"Turpentine VC" | Venture Capital and Investing E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart
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Nov 26, 2024 
Ed Sim, founder and managing partner of Boldstart Ventures, shares insights on growing his firm from a $1 million to an $800 million portfolio. He discusses the innovative inception investing model, emphasizing early engagement with technical founders and the shifting dynamics of venture capital. Sim highlights the importance of quality over quantity in startup selection and the necessity of strong board relationships. The conversation also touches on the evolving tech landscape, particularly the impact of AI on investment strategies.
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Purity of Inception
- Boldstart focuses exclusively on inception investing, believing it offers the best returns and relationships.
- Competing at later stages diminishes Boldstart's differentiation and introduces checkbook games.
Boldstart vs. YC
- Boldstart Ventures prioritizes deep founder relationships and targeted investments over the high-volume approach of YC.
- YC's model succeeds with scale, increasing the odds of outlier successes, but Boldstart prefers a focused strategy.
Board Seat Philosophy
- Boldstart maintains board seats at inception-stage companies to provide ongoing support and guidance.
- This long-term engagement, unusual for early-stage investors, provides valuable insights for future investments.