In its ongoing "Meet a VC" series, the National Venture Capital Association (NVCA) recently featured Will Borthwick, a Partner at BOLD Capital Partners. This interview series aims to illuminate the diverse personalities, strategic perspectives, and core convictions that underpin the dynamic venture capital industry, offering a rare glimpse into the minds shaping tomorrow’s technological landscape. BOLD Capital Partners stands out for its focused investment thesis: identifying and backing founders who are developing "exponential technologies" – innovations designed not merely for incremental improvement, but to fundamentally advance human capability and societal progress. The firm’s commitment reflects a broader industry trend towards impact-driven investment, recognizing that technological breakthroughs can address some of the world’s most pressing challenges.
A Journey from Conventional Finance to Frontier Innovation
Will Borthwick’s distinguished career trajectory offers a compelling narrative of evolution from the traditional bastions of finance to the vanguard of venture capital. His path traversed the analytical rigor of the Federal Reserve, the demanding environment of investment banking, and the strategic complexities of private equity buyouts involving large technology companies. Each phase of his professional life equipped him with distinct yet complementary skills, laying a robust foundation for his eventual pivot to the high-stakes world of venture capital.
The Federal Reserve: Analytical Foundations
Borthwick’s early tenure at the Federal Reserve provided an unparalleled education in macroeconomic analysis, regulatory frameworks, and systemic financial dynamics. Working within such an influential institution exposed him to the intricate interplay between monetary policy, economic stability, and technological innovation at a national and global scale. This experience cultivated a deep understanding of market forces and the broader economic ecosystem in which businesses operate, skills invaluable for assessing the potential impact and viability of nascent technologies. The Fed’s emphasis on data-driven decision-making and risk assessment instilled a disciplined approach that would later inform his investment philosophy, enabling him to dissect complex market signals and identify disruptive trends.
Investment Banking and Private Equity: Scaling and Strategy
Transitioning from the public sector, Borthwick immersed himself in investment banking, where he honed his expertise in financial structuring, mergers and acquisitions (M&A), and capital markets. This phase provided direct exposure to the mechanisms of corporate finance, deal negotiation, and valuation in a fast-paced, competitive environment. Subsequently, his move into private equity focused on the buyouts of large technology companies. Here, Borthwick gained firsthand experience in operational efficiency, strategic management, and the lifecycle of mature tech enterprises. This perspective offered critical insights into what it takes to scale a technology company, manage complex integrations, and drive long-term value creation. The rigorous due diligence, operational oversight, and strategic planning inherent in private equity further sharpened his acumen for identifying robust business models and resilient leadership teams.
Approximately eight and a half years ago, Borthwick brought this wealth of experience to BOLD Capital Partners. He was drawn by a team composed of seasoned entrepreneurs and investors, whose collective vision resonated deeply with his own. Central to BOLD Capital’s ethos is its distinctive investment thesis, which revolves around "exponential technologies." This concept posits that certain technological advancements do not improve linearly, but rather at an accelerating, exponential rate. What appears infeasible today can become a tangible reality in a mere eighteen months, creating unprecedented opportunities to tackle grand challenges and "fundamentally move the needle to make humanity better." This philosophical alignment, coupled with the opportunity to back truly transformative innovations, cemented Borthwick’s commitment to BOLD Capital and its mission.
Decoding Exponential Technologies: BOLD Capital’s Investment Thesis
BOLD Capital Partners distinguishes itself through its unwavering focus on exponential technologies. This investment thesis is not merely a buzzword but a strategic framework built on the understanding that technological progress often follows a non-linear trajectory, exemplified by concepts like Moore’s Law, which describes the exponential growth in computing power. For BOLD Capital, exponential technologies are those whose capabilities are improving at an accelerating pace, leading to dramatic shifts in what is possible and creating entirely new paradigms for problem-solving.
Beyond Linear Growth: The Core Concept
The idea of exponential growth in technology implies that advancements don’t just add to existing capabilities but multiply them, leading to breakthroughs that seem to come from science fiction. This rapid evolution means that solutions to "really big and impactful problems" that were once considered out of reach suddenly become attainable. BOLD Capital’s strategy is to identify these inflection points, investing in the companies that are not just riding these waves of change but actively creating them. The firm is driven by a profound question: "How do you fundamentally move the needle to make humanity better?" This core inquiry guides every investment decision, ensuring that capital is deployed to innovations with the potential for widespread positive impact.
Pioneering Portfolio: Shaping Tomorrow’s Infrastructure
The BOLD Capital portfolio serves as a vivid illustration of this ambitious investment philosophy. It includes ventures in areas that push the boundaries of current scientific and technological understanding:
- Stratospheric Drones: These high-altitude, long-endurance unmanned aerial vehicles (UAVs) are being developed for applications ranging from providing internet connectivity to underserved regions to environmental monitoring, disaster relief, and advanced surveillance. By operating in the stratosphere, they offer persistent presence and a wide coverage area, bridging gaps in traditional satellite and terrestrial networks. The implications for global communication, data collection, and emergency response are profound.
- De-extinction: Projects in this field aim to revive extinct species, such as the woolly mammoth or passenger pigeon, through advanced genetic engineering and reproductive technologies. While fraught with ethical and scientific debates, the potential environmental benefits—like restoring lost ecosystems or combating climate change—are significant. It represents a radical approach to conservation and biological engineering.
- Humanoids and Advanced Robotics: Investments in humanoid robots and sophisticated AI-enabled hardware reflect a belief in the impending revolution in automation and human-robot interaction. These technologies promise to transform industries from manufacturing and logistics to healthcare and personal assistance, augmenting human capabilities and performing tasks that are dangerous, repetitive, or require precision beyond human capacity. The advancements in AI and material science are rapidly making these once-futuristic concepts a reality.
- AI-enabled Hardware: This category encompasses a broad range of devices that integrate artificial intelligence directly into their physical architecture, enabling them to process data, learn, and make decisions at the edge, rather than relying solely on cloud computing. Examples include smart sensors, autonomous vehicles, and advanced medical devices. These innovations are crucial for creating intelligent environments, improving efficiency, and driving the next wave of the Internet of Things (IoT).
These diverse investments underscore BOLD Capital’s commitment to backing foundational technologies that are not merely creating new products but are, in essence, building the very infrastructure upon which future human capabilities will be constructed.
The Evolving Landscape of Venture Capital: A Decade of Transformation
Will Borthwick’s tenure in venture capital has coincided with an unprecedented period of growth and transformation within the industry. He notes a significant shift in the scale of capital flowing into what he once characterized as a "small, cottage, bespoke, artisanal industry." This observation is corroborated by extensive industry data, which highlights the dramatic expansion of venture capital as a global financial force.
From Niche to Mainstream: Capital Influx and Market Dynamics
Historically, venture capital was a specialized niche, primarily focused on early-stage technology companies in Silicon Valley. However, over the past decade, the industry has witnessed an exponential increase in capital deployment. According to PitchBook-NVCA Venture Monitor reports, global venture capital funding surged from around $100 billion annually in the early 2010s to over $600 billion in peak years like 2021. While there have been market corrections, the underlying trend points to a sustained elevation in capital availability. This influx has been driven by several factors, including:
- Increased Institutional Interest: Pension funds, endowments, and sovereign wealth funds have significantly increased their allocations to venture capital, seeking higher returns and diversification from traditional asset classes.
- Rise of Corporate Venture Capital (CVC): Large corporations have established their own VC arms to invest in startups, gain strategic insights, and access innovation.
- Global Expansion: Venture capital has become a global phenomenon, with significant growth in Asia, Europe, and other emerging markets, expanding the pool of both investors and investees.
The Rise of Mega-Rounds and Global Reach
Borthwick vividly recalls a time when a $15-$20 million Series A funding round was considered substantial. Today, "150 million Series As are part of the conversation," a testament to the dramatic scaling of investment rounds. This phenomenon, often referred to as "mega-rounds," is driven by several factors:
- Increased Competition: A larger pool of venture firms and investors are competing for stakes in promising startups, driving up valuations and round sizes.
- Maturity of Startups: Many startups are reaching significant scale and revenue milestones before their Series A, necessitating larger capital infusions to fuel rapid expansion, global market penetration, and talent acquisition.
- Higher Ambition: Founders are increasingly aiming for faster growth and larger market capture, requiring more capital upfront to achieve these aggressive targets.
- Longer Private Market Stays: Companies are staying private longer, raising more capital through multiple large rounds before considering an IPO, contributing to the increase in later-stage deal sizes.
This transformation underscores the evolution of venture capital from a localized, boutique operation to a sophisticated, global industry capable of deploying massive amounts of capital to fuel innovation at an unprecedented scale.
The Operator-Investor Paradigm: Beyond the Capital Check
A core tenet of BOLD Capital Partners’ philosophy, and a point Will Borthwick passionately articulates, is that venture capital extends far beyond merely writing a check. "Venture," he argues, "isn’t a fancier broker-dealer collecting a fee on the wire. It’s what happens after." This perspective positions VCs not as passive financiers, but as active partners, deeply invested in the success and resilience of their portfolio companies. Borthwick uses a powerful analogy: "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."
A Strategic Partnership: The "Marriage" Analogy
This "marriage" signifies a long-term commitment, often spanning years, through the volatile cycles of startup growth. It implies a relationship built on trust, mutual support, and shared goals. For BOLD Capital, this means being present and engaged during moments of triumph and, crucially, during periods of adversity. The entrepreneurial journey is inherently fraught with challenges—market shifts, funding droughts, talent issues, competitive pressures, and operational hurdles. In these moments, a venture capitalist’s role shifts from a capital allocator to a strategic advisor, a confidant, and sometimes, a crisis manager.
Comprehensive Support: Navigating the Entrepreneurial Journey
Being a founder is often described as one of the loneliest jobs, where "the buck stops with the CEO." Recognizing this immense pressure, BOLD Capital emphasizes comprehensive support that goes far beyond financial advice. This includes:
- Strategic Guidance: Providing insights on market positioning, product development, and scaling strategies based on extensive industry experience.
- Talent Acquisition: Leveraging extensive networks to help recruit key executives, engineers, and sales leaders, often a critical bottleneck for rapidly growing startups.
- Customer and Executive Connections: Facilitating introductions to potential clients, partners, and industry leaders, opening doors that might otherwise remain closed.
- Fundraising Support: Assisting with subsequent funding rounds, connecting founders with later-stage investors, and helping articulate their vision effectively.
- Operational Expertise: Offering advice on building scalable infrastructure, optimizing business processes, and navigating complex regulatory environments.
- Emotional and Psychological Support: Acknowledging the immense personal toll of entrepreneurship, VCs often serve as a "shoulder to cry on or a person to scream at." These "personal calls as much as the professional ones" are vital for founders’ mental well-being and resilience.
Borthwick views VCs, particularly those at BOLD Capital, as "operator-investors." This term highlights the active, hands-on role they play, drawing on their own entrepreneurial and operational backgrounds to provide tangible value. It signifies a departure from the purely financial model, embracing a more engaged, partnership-driven approach that is increasingly becoming a differentiator in the highly competitive venture capital landscape. Firms that offer this deep, multi-faceted support are better positioned to attract top-tier founders and foster the growth of generational companies.
Bridging the Understanding Gap: Founders, VCs, and Public Perception
A significant challenge facing the venture capital ecosystem is the persistent misunderstanding of both founders’ motivations and VCs’ roles by policymakers and the general public. Will Borthwick addresses these misconceptions directly, advocating for a more nuanced appreciation of the entrepreneurial spirit and the active partnership that defines modern venture capital.
The Founder’s Imperative: Impact-Driven Innovation
Borthwick emphasizes that founders are driven by an innate desire to create positive change. "They start companies to change the world in an impactful way. It comes from a place of good." This altruistic core, however, often clashes with the numerous roadblocks they encounter, which can feel "unnecessary." These obstacles can range from complex regulatory hurdles and bureaucratic red tape to intense market competition, talent shortages, and the inherent volatility of startup funding cycles.
From a broader perspective, technology has historically been the primary engine propelling humanity forward. From the agricultural revolution to the industrial age and the digital era, innovation has consistently improved living standards, extended lifespans, and expanded human capabilities. Entrepreneurialism is the primary mechanism through which these technological advancements are conceived, developed, and brought to market. Without the relentless drive of founders, many of the transformative innovations we take for granted today would never materialize. Policymakers, therefore, have a critical role in fostering an environment that encourages, rather than impedes, this vital engine of progress.
Demystifying Venture Capital: An Active Partnership
The popular "cartoon version" of venture capitalists—portrayed as detached figures who engage in "five-minute meetings, large checks, walking away"—bears little resemblance to the reality Borthwick describes. This caricature fails to capture the immense dedication, strategic engagement, and often grueling work involved in supporting portfolio companies. As Borthwick reiterates, VCs 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."
The reality involves extensive due diligence before investment, followed by continuous engagement: participating in board meetings, providing strategic counsel, making introductions, assisting with hiring, and navigating crises. This active partnership requires significant time, expertise, and emotional investment. The NVCA, through initiatives like the "Meet a VC" series, actively works to counteract these misperceptions, aiming to educate stakeholders about the intricate and value-added role VCs play in fostering innovation and economic growth.
Policy Considerations: Fostering a Pro-Innovation Environment
For policymakers, understanding these realities is crucial. Creating an environment conducive to innovation requires policies that:
- Reduce Regulatory Burdens: Streamlining processes for new technologies and businesses can accelerate market entry and growth.
- Support STEM Education: Investing in science, technology, engineering, and mathematics education ensures a pipeline of skilled talent for future innovations.
- Incentivize R&D: Tax credits and grants for research and development can spur technological breakthroughs.
- Promote Ethical Innovation: Developing clear, adaptive frameworks for emerging technologies like AI and biotechnology can ensure responsible development while avoiding stifling over-regulation.
By recognizing the symbiotic relationship between ambitious founders, engaged VCs, and supportive policy, societies can better harness the power of technology to address global challenges and improve human welfare.
An Unwavering Optimism: The Democratization of Capability and Human Potential
Despite the pervasive uncertainties of the modern world, exacerbated by a hyper-connected information environment, Will Borthwick maintains an unwavering sense of optimism about humanity’s future. He frames this positive outlook within a "longer arc of democratization of capability," a historical trend where access to powerful tools and knowledge becomes increasingly widespread, empowering individuals and societies to achieve remarkable feats.
The Arc of Progress: Expanding Human Superpowers
Borthwick points to a clear progression: "Twenty years ago, you needed your own server racks." This era of proprietary, expensive infrastructure limited advanced computing to large corporations and institutions. Then came "cloud compute on demand," democratizing access to vast computing power through services like AWS and Azure, enabling startups and smaller businesses to scale rapidly without massive upfront investments. Today, we are witnessing the emergence of "intelligence on demand in the palm of our hands," primarily through advanced AI accessible via smartphones and other ubiquitous devices. This represents an unprecedented level of cognitive augmentation available to billions globally.
This trajectory of capability democratization has profound implications:
- Increased Innovation: More people with access to powerful tools means a broader base of innovators, leading to an explosion of new ideas and solutions.
- Global Problem Solving: Individuals and communities in developing regions can leverage these "superpowers" to address local challenges in healthcare, education, agriculture, and infrastructure.
- Enhanced Productivity: From personalized learning platforms to AI-powered research tools, intelligence on demand boosts individual and collective productivity across all sectors.
- Empowerment: "When you give people opportunity and capability, they do really impressive things." This belief in human ingenuity, when amplified by accessible technology, forms the bedrock of Borthwick’s optimism. The constant evolution means, "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."
BOLD Capital’s Role in Sculpting the Future
This profound optimism is what keeps Will Borthwick actively engaged in the venture capital landscape. The companies BOLD Capital backs are not merely developing consumer products or incremental improvements; they are "building the infrastructure of what humanity will be capable of next." This encompasses fundamental advancements in areas like biotechnology, robotics, artificial intelligence, and sustainable energy—the very foundations upon which future societies will thrive. By investing in these exponential technologies, BOLD Capital is actively participating in the creation of a future where human potential is continually expanded, where complex problems are met with innovative solutions, and where the arc of progress continues its upward trajectory.
Conclusion: Investing in the Infrastructure of Tomorrow
Will Borthwick’s insights from BOLD Capital Partners offer a compelling vision of venture capital as a proactive force for global advancement. Far from being passive financiers, BOLD Capital exemplifies the modern "operator-investor" model, deeply embedding itself with founders to nurture the development of "exponential technologies" designed to "move humanity forward." His journey from traditional finance to the frontier of innovation, coupled with his astute observations on the evolving venture landscape and the critical role of comprehensive VC support, paints a picture of an industry maturing into a vital engine for societal progress.
The firm’s portfolio, ranging from stratospheric drones to de-extinction projects and AI-enabled humanoids, underscores a commitment to foundational innovations that will define future human capabilities. Borthwick’s optimism, rooted in the ongoing democratization of technological power, highlights the immense potential unlocked when opportunity and capability are placed in more hands. As the NVCA continues its mission to demystify venture capital and advocate for a pro-innovation environment, BOLD Capital Partners stands as a testament to the transformative power of strategic investment in technologies that are not just building products, but truly constructing the infrastructure of humanity’s next great leap.
