Spotting Unicorns: The Journey of Wesley Chan
Wesley Chan, the co-founder and managing partner of FPV Ventures, is renowned for his ability to identify and invest in successful startups. With over 20 unicorns in his portfolio, including Canva, Robinhood, and Plaid, Chan has made a significant impact on the venture capital industry. But behind his success lies a personal journey that has shaped his investment approach.
Chan’s story began with his family’s migration from Hong Kong to the United States in the 1970s. Coming from a background of limited financial means, Chan witnessed his parents’ determination and resilience as they built a new life in a foreign country. Growing up in an immigrant family taught him the value of adaptability and the ability to recognize nuances in people and situations.
In his role as a venture capitalist, Chan acknowledges the importance of understanding different backgrounds and perspectives. He recognizes that being judged quickly in the business world requires him to be a chameleon, adapting to various expectations and signaling trustworthiness to his investors.
Despite facing numerous challenges, including his parents’ separation and financial responsibilities, Chan managed to excel academically. Working multiple jobs in high school, including a dishwashing job at CalTech, he demonstrated his work ethic and determination. His dedication caught the attention of gene biologist Ellen Rothenberg, who saw potential in him and offered him a chance to work at her lab. Through this opportunity, Chan gained valuable research experience and contributed to groundbreaking stem cell research.
Rothenberg’s encouragement and belief in Chan’s abilities paved the way for his admission to MIT, despite his less-than-stellar grades. This experience taught him the significance of taking chances on individuals who work hard and have a desire to learn. It also highlighted the impact that mentorship and support can have on someone’s trajectory.
As a venture capitalist, Chan values grit and hard work over traditional markers of success. Growing up in a non-traditional background, he understands the determination and resilience that many founders possess. He seeks out individuals who have faced adversity and overcome obstacles, recognizing their potential for success.
Chan’s journey also involved leaving his family behind to attend MIT, where he worked multiple jobs to support himself. This experience taught him the importance of independence and self-reliance, qualities that have shaped his career as a venture capitalist. He learned to embrace loneliness and be comfortable with standing apart from the crowd, a characteristic that has helped him navigate the challenges of the industry.
After graduation, Chan landed a job at HP Labs but eventually found his way to Google during the dot-com crash. His 15-year career at Google, including working on projects such as Google Chrome and Google Ventures, further honed his skills and provided him with invaluable experiences. His time at Google taught him the importance of building products that founders truly want and the value of experimentation and innovation.
Chan’s journey in venture capital has not been without its challenges. As a gay Asian man in the tech industry, he faced obstacles in a field dominated by senior white men. However, he has persevered and made a name for himself by forging his own path. Recognizing the lack of representation and support for LGBTQ+ individuals in venture capital, Chan co-founded FPV Ventures with Pegah Ebrahimi to provide a platform for underrepresented founders.
FPV Ventures aims to invest in founders who are underrepresented minorities or women and who prioritize making a positive impact. Chan and Ebrahimi understand the unique challenges these founders face and strive to create a supportive and inclusive environment.
In conclusion, Wesley Chan’s journey from an immigrant family to a successful venture capitalist showcases the importance of resilience, adaptability, and mentorship. His personal experiences have shaped his investment approach, focusing on founders with grit and a drive to succeed. Through FPV Ventures, Chan and Ebrahimi are working to create a more diverse and inclusive venture capital landscape, recognizing the value of underrepresented voices in shaping the future of entrepreneurship.
