Boldstart ventures Ed Sim on starting his career during the dot-com bubble, the opportunity as being a true day one investor, and views on today's VC market compared to past eras

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.Our guest today is Ed Sim, founder and general partner of boldstart ventures, an NYC-based firm started in 2010 with the focus on being a day-one partner for founders. Boldstart had a modest beginning, with only a $1M fund in 2010. It has since grown to just under $500M in AUM. Some of his first check investments include Snyk, Kustomer, BigID, and Superhuman.Ed previously co-founded and was a managing partner at Dawntreader Ventures in 1998. Dawntreader grew to $290 AUM and invested in seed and early-stage software, Internet, and digital media companies.He began his career at JP Morgan, and early on in his career learned how to code. Ed did his undergrad at Harvard College and was a four-year letterman on the men’s lacrosse team. Ever insightful and candid, Ed provided so many great nuggets around building a firm, navigating markets, and tell us why exactly he’s decided to stay true to the original thesis of backing entrepreneurs at early formation. A word from our sponsor:Invest in innovation. Allocate allows investors to access top-tier private funds and co-investment opportunities within the technology sector.Despite the enormous growth of the private markets and the rapid increase of retail demand for private alternatives, investing in the highest quality private assets within the innovation sector still remains limited to institutions and ultra-connected high net worth individuals.With Allocate, wealth advisors, banks, family offices, and other qualified investors can have a streamlined way to responsibly invest with confidence.Go to allocate.co to find out more and please sign up to the waitlist to learn more and get early access to the platform.In this episode we discuss:01:22 Ed’s decision to become a fulltime investor03:06 Why Ed turned down a Harvard MBA to start his first fund04:54 The investment thesis behind boldstart and how it was informed by his time at Dawntreader.08:21 How early days of running a new firm will test resiliency 09:57 What was their major inflection point?13:18 How Ed gets comfortable with being the first check in, often pre-product, and ways to mitigate risk. 16:14 Patterns Ed has seen when looking at his successful investments20:03 How he spots “non-obvious” founders and deals27:27 How they underwrite to what can be a “fund returner”31:35 How boldstart thinks about generating alpha in such a competitive seed market36:08 Where he believes we are in the market cycle today, and what the years ahead may look like43:52 The non-obvious things a venture investor needs to think about to maintain durability over the long term47:28 What emerging managers need to think about when evaluating when to join a firm versus starting their own. 50:38 The most counterintuitive lesson Ed has learned about being a venture capitalist53:28 The founder that helped define Ed as an investor57:28 The investor that has been most influential to his careerMentioned in this episode:boldstart venturesI’d love to know what you took away from this conversation with Ed. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com