20VC: Investing Lessons From Rounds In Peloton and Square, Why Great Investing is Stock-Picking and Sector Penetration & The Next Decade in Venture, Is Tiger's The Right Model with Hans Tung, Managing Partner @ GGV Capital
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 20 September 2021
⏱️ 39 minutes
🧾️ Download transcript
Summary
Hans Tung is a Managing Partner at GGV Capital, one of the leading venture firms of the last 2 decades with a portfolio including Alibaba, Xiaomi, Peloton, Airbnb, Slack, and many more. As for Hans, he has been named to the Forbes Midas list nine consecutive years from 2013-2021, most recently ranking #3. His portfolio includes 18 unicorns including Affirm, Airbnb, Coinbase, Divvy Homes, Peloton, Poshmark, Slack, Wish and Xiaomi. In 2005, he was among the first Silicon Valley VCs to move to China full time, spending eight years investing in the fastest-changing tech landscape in the world before returning to Silicon Valley in 2013 to join GGV Capital.
In Today’s Episode with Hans Tung You Will Learn:
1.) How Hans made his way into the world of venture from founding his first two companies? How did seeing the booms and busts of the macro-financial markets impact both his investing mindset and the companies he likes to back?
2.) The Landscape: How does Hans analyze the current venture landscape today? How does one compete in a world of Tiger and crossover funds writing term sheets post first meeting? How does Hans think about his own price sensitivity today? How does he determine when to pay up vs when to say no? What have been some of his biggest lessons on price?
3.) Working with the likes of Peloton, Square, Alibaba, what have been some of Hans biggest lessons on market size? What do most investors get wrong when it comes to market sizing? How does Hans think about an attractive enough exit multiple for a growth stage check? What did Peloton teach Hans about insertion points when investing?
4.) How does Hans think about when is the right time to sell? What have been some of his biggest lessons on taking cash off the table? Despite the success, how does Hans ensure he has the mental plasticity to approach every new deal with a fresh perspective? What does he do to ensure he does not have an unconscious bias from his past successes?
Item’s Mentioned In Today’s Episode with Hans Tung
Hans’ Favourite Book: Outliers: The Story of Success
Hans’ Most Recent Investment: JOKR
Transcript
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| 0:00.0 | This is 20 VC with me, Harry Stebbington. What an episode we have in store for you today. |
| 0:03.9 | The guest today has more unicorns in his portfolio than I have done podcast episodes. And so with that, |
| 0:08.8 | I'm thrilled to welcome and welcome back to the hot seat, Hans Tung, managing partner at GGV Capital, |
| 0:13.9 | one of the leading venture firms of the last two decades, with a portfolio including the |
| 0:17.8 | lights of Ali Barbar, Jaume, Peloton, Airbnb, Slack, and many more |
| 0:22.5 | incredible companies. As for Hans, he's been named to the Forbes Midas list nine consecutive |
| 0:27.0 | years from 2013 to 2021, most recently ranked number three. His portfolio includes 18 unicorns, |
| 0:34.1 | including Affirm, Airbnb, Coinbase, Peloton, and many more incredible companies. |
| 0:39.4 | And in 2005, he was among the first Silicon Valley VCs to move to China full time before |
| 0:44.3 | moving back to the Valley in 2013 to join GGV. I'd also want to say a huge thank you to Hans's |
| 0:49.8 | partners, Jeff and Glenn, for some amazing questions suggestions today, I really did so appreciate |
| 0:54.5 | that. But before we move into the show today, I just love using AngelList's fund admin platform |
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| 1:28.7 | Are you approaching a liquidity event and looking for expertise on how to navigate stock sales, |
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| 1:37.6 | or simply need tax advice on your crypto holdings? Harness helps tech employees and investors |
... |
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