Adam Draper is the founder and CEO of Boost VC, a San Mateo-based accelerator that focuses on Bitcoin companies.
Last week, Draper and CoinDesk discussed the future of Boost VC, his devotion to bitcoin, and his role in the digital currency industry.
Adam Draper has invested in different companies including Coinbase, MinoMonsters and Practice Fusion, he is also a board member of four companies.
In March Adam told Coindesk that Boost VC planned to help the growths of bitcoin industry by accelerating 100 bitcoin companies.
Adam Draper said: “We are actually, over the next three years, going to be accelerating 200 companies. And 100 of those are going to be bitcoin companies. That’s our big stake in the ground.”
It’s obvious that there is no lack of entrepreneurs wanting to enter the bitcoin market. Moreover, Draper’s idea to help startups with his Boost VC does involve risk, as the industry is still in its developing stage and the uncertainty surrounding future regulations can have a negative impact on the companies. However, Draper said he is not afraid to take the risk.
Learning from the Best
The founder of Boost, Adam Draper, is a fourth-generation venture investor. Draper does not have fears to take up risks as he has a good example of his father’s company DFJ that was the first firm to “only back Internet companies.”
Technology moves fast comparing to most industries. Even though Draper’s father Tim Draper was a pioneering venture investor in the early years of the Internet, Draper said that to startup a company now is different today than it was years ago: “It’s crazy how much things have changed in such a short amount of time. If you want to start a business today, all you need is $80, a bank account and some code.”
Growing up Fast
In the summer 2012, Draper founded his third venture , Boost VC, a San Mateo-based accelerator that offers housing, office space, investment in exchange for equity in the company and mentorship.
Since the start Boost VC accelerate more than 40 startups over three sessions. Draper said that the first session attracted almost 70 candidates. The second session had a bigger number of applicants and by the third session Boost had 500 startups applied for its program.
Draper said: “When we announced our plans to accelerate 100 bitcoin companies, there was a huge response from the community. It showed us just how much interest people have in this space, and also how disruptive this technology really is.”
An Ambassador for Bitcoin
With Boost’s decision to accelerate 100 bitcoin startups, Draper said that he is aware of the influence he and his company have: “I do feel like an ambassador for the community, in a way. I’ve never been so public about supporting something as I have been with bitcoin, and I’m grateful to be able to help grow the industry.”
Though Draper’s peers in venture capital may consider Boost’s interest in bitcoin is “crazy”, he wouldn’t change anything: “My job wouldn’t be possible without all of the crazy and talented entrepreneurs who are putting all of their hard work into developing new products and services around bitcoin’s technology.”