Founders Fund Wish: Reinventing e-Commerce

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July 15 (Bloomberg) -- Founders Fund Partner Geoff Lewis discusses his tech investment ideas with Emily Chang on “Bloomberg West.” (Source: Bloomberg)

Partner jeff lewis.

You guys are always investing in things that sound crazy, from software for oil rigs to trying to replace bigs in the food chain.

-- beggs in the food chain.

What is your strategy?

To invest in companies that are going to radically change humanity.

The stated mission of spacex is to get humanity to mars.

In some cases, it takes a long time for visions to play out.

Bryan singer is heavily involved in emerald therapeutics to try to build an amazon like service for sciences.

They are trying to reduce the cost of life sciences by an order of magnitude.

Other investments we make are more about making things more affordable for every day people because that is also a really big problem.

What are the companies that are going to radically advance things across a wide range of industries?

It is not always obvious in the beginning how they will invest -- advance things.

I know you have been thinking about how the investment team will change the income gap.

I definitely think one important thing to note is that silicon valley is really out of touch on how bad people in this company -- in this country are actually hurting.

The unemployment rate, if you exclude part-time work, -- if you include part-time work, is close to 50%. children are living in poverty.

Today's applications solve one percent problems.

So you think silicon valley is being unfairly targeted.

I think the dawn of technology being responsible for a loss of jobs is a dominant narrative that is unfair.

It's far more about globalization than technology.

In the long run, there needs to be parity in the job market through new industries.

That takes a long time to play out.

In the short term, yes, people are getting displaced.

Silicon valley is targeted because wealth creation happens so much faster in a way that is so much more dramatic than any other industry.

It's obvious why we are being targeted, and we have done a very bad job of adding forth any kind of compelling narrative on why we shouldn't be.

Obviously, one solution is to work on technologies that will change the status for kids in poverty.

Other people are saying that because wealth is created so dramatically, maybe people should give more, maybe companies should donate a certain percentage of the equity they make.

What do you think about that?


As someone who grew up middle-class, i certainly believe in giving back to one's community.

I think there is a question around how effective many nonprofits are.

It seems like there are very few nonprofit entities that are effective.

I think there are some great efforts here in the bay area.

I think everyone should come up with their own strategy, but i think once more important is for technologists to build technologies that will dramatically reduce cost for folks for things that matter.

Give me an example.

A reason investment we made is in a company called wish.

This is a company that on the surface looks like many companies.

Their vision is to build the world's largest mobile shopping mall.

A few things make it different.

One is that the prices are cheaper than what you can get pretty much everywhere else.

Even on amazon?


That's correct.

If you are someone who lives in a rural area, rather than having to spend money on gas and drive to walmart, you can go online, get close, get things affordably shipped to you.

How does wish afford that?

The argument is that amazon is eating their lunch.

It's through overhead.

With amazon, the product categories are different.

The technology under the hood is very different as well.

Wish is not about the merchant model.

In wishes case, it is all driven by technology and machine learning.

If you go to the market strategy focused purely on service, it is very different from amazon.

What is the latest with left and how concerned are you about it?

I strongly believe that regulation ultimately follows consumer demand.

I think we have seen that play out.

At the end of the day, people need low cost transportation.

People need to get from point a to point to point b really cheaply.

We have only scratched the surface on this and we believe left is really well positioned

This text has been automatically generated. It may not be 100% accurate.


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