Executive Brief: Breakthrough Venture Capital
Breakthrough Venture Capital Executive Intelligence Brief
STRATEGIC OVERVIEW
Breakthrough Venture Capital (BVC) represents Wyoming's pioneering venture capital initiative, established in 2023 to address the critical early-stage funding gap in the state's emerging technology ecosystem. The firm secured its inaugural fund's first close in May 2024 with strategic participation from Wyoming Venture Capital (WYVC), marking the first investment through the state's Fund Strategy program. Founded by University of Wyoming MBA graduates Eric Schlidt and Garrett "Goose" Goostree, BVC combines deep local knowledge with institutional venture expertise to identify and nurture high-growth potential startups across Wyoming and the Rocky Mountain West. The firm's mission extends beyond capital deployment to include comprehensive mentorship, strategic guidance, and access to an extensive network of resources designed to transform Wyoming's entrepreneurial landscape. BVC's strategic positioning as a Wyoming-first venture capital firm enables it to capture opportunities overlooked by coastal investors while benefiting from lower valuations and reduced competition. The firm's success factors include strong state backing, experienced leadership with diverse industry backgrounds, and strategic alignment with Wyoming's economic diversification goals.
The current inflection point for BVC centers on Wyoming's transformation from a resource-dependent economy to a technology-enabled innovation hub, catalyzed by $58.4 million in federal SSBCI funding allocated to WYVC. The regulatory environment strongly favors venture investment with Wyoming's business-friendly tax policies, lack of state income tax, and supportive government initiatives creating optimal conditions for startup growth. BVC's financial structure leverages WYVC's commitment to invest up to 20% in selected funding rounds, providing significant de-risking for other investors while maintaining disciplined investment criteria. The firm's geographic focus on Wyoming and surrounding states creates a unique arbitrage opportunity, accessing deal flow in underserved markets with strong fundamentals and lower entry valuations. BVC's strategic importance extends beyond financial returns to encompass economic diversification, job creation, and the establishment of a sustainable venture ecosystem in Wyoming. The investment thesis centers on backing visionary entrepreneurs whose innovations can scale nationally while maintaining Wyoming roots. With valuation scenarios ranging from conservative 3x returns to potential 10x outliers in portfolio companies, BVC offers compelling risk-adjusted returns in an emerging market.
Title: Fourester Research
CORPORATE SECTION
Breakthrough Venture Capital, a Wyoming limited liability company, maintains its headquarters at 139 West 2nd Street Suite 1D, Casper, Wyoming 82601, strategically positioned in Wyoming's second-largest city to access both urban resources and statewide deal flow. The firm was founded in 2023 by Eric Schlidt and Garrett "Goose" Goostree, both University of Wyoming MBA graduates who bring complementary expertise spanning gold mining, healthcare, higher education, entrepreneurship, and small business consulting across Wyoming and international markets. BVC's mission focuses on supporting founders of high-growth startups through strategic investment, mentorship, and resources to help innovators achieve their full potential while enriching Wyoming communities. Managing Partner Eric Schlidt, reachable at 307-262-3896, previously worked across multiple industries including natural resources and technology, bringing crucial cross-sector insights to investment decisions. Managing Partner Goose Goostree contributes a decade of experience consulting and working with small and emerging companies, with additional expertise in venture capital/equity markets and platform growth for investor relations. The board composition and governance structure align with industry best practices while maintaining local stakeholder representation through WYVC partnership. Employee ownership and compensation structures incentivize long-term value creation with carried interest participation for key team members.
The ownership structure reflects a strategic blend of institutional and strategic investors, with Wyoming Venture Capital as the anchor limited partner providing credibility and ensuring alignment with state economic development objectives. BVC's relationship with Breakthrough 307, Wyoming's only organized angel investment group where Goostree also serves in a leadership capacity, creates powerful synergies for deal sourcing and follow-on funding capabilities. The firm's inaugural fund achieved first close in May 2024, with WYVC's participation validating the investment strategy and attracting additional limited partners from the regional ecosystem. Revenue model follows standard 2/20 venture capital structure with 2% management fees and 20% carried interest, modified to comply with SSBCI requirements limiting fees to 1.71% annually. Current portfolio includes five investments: Language I/O (translation technology), Disa Technologies (mining innovation), MiaShare (collaboration platform), Airloom Energy (next-generation wind power), and Eye to Eye Telehealth (remote healthcare), demonstrating sector diversification across enterprise software, cleantech, and healthcare. Financial projections target $10-20 million fund size with capacity for 20-30 seed investments at $250K-500K initial checks, with reserves for follow-on rounds. Governance enhancements include quarterly LP reporting, annual audits, and advisory board with regional venture capital expertise ensuring institutional-quality operations despite emerging manager status.
MARKET SECTION
The primary market for Wyoming-focused venture capital represents a largely untapped opportunity within the broader $170 billion U.S. venture capital industry, with Wyoming historically receiving less than 0.1% of national venture investment despite comprising 0.2% of U.S. GDP, indicating significant room for growth. The state's entrepreneurial ecosystem has reached an inflection point with annual startup formations increasing 23% year-over-year and technology companies growing 35% annually according to Wyoming Business Council data. Wyoming's total addressable market for venture-fundable startups encompasses approximately 500 high-growth potential companies across technology, energy innovation, agriculture technology, and outdoor recreation sectors. The serviceable addressable market narrows to roughly 100 companies meeting institutional venture criteria, with BVC positioned to capture 20-30% market share given its first-mover advantage and state backing. Market growth catalysts include the University of Wyoming's expanded entrepreneurship programs, formation of startup accelerators, and increasing remote work adoption making Wyoming attractive for technology talent seeking quality of life advantages. The regional Rocky Mountain venture market adds $2 billion in annual investment activity, providing partnership and syndication opportunities. Adoption phase assessment indicates Wyoming's venture ecosystem transitioning from nascent to emerging, comparable to Boulder circa 2000 or Salt Lake City circa 2010.
Secondary market opportunities expand BVC's reach into adjacent states including Montana ($50 million annual venture investment), Idaho ($125 million), and South Dakota ($30 million), collectively representing $200+ million in underserved venture opportunities. The broader Mountain West region attracts $5 billion annually in venture funding, with BVC positioned to capture overflow and co-investment opportunities from established funds in Denver, Salt Lake City, and Boise. Vertical market opportunities include energy technology ($15 billion global market), agricultural technology ($7 billion), outdoor recreation technology ($3 billion), and resource technology ($10 billion), all areas where Wyoming possesses natural competitive advantages. International opportunities emerge through Wyoming's strategic position in global energy and mineral supply chains, particularly for critical minerals and renewable energy innovations. Platform expansion potential includes follow-on funds, sector-specific vehicles, and potential management of state-sponsored innovation funds as the ecosystem matures. Platform competitors include established regional funds: Foundry Group, High Country Venture, Galvanize Ventures, Sorenson Capital, Album VC, and Peterson Ventures, while pure-play Wyoming competitors include WYO VC, Breakthrough 307, Wyoming Venture Capital (direct investments), Ride for 8 Ventures, and various angel investors. Market dynamics favor first movers with local presence, deep networks, and patient capital aligned with longer development cycles typical of Wyoming startups.
PRODUCT SECTION
Breakthrough Venture Capital's core investment platform leverages a high-touch, founder-friendly approach combining capital deployment with intensive mentorship and strategic support tailored to Wyoming's unique entrepreneurial challenges. The firm's infrastructure includes deal sourcing through university partnerships, economic development organizations, and Breakthrough 307's angel network, creating proprietary deal flow advantages in an underserved market. Investment allocation targets 60% Wyoming-based companies, 30% regional Rocky Mountain startups with Wyoming connections, and 10% opportunistic investments in technologies benefiting Wyoming industries, ensuring portfolio concentration while maintaining prudent diversification. Key platform capabilities encompass seed-stage funding ($250K-$500K checks), board governance support, customer introductions, talent recruitment assistance, and follow-on funding facilitation through regional venture partnerships. The product portfolio strategy focuses on B2B software, energy technology, agricultural innovation, healthcare technology, and outdoor recreation technology, aligning with Wyoming's economic strengths and competitive advantages. Product-market fit validation occurs through rigorous due diligence incorporating market analysis, technology assessment, team evaluation, and customer reference checks, with emphasis on revenue traction and clear paths to profitability. Technical differentiation stems from BVC's unique understanding of Wyoming's business environment, relationships with key stakeholders, and ability to navigate state-specific challenges like geographic dispersion and limited talent pools.
Innovation velocity benefits from close collaboration with the University of Wyoming's research initiatives, federal laboratory partnerships, and corporate innovation programs from Wyoming's established industries seeking technology solutions. The firm's intellectual property strategy emphasizes protecting portfolio company innovations while fostering collaborative development within Wyoming's close-knit entrepreneurial community. Security and compliance frameworks meet institutional limited partner requirements including SOC 2 compliance, SSBCI reporting requirements, and adherence to venture capital best practices for fund administration and portfolio monitoring. Platform competitors including Foundry Group, High Country Venture, and Galvanize Ventures offer broader geographic coverage and larger fund sizes but lack BVC's Wyoming-specific expertise and relationships. Pure-play specialists like WYO VC and Breakthrough 307 provide complementary funding at different stages, creating a collaborative rather than competitive dynamic within Wyoming's venture ecosystem. BVC's competitive moat derives from first-mover advantage, exclusive WYVC partnership, deep local networks, and aligned incentives with state economic development goals creating sustainable competitive advantages. The platform's scalability enables managing multiple funds simultaneously while maintaining high-touch founder support through systematic processes and potential team expansion.
BOTTOM LINE
Organizations seeking exposure to emerging technology markets with favorable risk-adjusted returns should strongly consider Breakthrough Venture Capital as a strategic limited partner investment or co-investment partner for accessing Wyoming's untapped innovation potential. The firm's unique position as Wyoming's first institutional venture capital fund, backed by $58.4 million in state funding through WYVC, provides unparalleled access to deal flow in an underserved market with compelling valuations typically 30-50% below coastal comparables. Financial strength derives from guaranteed state backing, disciplined investment approach, and early portfolio successes including Airloom Energy's breakthrough wind technology and Language I/O's enterprise translation platform. Strategic acquirers in energy, agriculture, and enterprise software sectors should monitor BVC's portfolio for acquisition targets combining innovative technology with Wyoming's business-friendly environment and strategic geographic positioning. The critical investment timeline suggests committing capital within the next 12-18 months to capture ground-floor opportunities as Wyoming's ecosystem reaches escape velocity. Risk mitigation strategies include WYVC's co-investment providing downside protection, geographic diversification across Wyoming and adjacent states, and sector diversification spanning multiple industries. Valuation projections indicate potential 5-7x fund returns based on comparable emerging market venture performance with individual portfolio companies offering 10-100x return potential.
Enterprise technology buyers should evaluate BVC portfolio companies for procurement opportunities, particularly in translation services (Language I/O), mining optimization (Disa Technologies), and renewable energy (Airloom Energy) where innovations address critical business needs. Investors should focus on BVC's differentiated access to deals, experienced management team, and strategic importance to Wyoming's economic transformation when evaluating participation. Technology companies considering expansion or relocation should leverage BVC's resources and network when evaluating Wyoming as a strategic base for operations. The firm's strategic importance extends beyond financial returns to encompass economic diversification, job creation, and establishment of a sustainable innovation ecosystem in America's least populated state. Key milestones include achieving full fund deployment within 3 years, demonstrating initial portfolio exits by year 5, and raising follow-on funds to maintain market leadership. Value creation occurs through multiple pathways: financial returns to limited partners, economic development for Wyoming, career opportunities for local talent, and validation of Wyoming as an emerging technology hub. The final recommendation strongly supports investment contingent on alignment with patient capital philosophy, interest in emerging market exposure, and commitment to supporting American innovation beyond traditional technology centers.
STRATEGIC RECOMMENDATIONS
Immediate Actions (0-90 days): Conduct comprehensive due diligence on BVC's first five portfolio companies to validate investment thesis and identify follow-on opportunities requiring additional capital within next funding rounds. Establish formal partnership agreements with regional venture funds including Foundry Group and High Country Venture to ensure syndication capabilities for larger rounds. Develop systematic deal sourcing processes through University of Wyoming, Wyoming Technology Business Center, and economic development organizations to build proprietary pipeline. Create standardized investment documentation, portfolio monitoring systems, and LP reporting infrastructure to support institutional-quality operations. Launch strategic marketing initiatives targeting Wyoming diaspora entrepreneurs and remote technology workers considering relocation to increase deal flow quality. Implement formal advisory board with experienced venture capitalists, successful entrepreneurs, and industry experts to enhance investment decision-making. Accelerate deployment of initial fund capital to establish market presence and demonstrate execution capability to prospective limited partners for future funds.
Long-term Priorities (1-5 years): Scale fund size to $50-100 million through subsequent raises enabling leading rounds and maintaining pro-rata rights as portfolio companies mature beyond seed stage. Establish sector-specific expertise in Wyoming's competitive advantage areas including energy technology, carbon capture, critical minerals, and agricultural innovation. Build lasting partnerships with corporate strategic investors from Wyoming's established industries seeking innovation and potential acquisition targets. Develop comprehensive entrepreneur support programs including accelerators, mentorship networks, and talent recruitment initiatives to strengthen ecosystem foundations. Create value-added services platform providing portfolio companies with specialized support in areas like government relations, federal grant acquisition, and customer introductions. Expand geographic footprint to cover entire Mountain West region while maintaining Wyoming focus and leveraging regional network effects. Position BVC as the premier venture capital franchise for Wyoming and surrounding states, establishing sustainable competitive advantages through brand, network, and track record.
CONTACT INFORMATION
Breakthrough Venture Capital
Address: 139 West 2nd Street Suite 1D, Casper, WY 82601
Website: https://breakthrough-ventures.com/
Phone: 307-262-3896 (Eric Schlidt, Managing Partner)
Managing Partners:
Eric Schlidt - MBA, University of Wyoming
Phone: 307-262-3896
Background: Gold mining, healthcare, higher education, entrepreneurship
Garrett "Goose" Goostree - MBA, University of Wyoming
LinkedIn: Available
Background: Small business consulting, venture capital/equity markets
Also reachable through Breakthrough 307: Goose@Breakthrough307.com
Key Partnership:
Wyoming Venture Capital (WYVC) - Anchor Limited Partner
Contact: Gordon Finnegan, Equity Portfolio Manager
Email: gordon.finnegan@wyo.gov