The National Venture Capital Association (NVCA), the leading voice of the U.S. venture capital industry, regularly hosts its "Meet a VC" series, offering an intimate look into the minds and methodologies of key figures shaping the future of innovation. This month, the series spotlights Will Borthwick, a distinguished General Partner at BOLD Capital Partners. BOLD Capital is renowned for its strategic investments in founders who are at the forefront of developing "exponential technologies" – innovations designed not merely to improve, but to fundamentally advance human capability and societal progress. Borthwick’s insights provide a compelling narrative on the evolution of venture capital, the inherent challenges of deep tech investment, and an unwavering optimism for humanity’s technological trajectory.
From Federal Reserve to the Vanguard of Exponential Tech Investing
Will Borthwick’s career path to the cutting edge of venture capital is as unconventional as the technologies BOLD Capital champions. His journey traversed a diverse landscape, beginning with a formative period at the Federal Reserve, an institution synonymous with macroeconomic stability and intricate financial regulation. This initial exposure provided a rigorous grounding in systemic analysis and the complex interplay of financial markets, skills that would later prove invaluable in evaluating disruptive technologies. Following his tenure at the Fed, Borthwick transitioned into investment banking, where he honed his financial acumen and deal-making prowess. He then moved into private equity, engaging in the buyouts of large technology companies, a sector that demanded deep operational understanding and strategic restructuring capabilities. These experiences, particularly in private equity, offered him a comprehensive view of company lifecycle management, from growth to mature enterprise.
Approximately eight and a half years ago, Borthwick made the pivotal shift to BOLD Capital Partners. This move was driven by a powerful confluence of factors: the opportunity to collaborate with a team composed of seasoned entrepreneurs and investors, and a profound alignment with the firm’s distinctive investment thesis. BOLD Capital’s philosophy is anchored in the concept of "exponential technologies" – a term that transcends linear progression, referring to innovations whose capabilities and impact grow at an accelerating, often compounding, rate. Unlike incremental improvements, exponential technologies make what was previously deemed infeasible suddenly achievable within a short timeframe, typically 18 to 24 months, echoing the spirit of Moore’s Law, which originally described the exponential growth in the number of transistors on an integrated circuit. For Borthwick and BOLD, the critical question becomes: how can this rapid shift in feasibility be harnessed to address truly significant and impactful global challenges? The ultimate ambition is encapsulated in the profound query: "How do you fundamentally move the needle to make humanity better?"
BOLD Capital’s Visionary Portfolio
The investment portfolio curated by BOLD Capital Partners stands as a testament to this ambitious vision. It is characterized by ventures pushing the boundaries of scientific and technological possibility, often venturing into domains previously confined to science fiction. Examples include companies developing stratospheric drones, which promise new frontiers in communication, surveillance, and environmental monitoring by operating in the near-space environment for extended durations. Investments in de-extinction initiatives, such as those aiming to bring back species like the woolly mammoth, highlight a bold commitment to ecological restoration and genetic engineering, leveraging advanced biotechnologies like CRISPR. The firm also backs companies pioneering humanoids, reflecting a belief in the transformative potential of advanced robotics and artificial intelligence to augment human labor and interaction. Furthermore, BOLD actively supports firms innovating in AI-enabled hardware, recognizing that the true power of artificial intelligence is unlocked when seamlessly integrated into physical systems, enabling intelligent machines to interact with the real world in unprecedented ways. These investments are not merely speculative; they represent a strategic allocation of capital towards foundational technologies poised to redefine industries and human existence.
The Rigorous Reality of Entrepreneurship and Investing
Reflecting on his journey, Borthwick candidly admits that early in his career, observing the meteoric rise of companies like Facebook and Snapchat from nascent startups to multi-billion-dollar valuations, he might have underestimated the sheer difficulty involved. The perception of effortless scaling from a dorm room to global dominance often belies the immense challenges, relentless effort, and myriad setbacks inherent in building a successful enterprise. "It turns out it’s incredibly hard. It’s even harder to build a generational company," Borthwick states. This perspective is supported by empirical data; statistics consistently show that a significant percentage of startups fail within their first few years, underscoring the formidable odds faced by entrepreneurs. Beyond the monumental task of company building, Borthwick also emphasizes the parallel difficulty for investors: "But it’s also very hard to invest, support, and find the entrepreneurs capable of doing it." This highlights the rigorous due diligence, strategic foresight, and sustained commitment required from venture capitalists to identify and nurture companies with the potential for exponential growth and lasting impact.
The Transformative Scale of Venture Capital
Another profound shift Borthwick has witnessed throughout his career is the dramatic escalation of capital flowing into the venture capital industry. He recalls a time when VC was perceived as a "small, cottage, bespoke, artisanal industry." In those days, a Series A funding round of $15-20 million was considered substantial, often signaling significant progress and market validation for a startup. Today, the landscape is radically different. Conversations routinely involve Series A rounds reaching $150 million, and even larger sums, reflecting a fundamental re-evaluation of early-stage financing.
This exponential growth in venture capital deployment is not accidental. It is the result of several intertwined trends: the increasing institutionalization of VC as an asset class, with pension funds, endowments, and sovereign wealth funds allocating larger portions of their portfolios to private markets; the rise of mega-funds capable of deploying unprecedented amounts of capital across multiple stages; and a globalized tech ecosystem that fosters rapid scaling and demands significant financial backing to capture market share. According to PitchBook-NVCA Venture Monitor reports, total venture capital invested in U.S. startups has surged dramatically over the past decade, frequently exceeding hundreds of billions of dollars annually, a stark contrast to the pre-2010 era. This influx of capital has profound implications, offering founders longer runways, greater resources for talent acquisition and market penetration, but also intensifying competition among both startups and investors.
Beyond the Check: The True Meaning of VC Support
For Borthwick, the role of a venture capitalist extends far beyond merely writing a check. He emphatically asserts that venture capital is not a "fancier broker-dealer collecting a fee on the wire." Instead, the true value and commitment of a VC are demonstrated in "what happens after" the investment is made. He characterizes the relationship between BOLD Capital and its portfolio companies as a profound partnership: "When we invest into a company, it’s truly a marriage – not a date or a fling. We get in the bunker with you through thick or thin."
This philosophy underscores a critical aspect of modern venture capital: the shift towards a "value-add" model. Founders, particularly those building complex exponential technologies, face immense pressure and isolation. "Being a founder is one of the loneliest jobs there is. The buck stops with the CEO," Borthwick observes. In this demanding environment, the VC’s role transforms into that of an indispensable partner and confidant. This means showing up consistently for a wide array of support functions: offering strategic advice, facilitating crucial introductions to potential customers, partners, or executive talent, and engaging in personal calls that address the psychological and emotional tolls of entrepreneurship as much as the professional challenges. "Whether it’s a shoulder to cry on or a person to scream at, that’s an important part of the role," Borthwick explains, highlighting the deeply human element of the VC-founder relationship. He views VCs at BOLD as more than just capital allocators; they are "operator-investors," drawing on their own entrepreneurial and operational experiences to provide hands-on, empathetic guidance. This active involvement, often akin to a board member or strategic advisor, differentiates truly supportive VCs from passive financial backers.
Dispelling Misconceptions: The Realities of Innovation
Will Borthwick identifies two critical areas where public perception, particularly among policymakers and observers, often diverges significantly from reality. The first concerns founders themselves. There’s a prevailing stereotype that entrepreneurs are driven solely by financial gain, but Borthwick argues this misses the deeper motivation. "They start companies to change the world in an impactful way. It comes from a place of good." He emphasizes the extraordinary difficulty of building a company and the often-unnecessary roadblocks – be they regulatory hurdles, market frictions, or systemic inefficiencies – that founders encounter. Technology, he posits, is the primary engine that has propelled humanity forward, from the industrial revolution to the digital age, and entrepreneurial spirit is the indispensable force that drives its creation and deployment.
The second misconception Borthwick aims to correct is about venture capitalists. The popular "cartoon version" of a VC – someone who conducts five-minute meetings, writes large checks indiscriminately, and then walks away – bears little resemblance to the dedicated professionals he works alongside. He reiterates his earlier point: "We are capital allocators and investors, but in a lot of ways we’re entrepreneurs ourselves. I’d view it almost as an operator-investor, rather than a passive investor." This perspective challenges the superficial portrayal, revealing a demanding profession that involves extensive due diligence, strategic planning, active portfolio management, and a long-term commitment to fostering innovation. The day-to-day work of a VC involves meticulous research, networking, deep engagement with portfolio companies, and often, the difficult decision-making processes inherent in nurturing high-risk, high-reward ventures.
An Enduring Optimism for Human Potential
Despite the global uncertainties that dominate headlines and the amplified anxieties of our information age, Will Borthwick maintains a profound sense of optimism regarding humanity’s underlying trajectory. He frames this optimism around a compelling historical arc: the continuous "democratization of capability." He points to a progression that illustrates this trend vividly: two decades ago, building significant digital infrastructure required owning and managing physical server racks – a capital-intensive and technically demanding undertaking. This evolved into cloud computing on demand, dramatically lowering the barrier to entry for startups and innovators by providing scalable infrastructure as a service. Today, Borthwick notes, "we have intelligence on demand in the palm of our hands," referring to the pervasive availability of powerful AI tools, vast information networks, and sophisticated computing power accessible via smartphones and other ubiquitous devices.
This exponential increase in accessible capability has transformative implications. "When you give people opportunity and capability, they do really impressive things," he asserts. This democratization fuels innovation on a global scale, empowering individuals and small teams to tackle problems previously reserved for large corporations or governments. Borthwick’s vision extends into the future: "And it’s only going to get better tomorrow, and a year from now, and five years from now. It’s like we have superpowers – and our superpowers just keep getting stronger." This steadfast belief in human ingenuity, amplified by increasingly powerful and accessible technologies, is what fuels his commitment to venture capital.
For BOLD Capital Partners, the companies they back are not simply developing products or services; they are building the fundamental infrastructure of what humanity will be capable of next. This includes everything from advanced computational paradigms to novel biological engineering techniques and new forms of human-machine interaction. Borthwick and BOLD Capital are not just investing in the future; they are actively participating in its construction, committed to empowering the innovators who are shaping a more capable, and ultimately, a better humanity. Their work underscores the critical role of venture capital in translating audacious visions into tangible realities, driving progress one exponential technology at a time.
