Turpentine VC: E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart Ventures
This week on Turpentine VC, Erik Torenberg interviews Ed Sim, founder of Boldstart Ventures, on growing the firm from a $1 million fund to $800 million in assets, with a focus on early-stage enterprise and AI investments.
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In this episode of Turpentine VC, host Erik Torenberg interviews Ed Sim, Founder and Managing Partner of Boldstart Ventures. They discuss Boldstart’s journey from a 1 million USD inception fund to managing 800 million USD in assets, the evolution of enterprise-focused venture capital, and the massive opportunities created by the AI platform shift. Ed shares insights on being “bleeding early,” the importance of inception-stage investing, and how Boldstart has adapted its strategy over the years to stay ahead in a rapidly changing VC landscape.
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Key Insights:
- The Value of Inception Investing:Â Boldstart focuses on inception-stage enterprise investing, working with technical founders even before incorporation. This approach has enabled them to build strong relationships and lead rounds early, positioning them as trusted partners for founders.
- AI’s Transformative Potential: Ed emphasizes AI as one of the greatest platform shifts in history, likening its impact to the rise of cloud computing. He highlights the need for startups to reimagine existing workflows and create disruptive solutions rather than incremental improvements.
- Barbell Strategy in Venture Capital:Â The venture ecosystem is polarizing into two categories: massive multistage funds and niche-focused players. Boldstart has chosen the latter, staying laser-focused on enterprise inception investing and avoiding the “AUM game.”
- Adapting Fund Strategy:Â To address rising valuations and compressed multiples, Boldstart has increased its portfolio size and diversified its investment approach, balancing smaller discovery checks with larger “jumbo” inception rounds.
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