Steve Blank of Adjunct Professor at Stanford joins Nick to discuss Maintaining U.S. Dominance, Navigating Defense Tech, Prime Obsolence, and Why Your Startup is Likely DOA. In this episode we cover:

• Changes in Product Development and MVPs
• Impact of AI on Startup Success and Founder Mindset
• Common Missteps and Digital Twins in Startups
• Disruption and Adoption in Enterprise Software
• Fundraising and Venture Capital in the AI Era
• Defense and National Security Innovation
• Challenges for Traditional Defense Contractors
• The Role of Dual-Use Startups

Guest Links:

• Steve’s LinkedIn 
• Steve’s X
• Gordian Knot Center for National Security Innovation’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Natalie Dillon of Maveron joins Nick to discuss Consumer Retrenchment or Reallocation, AI Impact on GTM and Purchase Decisions, How to Balance Consumer Sentiment vs. Behavior, and Where Smaller Funds Win. In this episode we cover:

• Investing in the Older Adult Category
• Challenges for Smaller Funds in Venture Capital
• Consumer Investing and Market Trends
• Participation as a Product and Consumer Creators
• AI's Impact on Venture and Marketplaces
• Distribution and Go-to-Market Strategies
• Balancing Portfolio Construction and Ownership

Guest Links:

• Natalie’s LinkedIn
• Natalie’s X
• Maveron’s LinkedIn
• Maveron’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Jake Saper of Emergence Capital joins Nick to discuss Mirage PMF, What LLMs Will Take On and What They Will Avoid, Why Outcomes Will Shift Models from Software to Services, and How Pricing Playbooks Are Being Rewritten. In this episode we cover:

• SaaS Market Sell-Off and Future of Software
• Impact of AI on Established Brands like Salesforce
• Mirage Product Market Fit and AI Native Services
• Business Models and Pricing in the AI Era
• Challenges for Incumbents and Innovator's Dilemma
• Laggard Industries and AI Adoption
• Role of LLMs and Future of Technology Vendors

Guest Links:

• Jake’s LinkedIn
• Emergence Capital’s LinkedIn
• Emergence Capital’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Willy Schlacks of EquipmentShare joins Nick to discuss The Ins and Outs of EquipmentShare’s $6B IPO, The Construction Job Site in 10 Years, Where AI Thrives and Struggles to Solve Complex Problems, and Roll Ups in the VC Space. In this episode we cover:

• The IPO Process and Preparation
• Differences Between Public and Private Market Investors
• Stock Performance and Direct Listing Considerations
• Advice for Early-Stage Founders
• Investing in Personal Growth
• The Role of AI and Data in Construction
• Future of the Job Site
• Managing Fear and Creativity

Guest Links:

• Willy’s LinkedIn
• EquipmentShare’s LinkedIn
• EquipmentShare’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter

David Ulevitch of Andreessen Horowitz joins Nick to discuss American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production Components, Manufacturing Sovereignty, and Why Space Dominance is Critical. In this episode we cover:

• Challenges in Venture Capital and Investment Philosophy
• Handling Startups and Market Pivots
• Navigating Dual-Use Startups
• Government Sales and Market Education
• Long-Term Revenue and Production Challenges
• American Dynamism Practice and Investment Thesis
• Supply Chain and Vertical Integration
• Policy Advocacy and Government Affairs
• Future of American Dynamism and Energy Investments

Guest Links:

• David’s LinkedIn
• David’s X
• a16z’s LinkedIn
• a16z’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Eric Byunn of Centana Growth joins Nick to discuss The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age. In this episode we cover:

• Due Diligence and Value Creation
• Investment in Jumio and Identity Verification
• Growth Expectations and Market Realities
• Lessons from Netscape and Industry Evolution
• Investor Responsiveness and Connectivity

Guest Links:

• Eric’s LinkedIn
• Centana Growth Partners’ LinkedIn
• Centana Growth Partners’ 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Seth Levine of Foundry joins Nick to discuss A New Era For Venture: Dynamic Capitalism, Finding Alpha in the AI Cycle, Are Bubbles a Feature or a Bug, and Why the Future for America is Still Bright. In this episode we cover:

• State of Venture Capital and Investment Trends
• Challenges and Opportunities in Venture Capital
• Dynamic Capitalism and Its Principles
• The Role of Government and Market Dynamics
• The American Dream and Economic Mobility
• Balancing Values and Politics in Business
• The Future of Capitalism and American Optimism

Guest Links:

• Seth’s LinkedIn
• Seth’s X
• Foundry’s LinkedIn
• Foundry’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Jon Callaghan of True Ventures joins Nick to discuss Spotting the Next Big Thing, Why This Cycle Is Different, Acceptable vs Unacceptable Risk, and Why Duration Is a Feature Not a Bug. In this episode we cover:

• Spotting the Next Big Market and Reverse Engineering Success
• The Role of Curiosity and Risk in Venture Capital
• Duration as a Feature in Early-Stage Ventures
• The Importance of Repeat Founders and Founder Referrals
• The Creative Process and Learning from Other Creative Endeavors
• Maximizing Risk and Long-Term Thinking in Venture Capital
• The Role of People and Teamwork in Venture Capital

Guest Links:

• Jon’s LinkedIn
• Jon’s X
• True Ventures’ LinkedIn
• True 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Ben Orthlieb of Blue Moon joins Nick to discuss AI Native VC, Achieving 50%+ Graduation from Seed to Series A, Why Access Is the Key to Success, and Why Network Driven Firms Can No Longer Compete. In this episode we cover:

• Challenges of the Traditional Venture Model
• Blue Moon's AI-Assisted Human Judgment
• Evaluating Exceptional Founders
• Access vs. Picking in Venture Capital
• Blue Moon's Sourcing and Screening Process
• Non-Obvious Data Sources and Market Dynamics
• Winning Deals and Founder Relationships
• Future of Blue Moon and AI in Venture Capital
• Importance of Price and Pre-Commitments

Guest Links:

• Ben’s LinkedIn
• Blue Moon’s LinkedIn
• Blue Moon’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Navin Chaddha of Mayfield joins Nick to discuss A 17 Time Midas Lister on Greatness, the $6T AI Teammate Market, Why AI Sovereignty Is Critical, and Who Wins the Battle Between Incumbents and Startups. In this episode we cover:

• Challenges in Early Internet Video
• Lessons from Interacting with Tech Luminaries
• Investment Philosophy and Evaluation Process
• The Role of Psychology in Venture Capital
• The AI Collaboration Era
• Geopolitical Implications of AI
• Investment Strategy in a Competitive Market

Guest Links:

• Navin’s LinkedIn
• Navin’s X
• Mayfield’s LinkedIn
• Mayfield’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

In this special replay episode 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) 
• Guest’s LinkedIn
• Company’s LinkedIn
• Company’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Arianna Simpson of Andreessen Horowitz joins Nick to discuss The Crypto x AI Convergence, the Truth About Stablecoins, Tokens vs Equity, and Whether NFTs Will Make a Comeback. In this episode we cover:

• Stable Coins and Their Impact on Crypto
• Geopolitical and Regulatory Risks for Stable Coins
• Crypto's Role in the Financial System and Emerging Use Cases
• Investing in Tokens and Equity
• Institutional Adoption and Market Cycles
• Challenges and Opportunities in the Crypto Market
• Founders and Their Impact on Investment Decisions
• The Future of NFTs and Emerging Technologies

Guest Links:

• Arianna’s LinkedIn
• Arianna’s X
• Andreessen Horowitz’s LinkedIn
• Andreessen Horowitz’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Ethan Austin of Outside VC joins Nick to discuss Investing in Outsiders, Why Extreme Personalities Win, Weighing Timing versus Trends, and Rethinking Liquidity and Option Exercise Windows. In this episode we cover:

• Lessons from Founding Give Forward
• Investment Philosophy and Timing
• Founding Outside VC
• Characteristics of Strong Investment Candidates
• Supporting Founders and Building Knowledge
• Trends in FinTech and Climate
• Role of a VC and Early Liquidity

Guest Links:

• Ethan’s LinkedIn
• Outside VC’s LinkedIn
• Outside VC’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Jacob Effron of Redpoint joins Nick to discuss How Model Progress Shifts the Goalposts, Why The Death of Software Is Overstated, and How to Diligence Hypergrowth Without Getting Burned. In this episode we cover:

• Investing in AI and Vertical Applications
• Model Layer Advancements and Future Milestones
• Challenges and Opportunities in Agentic AI
• Investing in Tooling and Middleware
• Product Market Fit and Defensibility in AI Applications
• Verticals with Real Product Market Fit
• The Evolution of AI Investing Metrics
• Future Trends in AI and Robotics

Guest Links:

• Jacob’s LinkedIn
• Jacob’s X
• Redpoint’s LinkedIn
• Redpoint’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Victor Orlovski of R136 Ventures joins Nick to discuss From CTO to $500M AUM: Entry Point Discipline, Why People Matter at Every Stage, and the AI-Driven Future of Banking. In this episode we cover:

• Exit Strategies and Market Challenges
• Risks and Opportunities in Late-Stage Investments
• Banking and FinTech Challenges
• Future of Financial Markets and AI in Banking
• Impact of AI on Financial Institutions
• Role of Founders in the AI Era

Guest Links:

• Victor’s LinkedIn
• Victor’s X
• R136’s LinkedIn
• R136’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

David Cohen of Techstars joins Nick to discuss The Techstars Refresh, Why Bigger Isn’t Better, Investing in the Seed-Strapping Era, and Why Quantum May Dwarf Every Tech Shift. In this episode we cover:

• Refocusing TechStars
• Programs and Deal Structure
• Selection Process and Follow-On Investments
• Successful Programs and Founder Network
• Geographic Distribution and AI-First Companies
• Seed Strapping and Capital Efficiency
• Vertical Networks and Emerging Technologies
• Future of Venture and Trends

Guest Links:

• David’s LinkedIn
• David’s X
• Techstars’ LinkedIn
• Techstars’ 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Jim Tananbaum of Foresite Capital joins Nick to discuss From Data Science to Drug Design: How AI Shifts Discovery, Target Validation, and Portfolio Construction. In this episode we cover:

• Data Science and Investment Approach
• Investment Practices and Market Conditions
• China's Role in Biotech and Regulatory Considerations
• Impact of AI on Biotech and Healthcare
• Healthcare Adoption of AI and Preventive Measures
• Payers and Insurance Companies' Role
• Lessons from Successful Investments
• Generating Liquidity in a Sluggish Market
• Future of GLP-1 Agonists

Guest Links:

• Jim’s LinkedIn
• Jim’s X
• Foresite’s LinkedIn
• Foresite’s 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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Madhavan Ramanujam of 49 Palms Ventures joins Nick to discuss Prioritizing Monetization: Beautifully Simple Pricing, AI Models for Profitable Growth, and Guardrails for Freemium and Expansion Tiers. In this episode we cover:

• Scaling Innovation: A Sequel to Monetizing Innovation
• Balancing Value and Price
• Enterprise Adoption of Outcome-Based Models
• Usage-Based Pricing and Cost Management
• Strategic Advice for Different Startup Phases
• Implementing Sub-Optimal Pricing Strategies
• Nine Strategies to Architect Profitable Growth

Guest Links:

• Madhavan’s LinkedIn
• Madhavan’s X

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.

We’re proud to partner with Ramp, the modern finance automation platform. Book a demo and get $150—no strings attached.  

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Lara Banks of Makena Capital Management joins Nick to discuss How AI Reshapes LP Allocation Strategy, The Convergence of Venture and Buyout, and Permanent Shifts to Liquidity. In this episode we cover:

• Underwriting New Funds and Long-Term Partnerships
• Criteria for Investment and Deal Breakers
• Persistence in Venture and Brand Building
• CO-Investments and Prepared Minds
• Alignment and Strategy Drift
• AI Market and Investment Opportunities
• Secondaries as a Permanent Shift in Liquidity
• Value Concentration and Allocation Strategies

Guest Links:

• Lara’s LinkedIn
• Makena’s LinkedIn
• Makena’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Brad Feld of Foundry and Techstars joins Nick to discuss Why Foundry Isn’t Raising a New Fund, Lessons from Hibernation, and the Benefits and Drawbacks of a Give First Philosophy. In this episode we cover:

• TechStars' Evolution and Challenges
• Building Vibrant Startup Communities
• The Philosophy of Give First
• Mentorship and Effective Communication
• Balancing Give First with Personal Time
• Balancing Default Modes: Yes and No
• Managing Overload and Commitments

Guest Links:

• Brad’s LinkedIn
• Brad’s X
• Foundry’s LinkedIn
• Foundry’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Hemant Mohapatra of Lightspeed India joins Nick to discuss Investing in the Gen AI Extraction Layer, Value Accrual in New Tech Waves, and India’s Digital Currency & Identity Economy. In this episode we cover:

• AI Investment Opportunities and Challenges
• Healthcare and Legal Implications of AI
• Defensibility in AI and Long-term Investment Strategies
• Vertical vs. Horizontal AI Opportunities
• India's Digital Currency and Blockchain Ecosystem
• Investment in Indian Innovation and Infrastructure

Guest Links:

• Hemant’s LinkedIn
• Hemant’s X
• Lightspeed India’s LinkedIn
• Lightspeed India’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Charles Hudson of Precursor Ventures joins Nick to discuss Lessons from 600+ Investments, Founder Profiles that Win, Reserve Strategies that Drive Returns, and the Hidden Potential in Consumer Standouts. In this episode we cover:

• Role of Precursor Ventures and Founder Support
• Investment Philosophy and Learning Cycles
• Reserves and Follow-On Investments
• Graduation Rates and Market Conditions
• Consumer Investments and Founder Evaluation
• Learning from Past Investments and Mistakes
• Choosing Customers and Market Segmentation
• Future of Venture Capital and Market Dynamics

Guest Links:

• Charles’ LinkedIn
• Charles’ X
• Precursor’s LinkedIn
• Precursor’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

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 LinkedIn
• Flybridge’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

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

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 New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

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 LinkedIn
• Company’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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 Ecosystem and Future Potential

Guest Links:

• Twitter/X (guest) 
• Guest’s LinkedIn
• Company’s LinkedIn
• Company’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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)

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 New Stack Ventures by visiting our LinkedIn and Twitter.

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) 
• Guest’s LinkedIn
• Company’s LinkedIn
• Company’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

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

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 New Stack Ventures by visiting our LinkedIn and Twitter.

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

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/X (guest) 
• Guest’s LinkedIn
• Company’s LinkedIn
• Company’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

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 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Shashank Saxena of Sierra Ventures joins Nick to discuss How AI Transforms Services into Software and Revolutionizes Enterprise SaaS. In this episode we cover:

• Vendor Management System Vinley
• The Future of Work and AI
• The Role of AI in Enterprise Adoption
• Regulation and AI Adoption
• Characteristics of Successful Founders

Guest Links:

• Shashank’s LinkedIn
• Company’s LinkedIn
• Company’s Website
• Company's Twitter

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Mike Schroepfer of Gigascale Capital joins Nick to discuss The Former CTO of Meta on DeepSeek, Lessons from Zuckerberg, The Next $10T Market Opportunity, and the Impact of DeepTech on Energy Costs and Climate Change. In this episode we cover:

• Challenges and Innovations at Facebook
• Lessons from Working with Mark Zuckerberg
• Gigascale Capital's Investment Thesis
• Deep Tech Investments and Market Opportunities
• Regulation and Its Role in Climate and Energy
• Future of Energy and Climate Tech
• Inspiring Founders and Innovations

Guest Links:

• Mike’s LinkedIn
• Gigascale’s Website
• Gigascale’s LinkedIn
• Twitter/X

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Daniela Binatti of Pismo joins Nick to discuss Overcoming the Odds: Pismo's Journey to Build API-First Banking, Fixing Finance's Broken Core, and the Future of Payments. In this episode we cover:

• Challenges in Banking and Pismo's Solution
• Target Market and Client Base
• Overcoming Objections and Sales Cycles
• Innovation and Cultural Transformation
• Trends and Opportunities in Banking
• Geographic Challenges and Market Expansion
• Future Opportunities and Blockchain
• Founding and Building Pismo
• Building in the Brazilian Ecosystem
• Culture and Employee Support

Guest Links:

• Daniela’s LinkedIn
• Daniela's X
• Pismo’s LinkedIn
• Pismo’s Website
• Pismo’s X

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Shamin Walsh of BAM Ventures joins Nick to discuss When Product-Market-Fit Isn’t Enough: The Hidden Forces Behind Brand Loyalty, Gravity, and Increasing Consumer Spend. In this episode we cover:

• Investment Metrics and Market Dynamics
• Consumer Spend Bifurcation and Market Trends
• Consumer Tech and Signal Identification
• Thesis-Driven vs. Founder-Driven Investing
• Brand Market Fit and Loyalty
• Cross-Cultural Insights and Market Adaptation
• Making Money in Consumer Investing
• Founder Traits and Market Conditions

Guest Links:

• Shamin’s LinkedIn
• BAM’s LinkedIn
• BAM’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Barry Schuler of DFJ Growth Ventures joins Nick to discuss Lessons from Jobs, Musk, Case, and Armstrong – What It Takes to Transform Industries and Build Trillion-Dollar Companies. In this episode we cover:

• The Similarities of the Jobs, Musk, Case and Armstrong
• Portfolio Construction
• Impressions from Steve Jobs
• The Need for Great Electric Cars
• The Decision to Invest in Coinbase
• Investment Thesis in the Data Center Space
• The Future of Interfaces

Guest Links:

• LinkedIn
• X
• Firm

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Kevin Jiang of Mangusta Capital joins Nick to discuss Investing in xAI, Wiz, and Flexport; Masayoshi Son’s Superpower; How Elon Will Win the LLM War; and Whether AI Is an Extinction-Level Event for SaaS. In this episode we cover:

• Choosing Early-Stage Investing Over Growth Investing
• Masayoshi and SoftBank's Investment Decisions
• X AI and Elon Musk's Vision for AI
• Vertical AI and Industry-Specific Solutions
• Scalability and Expansion in Vertical AI
• Challenges and Opportunities in AI Adoption

Guest Links:

• Kevin Jiang’s LinkedIn
• Company’s LinkedIn
• Company’s Website
• Kevin Jiang's Twitter/X

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Craig Shapiro of Collaborative Fund joins Nick to discuss The Villain Test, Lessons from an OG at Sequoia, Spotting Superstars at Seed, Mastering Follow-on, and the Future of Consumer Tech. In this episode we cover:

• Mission-Driven Founders and Impact Investing
• Future of Consumer Products and Personalization
• Consumer Behavior and Building Long-Term Brands
• Data Privacy and Consumer Behavior
• Later-Stage Investing and Identifying Breakouts
• Hiring and Talent Development
• The Villain Test and Consumer Decision-Making

Guest Links:

• Craig’s LinkedIn
• Collab Fund’s LinkedIn
• Collab Fund’s Website
• Twitter/X
• Collab Fund Twitter

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

In this special replay episode Ambar Bhattacharyya of Maverick Capital joins Nick to discuss Healthcare Deep Dive – How AI and GLP-1 Megatrends Affect the Industry, Why Specialities Need to be Integrated, and Insights on Bundling vs. Unbundling. In this episode we cover:

• Healthcare Trends, Including High Deductible Health Plans and Cash Pay Models
• US Halthcare System, Incentives for Preventative Medicine, and Potential for Value-Based Outcome-Oriented Systems
• AI Adoption in Healthcare, Including Adoption and Risks
• The Future of Healthcare Technology, New Codes, and Credentialing Process
• Healthcare, Aging, and End-of-Life Care

Guest Links:

• LinkedIn
• X
• Maverick

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

In this special replay episode Adrian Aoun of Forward joins Nick to discuss Why Healthcare is Broken and How to Fix it, A Future Path Forward Where Doctors are Architects not Providers, and How the Employer-Sponsored Healthcare System is Designed to Fail Us. In this episode we cover:

• AI, Startups, and Entrepreneurship With Google Executives Larry Page and Sergey Brin
• Democratizing Healthcare Through AI-Powered Pods
• Healthcare Innovation and Technology Adoption
• Assessing Talent and Building Teams in Person Vs. Remote
• Healthcare System Flaws and Potential Solutions
• Improving Healthcare with AI and Remote Monitoring

Guest Links:

• Twitter
• LinkedIn
• Forward

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Han Shen of iFly.vc joins Nick to discuss Hyper-Concentration, Identifying $4B Weee! At Seed, How to Invest in Deals that Have No Competition, and How to Spot Consumer Trends Before They’re Obvious. In this episode we cover:

• The Role of Customer Insights in Investment Decisions
• Han Shen's Investment Strategy and Focus on U.S. Market
• Investment Themes and Portfolio Construction
• Investment in We and Lessons Learned from China
• Founder Insights and Growth Potential
• Investment Framework and Underwriting
• Common Reasons for Company Failure
• Recommendations and Final Thoughts

Guest Links:

• Han’s LinkedIn
• iFly’s LinkedIn
• iFly’s Website
• Han’s Twitter

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Manish Patel of Nava Ventures joins Nick to discuss Lessons from Larry Page, Why Subscriptions Won’t Work in the Era of AI, How Enterprises Will Adopt AI, and the 3 Keys to Building Great Products. In this episode we cover:

• Challenges and Lessons at Google
• The Evolution of AI and Advertising
• Nava Ventures' Thesis and Investment Strategy
• Investing in AI and Enterprise Sales
• Lessons from Scopely's Success
• The Importance of Human Needs in Product Design

Guest Links:

• Manish’s LinkedIn
• Nava’s LinkedIn
• Nava’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Godard Abel of G2 joins Nick to discuss The Founder and CEO of G2 on AI’s Impact on Enterprise SaaS, How to Embrace the Climb, and Insights on Managing Through Crisis. In this episode we cover:

• Founding G2 and Market Challenges
• Metrics and Marketplace Growth
• Investor Insights and Data Utilization
• Founder Mode and Leadership
• Building Strong Support Systems
• Embracing AI and Innovation

Guest Links:

• Godard’s LinkedIn
• G2’s LinkedIn
• G2’s Website
• Godard’s Twitter/X

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Kevin Stevens of Energize Capital joins Nick to discuss The Energy Transformation, Challenges with Transmission and Distribution, Nuclear vs. Renewables, and Why Unreasonable Hospitality is Necessary in VC. In this episode we cover:

• Challenges in Energy Distribution and Storage
• The Role of Batteries and Other Energy Storage Solutions
• Data Centers and Energy Consumption
• Nuclear Energy and Its Role in the Energy Transition
• Financing Challenges and Strategies for Energy and Climate Companies
• The Importance of Intellectual Humility and Debate in Investing
• Future of AI and Defensibility in Energy Software
• Evaluating Revenue Quality and Key Metrics for Success

Guest Links:

• Kevin’s LinkedIn
• Energize’s LinkedIn
• Energize Website
• Kevin’s Twitter/X

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Mathias Schilling of Headline joins Nick to discuss Why Culture is King, The Role of “Founder Mode” in Building Iconic Companies, Lessons From 25 Years in the Business, and How to Make Tech a Force Multiplier Within a VC Firm. In this episode we cover:

• Evolution of the Venture Capital Industry
• Headline's Winning Strategy
• Global Presence and Investment Approach
• Navigating Market Cycles and Founder Mode
• Capital Efficiencies and AI's Impact
• Succession Planning and Leadership
• Future of AI and Regulation

Guest Links:

• Mathias’ LinkedIn
• Headline’s LinkedIn
• Headline Website
• Headline Twitter

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Rusty Ralston and Jay Patil of Swell VC joins Nick to discuss Investing in "N-of-1" Companies, Focusing on Category Creators, How to Invest in AI While it’s at Peak Hype, and Using Recruiting as a Key Differentiator. In this episode we cover:

• Assessing Category Creation and Founder Caliber
• Sector Potential and Investment Strategy
• Syndicate Structure and Fund Size
• Talent Model and Sync Playbook
• Market Conditions and Future Outlook
• Investing in AI and Navigating Hype
• Defensibility in AI and Future Investments

Guest Links:

• Rusty’s LinkedIn
• Rusty’s X
• Jay’s X
• Jay’s LinkedIn
• Swell’s LinkedIn
• Swell’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ted Seides of Capital Allocators joins Nick to discuss Lessons from Top Allocators, David Swensen’s Principles for Investment, Insights on Private Equity Deals, and What Strategies are Timeless vs. Fleeting. In this episode we cover:

• Evolution of Private Equity and Its Role in the Economy
• Challenges and Opportunities in the Private Equity Industry
• Impact of David Swensen and His Philosophy
• Key Insights on Allocation and Alignment
• Team Structure and Decision-Making in Private Equity
• Innovative Models and Persistence in Private Equity
• Insights on Allocation of Time and Resources

Guest Links:

• Ted’s LinkedIn
• Ted’s Twitter/X
• Capital Allocator’s LinkedIn
• Ted’s podcast/Company Website
• Ted's book: Private Equity Deals

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Justin Izzo of Dropbox DocSend joins Nick to discuss Founder's Guide to Raising Capital: Pitch Deck Insights, Macro Trends, and the Importance of Investor Metrics. In this episode we cover:

• Key Metrics in Pitch Deck Activity
• Macro Economic Metrics and Their Impact on Pitch Deck Activity
• Trends in Investor Deck Interactions and Time Spent
• Advice for Founders on Pitch Deck Creation
• Investor Engagement with AI-Focused Pitches
• Founder Links Created and Their Implications
• Impact of VC Funding Trends on Startups
• Characteristics of Successful Founders and Regions
• Seasonality and Strategic Timing for Fundraising
• Advice for VCs Raising LP Capital

Guest Links:

• Justin’s LinkedIn
• Dropbox Docsend’s LinkedIn

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Jon Terbell and Ted Clark of FourBridge Partners joins Nick to discuss LP Insight on What Distinguishes the Good from Great VCs, Why VC Firms Fail, How to Mitigate Risk, and What to Look For When Metrics Mislead. In this episode we cover:

• Challenges and Best Practices in Venture Capital
• Performance Metrics and Leading Indicators
• Risk Management and Portfolio Construction
• Importance of LP-GP Relationships
• Current Market Conditions and Future Outlook
• Advice for Emerging VCs and Aspiring VCs

Guest Links:

• Jon’s LinkedIn
• Ted's LinkedIn
• FourBridge’s LinkedIn
• FourBridge’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Bradley Tusk of Tusk Ventures joins Nick to discuss From Campaigns to Code: The Intersection of Tech, Politics, and Regulation. In this episode we cover:

• Regulatory Challenges in the Tech Industry
• Gig Economy and Worker Classification Issues
• AI Regulation and Professional Licensure
• Autonomous Vehicles and Federal Regulation
• State-Level Regulation and AI Legislation
• Clean Energy and Climate Tech Investments
• Healthcare and Digital Health Investments
• Privacy and Social Media Regulation
• Venture Capital and Regulatory Environment
• Vote with Your Phone and Political Engagement

Guest Links:

• Bradley’s LinkedIn
• Tusk Venture's LinkedIn
• Tusk Holdings’ Website
• Tusk Venture's Twitter/X
• LINK TO BOOK

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

David Garcia of Digitt joins Nick to discuss Building the AMEX of LATAM, Raising a $50M Debt Facility, Why Leaders Should Tend to Flowers Not Weeds, and How Creativity Can Lead to 80% Organic Consumer Acquisition. In this episode we cover:

• Comparison to SoFi and American Express
• Business Model and Customer Retention
• Future Products and Market Strategy
• Debt Financing Process and Lessons Learned
• Customer Acquisition and Content Strategy
• Scarcity as a Superpower and Company Culture
• Mistakes in Team Management and Final Advice

Guest Links:

• David’s LinkedIn
• David’s Twitter/X
• Digitt’s LinkedIn
• Digitt’s Website
• Digitt’s Tiktok

Links Mentioned in This Episode:

• Brunello Cucinelli interview
• Net Interest - Hey Big Spender
• Danny Meyer on Tim Ferriss

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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Mike Whitmire of FloQast joins Nick to discuss Building and Scaling in Unsexy Spaces, The Next Generation of AI-Based Accounting, Backchanneling your Investors, and If the AI Hype Cycle is Bad for Venture. In this episode we cover:

• FloQast's Product and Market Positioning
• Organizational North Star and Customer Persona
• Attracting Talent and Fundraising Struggles
• AI Integration and Future of Accounting
• Impact of AI on Venture Funding

Guest Links:

• Mike’s LinkedIn 
• Mike’s Twitter/X 
• FloQast Website
• FloQast LinkedIn

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Laura Chau of Canaan joins Nick to discuss Consumer Headwinds, Whether AI Revenue Catch up with Infra Spend, and Are Creative “Takeunders” the Solution to Lina Khan’s FTC Agenda. In this episode we cover:

• Consumer Investing and Churn
• Customer Acquisition and Data Challenges
• AI Investment Framework and Opportunities
• AI Infrastructure and Revenue Gap
• Google's Agreement with Character.ai
• Non-AI Investment Areas and Founder Preferences

Guest Links:

• Laura’s LinkedIn
• Laura’s Twitter/X
• Canaan’s LinkedIn
• Canaan’s 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.

Want to keep up to date with The Full Ratchet? Follow us on social.

You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Oren Yunger of Notable Capital joins Nick to discuss Who Wins in the Cat and Mouse Game of Cyber, Open Source’s Role in Security, The Dealflow Network that Sources Deals and Vetts Them, and Will The Future Bring More Bundling or Unbundling? In this episode we cover:

• Navigating Playbooks and Founder Experience
• Supporting Founders and Cybersecurity Startups
• Cybersecurity Trends and Open Source
• Investing in Israel and Tech Hubs
• Investing Models and Strategic Partnerships
• Cybersecurity Market Dynamics and AI Impact
• Consolidation and Best-of-Breed Solutions
• Identity Management and Deepfakes

Guest Links:

• Oren’s LinkedIn
• Oren’s Twitter/X
• Oren’s Personal Website
• Notable Capital’s LinkedIn
• Notable Capital’s Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Gregory Ho of Spring Mountain Capital joins Nick to discuss The Former CFO of McKinsey on AI, Quantum Computing, BioEngineering, and Why Social Impact Can be the Key to Investment Success. In this episode we cover:

• AI's Applicability Across Sectors
• Challenges and Opportunities in AI Adoption
• Consulting Services and AI's Impact
• Practical Applications of AI in Healthcare
• Investing in Bioengineering and Social Impact
• Challenges and Opportunities in Social Impact Investing
• Future of Quantum Computing and AI

Guest Links:

• Gregory’s LinkedIn
• Spring Mountain Capital’s LinkedIn
• Spring Mountain Capital’s Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Eric Boduch of Venture Studio 24 and Up and Revcast joins Nick to discuss Scaling Unicorn Pendo, When to Hire Your First Sales Leader, How To Construct a Team Pre and Post PMF, and How to Balance Stretch vs. Strain. In this episode we cover:

• Pendo's Origin, Product Development, and Customer Acquisition
• Product Market Fit, Growth Strategies and Team Composition for Early-Stage SaaS Startups
• Hiring and Company Culture at a Fast-Growing Startup
• Building and Optimizing Revenue Organizations - Metrics and Assumptions
• AI's Impact on Software, Dashboarding and Agent Orchestration

Guest Links:

• Eric’s LinkedIn
• Eric's Twitter/X
• Revcast LinkedIn
• Revcast Website
• Pendo Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Jill Chase of CapitalG joins Nick to discuss Where AI Value will Accrue in the Tech Stack, How Far we are from AGI, The Role of Adversarial AI, and Enterprise Adoption of AI in 2024. In this episode we cover:

• AI Technology and Investment, LTM Nets and Potential for Fully Autonomous Software Engineering
• AI Technology, Growth Strategies, and Outlier Metrics in the Industry
• AI Adoption in Enterprise, Challenges in Measuring ROI
• Ethical Considerations Around Data Usage for Model Training
• AI Research and Its Potential Impact on Society

Guest Links:

• Jill's Twitter/X
• Jill’s LinkedIn
• CapitalG’s LinkedIn
• CapitalG’s Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Sandeep Patil of QED Investors joins Nick to discuss From India to IPO: Cracking the Code of Cross-Border FinTech Investments, Regulation, and Market Dynamics. In this episode we cover:

• Investment Strategies in Asia and Australia, with a Focus on FinTech Companies
• Challenges of Starting a Successful Tech Company in India
• FinTech in India, Market Differences and Data Privacy Concerns
• FinTech Trends, Embedded Finance, Digital Infrastructure, and Open Banking
• Benefits of Regulation in Fintech, Importance of Understanding Regulatory Agenda, and IPO Considerations for Indian Companies
• Indian Tech Companies' Listing Preferences and NASDAQ vs. Indian exchanges
• India's Startup Ecosystem, Growth Potential, Tailwinds, and Challenges

Guest Links:

• Sandeep’s LinkedIn
• Sandeep’s Twitter/X
• QED’s LinkedIn
• QED’s Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Phin Upham of Haymaker Ventures joins Nick to discuss Why Fewer is Better; Pursuing a Frictionless World, The Value in Reframing Everything. In this episode we cover:

• The Challenges of Being a Good Venture Capitalist in a Rapidly Institutionalized Industry
• Startup Growth Strategies in a Capital-Tight Environment
• Fraud and Open Banking in the US
• Friction in Efficiency Business, Picking Good Companies and Adding Value after Investing
• The Benefits and Challenges of FinTech and AI in the Financial Industry
• US Business Culture, Trust, and Escape Velocity
• AI's Role in Personalized Decision-Making
• Wealth Management, and Crypto Investments

Guest Links:

• Phin’s LinkedIn
• Phin’s Twitter/X
• Haymaker Venture’s LinkedIn
• Haymaker Venture's Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Heidi Roizen of Threshold Ventures joins Nick to discuss Secrets of a Serial Entrepreneur and VC: Fraudulent Founders, Radical Recaps, C-suite Shuffles, and Reviving Dysfunctional Boards. In this episode we cover:

• VCs' Bad Behavior During Market Downturns, Self-Optimization for Short-Term Gain and Poor Treatment of Entrepreneurs
• Entrepreneurship, Investors, and Advisors with Tips for Founders
• Secondary Shares in VC Investments, with Focus on Founder and VC Perspectives
• Startup Funding, Board Dynamics, and Founder Liquidity
• Board Member Behavior and How to Address Negative Actions
• Gender Diversity in Venture Capital, Including Challenges Faced by Women in the Industry
• Entrepreneurship Program at Stanford with a Focus on Ethics and Social Impact

Guest Links:

• Heidi's LinkedIn
• Heidi's Twitter/X
• Threshold's Website
• Threshold Podcast

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Sami Inkinen of Virta Health joins Nick to discuss Lessons from Founding Trulia to IPO, How to Enter New Industries with No Experience, and Why Technology is Critical to Combat Diabetes in an era of GLP-1s. In this episode we cover:

• Early Days of Trulia, Product Market Fit, and Challenges Faced by the Founder
• Building a Successful Company Without an Exit Strategy
• Reversing Diabetes through Nutrition and Technology
• Using Biomarkers and Software to Track and Adjust Diet and Lifestyle for Optimal Health
• Addressing Obesity through Telemedicine and Value-Based Care
• Healthcare ROI and Patient Retention in a US-Based Digital Health Platform
• Managing Complex Stakeholders in Healthcare and Real Estate Industries

Guest Links:

• LinkedIn
• Twitter/X
• Virta Health Website

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Mike Droesch of Bessemer Venture Partners joins Nick to discuss The Path from Aspiring VC to Partner at Bessemer, Building Non-Consensus Conviction, The Most Compelling Vertical Applications of AI, and Why Fintech is the New Frontier in Supply Chain. In this episode we cover:

• AI Applications in Various Industries, Advancements in AI-Powered Voice Transcription Technology,
• AI's Potential to Disrupt Vertical SaaS Industries
• Business Models for AI Software, Including Copilots, Agents, and Tech-Enabled Services
• AI Applications, Defensibility, and Market Potential
• Open Source vs. Closed Source AI Models
• Supply Chain Inefficiencies and the Role of FinTech in Improving Payment and Invoicing Processes
• Investing in Non-Consensus Supply Chain Software Categories, Focusing on Procurement and Freight Audit

Guest Links:

• LinkedIn
• Twitter/X 
• Bessemer Venture Partners

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Adam Felesky of Portage joins Nick to discuss The Prospects & Primary Benefits of Open Banking, Assessing Multi-Variate Risk in Fintech, and Whether Larger Outcomes will come from Embedded Fintech or Vertically Integrated Platforms. In this episode we cover:

• Investing in Web3, Crypto, and Blockchain, with a Focus on Global Markets and Entry Points
• Investing in International Companies, with a Focus on Due Diligence and Risk Assessment
• Modernizing Financial Infrastructure and Stacks
• Open Banking, Payment Rails, and Acquisitions in the FinTech Industry
• FinTech Investing, Risk Management, and Portfolio Support

Guest Links:

• LinkedIn
• Twitter/X
• Portage

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Alexa von Tobel of Inspired Capital joins Nick to discuss ID’ing Generational Founders, Targeting Structurally Broken Markets, Bringing Venture Back to the Studs, and How Value will Accrue in AI Between Incumbents and Upstarts. In this episode we cover:

• Support Innovative Companies Addressing Societal Problems
• Investing in Structurally Broken Markets
• AI Adoption, Future of Work, and Potential Job Automation
• AI Value Distribution, Incumbents Vs. Startups, and M&A Challenges
• Future of FinTech and Reimagining Products
• Investment Strategy in Uncertain Macro Environment

Guest Links:

• LinkedIn
• X
• Inspired Capital

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Rick Heitzmann of First Mark joins Nick to discuss Building First Mark, A Leading VC in NYC, Will New York Overtake the Bay Area, Insights on Unicorn Selection from a Perennial Midas List Investor, and Why Remote Work can Ruin Great Startups. In this episode we cover:

• Consumer Investing
• Investing in DraftKings Despite Regulatory Risks
• AI's Impact on SaaS Development and Deployment
• AI and GLP-1 Impact on Quality of Life
• Evaluating Entrepreneurs' Potential for Success

Guest Links:

• LinkedIn
• X
• First Mark

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Katelin Holloway of Seven Seven Six joins Nate to discuss The Question that Every Investor Should Ask, Teasing out the Characteristics of Generational Founders, and Recruiting Lessons from 1000+ Interviews. In this episode we cover:

• HR Tech Development and Investment
• Changing Dynamics in the Venture Capital Industry
• Identifying Strong Founders, Through Talent Identification and Instinct vs. Data-Driven Approach
• Evaluating Startup Founders and Products Using a Standardized Scorecard System
• Assessing Founders' Integrity and Delivery on Promises
• Important Questions to Ask Founders During Investment Meetings
• Common Hiring Mistakes Founders Make, Overhiring, Not Pacing Hiring, and Hiring Too Senior

Guest Links:

• LinkedIn
• X
• Seven Seven Six

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ambar Bhattacharyya of Maverick Capital joins Nick to discuss Healthcare Deep Dive – How AI and GLP-1 Megatrends Affect the Industry, Why Specialities Need to be Integrated, and Insights on Bundling vs. Unbundling. In this episode we cover:

• Healthcare Trends, Including High Deductible Health Plans and Cash Pay Models
• US Halthcare System, Incentives for Preventative Medicine, and Potential for Value-Based Outcome-Oriented Systems
• AI Adoption in Healthcare, Including Adoption and Risks
• The Future of Healthcare Technology, New Codes, and Credentialing Process
• Healthcare, Aging, and End-of-Life Care

Guest Links:

• LinkedIn
• X
• Maverick

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Jake Yormak of Story Ventures joins Nate to discuss Why Hardware is Attractive, The Most Interesting Areas in AI Outside of GenAI, and the Modern Data Stack. In this episode we cover:

• Concentrating on Early-Stage Companies with Potential for Growth
• Investing in Hardware Companies, Challenges and Opportunities
• Focusing on Power Law Outliers
• AI Commoditization, Impact on Profit Pools, with a Focus on Computer Vision and Proprietary Data
• AI in Workflows, Incentivizing Users to Contribute Context

Guest Links:

• LinkedIn
• X
• Story Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

James Joaquin of Obvious Ventures joins Nick to discuss Solving the World's Toughest Problems, the Ethics of AI, and the Rise of Generative Science. In this episode we cover:

• Growth of Funds and Measuring Alignment Between Investors and Founders
• Investing in Tech Companies with Positive Impact
• Generative AI for Scientific Breakthroughs and Renewable Energy
• AI's Potential to Transform Healthcare, Life Expectancy, and Scientific Research
• Climate Tech Investment Potential and the Role of Venture Capital in Driving Sustainable Economic Growth
• AI Ethics, Regulation, and Cybercrime Risks

Guest Links:

• LinkedIn
• Twitter
• Obvious Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Pejman Nozad of Pear VC joins Nick to discuss How a Sports Journalist, Car Washer, and Rug Salesman Built a Tier 1 VC Firm . In this episode we cover:

• Entrepreneurship, Venture Capital, and Building a Firm for Generations
• Entrepreneur Mindset, Sales Skills, and Storytelling
• Investing in Startups, Pro Rata, and Valuation
• Evaluating Startup Potential, Including Market Size and Founder Quality
• Investing, Exit Strategies, and Building Relationships with Founders

Guest Links:

• LinkedIn
• X
• Pear VC

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ilya Strebulaev co-author of the Venture Mindset joins Nick to discuss Deconstructing the Venture Mindset -- The Data and Decision-Making Driving Top Tier Investing. In this episode we cover:

• Venture Capital Mindset and Decision-Making Principles
• Venture Capital's Role in Creating Successful Companies
• Sourcing and Selection in Venture Capital, Diversifying Networks and Meaningful Connections
• Venture Capital Investing Strategies and Portfolio Management
• Venture Capital Best Practices, Including Risk Management and Portfolio Analysis
• Venture Mindset, Incentives, and Innovation in Startups and Large Companies
• Investing in Venture Capital During Economic Downturns, with Insights on AI and Unicorn Valuations

Guest Links:

• LinkedIn
• X
• Order The Venture Mindset
• Book a Conversation with Ilya

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Alan Patricof & Abby Miller Levy of Primetime Partners joins Nick to discuss Founding VC Firms Apax, Greycroft, and Primetime, the Keys to Unlocking Investment Value in Healthcare, and Why the Aging Population is the Biggest Opportunity in Tech. In this episode we cover:

• Launching a Horizontal Fund Focused on Ageing Population
• Investing in Businesses Catering to Aging Population
• Healthcare Investment, Regulation, and AI's impact
• Reducing Healthcare Costs Through Prevention and Engagement
• Healthcare Innovation, Monitoring, and Diagnostics
• Reaching Older Adults in Healthcare, Including Marketing Strategies and Challenges

Guest Links:

• LinkedIn - Alan , Abby
• X - Alan
• Primetime Partners

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Frank Rotman of QED Investors joins Nick to discuss Lessons from Building the Iconic Firm QED, the History of Fintech, the Efficiency of Carbon Vs. Silicon Processing, and Decentralizations Role in the Future of Finance. In this episode we cover:

• Decentralization, and Stable Coins in Finance
• Financial Nihilism and Is Impact on Savings, Investing, and the Economy
• Megatrends, Including Aging Population, Climate Change, and GLP-1 Drugs
• Carbon-Based vs Silicon-Based Learning Machines, Strengths and Limitations
• Balancing Investor and Founder Needs
• Venture Capital's Role in Startup Growth and the Need for Innovation in the Industry
• Investing in Startups, Importance of Reserves, and Portfolio Construction

Guest Links:

• LinkedIn
• X -  QED Investors
• X - Frank
• QED Investors

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Tomasz Tunguz of Theory Ventures joins Nick to discuss Web 3.0 Database Dominance, How to Trust Black-Box ML Models, Google's Ad Business in an LLM-First Search World, and Lessons from Looker, Monte Carlo, and MotherDuck. In this episode we cover:

• Blockchain and Web3 Databases, with a Focus on Ethereum and Its Potential Dominance
• AI, Data Analytics, and Their Applications in Business
• Machine Learning Challenges and Opportunities,
• AI Innovations in Robotics, Self-Driving Cars, and Programming
• Using AI to Personalize Sales Pitches and Improve Response Rates
• AI's Impact on GDP Growth, Productivity, and Profitability

Guest Links:

• LinkedIn
• X
• Theory Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Alex Edelson of Slipstream Investors joins Nick to discuss LPs Seeking Alpha - Decoding the Myths and Mastery of Fund Structure, Size, Reserves, Access, and Selection. In this episode we cover:

• Evaluating Emerging VC Firms and Co-Investing Opportunities
• Overcoming Challenges in Investing in Emerging Managers with Limited Track Records
• Evaluating Venture Capitalists' Competitive Advantages and Sustainability
• Venture Capital Incentives and Non-Consensus Investments
• Fundraising Challenges for VCs, With Advice on Structuring Fundraising Efforts
• Using Reserves in Venture Capital Investments
• How a GP Can Pitch Themselves to Limited Partners LPs to Build a Successful Partnership

Guest Links:

• LinkedIn
• X
• Slipstream Investors

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Larsen Jensen of Harpoon Ventures joins Nick to discuss TFR Declassified: Olympic Medalist and Navy SEAL on National Security, Deep Tech, and Taking Commercial Tech to Government Customers. In this episode we cover:

• Startups Selling to Government Sector
• Geopolitics and National Security in the Tech Industry
• Startup Potential in Defense Industry
• Investing in Tech Startups with a Focus on Government Contracts
• AI Adoption in Government and Enterprise Sectors
• Supporting Startup Founders with Differentiated Value
• Drone and Counter-Drone Technology in National Security

Guest Links:

• LinkedIn
• Harpoon Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ashu Garg of Foundation Capital joins Nate to discuss The Future of Large Language Models, Open vs. Closed Sourced, and Why 2024 is the Year of Inference. In this episode we cover:

• Venture Capital Investing Strategies and Ideal Founder Characteristics
• AI Model Development and Its Future
• AI Models for Legal Tech and Their Potential Applications
• Tech Giants' Positioning in the AI Shift
• Google's Innovation Dilemma and AI Adoption

Guest Links:

• LinkedIn
• X
• Foundation Capital

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Brian Long of Attentive joins Nate to discuss The Playbook to Finding Product-Market Fit, When Founders Should Begin to Scale, and Lessons from Building Attentive. In this episode we cover:

• Entrepreneurship, Product Development, and Market Opportunity
• Strategic Decisions for Early-Stage Companies
• Customer Discovery and Feedback in Product Development
• Product Market Fit and Customer Acquisition Strategies
• Customer Problem Evolution and Startup Success Strategies
• Sales Strategies, Company Growth, and Founder Experience

Guest Links:

• LinkedIn
• X 
• Attentive

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

David Spreng of Runway Growth Capital joins Nate to discuss 2024: The Year of Reckoning in the Venture Markets, The Future of Venture Debt, and Why the Venture Cycle is Unique. In this episode we cover:

• Venture Capital, Technology Investments, and Late-Stage Funding
• Differentiating Venture Debt Providers and Red Flags to Watch Out For
• Venture Capital Quality, Liquidity Options, and Restructuring
• Investing During Market Cycle Peak
• Venture Debt Market Evolution and Underwriting Model

Guest Links:

• LinkedIn
• Twitter
• Runway Growth Capital

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Rob Rueckert of Sorenson Capital joins Nick to discuss How NVIDIA Beat Intel, Building a Firm Based on Go-to-Market, and Why Deal Judgement Trumps Deal Access. In this episode we cover:

• Venture Capital, Marketing, and Sales Strategies
• AI's Impact on the Tech Industry, Jobs, and Innovation
• Hiring Early Employees, Building a Strong Team, Leadership, and Company Growth
• Entrepreneurship, investing, and Solving Humanity's Biggest Problems

Guest Links:

• LinkedIn
• Twitter
• Sorenson Capital

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Semyon Dukach of One Way Ventures joins Nick to discuss Why Immigrant Founders Outperform, Lessons from Professional Blackjack, And Why Worrying About Downstream Financing is a Mental Trap. In this episode we cover:

• Investing, Immigration, and Blackjack
• Investing in Immigrant Founders and Their Unique Perspectives
• Startup Investment Criteria and Screening Process
• Entrepreneurship and Founder Characteristics
• Investing in Tech Startups, Focusing on Credibility and Founder Quality
• Investing in AI Startups and Future Risks

Guest Links:

• LinkedIn
• Twitter
• One Way Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Todd Klein of Revolution Growth joins Nate to discuss The Most Interesting Diligence Process You’ve Ever Heard, Why Founders Aren’t Risk Takers, and Reasoning Behind The Government Blocking More M&A Than Ever Before. In this episode we cover:

• Revolution Growth's Investment Philosophy and Areas of Focus
• The Current Regulatory Environment for Exits and M&A
• Comparison of the Internet Paradigm Shift to AI and Identifying Sustainable Trends
• Evaluating Founders and Distinguishing Those Who Want to Build Big Versus Control
• Process for Identifying Trends and Immersing in Portfolio Companies

Guest Links:

• LinkedIn
• Twitter
• Revolution

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Pete Flint of NFX joins Nate to discuss How AI Will Transform the Future of Marketplaces, the Shift from AI Co-Pilots to Agents, & Frameworks for Investment Timing. In this episode we cover:

• Founding a Successful Tech Startup and Industry Insights
• Founding NFX, Software Approach to Venture Firm, and Orthogonal Initiatives
• Venture Capital Investment Strategy and Philosophy
• Leveraging AI in Marketplaces for Efficient Operations and Novel Consumer Experiences
• AI-Driven Career Counseling and Autopilot Technology
• AI Value Creation and Distribution
• B2B Marketplaces, Defensibility, Investment Criteria, and AI

Guest Links:

• Twitter
• LinkedIn
• NFX

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Adrian Aoun of Forward joins Nick to discuss Why Healthcare is Broken and How to Fix it, A Future Path Forward Where Doctors are Architects not Providers, and How the Employer-Sponsored Healthcare System is Designed to Fail Us. In this episode we cover:

• AI, Startups, and Entrepreneurship With Google Executives Larry Page and Sergey Brin
• Democratizing Healthcare Through AI-Powered Pods
• Healthcare Innovation and Technology Adoption
• Assessing Talent and Building Teams in Person Vs. Remote
• Healthcare System Flaws and Potential Solutions
• Improving Healthcare with AI and Remote Monitoring

Guest Links:

• Twitter
• LinkedIn
• Forward

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Raffi Garabedian of Electric Hydrogen joins Nate to discuss Why the Opportunity in Energy may be as Large as AI, The Path to Decarbonization, and Fundraising Advice for DeepTech Startups. In this episode we cover:

• Green Hydrogen and Its Potential for Clean Energy
• Energy Transition and Business Opportunities in a Changing World
• Green Hydrogen Applications and Timeline for Ammonia Transformation
• Decarbonization in Various Industries
• Green Hydrogen Infrastructure Development
• Green Hydrogen Viability and Political Support

Guest Links:

• Twitter
• LinkedIn
• Electric Hydrogen

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox

Colin Walsh of Varo Bank joins Nate to discuss Scaling Varo to $1B+, The Future of Banking, & Why the Biggest Opportunity in Fintech is Financial Inclusion. In this episode we cover:

• Entrepreneurship, Risk-Taking and Founding a Fintech Company
• Financial Innovation and Customer Needs in the Industry
• Financial Challenges and Technology Solutions
• Becoming a Bank and Offering Financial Products to Consumers
• AI's Impact on Financial Services, Operational Risk, and Productivity

Guest Links:

• Twitter
• LinkedIn
• Varo

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Gaurav Jain of Afore Capital joins Nate to discuss Why Market Size is Irrelevant, Patterns from Working with the Best Founders, & How AI Compares to Past Paradigm Shifts. In this episode we cover:

• AI Paradigm Shift and Its Impact on Venture Capital Investments
• AI Investment Opportunities in Various Industries
• Market Size and Founder Potential in Seed Investing
• Evaluating Founders' Ability to Learn and Grow in a Fast-Paced Startup Environment
• The State of the Pre-Seed Market and the Importance of Innovation in Venture Capital
• Startup Funding and the Importance of Right-Sized Rounds

Guest Links:

• Twitter
• LinkedIn
• Afore Capital

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Morgan Beller of NFX joins Nick to discuss Is Cerebral Valley the True Mecca for AI or Just Hype, How the FTX Meltdown Could Benefit Crypto in the Long Run, and The Pros and Cons of Taking on Elon Musk and Jeff Bezos. In this episode we cover:

• Stable Coins and Their Potential Use Cases
• Crypto Regulation, FTX Debacle, and Market Correction
• Space Technology, Satellite Repair and Competition
• AI Companies in San Francisco's Hayes Valley
• Startup Valuations, Founder Skills, and Competitive Advantages

Guest Links:

• Twitter
• LinkedIn
• NFX

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ramy Adeeb of 1984 Ventures joins Nick to discuss 2024 Predictions P2: Bullish/Bearish on Acquisitions, First-Time Founders, Neobanks, PLG, Gaming, Cleantech, Venture GPT, Cyber, and A&D. In this episode we cover:

• US Politics and Election Predictions in 2024
• Economic Indicators, Credit Crisis, and Government Spending
• Down Rounds in the Startup Industry
• Venture Capital, Product-Led Growth, and Industry Evolution
• Gaming, Clean Tech, and VC Investments
• AI's Potential Impact, Cybersecurity, and Defense Tech in the Venture Capital Industry

Guest Links:

• Twitter
• LinkedIn
• 1984 Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

Ramy Adeeb of 1984 Ventures joins Nick to discuss 2024 Predictions P1: A Perfect Storm for Crisis, Feast & Famine in VC, Big Tech AI vs. Startup AI, and How LLMs Become the Ultimate Accelerant & Tax on Venture. In this episode we cover:

• Venture Capital Industry Challenges and Potential "Great Resignation" of VCs
• The Current State of VC Investments, Startup Challenges and Revenue Metrics
• Investing in Startups, Crypto, and AI
• AI Adoption and Its Challenges for Startups and Incumbents
• AI's Potential Impact on Various Industries and Applications
• Interest Rates, and Startup Valuations
• AI and Tech Industry Trends

Guest Links:

• Twitter
• LinkedIn
• 1984 Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

In this special replay episode McKeever “Mac” Conwell II of RareBreed Ventures joins Nick to discuss Raising a Fund via General Solicitation & Twitter, How Rolling Funds Can Disadvantage LPs, and Facing the Reality of Diversity in VC. In this episode, we cover:

• Walk us through your background and path to VC
• What’s the thesis at RareBreed Ventures?
• Why did you start RareBreed Ventures?
• Tell me about the fundraise… when did you first kickoff and then start getting momentum?
• Have you gotten better at raising over time? What have you improved most?
• What resonates w/ LPs, what do you get pushback on?
• What’s been the biggest surprise in the process so far?
• Optimistic, pessimistic or neutral on diversity in VC over the next decade?
• Twitter — blowing up, what’s working so well?
• Rolling fund vs. not… why?
• Thoughts on thesis and portfolio construction…
• What’s the ideal fund size for your stage and strategy?
• Founders… biggest mistake you see early stage founders make
• Gives us a snapshot of Rarebreed in 3 years… how about 7 years?

Guest Links:

• RareBreed Ventures
• Mac’s Twitter

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

In this special replay episode Grace Isford of Canvas Ventures joins Nick on a special Crisis Coverage installment to discuss the GTM Playbook; Building a Career in VC; Societal Challenges and Opportunities Post-COVID; and a Comprehensive Analysis of Successful GPs and Venture Investments. In this episode, we cover:

• You’re an extroverted, people-person… how you holding up w/ the quarantine?
• Quick overview of your background and path to VC?
• Your focus (and thesis) at Canvas?
• You developed a 30 page GTM Playbook based on interviews w/ 10+ CROs/VPs of Sales across major B2B companies. First of all, is this publicly available and also what were some takeaways that really stood out?
• There’s a segment of VCs that believe that one must be an operator to be a good VC… what’s your stance?
• Examples of successful non-operators?
• You completed a comprehensive analysis of the portfolios of over 200 venture firms, looked at 100 successful GPs, and winning, U.S.-based investments w/ a valuation greater than $500M… what were your key takeaways?
• A bit about signaling… Many in the industry and those observing determine the value of a startup based on whether a brand name venture firm is in the deal… “If Sequoia is in the deal, startup must be great”… what are your thoughts on this common perception?
• What does your weekly routine look like and how have you prioritized the various demands of the job?
• What have you found to be most challenging in your career as a VC?
• What advice do you have for young folks trying to make an impact as an investor or board observer?
• You wrote a great piece that analyzed three areas where VCs could invest to address the societal challenges of COVID-19. Can you walk us through each of these and why the opportunity here is greater?
• What do you think the future holds for venture & entrepreneurship in a post-COVID world?
• The old playbook for winning deals is gone… Any idea on how one might win a deal virtually?

Guest Links:

• Grace’s Twitter
• Grace’s LinkedIn
• Canvas Ventures

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!

In this special replay episode Semil Shah of Haystack joins Nick to discuss 1st Institutional VC Fund Raised– Key Learnings.  We address questions including:

• Maybe we can start off with how your investment focus has evolved since the last time you joined us.
• What are your thoughts on how seed has split into pre-seed, seed, seed extension, and post seed?
• Are you investing once with a company or reserving for these various stages within seed?
• You just closed fund 3… tell us about the first two funds that set the stage.
• Would you do things differently if you could go back?
• Which raise was the hardest?
• How did the expectations of LPs change from the early funds to the institutional fund?
• What surprised you most about the raise?
• Did you connect w/ prospectives through referrals, cold calls, a combination?
• Walk us through the metrics… how many targets, meetings, avg commitment amt, etc.
• Did you ever think you might not complete the raise?
• What’s the best advice you got on the raise and who’d you get it from?
• In our first interview, you talked about how you couldn’t get a full-time job at a venture firm. I’m sure you’ve had plenty of offers as you’ve built a track record. Did you ever consider making the jump?
• When I sent my fund deck to you, you said “Awesome and looks good. As I always say, the deck matters much less than having capital partners who believe in you” For anyone listening that aspires to raise… talk about what you meant by this comment.

Guest Links:

• Semil’s Blog
• Semil on Twitter
• How To Transform A VC Fund Capital Base From Individuals To Institutional LPs

The hosts of The Full Ratchet are Nick Moran and Nate Pierotti 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 New Stack Ventures by visiting our LinkedIn and Twitter.

Are you a founder looking for your next investor? Visit our free tool VC-Rank and we’ll send a list of potential investors right to your inbox!