In an insightful interview for the National Venture Capital Association’s (NVCA) "Meet a VC" series, Will Borthwick, a Partner at BOLD Capital Partners, illuminated the firm’s distinctive investment philosophy and his personal journey within the dynamic world of venture capital. BOLD Capital is renowned for its strategic focus on "exponential technologies"—innovations poised to fundamentally transform human capabilities and societal landscapes. This deep dive into Borthwick’s perspectives reveals a conviction in technology’s power to propel humanity forward and a commitment to nurturing the visionary founders behind these transformative advancements. The NVCA’s series, a cornerstone initiative, aims to demystify the venture capital industry by showcasing the diverse personalities, profound insights, and guiding principles that underpin its vital role in economic development and technological progress. By sharing the experiences of seasoned professionals like Borthwick, the NVCA seeks to foster greater understanding and collaboration across the innovation ecosystem, from aspiring entrepreneurs to policymakers and the broader public.
From Traditional Finance to Frontier Ventures: A Professional Trajectory
Will Borthwick’s career trajectory to the forefront of exponential technology investing is a testament to a deliberate evolution, marked by a progression through some of the most rigorous sectors of the financial world. His professional journey commenced within the venerable halls of the Federal Reserve, an institution synonymous with macroeconomic stability and monetary policy. This early exposure provided him with a foundational understanding of global financial systems and the intricate mechanics of economic forces. Following his tenure at the Fed, Borthwick transitioned into investment banking, where he honed his analytical skills and gained firsthand experience in complex financial transactions, mergers, and acquisitions. This phase was crucial for developing a keen eye for valuation and strategic financial structuring, preparing him for high-stakes deal-making. Subsequently, he moved into private equity, specializing in the buyouts of large technology companies. Here, Borthwick immersed himself in the operational nuances of established tech giants, learning about scaling businesses, market dynamics, and the challenges of managing mature enterprises.
Approximately eight and a half years ago, Borthwick made a pivotal shift, joining BOLD Capital Partners. This move was not merely a change of employer but a deliberate alignment with a profound investment philosophy. He was particularly drawn to BOLD’s team, a collective of former entrepreneurs and seasoned investors who brought a wealth of practical experience to the table. More critically, BOLD Capital’s investment thesis resonated deeply with his vision: a dedication to "exponential technologies." Unlike incremental improvements, exponential technologies are defined by their capacity for non-linear growth in capabilities, often doubling in power or efficiency within short periods. This phenomenon means that what was deemed scientifically infeasible or economically impractical just eighteen months prior can become a tangible reality today. The central question for BOLD Capital, and for Borthwick, then becomes: "How do you fundamentally move the needle to make humanity better?" This ethos guides their search for innovations that leverage these rapid technological shifts to address some of the world’s most pressing and impactful problems.
Defining Exponential Technologies and BOLD’s Visionary Portfolio
The concept of "exponential technologies" forms the bedrock of BOLD Capital Partners’ investment strategy. These are not merely advanced technologies but those characterized by a rate of progress that far outstrips linear development, often drawing parallels to Moore’s Law, which famously predicted the exponential growth of transistors on integrated circuits. In today’s context, this applies to fields such as artificial intelligence, biotechnology, robotics, and advanced materials science, where breakthroughs are occurring at an accelerating pace. This exponential curve allows for solutions to problems that were previously intractable due to limitations in processing power, data analysis, or material science. For BOLD, the focus is squarely on how these rapidly advancing capabilities can be harnessed to solve "really big and impactful problems," ultimately contributing to the betterment of humanity.
BOLD Capital’s portfolio vividly reflects this ambitious thesis. Their investments span a remarkable range of frontier technologies, each poised to redefine human capabilities and our relationship with the natural world. Examples include companies developing stratospheric drones, which promise to revolutionize everything from global connectivity to environmental monitoring by providing persistent aerial platforms. Another audacious area of investment is de-extinction, a field at the intersection of genetic engineering and conservation, aiming to bring back species that have vanished, with profound implications for biodiversity and ecological balance. The firm also backs ventures in humanoids and advanced robotics, anticipating a future where intelligent machines can assist across various sectors, from healthcare to dangerous industrial tasks. Furthermore, BOLD is a significant investor in AI-enabled hardware, recognizing that the true power of artificial intelligence will often manifest through its embodiment in physical devices, creating intelligent systems that can interact with and manipulate the real world. These diverse investments are united by a common thread: their potential to unlock unprecedented capabilities and fundamentally enhance human experience and societal progress.
The Evolution of Venture Capital: Scaling and Scrutiny
Borthwick’s tenure in venture capital has coincided with, and provided a front-row seat to, a dramatic transformation within the industry. He recalls a time when building a company seemed relatively straightforward, drawing on the rapid ascensions of early tech giants like Facebook and Snapchat from nascent startups to multi-billion-dollar valuations. However, his experience quickly taught him the profound difficulty inherent in entrepreneurship. "It turns out it’s incredibly hard," he reflects, adding that "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 realization underscores the immense challenges faced by founders and the critical, often understated, role of discerning and supportive investors.
Beyond the intrinsic difficulty of company building, Borthwick has observed a colossal shift in the scale of capital flowing into venture capital. What was once described as a "small, cottage, bespoke, artisanal industry" has burgeoned into a global financial powerhouse. When he first entered the field, a Series A funding round of $15-$20 million was considered substantial, a significant infusion of capital for a burgeoning startup. Today, the landscape is dramatically different, with Series A rounds frequently reaching $150 million, and even larger deals becoming increasingly common. This exponential growth in funding has been driven by several factors, including the increasing maturity of the tech ecosystem, the proliferation of global innovation hubs, and a significant influx of institutional capital from pension funds, endowments, and sovereign wealth funds seeking higher returns. For instance, global venture capital funding surged from approximately $100 billion annually in the early 2010s to peak at over $600 billion in 2021, before a recent re-calibration. This massive scaling of capital has profound implications, creating both unprecedented opportunities for founders and intense competition among investors, while also attracting greater scrutiny from policymakers and the public regarding the industry’s influence and impact.
Beyond the Check: The Enduring Partnership of Venture Capital
Will Borthwick firmly asserts that venture capital transcends the mere transaction of capital allocation. He challenges the notion of VCs as "fancier broker-dealers collecting a fee on the wire," emphasizing that the true essence of the role lies in what transpires after the investment. For BOLD Capital, and for Borthwick personally, an investment signifies a deep, enduring commitment. "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," he states, highlighting the long-term, partnership-oriented approach that defines their engagement.
This philosophy stems from a profound understanding of the entrepreneurial journey. Being a founder, Borthwick notes, is "one of the loneliest jobs there is," a position where "the buck stops with the CEO." In this high-pressure environment, the role of a venture capitalist extends far beyond financial support. It encompasses being a constant presence, offering strategic advice, facilitating critical introductions, and forging connections with potential customers and executive talent. Crucially, it also involves providing personal support, acknowledging the immense emotional toll of building a company. "Whether it’s a shoulder to cry on or a person to scream at, that’s an important part of the role," Borthwick explains. This holistic support system distinguishes truly valuable venture partners. He views VCs not just as capital allocators but as "entrepreneurs ourselves," adopting an "operator-investor" mindset. This means bringing operational experience and a hands-on approach to problem-solving, actively engaging with portfolio companies to navigate challenges and seize opportunities. This model of deep engagement significantly enhances the probability of success for startups, providing founders with invaluable resources, mentorship, and a steadfast ally through the inevitable highs and lows of their journey.
Addressing Misconceptions: Founders, VCs, and the Engine of Progress
Will Borthwick advocates for a more nuanced understanding of both founders and venture capitalists, particularly among policymakers and the general public, who often hold simplified or stereotypical views. He contends that the roadblocks encountered by founders often feel "unnecessary." He asserts that entrepreneurs are fundamentally driven by a desire to effect positive change: "They start companies to change the world in an impactful way. It comes from a place of good." This intrinsic motivation, often overlooked in narratives focusing solely on financial gain, is the engine of innovation. Borthwick emphasizes that technology, propelled by entrepreneurial spirit, has historically been the primary driver of human advancement. From the agricultural revolution to the industrial and digital ages, technological breakthroughs have consistently elevated living standards, expanded capabilities, and solved existential challenges. Therefore, supporting and empowering founders is not just about economic growth, but about fostering the very mechanisms that ensure humanity’s continued progress.
Similarly, Borthwick challenges the "cartoon version" of venture capitalists—a caricature often depicting them as detached figures making quick decisions, writing large checks, and then disengaging. He stresses that this portrayal bears little resemblance to the dedicated professionals he works alongside. Reinforcing his earlier point, he states, "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 highlights the active, engaged, and often demanding nature of venture capital work. VCs frequently spend countless hours on due diligence, strategic planning with portfolio companies, recruiting talent, and navigating market complexities. The NVCA, as the voice of the U.S. venture capital industry, consistently works to demystify these roles, advocating for policies that recognize the vital role of venture capital in funding disruptive innovation and fostering economic growth, while also promoting a deeper understanding of the collaborative and supportive relationships between VCs and their portfolio companies.
An Enduring Optimism for Humanity’s Trajectory
Despite acknowledging the inherent uncertainties of the global landscape and the amplifying effects of our interconnected information environment, Will Borthwick maintains a profound optimism for the future. He frames this optimism not as naive idealism, but as a conviction rooted in the "longer arc of democratization of capability." This historical perspective illustrates how technology consistently makes advanced tools and resources more accessible to a broader population, thereby unlocking unprecedented human potential.
Borthwick provides a compelling chronology of this democratization. Two decades ago, individuals or small companies required significant capital investment in their own server racks to access substantial computing power. With the advent of cloud computing, this shifted dramatically, offering "compute on demand" without the prohibitive upfront costs. Today, this trend has culminated in "intelligence on demand," often available "in the palm of our hands" through ubiquitous smartphones and increasingly sophisticated AI models. This progression signifies a continuous lowering of barriers to innovation and creation, empowering individuals and small teams to achieve what was once the exclusive domain of large corporations or research institutions.
"When you give people opportunity and capability, they do really impressive things," Borthwick asserts. This belief is central to his unwavering optimism. He posits that this trend will only accelerate: "it’s only going to get better tomorrow, and a year from now, and five years from now." He encapsulates this sentiment with a powerful metaphor: "It’s like we have superpowers – and our superpowers just keep getting stronger." This continuous augmentation of human capacity, facilitated by exponential technological advancements, is what fundamentally sustains his engagement and enthusiasm for the venture capital ecosystem. Historical data consistently supports this outlook, demonstrating a long-term correlation between technological innovation and improvements in human well-being, including increased life expectancy, reduced global poverty, and enhanced quality of life. The companies BOLD Capital backs are not merely developing new products; they are actively constructing the foundational "infrastructure of what humanity will be capable of next." This forward-looking approach ensures that BOLD Capital Partners, guided by leaders like Will Borthwick, remains at the vanguard of investing in innovations that promise to shape a more capable, advanced, and ultimately, better future for all.
