Adam Draper, founder of Boost VC, a San Mateo-based venture capital firm, has increased the firm’s Bitcoin portfolio by inviting a fifth batch, or “tribe” of 24 Bitcoin companies to participate in his firm’s startup boot camp program, which involves an investment offer.
This boot camp is a three-month long program in which the leaders of the companies that make up the tribe where they live together and work with advisors from Boost to learn how to successfully build a profitable company, as the San Francisco Business Times described it:
“The companies chosen for Boost’s tribe go through a particular right of passage. For three months, founders from the 24 startups live and work together and with their advisors in housing just around the corner from Boost’s offices in San Mateo. They attend weekly all-team meetings and ‘family dinners,’ get access to legal counsel, and can tap into Boost’s proprietary network for life.”
Bitcoin companies that are part of the Boost VC portfolio are offered Bitcoin as an investment instead of fiat currency. Each company in this new tribe was offered 300 BTC, which amounts to approximately $66,000 USD at the current exchange rate.
According to Draper, Bitcoin is in a “boring” state in terms of price, and refers to this period of relatively quiet market activity as “The Repair Mode.” Thus, given that Draper believes that Bitcoin is in a period of “repair,” the companies he wanted for his firms fifth tribe were ones that were making efforts to fix technological problems currently facing Bitcoin.
Adam Draper is the son of Tim Draper, a successful venture capitalist who purchased all the Bitcoin that was for sale in the first Silk Road Bitcoin auction last summer.