20VC: Why Market Always Wins Over the Founder & Why I Do Not Do Market Sizing | Why it is not the Best Time to be Investing but it is the Best Time to Have a Fund & The Type of Deals to do Today | Why The Best Founders Have 100 Year Plans with Wes Chan,

**Wes Chan** (0:00)
The best companies are ones where the founder says, there's no Gartner Report, there's no McKinsey Estimate on what the market sizing is. We're creating it.

**Harry Stebbings** (0:07)
I mean, this is just music to my ears. What an episode we have in store for you today with the one and only Wesley Chan. Now, Wes, I had on the show over five years ago since so much has changed. And so I was so excited to make this happen. Wes is the co-founder and managing partner at FPV Ventures, a $450 million early stage fund launched earlier this year. Previously, Wes has invested in five $10 billion plus Decacorns, his most notable being Canva, where he's a member of the board and led the series A and C rounds. Wes also wrote very early all first checks into Plaid, Gusto, Flexport, Lucid and Robinhood, to name a few. And before FPV, Wes was a managing director at Felicis Ventures. And before Felicis, Wes founded GV's Seed Investing Program. Finally, if that wasn't enough, as an operator, Wes also co-founded Google Analytics and Google Voice and holds 18 US patents for his work in creating Google AdWords. Finally, I want to say a huge thank you to Cliff at Canva, Victoria at Felicis and Don at GFC. Some fantastic questions and suggestions today. But before we dive into the show today, I want to talk about an incredible tool that I use every single day, Notion. Now, I am the worst for having 50 tabs open and constantly hopping between an endless array of tools. Do you feel me? Are you with me? Well, then Notion came into my life providing one tool to do it all with everything from seamless project management to easily organising 20VC's company information, a fascinating stand on Notion usage, more than 70% of companies who start using Notion stop using two plus other tools. And so Notion can even save you money given how many other tools it can displace. Notion has a worldwide network of millions of users creating templates, tutorials and new inspiration. The product is getting better and better every single day and you always have the support you need. Learn more and get started for free at Notion.so.
Take the first step toward an organized happy team today again at Notion.so. And speaking of foundational infrastructure like Notion there, AngelList has been a key partner for me in managing my investments. I just love using the AngelList platform because it abstracts away all the complexity and operational burden of fund management. Whether you're running SPVs, a traditional venture fund like me or a rolling fund, AngelList has you covered. I'm also super excited about their new product AngelList Stack, which is purpose built for founders. With AngelList Stack, you can create a fundraising ready startup in just a few clicks. AngelList handles your company's incorporation, banking, cap table and fundraising process all in one single place. And this allows founders to focus on building. If you're a founder, you can launch your company at stack.angellist.com forward slash 20VC. Whether you are a founder or a funder, you're in great hands with AngelList. And finally, from websites and online stores to marketing tools and analytics, Squarespace is the all-in-one platform to build a beautiful online presence and run your business. There are three things for me that I just love about Squarespace. First, mobile optimized websites. All websites are optimized for mobile. Content automatically adjusts, so it just looks really beautiful on any device. Second, email campaigns. Squarespace makes it super easy to grow and engage your audience with Squarespace email campaigns. Say what? No other provider needed? Amazing news. Finally, SEO tools. Squarespace takes the guesswork out of SEO, so you'll get found in search by more people more often. And if that wasn't good enough, go to squarespace.com forward slash 20VC for a free trial. And when you're ready to launch, use the offer code 20VC to save 10% off your first purchase of a website or a domain. But that is enough of my terrible British voice, which you're so patient to put up with. So here is Wesley Chan, co-founder and managing partner at FPV Ventures.
You have now arrived at your destination.
Wes, I cannot believe it's been four or five years since we last made this happen. So much has changed, but thank you so much for joining me once again.

**Wes Chan** (3:57)
Oh, it's a pleasure to be here. It's always fun to do this with you.

**Harry Stebbings** (3:59)
Oh, it's so much fun. I enjoyed our dinner in London so much, but I want to start with a little bit on you. So tell me, how did you make your way into the world of venture first, and then how did you come to found FPV most recently?