In its ongoing "Meet a VC" series, the National Venture Capital Association (NVCA) recently featured Will Borthwick, a prominent partner at BOLD Capital Partners, offering an insightful glimpse into the perspectives and convictions driving the venture capital industry. The NVCA, a leading advocate for the U.S. venture community, regularly hosts such discussions to illuminate the intricate workings of venture capital and the individuals shaping its future. Borthwick’s contributions underscored BOLD Capital Partners’ distinct investment philosophy, which centers on identifying and nurturing founders dedicated to building "exponential technologies"—innovations poised to fundamentally advance humanity. His journey from the traditional corridors of finance to the vanguard of exponential tech provides a compelling narrative of adaptation and foresight within a rapidly evolving global landscape.
Borthwick’s professional trajectory is a testament to a career built on navigating complex financial ecosystems. His formative years were spent within the Federal Reserve system, an institution at the very core of national economic stability, where he likely gained a profound understanding of macroeconomic forces, monetary policy, and systemic risk. This foundational experience provided a rigorous analytical framework, honing his ability to discern underlying trends and assess broad market implications. Transitioning from public service, Borthwick then delved into the demanding world of investment banking, a sector known for its intense deal-making, corporate valuations, and capital formation strategies. Here, he would have developed sharp financial modeling skills and an acute awareness of market efficiencies and opportunities. Following this, his tenure in private equity, particularly in the buyout of large technology companies, further diversified his expertise. This phase of his career exposed him to the operational intricacies of established tech giants, the challenges of scaling mature enterprises, and the strategic maneuvers involved in optimizing value post-acquisition. These diverse experiences collectively endowed him with a holistic understanding of financial markets, corporate governance, and the technology sector, proving invaluable for his subsequent venture into early-stage investing.
Approximately eight and a half years ago, Borthwick made a pivotal shift, joining BOLD Capital Partners. This move was driven by a powerful confluence of factors: the allure of a team comprising seasoned entrepreneurs and investors, and a compelling investment thesis. At the heart of BOLD’s strategy is the concept of "exponential technologies"—a term that distinguishes innovations whose capabilities are not merely improving linearly but are accelerating at an unprecedented, exponential rate. This paradigm shift means that what was once considered scientifically infeasible or economically unviable eighteen months ago can become entirely feasible today. The core challenge, and indeed the opportunity, for BOLD Capital, lies in identifying how these emergent capabilities can be leveraged to address genuinely significant and impactful global problems. As Borthwick articulates, the fundamental question guiding their investments is: "How do you fundamentally move the needle to make humanity better?" This profound ambition is distinctly reflected in BOLD’s diverse and often audacious investment portfolio, which includes pioneering ventures in stratospheric drones, de-extinction initiatives, advanced humanoids, and sophisticated AI-enabled hardware.
The venture capital industry, particularly over the last decade, has undergone a dramatic transformation, a shift that Borthwick has observed firsthand. When he first entered the field, the industry was often characterized as a "small, cottage, bespoke, artisanal industry." Investment rounds, such as a Series A, typically ranged from $15 to $20 million and were considered substantial. This era was marked by more intimate relationships between VCs and founders, often built on deep sector expertise and a slower pace of capital deployment. However, the landscape has fundamentally changed. Today, it is not uncommon to hear discussions around Series A rounds reaching $150 million, representing a tenfold increase in average check sizes within a relatively short period.
This influx of capital can be attributed to several factors. The sustained period of low-interest rates globally encouraged institutional investors—pension funds, endowments, and sovereign wealth funds—to seek higher returns in alternative asset classes like venture capital. The proliferation of technological advancements across various sectors, from artificial intelligence and biotechnology to clean energy and space exploration, created fertile ground for new companies with massive growth potential. Furthermore, the success stories of tech giants born out of venture capital funding—companies like Google, Facebook, and Amazon—demonstrated the extraordinary returns possible, attracting even more limited partners (LPs) to the asset class. According to data from PitchBook and the NVCA, annual U.S. venture capital investment surged from around $50 billion in the early 2010s to over $300 billion in peak years like 2021, before a market correction in 2022-2023. This massive scaling of capital has profound implications, intensifying competition among VCs, raising valuations, and placing greater pressure on founders to demonstrate rapid growth and scalability.
Borthwick emphasizes that the role of a venture capitalist extends far beyond merely writing a check. "Venture isn’t a fancier broker-dealer collecting a fee on the wire," he states, highlighting that the true value creation and commitment begin after the investment is made. He likens the VC-founder relationship to a profound 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." This philosophy underscores the "operator-investor" model, where VCs actively engage with their portfolio companies, providing strategic guidance, operational support, and a vital network of resources.
Being a founder, Borthwick notes, is one of the most demanding and often solitary roles. The immense responsibility of steering a nascent enterprise, making critical decisions, and navigating myriad challenges ultimately rests on the CEO’s shoulders. In this context, the active involvement of a VC partner becomes indispensable. This support manifests in various forms: offering advice on product development, market strategy, and fundraising for subsequent rounds; making critical introductions to potential customers, strategic partners, and executive talent; and providing invaluable counsel during moments of crisis or opportunity. Crucially, Borthwick highlights the personal dimension of this support, acknowledging the emotional toll of entrepreneurship. "Whether it’s a shoulder to cry on or a person to scream at, that’s an important part of the role," he explains. This empathetic approach recognizes the human element behind innovation, positioning VCs as trusted confidantes and partners who share the journey’s triumphs and tribulations. The NVCA consistently advocates for this kind of engaged partnership, understanding that robust support systems are critical for startup success.
Borthwick also seeks to dispel common misconceptions held by both policymakers and the general public regarding founders and venture capitalists. For founders, he wishes for a greater appreciation of the arduous nature of company building. He observes that many founders embark on their entrepreneurial journeys with a genuine desire to create impactful change, driven by altruistic motivations. "They start companies to change the world in an impactful way. It comes from a place of good," he asserts. Yet, these innovators frequently encounter unnecessary roadblocks—regulatory hurdles, bureaucratic inefficiencies, and systemic friction that can impede progress. Borthwick firmly believes that technology is the principal engine of human advancement, and entrepreneurialism is the vital mechanism through which this engine is built and propelled forward. Policies that simplify the regulatory environment, encourage risk-taking, and provide clear pathways for innovation are essential to foster a thriving entrepreneurial ecosystem.
Regarding venture capitalists themselves, Borthwick challenges the prevalent "cartoon version" of their role—a stereotype often depicting VCs as detached figures who conduct five-minute meetings, dispense large checks, and then walk away. This caricature, he argues, bears little resemblance to the reality of the people he collaborates with. Instead, 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 perspective underscores the active, hands-on involvement and shared entrepreneurial spirit that defines many modern venture partnerships. The NVCA frequently publishes reports and hosts events to educate the public and policymakers on the nuanced, value-adding role of VCs in job creation, economic growth, and technological leadership.
Despite the inherent uncertainties of the global landscape, particularly amplified by the relentless flow of information, Borthwick maintains a profound sense of optimism for the future. He frames this optimism around a compelling "longer arc of democratization of capability." This concept traces the historical progression of technological accessibility: from an era twenty years ago where organizations required proprietary server racks for computing power, to the widespread adoption of on-demand cloud computing services, and now, to the ubiquitous presence of "intelligence on demand in the palm of our hands." This trajectory illustrates a continuous broadening of access to sophisticated tools and resources, empowering individuals and small teams to achieve feats once exclusive to large corporations or governments.
"When you give people opportunity and capability, they do really impressive things," Borthwick states, articulating his conviction in human ingenuity when enabled by powerful tools. He foresees a future where these "superpowers" will only continue to strengthen, leading to unprecedented levels of innovation and problem-solving. This unwavering belief is what fuels his commitment to BOLD Capital’s mission. The companies that BOLD backs are not merely developing new products or services; they are, in essence, building the foundational infrastructure for humanity’s next leap forward—the very fabric of what future civilizations will be capable of achieving. This forward-looking vision, coupled with a deep commitment to supporting the entrepreneurs who dare to build it, positions Will Borthwick and BOLD Capital Partners at the leading edge of a transformative era in venture capital and technological advancement. Their work exemplifies the critical role of visionary capital in realizing a future where human potential is continually expanded and empowered.
