Jeff Wang

And so performance was good. It was not great. And so there's this crucible moment in 2016 where Sequoia decided to part ways with the original PM and actually consider shutting down the business entirely. So as the senior most partner remaining on the team, I was asked to come up with a business plan and convince the broader partnership why version two would be better.

And so performance was good. It was not great. And so there's this crucible moment in 2016 where Sequoia decided to part ways with the original PM and actually consider shutting down the business entirely. So as the senior most partner remaining on the team, I was asked to come up with a business plan and convince the broader partnership why version two would be better.

And for us, it was an incredibly unifying moment because we were really fighting for our survival, right? The team actually, we actually all left the office. We rented some coworking space down at the Hana House in downtown Palo Alto, just to get some space and clarity for clarity of thinking. And ultimately the prescription, the strategy was pretty simple.

And for us, it was an incredibly unifying moment because we were really fighting for our survival, right? The team actually, we actually all left the office. We rented some coworking space down at the Hana House in downtown Palo Alto, just to get some space and clarity for clarity of thinking. And ultimately the prescription, the strategy was pretty simple.

And for us, it was an incredibly unifying moment because we were really fighting for our survival, right? The team actually, we actually all left the office. We rented some coworking space down at the Hana House in downtown Palo Alto, just to get some space and clarity for clarity of thinking. And ultimately the prescription, the strategy was pretty simple.

It was just simply focus on the areas where we have an advantage. That is investing in growth tech with a meaningful thematic overlap with broader Sequoia and co-investing alongside in late stage privates. So gone were the days of investing in lodging companies, port infrastructure. We even invested in an airline miles program. Yeah. And so we were just focused on the Sequoia sweet spot.

It was just simply focus on the areas where we have an advantage. That is investing in growth tech with a meaningful thematic overlap with broader Sequoia and co-investing alongside in late stage privates. So gone were the days of investing in lodging companies, port infrastructure. We even invested in an airline miles program. Yeah. And so we were just focused on the Sequoia sweet spot.

It was just simply focus on the areas where we have an advantage. That is investing in growth tech with a meaningful thematic overlap with broader Sequoia and co-investing alongside in late stage privates. So gone were the days of investing in lodging companies, port infrastructure. We even invested in an airline miles program. Yeah. And so we were just focused on the Sequoia sweet spot.

And when you look at the pro forma analysis of those returns, it was actually very strong if we just removed all the non-tech areas. And so what we did, we pulled together a 50-page PowerPoint strategy presentation, and I had to sit down in front of the partnership in the Menlo Park office in the main Ford conference room in the hot seat for founders and present to the partnership.

And when you look at the pro forma analysis of those returns, it was actually very strong if we just removed all the non-tech areas. And so what we did, we pulled together a 50-page PowerPoint strategy presentation, and I had to sit down in front of the partnership in the Menlo Park office in the main Ford conference room in the hot seat for founders and present to the partnership.

And when you look at the pro forma analysis of those returns, it was actually very strong if we just removed all the non-tech areas. And so what we did, we pulled together a 50-page PowerPoint strategy presentation, and I had to sit down in front of the partnership in the Menlo Park office in the main Ford conference room in the hot seat for founders and present to the partnership.

I was terrified. I was terrified. And I didn't really know if it would really work. I give Mike Moritz all the credit for this. The way he suggested framing it was, yes, this is a leap of faith to invest behind this team and this strategy now.

I was terrified. I was terrified. And I didn't really know if it would really work. I give Mike Moritz all the credit for this. The way he suggested framing it was, yes, this is a leap of faith to invest behind this team and this strategy now.

I was terrified. I was terrified. And I didn't really know if it would really work. I give Mike Moritz all the credit for this. The way he suggested framing it was, yes, this is a leap of faith to invest behind this team and this strategy now.

But it is way less of a leap of faith than back in 2009 when we didn't have a team, we didn't have any capital or LPs, no back office function, no clarity on whether we would have any ecosystem advantages in the public markets. And now we have all these things and we have a team that's bonded together that believes in it.

But it is way less of a leap of faith than back in 2009 when we didn't have a team, we didn't have any capital or LPs, no back office function, no clarity on whether we would have any ecosystem advantages in the public markets. And now we have all these things and we have a team that's bonded together that believes in it.

But it is way less of a leap of faith than back in 2009 when we didn't have a team, we didn't have any capital or LPs, no back office function, no clarity on whether we would have any ecosystem advantages in the public markets. And now we have all these things and we have a team that's bonded together that believes in it.

I think the public markets, especially when you're trading actively like we do, is actually a very different discipline from a continuation fund. So in a continuation fund, what you're typically doing is saying, this company that I've known for a long time, do I sell it or distribute the shares over time? And I think that most venture funds can be very good at that. What we do is different.

I think the public markets, especially when you're trading actively like we do, is actually a very different discipline from a continuation fund. So in a continuation fund, what you're typically doing is saying, this company that I've known for a long time, do I sell it or distribute the shares over time? And I think that most venture funds can be very good at that. What we do is different.

I think the public markets, especially when you're trading actively like we do, is actually a very different discipline from a continuation fund. So in a continuation fund, what you're typically doing is saying, this company that I've known for a long time, do I sell it or distribute the shares over time? And I think that most venture funds can be very good at that. What we do is different.