Unsexy Startups, Consumer Trends, and Investing Slightly Early with Han Shen
- Joe Magyer
- May 12
- 2 min read
Han Shen is the Founding Partner of iFly.vc. iFly is an early-stage firm with a non-consensus, high-conviction approach to investing. Han himself is a very successful investor but also matches that success with equal levels of modesty and empathy. We talked about investing in non-consensus startups in an industry that is very consensus-driven, the vibe shift, investing with conviction, and how Han was turned down by hundreds of investors for his first fund and still lived to tell the tale. Please enjoy.
The episode is now available on Apple Podcasts, Spotify, Amazon, and YouTube Music.
Chapters
01:17 The Concept of Non-Consensus Investing
06:49 Consumer Trends and Market Insights
12:08 Tech Enablement in Consumer Innovation
17:14 Navigating the Investment Landscape
20:21 Political Vibe Shift and Its Impact
26:36 The Journey of Concentrated Investing
32:38 Fundraising Challenges and Lessons Learned
Unsexy Startups, Consumer Trends, and Concentrated Venture Capital
Han Shen and Joe Magyer also discuss:
Why consumer behavior shifts—like generational change and cultural crossover—drive opportunity
How seemingly “boring” sectors can be fertile ground for tech-enabled value creation
The real reason iFLY avoids buzzy, overfunded categories
Why being “slightly early” is a deliberate and repeatable edge
Lessons from getting turned down hundreds of times while raising Fund I
The difference between founder pedigree and founder adaptability
How Han thinks about DEI, political polarization, and relationship-building in today’s venture world
The content here is for informational purposes only and should not be construed as investment, legal or tax advice. The opinions expressed by guests are their own and do not reflect the views of Seaplane Ventures. Our host, guests and clients may hold investments discussed in this podcast. Please invest responsibly.
