The National Venture Capital Association (NVCA) recently featured Will Borthwick of BOLD Capital Partners in its "Meet a VC" series, a platform dedicated to showcasing the diverse individuals, unique perspectives, and driving convictions that shape the modern venture capital industry. Borthwick, a seasoned investor with a distinctive career trajectory, leads a firm renowned for its commitment to funding founders who are at the forefront of developing "exponential technologies" — innovations poised to fundamentally advance human capability and societal progress. This engagement offered a deep dive into Borthwick’s journey, his philosophy on venture investing, and his optimistic outlook on the future driven by technological acceleration.
A Unique Trajectory: From Economic Policy to Cutting-Edge Innovation
Will Borthwick’s professional journey into the high-stakes world of venture capital is anything but conventional. His early career spanned critical sectors of finance and economics, beginning with a tenure at the Federal Reserve. This foundational experience provided him with an intimate understanding of macroeconomic forces, monetary policy, and the intricate workings of global financial systems. Such a background, while seemingly distant from the agile, often disruptive realm of startup funding, equipped Borthwick with a robust analytical framework and a macro-level perspective on economic trends and risk assessment—skills invaluable in navigating the volatile landscape of venture capital.
Following his time at the Fed, Borthwick transitioned into investment banking, where he honed his expertise in financial structuring, mergers and acquisitions, and capital markets. This period was followed by a stint in private equity, focusing on large-scale buyouts of established technology companies. In private equity, Borthwick gained extensive experience in operational efficiency, strategic management, and the long-term growth strategies of mature tech firms. These roles provided him with a comprehensive understanding of business lifecycle management, from early-stage growth to late-stage maturity, and the complex financial engineering required at each phase.
Approximately eight and a half years ago, Borthwick made the pivotal move to BOLD Capital Partners. This transition was driven by a powerful confluence of factors: the firm’s leadership, comprised of former entrepreneurs and seasoned investors, and its distinctive investment thesis centered on "exponential technologies." This thesis posits that certain technologies are not merely improving incrementally, but rather at an accelerating, non-linear pace. What was once considered scientifically infeasible or economically prohibitive just 18 months prior often becomes a tangible reality today. The core challenge and opportunity, as Borthwick articulates, lies in identifying how these rapid shifts can be harnessed to address truly monumental and impactful global problems. BOLD’s guiding principle, encapsulated in Borthwick’s own words, is "How do you fundamentally move the needle to make humanity better?"
The Promise of Exponential Technologies: Reshaping the Future
BOLD Capital Partners’ investment philosophy is deeply rooted in the concept of exponential technologies, a term popularized by futurists like Ray Kurzweil, drawing parallels to Moore’s Law, which describes the exponential growth in computing power. Unlike linear advancements, exponential growth implies a doubling of capabilities or a halving of costs over fixed periods, leading to profound and often unpredictable societal transformations. This includes areas such as artificial intelligence, robotics, biotechnology, nanotechnology, and advanced computing, where progress is not just fast, but accelerating.
The firm’s portfolio vividly reflects this ambitious vision. It includes ventures in stratospheric drones, which promise to revolutionize everything from internet connectivity to climate monitoring; de-extinction initiatives, exploring the potential to bring back extinct species and restore ecological balance; the development of humanoids, pushing the boundaries of human-robot interaction and automation; and AI-enabled hardware, integrating artificial intelligence directly into physical devices for enhanced functionality and autonomy. These investments are not merely speculative bets but strategic placements in foundational technologies that are anticipated to form the bedrock of future human civilization and capability. The goal is to back companies that are not just building innovative products, but are actively constructing the very infrastructure that will define humanity’s next leap forward.
Navigating the Evolving Landscape of Venture Capital
Borthwick’s tenure in venture capital has coincided with a period of unprecedented transformation within the industry. His early observations, formed during the rapid scaling of companies like Facebook and Snapchat from nascent ideas to multi-billion-dollar entities, initially led him to believe that company building was a relatively straightforward endeavor. However, firsthand experience quickly disabused him of this notion. "It turns out it’s incredibly hard," Borthwick states, emphasizing the monumental effort required to establish and sustain a successful enterprise. "It’s even harder to build a generational company. But it’s also very hard to invest, support, and find the entrepreneurs capable of doing it." This nuanced understanding underscores the dual challenge inherent in venture capital: identifying visionary founders and then providing the robust, enduring support necessary for their audacious goals.
Another significant shift Borthwick has witnessed is the dramatic increase in the sheer volume of capital flowing into what was once considered a niche, "small, cottage, bespoke, artisanal industry." When he began his career in venture, a Series A funding round of $15-20 million was considered substantial, often signaling significant market validation and growth potential. Today, the landscape has radically changed, with Series A rounds regularly reaching $150 million or more. This exponential growth in funding is supported by data from industry reports, which show a consistent upward trend in average round sizes across all stages over the past decade, driven by factors such as low interest rates, the proliferation of tech startups, and increased limited partner (LP) interest in the asset class. For instance, PitchBook and NVCA data indicate that global venture capital funding surged dramatically in the late 2010s and early 2020s, with mega-rounds becoming increasingly common, fundamentally altering market dynamics, valuation expectations, and competitive pressures among both startups and investors.
Beyond the Check: The True Meaning of Venture Support
Borthwick firmly contends that venture capital transcends the mere act of capital allocation. For him, the true value of a venture firm materializes not at the moment a check is wired, but in the sustained engagement and partnership that follows. He likens the relationship between a VC and a portfolio company to a marriage, not a casual encounter. "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 commitment to deep, enduring collaboration, recognizing that the entrepreneurial journey is often fraught with immense challenges and periods of significant adversity.
Being a founder, particularly a CEO, is widely acknowledged as one of the most demanding and isolating roles. The ultimate responsibility for a company’s success or failure rests squarely on their shoulders. In this context, BOLD Capital Partners adopts a hands-on, deeply supportive approach. This involves providing strategic advice, facilitating critical introductions to potential customers and executive talent, and engaging in personal conversations that extend beyond purely professional matters. Borthwick emphasizes the importance of being present and available, whether it’s "a shoulder to cry on or a person to scream at." This level of empathy and dedication reflects a belief that venture capitalists are not just financial intermediaries, but active partners who often draw upon their own entrepreneurial experiences. "We are capital allocators and investors, but in a lot of ways we’re entrepreneurs ourselves," he explains, describing this role as an "operator-investor" rather than a passive financier. This model aligns with a growing trend in the VC industry where firms differentiate themselves not just by capital, but by the operational expertise, network, and strategic guidance they bring to the table. Founders frequently cite "smart money"—capital accompanied by significant value-add—as a critical factor in their choice of investment partners.
Bridging the Understanding Gap: Founders, VCs, and Policymakers
Borthwick expresses a desire for greater public and policymaker understanding regarding two critical facets of the innovation ecosystem: the motivations and challenges of founders, and the actual role of venture capitalists.
Firstly, regarding founders, Borthwick highlights the extraordinary difficulty of building a company from scratch. He argues that many of the roadblocks entrepreneurs encounter are often unnecessary and can stifle innovation. Founders, he stresses, are typically driven by a genuine desire to "change the world in an impactful way," rooted in a "place of good." Their ambition extends beyond mere profit; it encompasses solving complex problems, creating new industries, and improving lives. Technology, Borthwick asserts, has historically been the primary engine propelling humanity forward, from the agricultural revolution to the digital age. Entrepreneurialism, in turn, is the fundamental mechanism through which this technology is conceived, developed, and brought to fruition. Policymakers, therefore, have a crucial role in fostering an environment that encourages rather than impedes this essential entrepreneurial spirit, by streamlining regulations, providing access to resources, and incentivizing risk-taking.
Secondly, Borthwick aims to dispel the "cartoon version" of venture capitalists—a caricature often depicting VCs as detached figures who make swift, superficial decisions, write large checks, and then disengage. He emphasizes that this portrayal bears little resemblance to the reality of the people he works alongside. "We are capital allocators and investors, but in a lot of ways we’re entrepreneurs ourselves," he reiterates. The venture process involves rigorous due diligence, extensive market research, and a deep, long-term commitment to the companies they back. VCs are often deeply involved in strategic planning, talent acquisition, and navigating market challenges, embodying the "operator-investor" ethos that goes far beyond passive financial oversight. This nuanced understanding is vital for policymakers and the public to appreciate the complex, value-adding role venture capital plays in economic growth and technological advancement.
An Unwavering Optimism for Humanity’s Future
Despite the inherent uncertainties of the global landscape and the amplifying effects of the modern information environment, Will Borthwick maintains a profound sense of optimism about humanity’s long-term trajectory. He frames this optimism through the lens of a "longer arc of democratization of capability." This concept describes the continuous expansion of access to powerful tools and technologies, making sophisticated capabilities increasingly available to a broader segment of the population.
Borthwick traces this arc: two decades ago, building a robust digital infrastructure required significant capital investment in physical server racks and dedicated IT teams. This evolved with the advent of cloud computing, which democratized access to scalable computing power on an on-demand, pay-as-you-go basis, empowering countless startups and innovators. Today, this trend continues with "intelligence on demand" – advanced AI models and sophisticated analytical tools readily accessible via the internet, often even in the palm of one’s hand through mobile devices. This exponential increase in accessible "superpowers" empowers individuals and small teams to tackle problems that were once the exclusive domain of large corporations or research institutions.
"When you give people opportunity and capability, they do really impressive things," Borthwick states, underscoring his belief in human ingenuity when provided with the right tools. He anticipates that this acceleration will only continue, leading to even greater advancements in the near and distant future. "It’s like we have superpowers — and our superpowers just keep getting stronger." This unwavering belief in the potential of human innovation, amplified by exponential technological growth, is what motivates Borthwick and BOLD Capital Partners. The companies they invest in are not merely creating products for today’s market; they are actively constructing the foundational infrastructure that will empower humanity to achieve unprecedented feats tomorrow. Their work is a testament to the transformative power of venture capital in shaping a future where technological breakthroughs continuously enhance human potential and drive societal betterment on a global scale.
