The venture capital industry, once a niche financial sector, has burgeoned into a pivotal force driving global innovation, and at its forefront are firms like BOLD Capital Partners. In the latest installment of the NVCA’s “Meet a VC” series, Will Borthwick, a key figure at BOLD Capital, offered profound insights into the firm’s investment philosophy, the transformative power of exponential technologies, and the evolving dynamics of investor-founder relationships. Borthwick’s journey to the cutting edge of venture capital is as unique as the companies BOLD Capital champions, spanning from the hallowed halls of the Federal Reserve to the high-stakes world of investment banking and private equity, before ultimately converging on the mission to back founders building technologies that promise to propel humanity forward.
A Trajectory from Traditional Finance to Frontier Technology
Will Borthwick’s career path is a testament to the diverse backgrounds that now converge within the venture capital ecosystem. His foundational experience began at the Federal Reserve, an institution synonymous with macroeconomic stability and traditional financial oversight. This initial exposure provided him with a deep understanding of economic mechanisms and policy, a perspective that is invaluable when assessing market trends and regulatory landscapes for nascent technologies. Following his tenure at the Fed, Borthwick transitioned into the demanding realm of investment banking, where he honed his analytical prowess and deal-making skills. This phase of his career involved navigating complex financial transactions, providing him with a rigorous understanding of corporate finance and valuation, essential tools for any investor.
Subsequently, Borthwick delved into private equity, a sector focused on the acquisition and restructuring of established companies, often large technology enterprises. This experience offered him a firsthand view of scaling and operational challenges within mature tech firms, insights that would later inform his approach to nurturing early-stage ventures. Approximately eight and a half years ago, Borthwick made the deliberate pivot to venture capital, joining BOLD Capital Partners. This move was driven by a compelling combination of factors: the opportunity to collaborate with a team composed of seasoned entrepreneurs and investors, and the firm’s distinctive investment thesis. BOLD Capital’s strategy centers on what it terms “exponential technologies”—innovations whose capabilities do not merely improve incrementally, but rather advance at an accelerating, non-linear pace. This exponential progression means that what was once deemed infeasible within a mere eighteen-month timeframe can rapidly become a tangible reality, fundamentally altering the problem-solving landscape. The core inquiry for BOLD Capital, and for Borthwick, becomes: how can these radical shifts be harnessed to address truly monumental and impactful challenges, ultimately enhancing the human condition? As Borthwick himself encapsulates it, the firm’s ambition is to "fundamentally move the needle to make humanity better."
Decoding Exponential Technologies: BOLD Capital’s Vision
The concept of exponential technologies is not merely a buzzword at BOLD Capital; it is the bedrock of their investment strategy. Unlike linear growth, where progress is steady and predictable, exponential growth implies a doubling of capability or performance over consistent periods, reminiscent of Moore’s Law in semiconductor development. This principle, when applied across various technological domains, unlocks unprecedented possibilities. For BOLD Capital, identifying and investing in these technologies means looking beyond incremental improvements to seek out breakthroughs that could redefine industries and human potential.
BOLD Capital’s investment portfolio vividly reflects this ambitious thesis. The firm has strategically backed ventures pushing the boundaries of what is technologically possible. Examples include companies developing stratospheric drones, which promise to revolutionize everything from internet connectivity in remote areas to environmental monitoring and disaster response. Another audacious investment area is de-extinction, a field that seeks to bring back extinct species, potentially restoring lost biodiversity and advancing genetic engineering. The firm also invests in the development of humanoids, intelligent robots designed to interact with the physical world in increasingly sophisticated ways, with implications for labor, healthcare, and exploration. Furthermore, AI-enabled hardware represents a significant focus, encompassing innovations where artificial intelligence is deeply integrated into physical devices, enhancing their functionality and autonomy across countless applications. These investments are not made in isolation but are chosen for their collective potential to create foundational shifts, building what Borthwick describes as "the infrastructure of what humanity will be capable of next."
The Evolving Landscape of Venture Capital: From Cottage Industry to Global Powerhouse
Borthwick’s tenure in venture capital has coincided with a period of dramatic transformation within the industry. He recalls a time when venture capital was a "small, cottage, bespoke, artisanal industry." This characterization evokes an era of smaller funds, more intimate networks, and perhaps less institutionalized processes. When Borthwick first entered the field, a Series A funding round of $15-20 million was considered substantial, a benchmark for significant early-stage investment.
Fast forward to the present day, and the landscape is virtually unrecognizable. The scale of capital flowing into venture has exploded, with $150 million Series A rounds now a routine part of the conversation. According to data from PitchBook and the NVCA, U.S. venture capital firms raised a record $162.7 billion in 2021, and while 2022 and 2023 saw a moderation, the overall volume of capital deployed remains significantly higher than a decade ago. This influx of capital is driven by several factors: increased interest from institutional investors like pension funds and endowments seeking higher returns, the globalization of tech innovation, and the rise of mega-funds capable of deploying vast sums across multiple stages. The proliferation of technology startups, coupled with the proven track record of venture-backed companies like Facebook and Snapchat—which Borthwick watched scale from humble beginnings to multi-billion-dollar valuations—has cemented venture capital’s role as a critical engine of economic growth and innovation. This exponential growth in capital has fundamentally altered the competitive dynamics for both VCs and founders, demanding greater sophistication and a more strategic approach to investment.
Beyond the Check: The True Meaning of Investor Support
In an era of abundant capital, Borthwick emphasizes that the value of a venture capital firm extends far beyond the financial investment. He firmly asserts that venture capital is not merely a "fancier broker-dealer collecting a fee on the wire." Instead, the true essence of the relationship unfolds after the check is written. Borthwick articulates this commitment 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 an "operator-investor" model. Being a founder is inherently one of the most isolating and demanding roles, with the ultimate responsibility resting squarely on the CEO’s shoulders. Recognizing this, BOLD Capital, through figures like Borthwick, commits to providing comprehensive, hands-on support. This includes offering strategic advice, leveraging extensive networks for crucial introductions to potential customers and executive talent, and providing guidance through challenging operational hurdles. More profoundly, Borthwick highlights the personal dimension of this support. He speaks of "the personal calls as much as the professional ones," emphasizing the necessity of being a trusted confidant and emotional anchor. "Whether it’s a shoulder to cry on or a person to scream at, that’s an important part of the role," he states, underscoring the deep empathy required to navigate the tumultuous journey of building a generational company. This level of engagement contrasts sharply with the passive investment stereotype and reflects a growing consensus within the industry that value-add investors are paramount for startup success.
Bridging the Perception Gap: Founders, VCs, and Society
Borthwick identifies two critical areas where public perception often diverges from the reality of the venture capital world. Firstly, he champions the founders themselves, arguing that the public and policymakers often underestimate the sheer difficulty of building a company from the ground up. Founders, he contends, are driven by a genuine desire to "change the world in an impactful way," rooted in a "place of good." They frequently encounter what Borthwick describes as "unnecessary roadblocks," which can range from complex regulatory environments to funding challenges and market skepticism. This perspective serves as a crucial reminder that entrepreneurship, particularly in the deep tech sector, is an arduous endeavor fueled by vision and resilience. Technology, Borthwick asserts, is not merely a tool but "the engine that has carried humanity forward," and entrepreneurialism is the fundamental mechanism through which this progress is forged.
Secondly, Borthwick aims to dispel the "cartoon version" of venture capitalists—a caricature often depicting VCs as detached figures engaging in five-minute meetings, writing large checks, and then walking away. This simplified image, he argues, bears little resemblance to the dedicated individuals he works alongside. Reaffirming his earlier point, he reiterates, "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 distinction is vital for a more nuanced understanding of the venture ecosystem, highlighting the active, engaged, and often deeply personal commitment VCs bring to their portfolio companies. It underscores that many VCs have walked in founders’ shoes, bringing operational experience and strategic guidance that goes far beyond financial transactions.
Optimism Amidst Global Uncertainty: The Democratization of Capability
Despite the palpable uncertainties that characterize the contemporary global landscape, amplified by an ever-present and often overwhelming information environment, Will Borthwick remains steadfastly optimistic about humanity’s underlying trajectory. His optimism is rooted in a profound observation: the long arc of the "democratization of capability." This concept traces the evolution of technological access and power, making sophisticated tools progressively available to a broader base of individuals and organizations.
Borthwick illustrates this evolution with a compelling chronology. Twenty years ago, building significant digital infrastructure often necessitated substantial capital investment in proprietary server racks and on-premise data centers. The advent of cloud computing, pioneered by companies like Amazon Web Services and Microsoft Azure, marked a revolutionary shift, offering "compute on demand" and drastically lowering the barriers to entry for startups and innovators. Today, this democratization has advanced further, reaching a new zenith with "intelligence on demand in the palm of our hands." This refers to the ubiquitous access to advanced artificial intelligence, sophisticated analytics, and vast information resources through smartphones and interconnected devices, empowering individuals and small teams with capabilities once reserved for large corporations or research institutions.
This continuous empowerment, Borthwick believes, is the engine of human progress. "When you give people opportunity and capability, they do really impressive things," he observes, a sentiment that underpins BOLD Capital’s investment philosophy. He envisions a future where these "superpowers" only continue to amplify, making tomorrow’s innovations even more remarkable than today’s. This unwavering belief in human ingenuity, fueled by accessible technology, is what keeps Borthwick engaged at the forefront of venture capital. The companies BOLD Capital chooses to back are not merely developing new products or services; they are, in Borthwick’s view, actively constructing "the infrastructure of what humanity will be capable of next." This forward-looking perspective underscores the profound impact of venture capital, not just on economic growth, but on shaping the very fabric of future societies and expanding the horizons of human potential.
Broader Impact and Implications
The insights shared by Will Borthwick offer a multi-faceted view of the modern venture capital landscape and its profound implications. For founders, BOLD Capital’s approach signals the importance of not just securing capital, but aligning with partners who offer deep operational support and genuine mentorship. This model encourages founders to seek out VCs who are prepared for the "marriage, not a date," understanding that the entrepreneurial journey is often arduous and requires unwavering support. For the venture capital industry as a whole, Borthwick’s perspective reinforces the shift towards value-added investing, where expertise, network access, and hands-on guidance are as critical as the financial investment. This elevates the role of VCs from mere capital allocators to active participants in company building, fostering more robust and resilient startup ecosystems.
From a societal standpoint, BOLD Capital’s focus on "exponential technologies" that "move humanity forward" highlights the critical role of venture capital in addressing grand challenges. Investments in areas like de-extinction, advanced AI, and autonomous systems are not just about financial returns; they are about pushing the boundaries of scientific and technological possibility to solve problems ranging from climate change to healthcare and sustainable development. The "democratization of capability" described by Borthwick carries significant implications for global innovation, suggesting that future breakthroughs could emerge from an even wider array of individuals and regions, fostering a more inclusive and distributed innovation economy. As policymakers and the public grapple with the implications of rapid technological advancement, Borthwick’s call for a better understanding of founders’ motivations and VCs’ roles is particularly pertinent. It advocates for an environment that supports entrepreneurial endeavors, recognizing them as essential drivers of progress and prosperity. In essence, the narrative from BOLD Capital Partners, through the voice of Will Borthwick, paints a picture of a venture capital industry that is not only dynamic and growing but also deeply committed to shaping a better, more capable future for humanity.
