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

**Harry Stebbings** (0:00)
This is 20VC with me, Harry Stebbings, and what an episode we have in store for you today. The guest today has more unicorns in his portfolio than I have done podcast episodes, and so with that, I'm thrilled to welcome, and welcome back to the hot seat, Hans Tung, managing partner at GGV Capital, one of the leading venture firms of the last two decades, with a portfolio including the likes of Alibaba, Xiaomi, Peloton, Airbnb, Slack, and many more incredible companies. As for Hans, he's been named to the Forbes Midas list nine consecutive years, from 2013 to 2021, most recently ranked number three. His portfolio includes 18 unicorns, including Affirm, Airbnb, Coinbase, Peloton, and many more incredible companies. And in 2005, he was among the first Silicon Valley VCs to move to China full-time, before moving back to the Valley in 2013 to join GGV. I'd also want to say a huge thank you to Hans' partners, Jeff and Glenn, for some amazing questions and suggestions today. I really did so appreciate that. But before we move in to the show today, I just love using AngelList's Fund Admin Platform to manage my investments. The team in the platform with AngelList takes care of all my back office needs so that I can focus on working with great founders. Leading fund managers have made over 10,000 investments into 6,000 startups via AngelList, all online and all in one place. And with the recently announced Rolling Funds, you can easily find and invest in these top fund managers on angellist.com forward slash rolling. And Harness is the next generation of wealth management solution, created for builders, individuals, founding, scaling and investing in businesses. Are you approaching a liquidity event and looking for expertise on how to navigate stock sales, receiving your K1 partnership updates and wondering whether there is a better tax firm to help you or simply need tax advice on your crypto holdings? Harness helps tech employees and investors find the optimal solutions for their finances. Their algorithms helps identify the right services for your needs and recommends the right advisors for you. Harness has helped founders and early employees at companies like Stripe, UiPath, Affirm, Coinbase and Plaid capture more value with their finances. Simply go to harnesswealth.com forward slash 20VC to sign up. Plus, 20 Minute VC listeners receive $100 off their first year fees when they sign up for an advisor on the Harness platform by entering 20 Minute VC. And finally, let's face it, this new world of remote work is here to stay. And so are all of the new headaches that come with running a remote team. Rippling helps fast growing startups automate their HR and IT.
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You.

**Hans Tung** (3:06)
You have now arrived at your destination.

**Harry Stebbings** (3:09)
Hans, this is such a joy to do. I can't believe it's been five years since our last episode, but thank you so much for joining me again today.

**Hans Tung** (3:15)
Oh, of course, it's a pleasure. And it's amazing what you have done the last five years as well. So congratulations to you. Kudos to what you have achieved.

**Harry Stebbings** (3:22)
That is so kind of you to say. I really do appreciate that. But I want to start on you and with some context, because we see this incredible track, we see the Midas list with you at the top of it, and I'd love to go back a little bit and go, how did you make your way into the world of venture? And how did you come to be a GP with GGV today?

**Hans Tung** (3:37)
I was born in Taiwan, and I came to the US specifically in Los Angeles when I was 13 years old. So I did my middle school and high school in LA. And when it comes to going to college, in hindsight, very fortunate to choose to go to Stanford. And I was on Stanford campus between 89, 93 93 is a special year, as everyone knows, the launch of the Netscape browser. Seeing some of my classmates end up going to Yahoo, end up going to Netscape, end up going to some other internet startups, it's kind of like what you see with crypto today. And you just see, wow, anything is possible. And two years after I left Stanford, Netscape went public and never forget sitting, it was in New York, I was working for an investment bank, kind of job that people try to get after college and see this Netscape company worth billions of dollars and only 18 year track record and had a loss making P&L. It was like, what the hell is going on in this world? And that kind of proximity to tech really changed and shaped how I ended up where I am today. I was just getting that appreciation of what tech can do in a way that's so abnormal and different and such an outlier.