VC Hans Tung on 'Stop Asian Hate' - Publicizing Personal Experiences

A Venture Capitalist's Perspective on Rising Anti-Asian Sentiment

Hans Tung, a seasoned venture capitalist, possesses a commanding physical presence. His stature may, in fact, offer a degree of protection in increasingly uncertain times.

Historical Context and Personal Experiences

Arriving in the United States, specifically Los Angeles, in 1984 as a first-generation Taiwanese-American, Tung encountered a challenging environment. Just two years prior, Vincent Chin, a Chinese-American draftsman, tragically lost his life in Detroit, a victim of a racially motivated attack. The perpetrators, a Chrysler plant supervisor and his stepson, wrongly believed Chin to be Japanese and acted out of anger towards Japan’s growing automotive industry.

While anti-Asian prejudice appeared to diminish in subsequent years, it never truly disappeared. Tung recounts experiencing taunts and racial slurs throughout his life, in cities like California, Boston, and New York. He attributes a degree of safety to his height – exceeding 6’4” and weighing over 200 pounds – acknowledging the potential for physical harassment.

The Impact of the Coronavirus Pandemic

Tung notes a marked escalation in anti-Asian sentiment following the outbreak of the coronavirus pandemic. Political rhetoric linking the virus to China fueled blame and discrimination against Asian Americans. As a managing director at GGV Capital, a cross-border investment firm, Tung frequently travels to China and anticipated this reaction, recalling similar incidents during the SARS outbreak, though on a smaller scale.

Conversations with friends and family, coupled with disturbing news reports, have led Tung to believe that the current climate is particularly dangerous for Asians in the U.S. He cites instances of elderly individuals being violently attacked in cities like San Francisco, Oakland, and New York, including a widely publicized assault captured on video.

Statistical Evidence of Increased Hate Crimes

Data corroborates Tung’s observations. Analysis from the Center for the Study of Hate and Extremism at California State University, San Bernardino, reveals a concerning trend. While overall hate crime rates decreased from 2019 to 2020, hate crimes targeting Asians surged by nearly 150%. New York City experienced the most dramatic increase, with anti-Asian hate crimes rising from three in 2019 to 28 in 2020 – an 833% increase.

GGV Capital's Response and Community Support

Recognizing the escalating crisis, Tung and his partners at GGV Capital decided to leverage their resources to support the AAPI (Asian American and Pacific Islander) communities. They initiated a campaign to match $100,000 in donations to relevant organizations.

This initiative quickly gained momentum, attracting support from other investors and founders, including Jeremy Liew of Lightspeed Venture Partners and Eric Kim and Chi-Hua Chien of Goodwater Capital, who also pledged to match up to $100,000 in donations.

A Broad Coalition and Significant Fundraising

Within 11 days of launching their campaign, GGV Capital reported that over $5 million in donations had been contributed by more than 175 founders and members of over 30 venture firms. Tung describes this level of collaboration as “rare to see in the VC community.”

Tung highlights that only 15% of partners at U.S. venture firms identify as Asian-Pacific Islanders, according to data from the National Venture Capital Association.

Directing Resources to Impactful Organizations

Acknowledging the ongoing nature of the problem, GGV Capital is actively recommending five organizations dedicated to addressing anti-Asian racism and its consequences. These include Asian Americans Advancing Justice, Red Canary Song, GoFundMe Support the AAPI Community, Stop AAPI Hate, and Compassion in Oakland.

Commitment to Broader Social Justice Initiatives

Tung emphasizes that GGV Capital’s commitment extends beyond the AAPI community. The firm has also been involved in initiatives like AllRaise, which promotes gender equality in investment firms and boardrooms. They also supported the Black Lives Matter movement, donating to organizations such as the NAACP Legal Defense Fund and the Southern Poverty Law Center.

Lessons Learned from Previous Campaigns

Tung draws upon experiences from past campaigns, including one led by investor Ryan Sarver of Redpoint, which provided chef-made meals to hospital staff and frontline workers. These experiences have taught him the importance of taking action when a cause resonates deeply, even if it risks being perceived as self-promotional.

Raising Awareness and Challenging Misclassification

Tung is determined to raise awareness about the issue of anti-Asian hate crimes and advocate for their proper classification. He points out that many incidents are treated as individual acts of aggression rather than hate crimes, which carry more severe penalties.

He acknowledges the personal vulnerability involved in speaking out about his own experiences, but believes it is a necessary step in addressing the problem. “When it comes to Asian hate, it’s such a personal matter,” he concludes.