Hans Tung funded 16 unicorns: Billion dollar war stories and hard lessons learned
ฝัง
- เผยแพร่เมื่อ 5 ส.ค. 2024
- Hans Tung has funded some of the most iconic billion dollar startups: Bytedance, Airbnb, Wish and Affirm just to name a few. He's been on the Forbes Midas List for 7 years straight now, this year at #10. He has seen it all, and we discuss war stories (don't miss the discussion of Alibaba in a global financial crisis and pandemic!), founders, and the future of food tech, software, and robotics.
00:00 Intro
00:50 Hans's journey to venture capital
03:18 Hans met iconic founders very early
05:00 The Alibaba story in 2003: Pandemic and global financial crisis with 5 months of runway (MUST WATCH)
08:18 The perseverance of Brian Chesky and Airbnb
09:23 The perseverance of Peloton
10:36 Global consumer trends now first emerge outside of the US
13:06 Software eats the world is a one-time shift
13:45 Foodtech in China: Darkstores and clean data
16:14 Global food tech trends: Automation
17:06 All food distribution will be automated and tech enabled: better, faster, cheaper
18:20 What Uber did to consolidate taxis (a fragmented, no-tech business) will happen everywhere
20:19 Software in business: first back-office, then front-office, now whole-office
21:10 Each successive wave of software is more powerful than the last. We're on the 5th or 6th wave now.
21:59 On founder-market fit
23:36 Max Levchin and founder-distribution fit at Slide
24:16 Platform shifts create distribution opps that open, then close quickly
25:02 5G and the future of distributed computing
25:33 Timing your startup idea
26:22 WeChat as a growth channel for Pinduoduo
27:55 Autonomy and our robotic future
28:53 Characteristics of great founders
31:24 What Hans wishes he knew at 18 or 22
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Hi, I'm Garry Tan - I'm a designer, engineer, and investor in early stage startups. Cofounder and managing partner of Initialized Capital, an early stage venture capital fund that was earliest in Coinbase and Instacart. We're a team of 8 investing partners with over $500M in assets under management and our startups have created more than $45 billion in market value in the past 8 years. We focus on pre-product-market-fit seed. Selected for Forbes Midas List Top 100 Best Global Venture Capitalists for 2019 and 2020. 🚀
Previously a partner at Y Combinator. Invested in and directly worked with over 700 companies in 5 years from the earliest possible stage, often just an idea.
Before that, I cofounded Posterous and helped build it to a world-class website used by millions. (Acquired by Twitter) I also cofounded the engineering team for Palantir Technology's quant finance analysis platform, and designed the current Palantir logo and wordmark.
I love building things.
![[ไฮไลต์] แบดมินตันชาย วิว กุลวุฒิ (ไทย) vs LEE Zii Jia (มาเลเซีย) รอบรองชนะเลิศ | โอลิมปิก 2024](http://i.ytimg.com/vi/mvBiEAqlssw/mqdefault.jpg)
Garry produces great content.
Thank you for watching!
that is an understatement. worth at least a tuition.
And best part of it all... He just comes off as authentic and original in his contents. That's a +
What's a good email?
We are a startup tech co. I would Love to get your opinion on our deck?
MARYLYNNSD@GMAIL.COM
"Build something 100 people love, not something 1 million people kind of like."
Every day at lunchtime, I watch one of Garry's videos. Having a meal + watching great Startup content, priceless! Thanks Garry!
Wow, thanks!
Every time I watch an interview in the startup space and tech space of very successful people, what impresses me the most is this atmosphere for respect and the positivities between parties.
It's a very refreshing break from reality, and it shows that to be nice and helpful to people pays it off in the long run. Great content as always. Thank you very much.
This content is absolutely priceless.......most underrated channel on TH-cam.
Keep up the good work man!!
Much appreciated!
We love this interview (we're also biased) - thanks for doing these, Garry!
Proud to be partners with you on Shelf Engine!
" Smart people learn from their mistakes, Ruling town people learn from other people's mistakes" - Vow, that blew my mind. Thanks for sharing your wisdom Sir
Absolutely, the most underrated channel on TH-cam. This content is incredible.
One of the most underrated youtube channels out there.
I like how you give your interviewee's plenty of space to talk. Lots of insight here.
I’m just a facilitator! They have so much that is interesting to say.
Half an hour worths millions of dollar advice. Thanks Garry!
Hans Tung just blew my mind. Oh wow! Such insightful session!
Hans sounds sharp and articulate his thoughts really well. It is really insightful with those golden nuggets. Garry ask really good questions to provoke Hans thoughts as well. Good interview!
Gary, really valued this interview series with Hans. Both the questions and answers were thoughtful, illuminating, and extremely valuable. Thank you.
Thanks for watching!
this is the best youtube channel that i dont wanna miss every part of it
Great content and influence. This wisdom is pure gold.
Thanks Garry, This is GOLD! 👏
It's simple interviews like this that change a person's life. We may seriously consider launching our web-app in asia first now. Thanks!
Thanks for your comment A P!
Good luck ! Looking forward to the success story 🙏🏽
I mean wow, SO much packed into this one and Hans track record is incredible!
Thanks so much Mike!
This is GOLD content and resource. Especially 31:24. "There are many different path to Rome"
Came here after Marina Mogilko's recommendation and didn't regret, great insights! Thank you Garry and keep on going, I am sure you will impact lots of folks here
The most underrated channel on TH-cam
Garry, thank you so much for uploading such a valuable content free on internet :)
I lifetime of mistakes, successes and learnings in 30 minutes... Amazing content!
This is fantastic content, thanks for pioneering this type of content.
Hey Gary thank you for your content! Really valuable.
Great interview, energizing and brings future closer!
thank you @GarryTan for another amazing TH-cam video. The interview shared so much in depth knowledge and insight for founders and investor. I especially enjoyed so much about 2 section of the talk:
(1) founder commonality: this is one of the favorite to learn about the common traits among amazing founders from both the East and West.
(2) concept of cycle/iterative: where some founder may fail or not yet success on the 1st wave/cycle of innovation/disruption, but able to stick on and success on the 3rd or 6th wave.
Thank you so much Garry, this is much wonderful learning experience!!
Thank you for this Garry and Hans, it was so informative and inspiring 🥰
Garry - great interview. Hans briefly mentions Peter Thiel as one of your mentors in the beginning of the interview. Curious to hear your thoughts on how to seek mentorship and the importance of mentorship, especially in tech. A lot of us are early on in the industry, and having the right guidance feels critical as you traverse through your career.
TBH I never really tried to have a mentor. I just followed people I thought were doing smart things and worked in their companies and that opened doors for me. Like working for Paul Graham at YC early on.
Amazing insight and a beautiful conversation
Phenomenal, gives one a sense of hope!
how is practical advice like this free?! Garry, your videos are so much more valuable to me than my university degree.
Thanks!
Had to type you another comment, this was amazing! They should teach this in schools.
Great content, very practical and useful!
This was a great interview!!! Thanks for this video! Your videos are always amazing!!! 🙌
Glad you enjoyed it!
Underrated content
Amazing episode by amazing VCs 👍
Thanks for watching mr daming!
Loved the insights Garry! The #1 for me was how when you build a business on top of an existing platform's API you can grow. That's something that stuck with me. Thank you for providing this awesome content!
Thanks for your note Mislav!
Awesome content Garry, thanks for putting this up.
Glad you enjoyed it
these interviews remind me of yc dinners but so much more accessible wowww 🔥🔥🔥
Learned so much
Thanks you so much for the content 🙏
Thank you Garry, awesome content!
Thanks for watching Walt!
Wow, how did I just discover this channel only recently?
The section on great founders was first-rate. Really, all of this was super insightful! Thanks @garryTan
Love it!
Thanks Richard! really appreciate you watching
I learned a lot!! I am from a 3rd world country Philippines. I only know one unicorn that we have and that is "revolutiom precrafted".
I want to start my start-up in the near future.
This help so much!!
Awesome interview
This was such a legit interview.
Very insightful.
Amazing information 💎❤️💎
I love the content. Would it be possible to do some videos on how to break into VC coming from a Product and (or) Tech background?
This was a great video, learned a lot!
Glad to hear it!
Thanks 🙏🏼 once again
Thanks for watching Ken! I'm trying to stick with weekly. It's hard!
Great person to interview
Thanks for watching. Hans is amazing!
Excellent content
That was inspiring and informative
Glad it was interesting!
just wow !
Awesome interview!
Thanks for watching!
Thanks for this great content.
16:14, automation in the food industry; I'd want to hear more. Is this discussed further in any other talk? Or if possible, please cover it some more.
Thanks
Amazing interview!
Thank you Nadav!
Thank you for this! It's incredible to be able to listen to the insights and perspectives of two very experienced professionals for free. Working in a hyper growth start up, I'm constantly trying to expose and insert myself more in the operational conversations and interactions between leadership as well as investors (VCs, PEs, etc.). Being in FP&A, I'm luckily afforded a bit more interactions than many of my colleagues but I'm still not in all the closed door conversations so it's great to get insight and at least a peek into how VC partners are thinking. Someone in the comments mentioned about mentorships - how do you or your guests feel about mentoring others? Do you formally or informally mentor others? It's especially inspiring seeing Asian Americans leading the way in technology and investments and something I'm proactively looking for as at least in the Boston tech scene, we're still quite underrepresented and disconnected.
Find people you respect and help them. I think looking for Mentorship is overly self centered. The world needs outward facing people who want to contribute to others and their goals.
Garry, thank you for putting together such a great content and for sharing your wisdom! Are you investing in companies with a single founder? Or you require to have 2 and more co-founders?
very underviewed video
"...that's what great founders do. They don't start companies, they start movements."
Garry, I just have discoved your chanel. I am learning about this innovation industry. Hi quality content and masterclases.
so good wow
Great
Thanks for watching
Nice
Garry! I love the way you approached the conversation. Really insightful. Hope to get to meet you someday :)
Even Hans! Thanks for sharing those Insights.. much appreciated :)
Appreciate your note and thanks for watching!
Thank you Gary , time 9:51 , Hans talked about "universal principles" , What are these principles? Really love to hear more about them
Haha you'll have to ask Hans on Twitter. Personally I am a big fan of Ray Dalio's Principles book.
Thank you always, this is amazing! It seems like every amazing person is related to Stanford, even tho I can't go to any top elite school because of my GPA right now as a Sophomore in High, do you think I could still do anything related to this field such as startup even without going to a top university?
Yes going to a top university helps but it’s more important to actually be hard working and smart than it is to look like you are.
I see great content, I hit subscribe.
Thank you Sachin!
Great video as always man
Appreciate it!
13:45. Word to the wise!
Awesome content Garry. What is your thought on the emerging agritech especially during this pandemic outside of US and China
There's so much of the world that hasn't been digitized yet. Software is going to make all of it better/faster/cheaper.
@@GarryTan is there anyway i can get in touch with you. I need some advice on a some startup. Currently working at 2 different startup. One growth is stagnant for the past year. Burning rate can last another 12 months. The other just started. Any help or words of wisdom is truly appreciated.
what CAN you expect with 5G in AR/VR that are going to change user experiences entirely?
I'd like to know where to find these types of investors when a company is ready..
Hi Garry, Thank you for the great content!! May I ask if you still help reviewing the YC Application 😬?
Shoot sorry I am a bit overwhelmed and can't at this time.
Garry Tan no problem! Thank you!
What camera do you use for your videos Garry?
kit.co/garrytan
Gary needs an extra 00 to the subscribers.. Mucho great content.
Thanks Adrian! Subs may take time and I’m for a pretty niche audience :-)
@@GarryTan I agree. But your content is high quality and your audience is too. So I think numbers in this instance don't really matter. Unless that's tied to your goals. I think you'll attract high quality founders which will be great for your fund too.
Hello Gary after completing one year of research and finding human behavior and it’s nature. I came up across your videos for a while now.. all the homework and blue print done. Spending tons of search for right partner to join with me along some funding.. I am still on positive side even though my foundation task is not completed. I know there is a day especially made for me in near future and eventually will get all resources.
Any suggestions how can I come up with funding as I need to build world class website and some other business expenses?
Able to manage and reserve customers services team and dev team on place. Just waiting to give them execution Signal as soon as back up fund arranged.
I am building something never been exist before that’s the reason it took me one year on field..
Your suggestion would be really appreciated 🙏
Is Hans an active investor still?
Yep
Do you have a podcast?
Haha this is my podcast
@@GarryTan On Spotify!! Sorry hahaha. Nice content btw!
Thanks for sharing your conversation with Hans, Garry.
I had just finished The Next Billion Podcast episode where you were the guest for GGV. -- nextbn.ggvc.com/podcast/s2-ep-19-garry-tan-of-initialized-saying-no-to-peter-thiel-engineer-turned-investors/
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### Some great takeaways for me:
- 15:52 - Food tech opportunities in the US to take advantage of opportunities where American Exceptionalism / "it isn't broken" can be replaced by automated food tech "systems" coming from China
- 21:40 - Having a longer term perspective by participating in each successive wave, rather than giving up if you failed or "missed the boat" with the first few waves of innovation
- 31:24 - Innovate on a 10 year horizon not just 12 months and having the vision and patience to leverage a superpower of learning from others' mistakes rather than having to make them all on your own first
Appreciate your timestamps as always queuebit!
@@GarryTan You made my "job" so much easier by doing your own.
I am really enjoying the chapter feature in TH-cam.
I am spending more time thinking about the content and what it means.
Look at The Movie Studio mves
Why do all of these people always go to Stanford or some other up-scale college?
Because the world mistakes signifiers for that which is signified. It's a compression algorithm. Credentials are a real problem/need for a world of scarcity.
If only Gary is my Mentor.
Ok but have many startups did he fund in total.
Garry, correct me if I'm wrong. I found very intriguing that a guy who founded 16 billion dollar company "only" have a fortune estimated between 30 e 300 million dollars. Definity not a billionare, yet. What gives?
Funded.
VCs make money but it is nothing compared to founders who own 100% of their businesses at the start.
@@GarryTan Thank you, you did correct me. English is not my first language.
Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office.
The 2020 Real estate investment is good but i rather invest my money in crypto
Awesome interview
Thanks for watching Isaac!