Every time John Borthwick describes the company he founded six years ago, it comes out a little different. Betaworks is… complex. It invests in some internet startups like a venture capital firm (Twitter, Tumblr, Airbnb), operates other wholly owned products like a studio (Digg, Dots, Giphy), and spins out more mature endeavors as standalone companies (Chartbeat, Bitly, SocialFlow). Only 10 people work for Betaworks itself. Everyone else, from investors to engineers, could be described as within its—thus far, very lucrative—financial orbit.