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Many of our PandoMonthly guests found startups. The rest are the venture capitalists who invest in those companies. John Borthwick might be the first guest to helm a company as schizophrenic as Betaworks, which makes investments, creates its own products — and spins them out into their own companies if they become big enough — and acquires others that might fit into its portfolio. Borthwick does have a “master plan,” though, and he offered a glimpse into the thinking behind that plan during our latest PandoMonthly New York event.

Borthwick discussed his past, the thing venture capitalists should look for when they’re deciding which startups they should fund, why he doesn’t think media companies will always depend on advertising, and why Betaworks decided to acquire and subsequently overhaul Digg.

Thursday’s event was sponsored by TriNet and Venmo and was hosted, as always, by Projective Space. Our next PandoMonthly event will be in San Francisco on July 25 with Benchmark Capital’s Bill Gurley. The full interview with Borthwick is available for streaming below.