Enterprenuer
Patrick Chung is the managing general partner at Xfund. This early-stage venture capital fund backs lateral thinkers.
In 2012, the firm was formed as a partnership between top universities in the United States and venture capital companies.
Xfund‘s latest oversubscribed fund, Xfund3, was closed in September 2020 at $120 million.
Patrick was a partner in NEA before X fund. He was responsible for the firm’s seed and consumer investment strategies.
He was previously employed at ZEFER, an Internet services company.
His contributions to the Company’s growth to over $100 million in annual revenue and 700 employees across six offices worldwide helped increase the number to 700.
McKinsey & Company was where he started his career.
Patrick is also a director at 23andMe (NASDAQ: ME) and Philo.
He has made investments in dozens of successful startups which are either acquired or received funding.
- Halo Neuro
- GuideLine
- IFTTT
- Landit
- Nebula Genomics
- NewtonX
- Rock Health
- ThirdLove
- Segment
- Kensho,
- Plaid
- Pulse
- GoodGuide
- Ravel Law
- Xfire
- Xoom
Patrick was awarded a JD-MBA joint degree from Harvard Business School (Harvard Law School).
He was an Oxford University Commonwealth Scholar, where he received a master’s degree in science.
Patrick received his bachelor’s degree in environmental science from Harvard College.
He is a member of both the Massachusetts and New York bars.
He was also elected director of the Harvard Alumni Association and the Committee to Visit Harvard College.
He is also an associate of The University of Toronto’s Creative Destruction Lab.
What is the story of Xfund?
I headed the seed and consumer investment practices at NEA for many years.
I had the opportunity to meet many young entrepreneurs while I was there.
It is well-known that many of the most successful founders are students, both undergraduate and graduate students, who started their businesses straight out of university.
Some of them hadn’t even graduated. My experience working with these founders led to the idea for the X fund.
How do you stay productive?
There is no typical day for me. Each day is different.
It could include meeting founders, learning about their businesses, attending college campuses, and managing the firm’s day-to-day operations.
We spend most of our time helping current portfolio companies by solving problems, discussing strategies, and making connections. Each day is different and fulfilling.
How do you bring ideas to life?
Our founders are the ones who bring ideas to reality. We don’t get their ideas to life.
It’s an honor to work with them. Although we think of ourselves as supporters and cheerleaders, we don’t get the pictures to life.
Our incredible founders do.
What’s your favorite trend?
Although there is a lot of concern about artificial intelligence (AI), one trend that I like is AI making people almost human.
AI can help us see more, do more, and comprehend more.
Sirona is a portfolio company that employs computer vision and AI to diagnose illness from MRIs, X-rays, and other imaging.
Radiologists can use the technology to diagnose more accurately, detect problems sooner than the naked eye, and compare one case to millions of others.
This results in radically improved treatment.
What habits make you productive?
It’s not about thinking of work as work. It doesn’t feel like work because I feel so excited about my job.
You don’t view work as work if you have fun, don’t get burnt out as often, and do a better job.
What’s your advice for the Noob?
I was told to do what I love and ignore the practical considerations.
It was a mistake and a foolish idea at first. It’s true, but I realize how true it is as I age.
This advice is also used to inform Xfund’s thesis.
We support “lateral thinkers,” founders with diverse backgrounds and who think across disciplines.
This includes not only engineers but also technologists.
What is one thing we can all agree on?
I believe all human and non-human life forms are equal in a philosophical sense.
All living beings have the same ultimate worth.
What do you recommend as an entrepreneur?
Get to know other founders. It can be lonely to start a business, especially if you’re the CEO and founder.
Being surrounded by people who have been through the same experiences will make you more resilient, stable, and ultimately more successful as an entrepreneur.
What’s your rich strategy?
Our business is no secret. It takes hard work, enthusiasm, and a lot of luck to make it work.
Our ultimate strategy is to generate outstanding returns for limited partners.
How do you overcome Failure?
It is not a good idea to be aligned with your teammates.
You’ll be rowing in the opposite direction if you don’t align with your teammates.
Once you have identified any potential misalignments, a functional team can work together to fix them and get on track.
Can you share a business idea?
Airbnb is an excellent option for storage and parking.
This service would allow people to rent their basement or driveway to others looking for somewhere to store their cars or other items.
High-end wedding cake bakeries would be a good choice, especially in large cities.
It isn’t easy to book a high-end wedding cake in New York.
Although this was true before the pandemic, it is now more so.
There are 52 weekends in a year, and the cakes must be baked right before the wedding. This creates a time-space crunch.
What’s your recent best buy?
Donate to the National Center for Lesbian Rights.
This national LGBTQ legal organization has won many cases at the Supreme Court.
It is a well-run organization, better than any other non-profit I have worked with.
What are your favorite Softwares or Apps?
A zoom is a great tool, but I don’t intend to use it again in my entire life.
Which book would you recommend?
The Hard Truth About Hard Things: Building A Business When There Aren’t Easy Answers was a book I loved.
It is filled with so many valuable lessons and experiences that the reader can easily understand the book’s meaning.
What’s your favorite quote?
The Boston Public Library’s inscription: “The Commonwealth requires that the people be educated as a safeguard of order, liberty and security” is a beautiful reminder.
TL;DR by Patrick Chung
You will be more successful if you do what you believe you are good at.
It can be lonely to start a business. To create a network of support and learning from other founders, reach out to them.
Find work that isn’t like work.
