Leon Wong, General Partner at Spectrum 28, discusses investor onboarding and career trajectories with host Harry Stebbings.
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“I think the best investors stem from actually being investors. So the earlier in venture that you start investing, the better you're going to be over the long term. So I don't think doing a career, a lifetime career in another field and then switching over as a late stage career change is the common way to go.”
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More from Leon Wong
AssertionSupported
Wong: Post-seed and post-Series A face greatest venture capital shortages
“The demand is totally met by the supply of capital where you see capital gaps are in phases after that, where you have the larger seed seeds that require larger amounts of capital because they're tackling something harder. So in the healthcare space, or you're…”
Leon WongOct 26, 2016▶ 9:5220VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
“So I think having an operational network is key, but not necessarily you have to be the one to have experienced All aspects of operating and you to be imparting the wisdom yourself. I don't think that's the, that in 10 years from now, I don't think that that w…”
Leon WongOct 26, 2016▶ 5:4820VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
Insight
Wong: Late-stage VC returns can match early-stage IRR via faster exits
“So there's no definitive optimal stage because if you're on that efficiency curve and you're investing in the late stage, it's as good as investing in the early stage. Even if your multiple isn't as high as So not in the hundred X, but you're really faster to …”
Leon WongOct 26, 2016▶ 8:2720VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
Insight
Wong: VC firms built on star individuals collapse when key performers leave
“Otherwise, if you have stars, once the stars leave, you don't have something that remains as an organization.”
Leon WongOct 26, 2016▶ 17:3620VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
Insight
Wong: Single-partner credit attribution undermines collaboration in venture firms
“And regardless of who takes that board seat or who ends up being interfaced with the company, we all need to get credit for that. And that's something traditionally very difficult for venture firms to do because all credit just falls to the one person.”
Leon WongOct 26, 2016▶ 19:1820VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
PredictionPartly held up
Wong predicts mass self-driving car proliferation by 2023
“I think seven years. Well, first I like odd numbers. No kidding aside. I think that it is not, it's not a two, three year away problem, but I don't think it's a decade, a long problem, but by mass, I think it could be mass proliferation out of the caveat, like…”
Leon WongOct 26, 2016▶ 20:1020VC: Why You Don't Have To Have Operational Experience To Be A Good VC, Why There Is No Optimal Stage To Invest & Why VCs Should Focus on Reputation Ahead of Cash On Cash Returns with Lyon Wong, General Partner @ Spectrum 28
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