How I Invested in Coinbase

In my recent Substak podcast episode, I spoke with Adam Draper, founder of Boost VC and third-generation VC investor, about his unconventional path in venture capital.

Coming from a long lineage of successful investors, Adam has made his own mark in the VC world. He is the founder and managing director of Boost VC, a fund focused on sci-fi technology and founders pursuing “impossible” ideas. Adam has led early investments in startups like Coinbase, Vints, and Amplitude.

Adam shared the story behind his prescient early investment in Coinbase and founder Brian Armstrong. In the early Bitcoin days when few recognized crypto's potential, Brian matter-of-factly predicted cryptocurrency would be a trillion-dollar opportunity. While skeptical at first, Adam was compelled by Brian's vision and conviction, leading him to invest in Coinbase's seed round and sparking his long-term interest in crypto.

Throughout our conversation, Adam provided insights into his creative philosophy and strategy around venture capital:

* He looks for overlooked problems and markets with important needs

* Leverages disagreement within his firm to find promising investments

* Seeks true partnership with founders based on trust

* His investing ancestors instilled in him the drive to spot historic opportunities early

As Adam says,

“I think venture is going through an evolutionary change right now...Earlier stage [investing] is about optimization of luck. Later stage is the optimization of access...We’re trying to figure out who has the best shot at building an iconic company.”

You can listen to our full conversation on spotify, youtube and substack of course. And be sure to check out Adam's book “Breakfast with Pops” for an inside look at the Draper family's VC wisdom.