Trim hard fat (which does not melt during the cooking process) and silver skin (white and silvery looking) from beef and cut into 1-1 1/2" cubes. It takes about 5 minutes, but don't skip this step.It is totally worth it!
Combine flour, paprika, pepper and salt in a large 1gallon resealable bag. Seal and shake to combine. Add beef and shake until well coated.
Place olive oil and butter in the bottom of Instant Pot and set to SAUTE.
Once butter is melted, remove beef from flour and shake gently to remove loose flour.
Place coated beef pieces in the bottom of the pot. Don’t crowd the pot, cook in batches, approximately ⅓ of the beef in each batch. Turn the pieces until all sides are browned, approximately 2-3 minutes per side, and set each cooked batch aside.
Meanwhile, prepare shallots,garlic, potatoes, and carrots. Shallot should be diced and garlic minced. Potatoes and carrots should be cut into bite-size pieces. Set aside.
Once all beef is browned, add shallots and garlic to the Instant Pot. Cook until translucent, about 3 minutes.
Add wine and deglaze pot by scraping up the browned bits at the bottom of the pot, cooking for 2 minutes. After 2 minutes hit CANCEL to turn off SAUTE.
Add beef stock, Worcestershire, and Italian seasoning. Stir to combine.
Return the beef to the pot along with the potatoes and carrots. If there is not enough liquid to cover the beef and vegetables add just enough beef broth or water to cover them.
Place Instant Pot lid on and lock in place, seal pressure valve, and set to cook on HIGH for 30 minutes. When it is done cooking do a natural release for 10 minutes before releasing the pressure and opening the pot.
If necessary, add additional salt to taste (mine was perfect).