The Thrill of Finding the Next Big Thing
Lessons in Spotting Potential Before the World Catches On
During my younger days in New York City, I loved exploring the vibrant music scene—attending iconic shows for bands like Nine Inch Nails and U2 while discovering up-and-coming acts in intimate venues.
I’ll never forget seeing Coldplay perform at Irving Plaza, just steps away from my old apartment in Union Square. At the time, the band was virtually unknown in the U.S., playing to a crowd of fewer than 500 people. But that night, you could feel something special—a shared moment we could all look back on, knowing we had witnessed something extraordinary.
Investing, for me, carries that same thrill—the joy of identifying something extraordinary, whether it’s a band on the brink of fame or a company poised to transform its industry.
My first early experience in investing came when my aunt showed me how to look up companies’ stock prices at the age of 12. From that point on, I was hooked—fascinated by the idea of discovering hidden potential and watching it grow.
Public Market: The Early Aha Moments
In my sophomore year of college, I opened my first brokerage account and started investing. Investing felt like discovering bands before they hit the mainstream—a mix of curiosity, intuition, and excitement.
Inspired by Peter Lynch’s “buy what you know” philosophy, my first aha moment came with Apple. As an early adopter of the iPod, I could see its transformative potential to reshape digital music. That insight led me to invest, long before Apple became the tech juggernaut it is today.
Chipotle was another early win. My first visit to its restaurant in the Financial District of Lower Manhattan was purely by chance, but I quickly saw how fast-casual dining could disrupt traditional restaurants. Backed by financial insights from my Motley Fool subscription, I recognized the strength of their unit economics and scalable model just before their IPO.
Tesla’s Model S launch was a pivotal moment. It wasn’t just an EV—it was, in my view at the time, the first electric car that could genuinely compete with luxury incumbents. My high-conviction, concentrated investments followed after a deep dive into Elon Musk’s Master Plan, an influential post by Wait But Why, and my in-depth financial analysis.
Nvidia’s early GPU innovations gave me another glimpse into the future. Recognizing the immense potential for AI applications and Jensen Huang’s long-term vision for the company solidified my belief in Nvidia’s trajectory.
Each of these investments wasn’t just about financial returns—it was about understanding innovation and identifying transformative potential before the world caught on.
Of course, not every investment worked out as planned. There were moments when I mistimed a macro trend or was too slow to adapt to a changing investment thesis, but these experiences sharpened my ability to assess long-term potential and adapt more effectively.
Transitioning to Private Markets: Backing the Jockey
As my journey took me into the tech industry, with roles ranging from startup founder to product manager at early-stage companies, I came to a key realization: the success of a startup is more about the people behind it than the product itself. This shift in perspective became even more apparent as I moved my investment focus from public companies to early-stage startups. Backing visionary founders often matters more than betting on the idea or product alone.
Take H3X, my first direct deal. While I worked closely with a former Tesla engineer to assess the electric motor startup’s technology, my ultimate conviction came from the founding team—a small group of raw talent with the right mix of experience, adaptability, and execution-driven mindset.
Similarly, investing in Auriga Space was a challenging decision. The high-risk, nonconsensus nature of a space launch company meant leaning heavily on subject matter experts, including PhDs, to validate the technical feasibility and market opportunity.
Unlike public markets, where data and financials are readily available, early-stage investing requires a different approach: deep collaboration, trust, and a 360-degree view of both the founder and the opportunity.
In private markets, the stakes are higher, and not every bet pays off. Of course, not every early discovery was a winner—but that’s a story for another time. Each experience taught me valuable lessons that now guide PaperJet’s approach to identifying and supporting transformative founders.
These lessons—combined with my firsthand experience as a founder and operator—shaped how I evaluate founders, assess customer validation, and collaborate with experts. Early-stage investing requires a level of trust and partnership that is unlike anything I’ve encountered in the public markets.
Building PaperJet: Scaling the ‘Aha Moments’
The joy of discovery—the thrill of finding the next transformative opportunity—is what inspired me to start PaperJet Ventures. My aha moments in public markets laid the groundwork for spotting transformative opportunities in private markets, where the focus shifted from great ideas to great founders.
At PaperJet, our mission is informed not just by success stories but also by the lessons learned from challenges. These insights help us prioritize visionary founders, strategic timing, and strong execution—ensuring that every aha moment is rooted in a deeper understanding of what it takes to build transformative companies.
This realization became the foundation for PaperJet's mission: to consistently back visionary founders building transformative companies.
We believe visionary founders are the key to unlocking transformative impact. That’s why we prioritize founder-first support—whether through strategic partnerships, technical expertise, or placing advisors to guide startups in critical areas like customer validation and navigating complex industries.
PaperJet bridges the gap between research labs and commercialization, uncovering non-consensus opportunities in Deep Tech and AI. We partner with top schools and accelerators to develop a robust talent pipeline, tapping into innovation ecosystems at places like MIT, Stanford, and Berkeley. Through platforms like Substack, we share transparent and actionable investment theses on emerging sectors, such as In-Space Manufacturing and Robotics, showcasing PaperJet’s approach and building trust within the Deep Tech community.
By maintaining an active presence in the tech ecosystem, we’ve developed a strong framework to identify founders who align with our vision. For example, we look for founders who exhibit an obsession with the problem space, deep hardware expertise, and a willingness to master AI. These qualities, combined with execution ability, create the foundation for success in the most ambitious markets.
PaperJet is more than an investment firm—it’s my attempt to scale the magic of those early discovery moments into a platform that empowers both founders and investors to shape a transformative future. As PaperJet evolves, I’m constantly learning from the founders we back and the ecosystems we engage with, refining our approach to create an even greater impact.
Closing: The Love of Discovery
Much like discovering Coldplay in a small venue, early-stage investing is about spotting greatness before it becomes obvious. It’s the thrill of uncovering something extraordinary—whether in a concert hall or a pitch meeting—that never gets old.
Every discovery—whether a breakthrough or a setback—refines the systems we’re building at PaperJet to uncover the extraordinary and consistently back the next wave of visionary founders. The lessons learned along the way refine not just my process, but the systems we’re building at PaperJet to consistently back the next wave of visionary founders. It’s a process rooted in curiosity and conviction—working alongside experts, founders, and networks to uncover potential that others might overlook.
What drives me isn’t just the discovery itself but the opportunity to help visionary founders turn bold ideas into reality. Recognizing transformative potential is only the first step; the real work begins in building the support system they need to thrive.
This philosophy is at the heart of PaperJet's mission:
At PaperJet, we combine a deep technical network with a founder-first approach, helping turn bold ideas into transformative realities. By prioritizing founder-first support—strategic partnerships, technical expertise, and impactful advisory networks—we unlock visionary founders' potential to create lasting change.
If you’ve ever experienced that ‘aha moment’—whether in business, art, or life—you know its power to inspire and transform. At PaperJet, we’re building a platform to bring those moments to life. Let’s connect, collaborate, and shape the future together—one idea, one founder, one transformative journey at a time.
Best,
Chris Kong
Founder & GP, PaperJet Ventures
P.S. A heartfelt thank-you to my friend Jen Liao for her invaluable feedback, thoughtful tips, and unwavering support in shaping this piece.