The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
The podcast dedicated to demystifying Venture Capital. Nick Moran and Nate Pierotti interview VC's & Startup Founders and on how they build great technology startups.
487. A 20-Year Journey from the Garage to Nine-Figure ARR, Reinventing with Every Platform Shift, Avoiding the Innovator’s Dilemma, and Future-Proofing for Generative AI (Dave Link)
Dave Link of ScienceLogic joins Nick to discuss A 20-Year Journey from the Garage to Nine-Figure ARR, Reinventing with Every Platform Shift, Avoiding the Innovator’s Dilemma, and Future-Proofing for Generative AI. In this episode we cover:
Transition to Venture Capital and Market Evolution Navigating Platform Shifts and Generative AI Leadership and Team Building Managing Expectations with Venture Capitalists Future of Generative AI and Data Quality Personal Habits and Leadership
Guest Links:
Dave’s LinkedIn Dave’s X Science Logic’s LinkedIn Science Logic’s Website
The host o...
Investor Stories 413: Visionary Founders (Schilling, Abel, Patel)
On this special segment of The Full Ratchet, the following Investors are featured:
Mathias Schilling Godard Abel Manish Patel
We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
...
Investor Stories 412: Best LP Question (Garcia, Tusk, Seides)
On this special segment of The Full Ratchet, the following Investors are featured:
David Garcia Bradley Tusk Ted Seides
We asked guests to share the best question they've ever been asked by an allocator.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more...
Investor Stories 411: Lessons Learned (Patil, Schilling, Abel)
On this special segment of The Full Ratchet, the following Investors are featured:
Jay Patil Mathias Schilling Godard Abel
We asked guests to tell the most important lesson they've learned in their career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more about...
486. From Power Law to Proprietary Insight: Unlocking Early-Stage Alpha, Data-Driven VC, and Building a Next-Gen Firm (Nnamdi Okike)
Nnamdi Okike of 645 Ventures joins Nick to discuss From Power Law to Proprietary Insight: Unlocking Early-Stage Alpha, Data-Driven VC, and Building a Next-Gen Firm. In this episode we cover:
Frameworks and Signals for Early-Stage Investing Challenges and Opportunities in Non-Consensus Investing The Role of AI in Venture Capital
Guest Links:
Nnamdi’s LinkedIn Nnamdi’s X 645 Ventures’ LinkedIn 645 Ventures’ Website
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area...
Investor Stories 410: Why I Passed (Stevens, Patel, Shen)
On this special segment of The Full Ratchet, the following Investors are featured:
Kevin Stevens Manish Patel Han Shen
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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Investor Stories 409: Key Advice (Terbell and Clark, Schilling, Abel)
On this special segment of The Full Ratchet, the following Investors are featured:
Jon Terbell and Ted Clark Mathias Schilling Godard Abel
We asked guests for the most important piece of advice that they'd share with folks early in their venture career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.<...
Investor Stories 408: Visionary Founders (Seides, Ralston, Stevens)
On this special segment of The Full Ratchet, the following Investors are featured:
Ted Seides Rusty Ralston Kevin Stevens
We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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485. From Touring with Lady Gaga, Blink‑182, and Pharrell Williams to investing in Spotify, SpaceX, and Ripple… How an Artist Went from Tastemaker to Transformative Healthcare VC (D.A. Wallach)
D.A. Wallach of Time BioVentures joins Nick to discuss From Touring with Lady Gaga, Blink‑182, and Pharrell Williams to investing in Spotify, SpaceX, and Ripple… How an Artist Went from Tastemaker to Transformative Healthcare VC. In this episode we cover:
Transition from Music to Tech Investing Investing in Tech and Healthcare Lessons from the Music Industry Healthcare System and Policy Value-Based Care and Functional Medicine Creative and Tech Talent
Guest Links:
D.A.’s LinkedIn D.A.’s X Time BioVentures’ LinkedIn Time BioVentures’ Website
The host o...
Investor Stories 407: Best LP Question (Chau, Terbell and Clark, Schilling)
On this special segment of The Full Ratchet, the following Investors are featured:
Laura Chau Jon Terbell and Ted Clark Mathias Schilling
We asked guests to share the best question they've ever been asked by an allocator.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You...
Investor Stories 406: Lessons Learned (Garcia, Tusk, Seides)
On this special segment of The Full Ratchet, the following Investors are featured:
David Garcia Bradley Tusk Ted Seides
We asked guests to tell the most important lesson they've learned in their career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more about...
Investor Stories 405: Why I Passed (Terbell and Clark, Patil, Schilling)
On this special segment of The Full Ratchet, the following Investors are featured:
Jon Terbell and Ted Clark Jay Patil Mathias Schilling
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
<...484. Calculating the Market Size for AI, Building an "Experimentation Machine," the Bull Case for Non-Technical Founders, and the Key to PMF in the AI Age (Jeff Bussgang)
Jeff Bussgang of Flybridge Capital joins Nick to discuss Calculating the Market Size for AI, Building an "Experimentation Machine," the Bull Case for Non-Technical Founders, and the Key to PMF in the AI Age. In this episode we cover:
Exits and Liquidity in Venture Capital The Experimentation Machine and AI Opportunity Evaluating AI Businesses and Founders Challenges and Opportunities in AI Investing Entrepreneurship Education and Startup Ecosystems Product-Market Fit and Customer Discovery Future of AI and Venture Capital
Guest Links:
Jeff’s LinkedIn Jeff’s X Flybridge’s Linked...
Investor Stories 404: Disruptive Forces (Abel, Patel, Shen)
On this special segment of The Full Ratchet, the following Investors are featured:
Godard Abel Manish Patel Han Shen
We asked guests to discuss the factor that could cause the most disruption to the industry going forward and how that will change the next decade of venture.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full...
Investor Stories 403: Key Advice (Chau, Whitmire, Garcia)
On this special segment of The Full Ratchet, the following Investors are featured:
Laura Chau Mike Whitmire David Garcia
We asked guests for the most important piece of advice that they'd share with folks early in their venture career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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Investor Stories 402: Visionary Founders (Yunger, Tusk, Terbell and Clark)
On this special segment of The Full Ratchet, the following Investors are featured:
Oren Yunger Bradley Tusk Jon Terbell and Ted Clark
We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
<...483. AI Revenue-Model Transformation, Building an AI Moat, and The Arrival of Agents (Medha Agarwal)
Medha Agarwal of Defy joins Nick to discuss AI Revenue-Model Transformation, Building an AI Moat, and The Arrival of Agents. In this episode we cover:
Revenue Models and Business Models in AI-Driven Vertical Software Challenges and Opportunities in Vertical Software Defensibility and Market Differentiation Founder-Investor Relationships and Early Decision-Making Sourcing Top-Tier Talent and Seed Investing Trends Future of Work and AI's Impact
Guest Links:
Medha’s LinkedIn Medha’s X Defy’s LinkedIn Defy’s Website
The host of The Full Ratchet is Nick Moran of New S...
Investor Stories 401: Best LP Question (Chase, Boduch, Whitmire)
On this special segment of The Full Ratchet, the following Investors are featured:
Jill Chase Eric Boduch Mike Whitmire
We asked guests to share the best question they've ever been asked by an allocator.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more...
482. How AI Reshapes Distribution Models, What Startups Get Wrong About Product-Led Growth, and the Real Use Case for Agents (Casber Wang)
Casber Wang of Sapphire Ventures joins Nick to discuss How AI Reshapes Distribution Models, What Startups Get Wrong About Product-Led Growth, and the Real Use Case for Agents. In this episode we cover:
AI's Impact on Business Models and Capital Efficiency Defensibility and Product Market Fit AI Fatigue and Market Conditions Fundraising and Investor Expectations Cybersecurity and Competitive Intensity AI Agents and Enterprise Value Glean's Success in Enterprise Search Market Conditions and Investment Strategy
Guest Links:
Casber’s LinkedIn Casber’s Twitter/X Sapphire’s LinkedIn Sapphire’s Website...
Investor Stories 400: Lessons Learned (Yunger, Chau, Terbell and Clark)
On this special segment of The Full Ratchet, the following Investors are featured:
Oren Yunger Laura Chau Jon Terbell and Ted Clark
We asked guests to tell the most important lesson they've learned in their career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can...
481. Co-Founding Meritech, Betting Early on Facebook and Salesforce, Avoiding Shiny Objects, and Thinking Like a Public Market Investor (Paul Madera)
Paul Madera of Meritech Capital joins Nick to discuss Co-Founding Meritech, Betting Early on Facebook and Salesforce, Avoiding Shiny Objects, and Thinking Like a Public Market Investor. In this episode we cover:
Challenges in Late-Stage Venture Capital Revenue Momentum and Investment Decisions Public vs. Private Markets and AI Investments Defense Tech and AI's Role in Workflow Software AI's Adoption Curve and Market Competition Investment Strategies and Future Outlook
Guest Links:
Guest’s LinkedIn Company’s LinkedIn Company’s Website
The host of The Full Ratchet is Nic...
Investor Stories 399: Why I Passed (Whitmire, Garcia, Tusk)
On this special segment of The Full Ratchet, the following Investors are featured:
Mike Whitmire David Garcia Bradley Tusk
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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480. The OG Seed Investor, Mike Maples Jr., on Spotting Inflection Points, Living in the Future, and Why the Best Form of Competition Is No Competition (Mike Maples)
Mike Maples of Floodgate joins Nick to discuss The OG Seed Investor, Mike Maples Jr., on Spotting Inflection Points, Living in the Future, and Why the Best Form of Competition Is No Competition. In this episode we cover:
The Evolution of Seed Investing Identifying Exceptional Founders The Role of Inflections in Startups The Impact of AI on Startups Sea Changes and Business Model Migrations The Importance of Specificity and Narrative Design The Role of Pattern Recognition in Venture Capital
Guest Links:
Twitter/X (guest) Guest’s LinkedIn Company’s Lin...
Investor Stories 398: Disruptive Forces (Ralston and Patil, Schilling, Stevens)
On this special segment of The Full Ratchet, the following Investors are featured:
Rusty Ralston and Jay Patil Mathias Schilling Kevin Stevens
We asked guests to discuss the factor that could cause the most disruption to the industry going forward and how that will change the next decade of venture.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date...
479. Inside the LP Playbook with Venture Vanguard, Chris Rizik: What Metrics Actually Matter, How to Fix Venture’s Liquidity Crisis, and Why Co-Invests Are a Trap (Chris Rizik)
Chris Rizik of Renaissance Venture Capital joins Nick to discuss Inside the LP Playbook with Venture Vanguard, Chris Rizik: What Metrics Actually Matter, How to Fix Venture’s Liquidity Crisis, and Why Co-Invests Are a Trap. In this episode we cover:
Connectivity and Customer Engagement Undemo Day and Its Unique Features Venture Capital Liquidity Crisis and Exit Problems Co-Investment Rights and Their Challenges Capital Constraints and Pro Rata Rights Valuation and Exit Strategies Capital Efficient Startups and Exit Paths Pharma and Biotech Investments Company Creation and Emerging Models AI and Venture Strategy Midwest Venture Ec...
Investor Stories 397: Key Advice (Ho, Yunger, Tusk)
On this special segment of The Full Ratchet, the following Investors are featured:
Gregory Ho Oren Yunger Bradley Tusk
We asked guests for the most important piece of advice that they'd share with folks early in their venture career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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478. Classical vs. Jazz Leadership, IPO Readiness & Key Metrics for a Successful Offering, Requirements for David to Beat Goliath, and Why Altman and Other Leaders are Pivoting to Open Source (Somesh Dash)
Somesh Dash of IVP joins Nick to discuss Classical vs. Jazz Leadership, IPO Readiness & Key Metrics for a Successful Offering, Requirements for David to Beat Goliath, and Why Altman and Other Leaders are Pivoting to Open Source. In this episode we cover:
AI’s Role in Venture Investing AI Open Source & Model Layer AI in Healthcare, Education & Social Impact Globalization of Tech, Broader Trends & Perspectives Founder Traits & Evaluation Market Dynamics & Cycles Future of Tech & AI-Native Generation
Guest Links:
Guest’s LinkedIn Company’s LinkedIn Company’s Website Twitter/X (guest...
Investor Stories 396: Visionary Founders (Chau, Whitmire, Garcia)
On this special segment of The Full Ratchet, the following Investors are featured:
Laura Chau Mike Whitmire David Garcia
We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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477. The Biggest Misconceptions About AI Agents, Why Defensibility Doesn’t Matter at Seed, and Whether the AI Center of Gravity Is Shifting to China (Aaref Hilaly)
Aaref Hilaly of Bain Capital Ventures joins Nick to discuss The Biggest Misconceptions About AI Agents, Why Defensibility Doesn’t Matter at Seed, and Whether the AI Center of Gravity Is Shifting to China. In this episode we cover:
AI Investment Strategy and Market Utility Impact of AI on Jobs and Early Instances of Reasoning Open vs. Closed Source Models and Data Control Scenario Planning and Unique Insights of Backed Companies Infrastructure and Application Investment Focus Future of Vertical Solutions and Infrastructure Investment
Guest Links:
Twitter/X (guest)Â Gue...
Investor Stories 395: Best LP Question (Upham, Ho, Yunger)
On this special segment of The Full Ratchet, the following Investors are featured:
Phin Upham Gregory Ho Oren Yunger
We asked guests to share the best question they've ever been asked by an allocator.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more...
476. Fixing Education with a Startup Mentality: The Innovative Micro Schools-Model Backed by Founders Fund, Khosla, and Sam Altman (Ryan Delk)
Ryan Delk of Primer joins Nick to discuss Fixing Education with a Startup Mentality: The Innovative Micro Schools-Model Backed by Founders Fund, Khosla, and Sam Altman. In this episode we cover:
Challenges in the American Education System Comparative Analysis of American Education Measuring Success in Education Broken Incentive Structures in Education Primer's Educational Model Teacher Selection and Empowerment Future of Education and Policy Changes
Guest Links:
Guest’s LinkedIn Company’s LinkedIn Company’s Website Ryan’s Twitter/X
The host of The Full Ratchet is Nick...
Investor Stories 394: Lessons Learned (Chase, Boduch, Whitmire)
On this special segment of The Full Ratchet, the following Investors are featured:
Jill Chase Eric Boduch Mike Whitmire
We asked guests to tell the most important lesson they've learned in their career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
You can learn more about...
475. Non-Dilutive Capital That’s More Flexible Than Debt, Why Ruthless Prioritization Leads to Scale, and the One Ingredient That Makes a Company Investable at Any Stage (Vince Hsieh)
Vince Hsieh of Cypress Growth Capital joins Nick to discuss Non-Dilutive Capital That’s More Flexible Than Debt, Why Ruthless Prioritization Leads to Scale, and the One Ingredient That Makes a Company Investable at Any Stage. In this episode we cover:
Economic Benefits and Equity Components Loss Ratio and Investment Criteria Ruthless Prioritization and Team Building Impact of AI and Hardware-Enabled Software Advantages of Investing Outside Coastal Tech Hubs Common Fundraising Mistakes and Prioritization
Guest Links:
Guest’s LinkedIn Guest’s Twitter Company’s LinkedIn Company’s Website
Investor Stories 393: Why I Passed (Ho, Yunger, Chau)
On this special segment of The Full Ratchet, the following Investors are featured:
Gregory Ho Oren Yunger Laura Chau
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
...
474. The VC Myth, AI Hype, Mastering GTM, and The Smart Approach to Capital Strategy and Achieving Startup Success (Kyle York)
Kyle York of York IE joins Nick to discuss The VC Myth, AI Hype, Mastering GTM, and The Smart Approach to Capital Strategy and Achieving Startup Success. In this episode we cover:
Rolling Syndicate and Market Challenges Operational Support and Early-Stage Investing Sustainable Growth and AI Opportunities Vertical Software and Market Consolidation Founder-VC Relationships and Due Diligence Successful Founder Traits and Market Trends Venture Trends and Future Perspectives Master Class for Early-Stage Founders
Guest Links:
LinkedIn (guest) Twitter/X (guest) Twitter (company) Company’s Website
The...
Investor Stories 392: Disruptive Forces (Garcia, Tusk, Seides)
On this special segment of The Full Ratchet, the following Investors are featured:
David Garcia Bradley Tusk Ted Seides
We asked guests to discuss the factor that could cause the most disruption to the industry going forward and how that will change the next decade of venture.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full...
473. The Future of AI is Vertical, Why Vertical TAMs are Getting Exponentially Larger, and Lessons from the Sector Giants that Lead to Dominance (Alexander Niehenke)
Alexander Niehenke of Scale Venture Partners joins Nick to discuss The Future of AI is Vertical, Why Vertical TAMs are Getting Exponentially Larger, and Lessons from the Sector Giants that Lead to Dominance. In this episode we cover:
Historical Reasons for Horizontal SaaS Success Shift Towards Vertical SaaS Solutions Unfair Advantages of Vertical AI Solutions Lessons for Modern Founders Expansion Strategies for Vertical Startups Talent Dilution and Competitive Moats VC Diligence and Founder Evaluation Regulatory Risk and Investment Decisions Motivation and Future of Venture Capital
Guest Links:
Twitter...
Investor Stories 391: Key Advice (Upham, Patil, Chase)
On this special segment of The Full Ratchet, the following Investors are featured:
Phin Upham Sandeep Patil Jill Chase
We asked guests for the most important piece of advice that they'd share with folks early in their venture career.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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472. DeepSeek’s Impact on Other LLMs, AI’s Effect on Software Engineering, Nvidia’s Future, and the Next Wave of Developer-First Companies (Joseph Ruscio)
Joseph Ruscio of Heavybit joins Nick to discuss DeepSeek’s Impact on Other LLMs, AI’s Effect on Software Engineering, Nvidia’s Future, and the Next Wave of Developer-First Companies. In this episode we cover:
Impact of AI on Venture Capital and Developer Tools Challenges and Opportunities in Scaling Developer-First Companies Utilizing GitHub and Other Tools for Market Insights Recommendations for Founders and Investors
Guest Links:
Guest’s LinkedIn Company’s LinkedIn Company’s Website Twitter/X (guest)
The host of The Full Ratchet is Nick Moran o...
Investor Stories 390: Visionary Founders (Roizen, Boduch, Ho)
On this special segment of The Full Ratchet, the following Investors are featured:
Heidi Roizen Eric Boduch Gregory Ho
We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
Want to keep up to date with The Full Ratchet? Follow us on social.
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