Venture capitalist Harry Stebbings, founder of the prominent 20VC fund and podcast, recently articulated a core tenet of his investment philosophy via social media, emphasizing the paramount importance of founders over specific market sectors in early-stage investing. Stebbings, a recognized figure in the venture capital landscape, asserted that investors who dismiss founders based solely on their industry "don't get this business." This perspective underscores a belief that adaptability and human capital are more enduring than fleeting market trends.
In his tweet, Stebbings stated, > "Any pre-seed or seed investor that turns down the chance to meet a founder cos they don’t like 'the space' they are in; doesn’t get this business. Markets change, products change, people remain. At this stage, the only thing that matters is people. 100%." This highlights his conviction that at the nascent stages of a company, the resilience, vision, and capability of the founding team are the ultimate determinants of success, far outweighing the current attractiveness of a particular market.
Stebbings, who rose to prominence through his widely acclaimed "The Twenty Minute VC" podcast, has translated this founder-centric philosophy into the operational strategy of his fund, 20VC. The firm recently closed its third fund, totaling $400 million, with $125 million allocated for seed investments and $275 million for Series A tech company investments. This significant capital base allows 20VC to back founders with substantial resources, aligning with Stebbings' commitment to supporting entrepreneurial talent.
The 20VC fund operates with no specific sector focus, a direct reflection of Stebbings' belief that "the space" is secondary to the "people." This approach is particularly relevant in the dynamic pre-seed and seed stages, where business models and market conditions can evolve rapidly. Stebbings is known for his "founder-friendly" reputation, often prioritizing the human motivation behind a venture over immediate unit economics, a strategy that has made 20VC a preferred partner for many emerging startups.
This investment thesis suggests that while markets and products are transient, the core human element—the founders—provides the stability and adaptability necessary for long-term growth and pivots. By focusing on the strength and character of founders, 20VC aims to build a portfolio of resilient companies capable of navigating changing landscapes. This strategy positions 20VC to identify and nurture promising ventures based on their leadership, rather than being confined by current industry fads.