A Conversation with Jess Lee — partner at Sequoia Capital and former Co-Founder and CEO of Polyvore
Highlights from the AMA with Jess Lee on Elpha
Jess Lee is a partner at Sequoia Capital and co-founder of All Raise, a non-profit dedicated to diversity in tech. Previous to joining Sequoia, she was co-founder and CEO of Polyvore. She has also worked as a product manage at Google working on Google Maps.
These are the highlights of her AMA on Elpha, where women in tech talk candidly online. You can check out the entirety of the conversation on Elpha.
Q: How did you decide to start Polyvore? How did you acquire your first users?
Jess: I was actually an early user of Polyvore who wrote in to complain and got hired as the first PM. I was retroactively made a cofounder by the other founders, who are 3 extremely generous dudes who felt I deserved it based on my contributions. Will always be incredibly grateful that they took care of me.
We grew Polyvore in the early days by posting a lot on another fashion forum. Then we delighted that early seed of a community with features they asked for. Then we made it really easy to share their content on blogs, Facebook, Twitter, Pinterest, Tumblr, back when it was easier to growth hack those platforms. But it was always about delighting the community so they’d want to tell their friends.
But it was always about delighting the community so they’d want to tell their friends. — Jess Lee
Q: What one piece of advice did you receive that helped you in your first company? What is one piece of advice you wish you had received?
Jess: [Received] Do a few things well. Focus on what actually matters. [Wished to receive] Stop stressing over every little thing. Surround yourself with other founders who can help you. Community is really important.
Q: How did you decide to move into VC after Polyvore? Did you consider starting another company?
Jess: The 3 things I consider for every career move are: 1) Do I like the people/culture? 2) Will I learn something new? 3) Can I make an impact?
I did consider starting another company and got down the path of building a social/dating app. However, I ultimately chose to go Sequoia because I loved the team/culture, I knew I’d learn a ton, and I thought I’d make a bigger dent in the universe by helping the next generation of founders and moving the needle for women in tech than I would by starting a company.
Q: What is the biggest challenge you’ve faced since joining Sequoia Capital?
Jess: Managing my own psychology. The long feedback loop (you don’t know if you’re a good investor for 7–10 years) and lack of control (I am not CEO of the companies I work with) is tough. Luckily I’m surrounded by a world class team of smart, talented, nice people (my partners at Sequoia) who’ve been through that cycle too and are very supportive.
Q: As an investor, what is your perspective of a start up with co-CEOs?
Jess: I think it is very rare for it to work out. You need to be truly mind-melded, divide responsibilities clearly, and resolve your strategic differences in a way that’s not confusing to your team. What happens when you don’t agree? When I see that situation, I start out default skeptical. I’m sure it’s possible for it to work out but it requires a very special pair.
Q: How do you suggest a startup raise funds without paying customer #1 or a live product?
Jess: The less evidence/proof you have, the more of a killer story you need to have. The story can either be the story of your market/product or of you. Make sure both really knock it out of the park.
Why are you the right founder for this space? What’s your unique story or insight that will make you The One to solve this problem? Why is this market huge and this problem important to solve? Why have others failed? Why now? What is so special about your idea/solution?
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