.

Her approach to the course was not just academic but deeply engaged with real-world applications, making her an outstanding participant in the Entrepreneurship program. Lili’s performance in this course reflects not only her sharp analytical mind but also her passion for innovation and business creation.”

Mathieu Carenzo
Senior Lecturer of Entrepreneurship
IESE Business School

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