The National Venture Capital Association (NVCA) recently featured Will Borthwick of BOLD Capital Partners in its "Meet a VC" series, offering a profound glimpse into the mind of an investor dedicated to propelling humanity forward through groundbreaking technological advancements. Borthwick, a veteran whose career trajectory spans the Federal Reserve, investment banking, and private equity, now spearheads BOLD Capital’s mission to identify and nurture companies at the vanguard of what they term "exponential technologies"—innovations whose capabilities do not improve incrementally but rather multiply at an astonishing rate. This philosophy underpins BOLD Capital’s diverse portfolio, which includes ventures in stratospheric drones, de-extinction, advanced humanoids, and AI-enabled hardware, all chosen for their potential to address some of the world’s most pressing challenges and redefine the boundaries of human achievement.
Will Borthwick’s Distinctive Path to the Forefront of Venture Capital
Will Borthwick’s journey into the high-stakes world of venture capital is anything but conventional, providing him with a unique vantage point from which to assess risk, evaluate market potential, and understand the intricate dance of economic forces. His professional genesis at the Federal Reserve equipped him with a foundational understanding of macroeconomics, monetary policy, and the regulatory frameworks that govern global finance. This early exposure to the levers of economic stability and growth likely cultivated a disciplined, analytical approach, invaluable for later navigating the volatile landscapes of private markets. During his time at the Fed, Borthwick would have been immersed in data-driven analysis of economic indicators, contributing to informed policy decisions that shaped national and international financial stability. This rigorous environment instilled a deep appreciation for evidence-based decision-making, a trait that would prove crucial in the speculative yet strategic world of venture capital.
Following his tenure at the Fed, Borthwick transitioned into the demanding arena of investment banking, where he honed his expertise in complex financial transactions, mergers and acquisitions, and capital markets. Here, he gained firsthand experience in structuring deals and valuing companies, often at the scale of established enterprises. This phase of his career provided a practical education in corporate finance, deal negotiation, and the mechanics of large-scale capital allocation. Working on high-profile transactions, he would have developed a keen eye for operational efficiency, market positioning, and the strategic imperatives that drive corporate growth and consolidation.
The subsequent move into private equity further broadened his operational and strategic acumen, particularly in the realm of large technology company buyouts. This phase of his career involved deep dives into mature tech businesses, focusing on optimizing operations, driving growth, and orchestrating significant exits. It was a world of established revenue streams, market dominance, and strategic consolidation, where the emphasis was on leveraging existing strengths and achieving operational excellence to maximize shareholder value. This experience provided him with an understanding of scaling challenges and the intricacies of managing robust, complex organizations.
However, approximately eight and a half years ago, a pivotal shift occurred. Borthwick was drawn to BOLD Capital Partners, a firm whose ethos and investment thesis represented a dramatic departure from his prior experiences. The appeal was multi-faceted: a team composed of former entrepreneurs and seasoned investors, and a core philosophy centered on what they provocatively call "exponential technologies." This transition marked a deliberate move from managing established assets to actively shaping the future through nascent, yet potentially world-altering, innovations. This career evolution reflects a broader trend within finance, where professionals increasingly seek to apply their rigorous analytical skills to the earliest stages of disruptive innovation, moving from traditional asset management to the frontier of technological creation. The lure of direct impact and the opportunity to back truly transformative ideas proved irresistible, setting him on a path to decode and fund the next generation of societal advancement.
BOLD Capital’s Investment Thesis: Harnessing Exponential Progress
At the heart of BOLD Capital’s strategy is its singular focus on "exponential technologies." This concept goes beyond mere incremental improvement, positing that certain technological advancements exhibit capabilities that double or multiply over regular periods, akin to Moore’s Law for computing power or Kurzweil’s Law of Accelerating Returns. What was deemed technologically unfeasible or economically prohibitive a mere eighteen months ago can become readily achievable today. This non-linear progression creates unprecedented opportunities to solve problems of immense scale and impact, fundamentally shifting paradigms across industries and societies. Borthwick articulates this vision with a singular question: "How do you fundamentally move the needle to make humanity better?" It is this profound ambition that guides BOLD Capital’s investment decisions.
The firm’s portfolio is a testament to this audacious vision, featuring companies operating at the very edge of scientific and technological possibility. Consider stratospheric drones, for instance. These high-altitude, long-endurance unmanned aerial vehicles promise to revolutionize everything from internet connectivity in underserved regions to climate monitoring, disaster response, and persistent aerial surveillance. Companies in this domain are leveraging advancements in solar power, lightweight materials, and autonomous AI to create platforms that can stay aloft for months, providing capabilities previously only achievable by satellites, but at a fraction of the cost and with greater flexibility. Such innovations could provide vital connectivity to the estimated 2.9 billion people globally who remain offline, unlocking economic and educational opportunities.
Another striking example is de-extinction—the controversial yet fascinating endeavor to bring back extinct species using advanced genetic engineering techniques like CRISPR. While fraught with ethical considerations and scientific hurdles, projects in this space, such as those aiming to revive the woolly mammoth or passenger pigeon, are pushing the boundaries of biotechnology, potentially offering insights into conservation, disease resistance, and even climate change mitigation. The scientific advancements required for such feats, including advanced gene editing and reproductive technologies, have broader implications for human health and agricultural innovation. BOLD Capital’s interest here underscores a willingness to engage with the most speculative, yet potentially paradigm-shifting, areas of scientific inquiry.
Furthermore, the firm invests in companies developing humanoids and AI-enabled hardware. The field of robotics is undergoing a renaissance, driven by breakthroughs in artificial intelligence, machine learning, and advanced sensor technologies. Humanoid robots are envisioned for roles in hazardous environments, elder care, logistics, and even space exploration, aiming to augment human capabilities rather than merely replace them. The global robotics market, projected to reach hundreds of billions of dollars in the coming decade, signifies the immense potential in this sector. AI-enabled hardware, encompassing everything from edge AI devices that process data locally to specialized AI accelerators and advanced IoT sensors, is creating the physical infrastructure for the intelligent future. These technologies are not just about making existing processes more efficient; they are about creating entirely new capabilities and industries, promising to reshape daily life, work, and our understanding of what is possible. BOLD Capital’s commitment to these frontier technologies illustrates a deep belief in the transformative power of science and engineering to address humanity’s grand challenges, from healthcare and sustainability to exploration and human potential.
The Evolution of Venture Capital: From Niche to Global Powerhouse
Borthwick’s tenure in venture capital has coincided with a period of unprecedented transformation, fundamentally reshaping an industry that was once characterized by its intimate, almost artisanal nature. He recalls a time when building a company, even a highly successful one like Facebook or Snapchat, seemed relatively straightforward from an outsider’s perspective. The rapid ascent of these digital giants, from dorm room ideas to multi-billion-dollar valuations, created an illusion of ease. However, his direct involvement quickly disabused him of this notion: "It turns out it’s incredibly hard. 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 candid assessment highlights the immense complexities involved, far beyond the initial spark of innovation.
Perhaps the most dramatic shift Borthwick has observed is the sheer scale of capital now flowing into what he once described as a "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 indicative of a company with significant traction and promising prospects. Today, that benchmark has been utterly redefined. It is not uncommon to see Series A rounds exceeding $100 million, with some even reaching $150 million or more. This exponential growth in funding volume reflects several converging trends: the increasing maturity of companies reaching Series A (often with robust product-market fit and revenue), the escalating costs of scaling complex technologies, and a surge of new capital sources entering the venture ecosystem.
This influx of capital comes from a diverse array of players, including traditional institutional investors, sovereign wealth funds, corporate venture capital arms, and even a growing number of family offices. The global venture capital market has witnessed explosive growth over the past decade. For instance, global VC funding surged from approximately $100 billion annually in the early 2010s to over $600 billion in peak years like 2021, before a recent re-calibration. Even with market adjustments in 2022-2023, the baseline of available capital remains significantly higher than in previous eras. This proliferation of funding has profound implications. For founders, it means more opportunities for significant early-stage investment, potentially accelerating growth but also increasing expectations and often leading to greater dilution. For venture capitalists, it means heightened competition for promising deals, necessitating a sharper focus on differentiation beyond just capital provision. The industry has become a sophisticated, global financial engine, attracting top talent and driving innovation at an unprecedented pace, a far cry from its more localized and niche origins. This evolution has also spurred a rise in specialized funds, like BOLD Capital, focusing on specific technological frontiers rather than broad-based early-stage investing.
Beyond the Check: The "Operator-Investor" Model of True Support
In an environment saturated with capital, Will Borthwick argues compellingly that the role of a venture capitalist extends far beyond merely writing a check. "Venture, Will argues, isn’t a fancier broker-dealer collecting a
