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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Eric Byunn of Centana Growth
• Seth Levine of Foundry
• Natalie Dillon of Maveron

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jacob Effron of Redpoint
• Ethan Austin of Outside VC
• Arianna Simpson of Andreessen Horowitz

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.on they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jim Tananbaum of Foresite Capital
• Navin Chaddha of Mayfield
• Ben Orthlieb of Blue Moon

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jacob Effron of Redpoint
• Ethan Austin of Outside VC
• Arianna Simpson of Andreessen Horowitz

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Ben Orthlieb of Blue Moon
• Jon Callaghan of True Ventures
• Eric Byunn of Centana Growth

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Hemant Mohapatra of Lightspeed India
• Lara Banks of Makena Capital Management
• Victor Orlovski of R136 Ventures

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Seth Levine of Foundry
• Eric Byunn of Centana Growth
• David Ulevitch of Andreessen Horowitz

We discuss major conflicts that guests have faced and how they resolved them.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• David Cohen of Techstars
• Jacob Effron of Redpoint
• Arianna Simpson of Andreessen Horowitz

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jim Tananbaum of Foresite Capital
• Ben Orthlieb of Blue Moon
• Eric Byunn of Centana Growth

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Madhavan Ramanujam of 49 Palms Ventures
• David Cohen of Techstars
• Victor Orlovski of R136 Ventures

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Ethan Austin of Outside VC
• Arianna Simpson of Andreessen Horowitz
• Navin Chaddha of Mayfield

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Medha Agarwal of Defy
• Jim Tananbaum of Foresite Capital
• David Cohen of Techstars

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Casber Wang of Sapphire Ventures
• Hemant Mohapatra of Lightspeed India
• Lara Banks of Makena Capital Management

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Arianna Simpson of Andreessen Horowitz
• Navin Chaddha of Mayfield
• Ben Orthlieb of Blue Moon

We discuss major conflicts that guests have faced and how they resolved them.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• D.A. Wallach of Time BioVentures
• Nnamdi Okike of 645 Ventures
• Lara Banks of Makena Capital Management

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jacob Effron of Redpoint
• Ethan Austin of Outside VC
• Arianna Simpson of Andreessen Horowitz

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Paul Madera of Meritech Capital
• Jeff Bussgang of Flybridge Capital
• Victor Orlovski of R136 Ventures

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Somesh Dash of IVP
• Nnamdi Okike of 645 Ventures
• Charles Hudson of Precursor Ventures

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Chris Rizik of Renaissance Venture Capital
• Casber Wang of Sapphire Ventures
• D.A. Wallach of Time BioVentures

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Paul Madera of Meritech Capital
• Medha Agarwal of Defy
• Jeff Bussgang of Flybridge Capital

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• David Cohen of Techstars
• Jacob Effron of Redpoint
• Ethan Austin of Outside VC

We discuss major conflicts that guests have faced and how they resolved them.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kyle York of York IE
• Vince Hsieh of Cypress Growth Capital
• Madhavan Ramanujam of 49 Palms Ventures

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jeff Bussgang of  Flybridge Capital
• Nnamdi Okike of 645 Ventures
• Charles Hudson of Precursor Ventures

We asked guests to describe the biggest change to their investment philosophy over the course of their career

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Lara Banks of Makena Capital Management
• Jim Tananbaum of Foresite Capital
• David Cohen of Techstars

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Alexander Niehenke of Scale Venture Partners
• Kyle York of York IE
• Aaref Hilaly of Bain Capital Ventures

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Vince Hsieh of Cypress Growth Capital
• Ryan Delk of Primer
• Mike Maples Jr. of Floodgate

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Aaref Hilaly of Bain Capital Ventures
• Somesh Dash of IVP
• Chris Rizik of Renaissance Venture Capital

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Jiang of Mangusta Capital
• Shamin Walsh of BAM Ventures
• Shashank Saxena of Sierra Ventures

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Chris Rizik of Renaissance Venture Capital
• Casber Wang of Sapphire Ventures
• Medha Agarwal of Defy

We asked guests to describe the biggest change to their investment philosophy over the course of their career

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Jon Terbell and Ted Clark of FourBridge Partners
• Lara Banks of Makena Capital Management
• Jim Tananbaum of Foresite Capital

We discuss major conflicts that guests have faced and how they resolved them.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Mike Maples Jr. of Floodgate
• Nnamdi Okike of 645 Ventures
• Hemant Mohapatra of Lightspeed India

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Vince Hsieh of Cypress Growth Capital
• Paul Madera of Meritech Capital
• Jeff Bussgang of Flybridge Capital

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Shamin Walsh of BAM Ventures
• Alexander Niehenke of Scale Venture Partners
• Aaref Hilaly of Bain Capital Ventures

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Mike Schroepfer of Gigascale Capital
• Shashank Saxena of Sierra Ventures
• Ryan Delk of Primer

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Casber Wang of Sapphire Ventures
• Lara Banks of Makena Capital Management
• David Cohen of Techstars

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kyle York of York IE
• Somesh Dash of IVP
• Paul Madera of Meritech Capital

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Jiang of Mangusta Capital
• Barry Schuler of DFJ Growth Ventures
• Chris Rizik of Renaissance Venture Capital

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Daniela Binatti of Pismo
• Mike Schroepfer of Gigascale Capital
• Joseph Ruscio of Heavybit

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Barry Schuler of DFJ Growth Ventures
• Shashank Saxena of Sierra Ventures
• Jeff Bussgang of Flybridge Capital

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Shamin Walsh of BAM Ventures
• Casber Wang of Sapphire Ventures
• Charles Hudson of Precursor Ventures

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Barry Schuler of DFJ Growth Ventures
• Alexander Niehenke of Scale Venture Partners
• Medha Agarwal of Defy

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

n this special segment of The Full Ratchet, the following Investors are featured:

• Vince Hsieh of Cypress Growth Capital
• Aaref Hilaly of Bain Capital Ventures
• Mike Maples of Floodgate

We asked guests to describe the biggest change to their investment philosophy over the course of their career

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Craig Shapiro of Collaborative Fund
• Kyle York of York IE
• Somesh Dash of IVP

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Shashank Saxena of Sierra Ventures
• Ryan Delk of Primer
• Chris Rizik of Renaissance Venture Capital

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Daniela Binatti of Pismo
• Paul Madera of Meritech Capital
• Nnamdi Okike of 645 Ventures

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Stevens of Energize Capital
• Manish Patel of Nava Ventures
• Craig Shapiro of Collaborative Fund

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Rusty Ralston of Swell VC
• Godard Abel of G2
• Han Shen of iFly.vc

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Jiang of Mangusta Capital
• Joseph Ruscio of Heavybit
• Alexander Niehenke of Scale Venture Partners

We asked guests to describe the biggest change to their investment philosophy over the course of their career

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Vince Hsieh
• Ryan Delk
• Aaref Hilaly

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Han Shen
• Craig Shapiro
• Kevin Jiang

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Mike Schroepfer
• Joseph Ruscio
• Kyle York

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Han Shen
• Barry Schuler
• Daniela Binatti

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

You can learn more about 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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Stevens
• Manish Patel
• Craig Shapiro

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Shamin Walsh
• Mike Schroepfer
• Shashank Saxena

We asked guests to describe the biggest change to their investment philosophy over the course of their career

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Godard Abel
• Joseph Ruscio
• Alexander Niehenke

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Manish Patel
• Barry Schuler
• Shamin Walsh

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Han Shen
• Craig Shapiro
• Kevin Jiang

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Ryan Delk
• Aaref Hilaly
• Somesh Dash

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

You can learn more 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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Alexander Niehenke
• Kyle York
• Vince Hsieh

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Shamin Walsh
• Daniela Binatti
• Mike Schroepfer

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Ted Seides
• Jay Patil
• Kevin Stevens

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Mathias Schilling
• Godard Abel
• Manish Patel

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• David Garcia
• Bradley Tusk
• Ted Seides

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Jay Patil
• Mathias Schilling
• Godard Abel

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

You can learn more about 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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Kevin Stevens
• Manish Patel
• Han Shen

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Jon Terbell and Ted Clark
• Mathias Schilling
• Godard Abel

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Ted Seides
• Rusty Ralston
• Kevin Stevens

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Laura Chau
• Jon Terbell and Ted Clark
• Mathias Schilling

We asked guests to share the best question they've ever been asked by an allocator.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• David Garcia
• Bradley Tusk
• Ted Seides

We asked guests to tell the most important lesson they've learned in their career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Jon Terbell and Ted Clark
• Jay Patil
• Mathias Schilling

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.

On this special segment of The Full Ratchet, the following Investors are featured:

• Godard Abel
• Manish Patel
• Han Shen

We asked guests to discuss the factor that could cause the most disruption to the industry going forward and how that will change the next decade of venture.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Laura Chau
• Mike Whitmire
• David Garcia

We asked guests for the most important piece of advice that they'd share with folks early in their venture career.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

On this special segment of The Full Ratchet, the following Investors are featured:

• Oren Yunger
• Bradley Tusk
• Jon Terbell and Ted Clark

We asked guests to discuss the most visionary founder that they've worked with and what makes them so special.

The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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.