The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans
Nick Moran
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A podcast dedicated to demystifying Venture Capital. Nick Moran interviews the VC and Angel investor experts on how they find, evaluate and select the next generation of great technology startups.
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19 hours ago
316. Fika’s Playbook for Success, Finding Value Outside of Central Casting, and the Future of Fintech as Banks Get Unbundled (TX Zhuo)
TX Zhuo of Fika Ventures joins Nick to discuss Fika’s Playbook for Success, Finding Value Outside of Central Casting, and the Future of Fintech as Banks Get Unbundled. In this episode we cover:
* TX's Background & Path to VC
* Fika's Playbook
* Lessons From Cobra Kai
* DAO Infrastructure
* Unbundling the Bank
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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4 days ago
315. 2022 Predictions P2: Web 3.0 Dorsey vs. Andreesen, Crypto's Killer App, Omicron's Staying Power, Which FAANG Co. Loses to Anti-Trust First (Ramy Adeeb)
Ramy Adeeb of 1984 joins Nick to discuss 2022 Predictions P2: Web 3.0 Dorsey vs. Andreesen, Crypto's Killer App, Omicron's Staying Power, Which FAANG Co. Loses to Anti-Trust First. In this episode we cover:
* The Web 3 Twitter War
* What Nick thinks about Crypto's Killer App
* Omicron and Labor Market Dynamics
* Inflation Expectations
* Regulation for Big Tech and Crypto & More!
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Jan 10, 2022
314. 2022 Predictions P1: $100M Seed Valuations, Universe vs. Metaverse, Hottest and Coolest Sectors, Sequoia's VC Shakeup (Ramy Adeeb)
Ramy Adeeb of 1984 joins Nick to discuss 2022 Predictions P1: $100M Seed Valuations, Universe vs. Metaverse, Hottest and Coolest Sectors, Sequoia's VC Shakeup. In this episode we cover:
* Ramy's New $75M Fund
* Bubbles in Crypto and NFT's
* Why Ramy is sticking to the Universe
* Sequoia's New Strategy & More!
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Jan 6, 2022
Investor Stories 226: Lessons Learned (Tamaseb, Mehta, Wiener)
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Jan 3, 2022
313. Norwest’s New $3B Fund, the Effects of VC Capital Explosion, and Scaling LinkedIn’s Product 20x (Parker Barrile)
Parker Barrile of Norwest Venture Partners joins Nick to discuss Norwest’s New $3B Fund, the Effects of VC Capital Explosion, and Scaling LinkedIn’s Product 20x. In this episode we cover:
* Norwest's Largest Ever Fund
* The Capital Allocator's Environment
* How Parker Scaled LinkedIn's Product to $2B
* Compelling Customer Acquisition Strategies & Much More!
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Jan 1, 2022
Investor Stories 225: What's Next (Paxhia, Sun, Suissa)
On this special segment of The Full Ratchet, the following Investors are featured:
* Emily Paxhia
* Ben Sun
* Yanev Suissa
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
Did you miss our guests full length episodes? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Dec 30, 2021
Replay — The Dark Side of VC | Predatory Investor Practices (Joanne Wilson)
On this special replay episode, Joanne Wilson joins Nick to discuss predatory investor practices and the dark side of venture, including:
* On the founder-side, What are some of the activities you’ve seen from early-stage investors, that are predatory toward founders?
* What are some of the major differences between investor practices of the mid-90’s and today?
* What actionable measures would you recommend founders take in order to help prevent getting taken advantage of?
* Moving to the investor-side. What are some of the things that later-stage VCs will do to eliminate or water-out an angel’s equity position?
* What can early-stage angels do to prevent this from happening?
* How has your approach evolved throughout your investing history to position you and your portfolio companies for success?
* Generally, what is your take on the gender balance in venture, how has it changed and what specific things are you involved in to help promote the role of women?
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Dec 27, 2021
Replay — Getting Smart on a New Market, Parts 1 & 2 (Charles Hudson)
On this special replay, Charles Hudson of Precursor Ventures joins Nick to discuss Getting Smart on a New Market.
In this episode we cover:
* What Charles’ experience at SoftTech was like and how he made the transition to founding Precursor.
* What his continuing role as a Venture Partner at SoftTech entails.
* How Charles decides to study a new, emerging market and some of the markets that he’s analyzed over the years.
* The three components of his approach to getting smart on a new area.
* How important timing is and how he considers if the timing is right for a new area.
* If he assesses markets vertically and looks for the level within the supply chain stack to see where a company is playing and which level within the chain is going to exert the most control over the market.
* How he breaks down market structure and the critical components therein.
* The importance of the degree of homogeneity of the customer base within a target market.
* How he thinks about companies disrupting existing markets and those creating brand new markets.
* We discuss how there’s always a good reason to say no to startups and, more importantly, the key, recurring reasons that come up that cause him to say yes.
* How do you look at companies addressing industries where the incumbent product offerings are free. Businesses like Slack that were replacing free options
* Fresh Eyes… You’ve written about how you don’t look at decks before the first meeting w/ an entrepreneur. Can you touch on the key reasons why you take meetings without reviewing the deck?
* If you are evaluating a startup that is pre-traction – what do you look for and why?
* In the spirit of continuous improvement… What are your thoughts on how one can learn and improve once they have a job in VC?
* What startup investor has inspired and influenced you most and why?
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Dec 25, 2021
Investor Stories 224: Why I Passed (Thakker, Nauiokas, Lehr)
On this special segment of The Full Ratchet, the following Investors are featured:
* Dharmesh Thakker
* Amy Nauiokas
* Jonathan Lehr
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Dec 23, 2021
Replay — GP and LP Alignment, Challenges for Emerging Fund Managers, and How the Explosion in Seed Fund Volume Plays Out (Jaclyn Hester)
On this special replay, Jaclyn Hester of Foundry Group joins Nick on a special Crisis Coverage installment to discuss GP and LP Alignment, Challenges for Emerging Fund Managers, and How the Explosion in Seed Fund Volume Plays Out.
Guest Update: Jaclyn is now Partner at Foundry Group. Congratulations Jaclyn!
In this episode, we cover:
* Tell us about your background and path to VC
* For those who don’t know talk about the approach at Foundry with both the LP and GP model
* Foundry traditionally had no apprenticeship model and no junior investors… were you the first?
* Pandemic… Are you making investments currently and what are you hearing from other LPs?
* What’s your advice for GPs re. building relationships and momentum w/ LPs during these uncertain times?
* What’s the biggest mistake emerging managers make when fundraising?
* What do new fund managers underestimate when starting a venture firm?
* Does it matter how specific a thesis is? Do you need to see a unique, focused and compelling edge or are you just as receptive to a generalist w/ a strong network and track record?
* What question tends to trip up GPs?
* What are some of the most important things GPs should ask LPs when raising?
* What do you think are the most important things GPs and LPs need to be aligned on for a successful relationship?
* How does the explosion in volume of seed funds affect you approach to selection?
* How do you think this plays out — most funds fail? Returns more evenly distributed? Power law no longer applies (or is less pronounced)?
* Fast forward 5 years and let’s assume there’s been a fundamental shift in early stage Venture. What do you think is the most likely, largest change that’s occurred?
* What advice do you have for young people that aspire to be a VC someday?
* Not going to ask for favorite GPs but, I will ask, if you could break quarantine to grab a cocktail w/ one GP — who do you choose? ; )
* 3 Data Points…
* You’re approached by an emerging VC firm raising fund II. The fund manager did not work for a large, brand-name venture firm before and she has never had an institutional investor. Net TVPI is 1.4, and Net IRR is 35% and it’s a 2018 vintage.
* The catch is you can only ask 3 questions (for 3 additional data points) to make your decision.
* What 3 questions do you ask?
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Dec 20, 2021
Replay — NEA’s Investment Process & The Key Ingredients for Startup Success (Ben Narasin)
In this special replay of Episode 154, Ben Narasin of NEA joins Nick to discuss NEA’s Investment Process & The Key Ingredients for Startup Success. In this episode we cover:
- Why he made the move to NEA
- His Investment focus
- The investment process the firm and if decisions are made by committee
- Ben's Evaluation Process
- The key factor that every successful founder possesses
- The common red flags that pop up and cause him to say no to strong startups
- Why he believes his job is to say no
- How he assess opportunities with 100 reasons to say yes and one reason to say no
- Ben's evolving approach toward weighing risk factors in startups
- How the tech and investing industry has changed over the past decade
- How AUM is driving a bifurcation in venture
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Dec 16, 2021
Investor Stories 223: Post Mortems (Smerklo, Maughan, Larco, Wiener)
On this special segment of The Full Ratchet, the following Investors are featured:
* Mike Smerklo
* Spencer Maughan
* Vanessa Larco
* Ben Wiener
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests full length episodes? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Dec 13, 2021
312. The Embedded Opportunity in Insurtech, Crypto & Web 3.0 Applications, and the Future of Fintech (Ruth Foxe Blader)
Ruth Foxe Blader of Anthemis joins Nick to discuss The Embedded Opportunity in Insurtech, Crypto & Web 3.0 Applications, and the Future of Fintech. In this episode we cover:
* Ruth's Background and path from English Major to VC
* What trends she's following in Fintech and Insurtech
* Opportunities for developing market founders & more!
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Dec 9, 2021
Investor Stories 222: Strange & Unusual (Mead, Sippel, Wilkins)
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
Did you miss our guests full length episodes? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Dec 6, 2021
311. Founding DocSend, Creating a Winning PLG Motion, and Data From 1000's of Pitch Decks (Russ Heddleston)
Russ Heddleston of Dropbox joins Nick to discuss Founding DocSend, Creating a Winning PLG Motion, and Data From 1000's of Pitch Decks. In this episode we cover:
* Can you tell us a bit about your background and your path to founding DocSend?
* How did you think about the PLG strategy for DocSend?
* Why did you release the Seed Fundraising Report?
* What are the typical numbers like for a seed round? How much are they raising? How many investors are people meeting with?
* What makes for a successful pitch deck?
* How to find a good co-founder?
* Learnings from DocSend and a word of advice to founders.
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Dec 2, 2021
Investor Stories 221: Lessons Learned (Requarth, Mehta, Levine)
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guests full length episodes? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Nov 29, 2021
310. Why We Invested in Urban Sky (Andrew Antonio & Nate Williams)
Andrew Antonio of Urban Sky and Nate Williams of Union Labs join Nick to discuss Why We Invested in Urban Sky. In this episode we cover:
* What is Urban Sky?
* How did Andrew and Nate originally connect?
* The thesis at Union Labs.
* What does the future hold for Urban Sky?
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Nov 25, 2021
Investor Stories 220: Why I Passed (Shirota, Go, Sequeira)
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes?
Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Nov 22, 2021
309. The Future of Softbank and Vision Fund 2, Creative Monetization of User Growth, and Why VC's Missed on Zoom (Nagraj Kashyap)
Nagraj Kashyap of Softbank joins Nick to discuss The Future of Softbank and Vision Fund 2, Creative Monetization of User Growth, and Why VC's Missed on Zoom. In this episode we cover:
* Nagraj's Background and Path to VC.
* How do you think through horizontal, vertical, or geographic expansion and when the right time is to do so?
* What did other VC's miss about Zoom?
* How do you evaluate an opportunity?
* What key things are you looking for in a consumer startup?
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Nov 18, 2021
Investor Stories 219: Post Mortems (Wallace, Tamaseb, Luerssen)
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Nov 15, 2021
308. The Human Rolodex, How the 2021 VC Vintage will Perform, and the Importance of Partnership Dynamics (Nihal Mehta)
Nihal Mehta of Eniac Ventures joins Nick to discuss The Human Rolodex, How the 2021 VC Vintage will Perform, and the Importance of Partnership Dynamics. In this episode we cover:
* How do you think about active management of relationships over time? Do you have any advice, tricks, or tips?
* What is something you would have told yourself when you started Eniac?
* How have you built the team over time and thought about roles, responsibilities, skill sets required, and driving value/outcomes for the firm?
* What do you look for in a fund manager?
* Where do 2020 and 2021 Vintage Funds rank?
* What inspired you to start the 100K Pledge?
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Nov 11, 2021
Investor Stories 218: Lessons Learned (Libby, Hung, Grayson & Holt)
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Nov 8, 2021
307. Public Sector Tech, the Merits of Hyper Concentration, and Why Google is More Frightening than the NSA (Yanev Suissa)
Yanev Suissa of SineWave Ventures joins Nick to discuss Public Sector Tech, the Merits of Hyper Concentration, and Why Google is More Frightening than the NSA. In this episode we cover:
* You've talked about investing "where the Valley, the Fortune 500, and the public sector intersect". How is this different from the typical Valley-based investor?
* Are there any advantages to working with public sector buyers?
* Is there legislative risk you take on by selling to an administration?
* Where do you see the biggest opportunities are coming out of the infrastructure bill?
* Rapid fire round of questions.
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Nov 4, 2021
Investor Stories 217: Why I Passed (Goldberg, Quinn, Maughan, Ebinger)
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes?
David Goldberg Episode 272
Nicole Quinn Episode 279
Spencer Maughan Episode 284
Jonathan Ebinger Episode 302
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Nov 1, 2021
306. Selection at Day 0, Investing in Immigrants, and Navigating Founder-Problem Fit (Manan Mehta)
Manan Mehta of Unshackled Ventures joins Nick to discuss Selection at Day 0, Investing in Immigrants, and Navigating Founder-Problem Fit. In this episode we cover:
* What is investing at Day 0?
* What unique challenges do you face in backing immigrant founders?
* How do you approach sourcing and how you do it differently than other firms?
* What is Founder-Problem Fit?
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
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Oct 28, 2021
Investor Stories 216: Post Mortems (Guleri, Nauiokas, Chitnis, Perelmuter)
On this special segment of The Full Ratchet, the following Investors are featured:
* Tim Guleri
* Amy Nauiokas
* Sach Chitnis
* Guy Perelmuter
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Oct 25, 2021
305. Identifying Stand-outs at Pre-Seed, Coaching High-Growth Leaders, and Leveling the Playing Field for Underrepresented Founders (Tony Wilkins)
Tony Wilkins of Standing Oaks Venture Partners joins Nick to discuss Identifying Stand-outs at Pre-Seed, Coaching High-Growth Leaders, and Leveling the Playing Field for Underrepresented Founders. In this episode we cover:
* Are leaders born or made?
* How do you select for potentially great leaders at the very beginning of their business journey?
* How do you think about building a strong and healthy culture within a firm?
* What's the most important thing for an angel investor to know when they start investing?
* What will it take to level the playing field for founders?
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Oct 21, 2021
Investor Stories 215: What's Next (Wiener, Larco, Pascucci)
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
Did you miss our guests full length episodes?
* Ben Wiener
* Vanessa Larco
* Victor Pascucci
Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Oct 18, 2021
304. IT and Enterprise Tech Investing, The Realities and Myths of PLG, and The Past and Future of NYC Tech (Jonathan Lehr)
Jonathan Lehr of Work-Bench joins Nick to discuss IT and Enterprise Tech Investing, The Realities and Myths of PLG, and The Past and Future of NYC Tech. In this episode we cover:
* Walk us through your background and path to VC.
* Tell us a little more about the thesis at Work-Bench.
* On your website, you mention you invest in "seed and seed II" startups. What is a seed II?
* What sort of myths are there around PLG companies?
* How do you advise startups to price their products?
* Mark Suster recently Tweeted… "If you look at our industry, it's now awash with capital that requires every firm to get very focused on where its edge comes from. If you're not a bulge-bracket VC, choose your positioning wisely"(stage, sector, geography, founder access) … way too many firms are generic". What are your thoughts on the financing environment?
* You've been a part of the New York tech ecosystem for about a decade now. How has the tech scene evolved over the past 10 years or s…
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Oct 14, 2021
Investor Stories 214: Why I Passed (Basu Trivedi, Chuang, Woodard, Sun)
On this special segment of The Full Ratchet, the following Investors are featured:
* Nikhil Basu Trivedi
* Alfred Chuang
* Monique Woodard
* Ben Sun
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Oct 11, 2021
303. Reflections From 10 Years at NextView, Dogma vs Discipline, the Importance of Effective Post Money, and Market Sizing Pitfalls (Rob Go)
Rob Go of NextView Ventures joins Nick to discuss Reflections From 10 Years at NextView, Dogma vs Discipline, the Importance of Effective Post Money, and Market Sizing Pitfalls. In this episode we cover:
* Is VC fundamentally changing under our feet?
* What are other biggest industry shifts that have changed the way you operate at Next View?
* Most LPs are focused on their fund managers' ownership percentage at entry. Explain what effective post-money at exit is and why that has become a north star from next view?
* Takeaway #3: There is a Goldilocks zone between too much dogma and lack of discipline. Can you give us an example or two of strategies that were difficult to let go of or move on from?
* Your favorite saying internally is “anything worth doing is worth doing fast”. Yet this is a pretty long cycle business and it takes time for a portfolio to mature and drive returns. What were the key learnings with regards to returns and metrics?
* How do you kn…
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Oct 7, 2021
Investor Stories 213: Post Mortems (Thakker, Libby, Paxhia, Sim)
On this special segment of The Full Ratchet, the following Investors are featured:
Dharmesh Thakker
Billy Libby
Emily Paxhia
Ed Sim
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
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Oct 4, 2021
302. Donating Half Your Carry, Why Open Banking is the Future, and Recruiting Outside the Bay Area (Jonathan Ebinger)
Jonathan Ebinger of Transform Capital joins Nick to discuss Donating Half Your Carry, Why Open Banking is the Future, and Recruiting Outside the Bay Area. In this episode we cover:
* Walk us through your background and path to VC
* Tell us about your experience at Blue Run and why you decided to launch Transform.
* What is the thesis at Transform?
* Portfolio construction / stage / check size
* How did you come up with the model to donate 50% of your carry?
* What causes are you allocating carry to?
* What was the biggest challenge in the transition from early stage to late stage venture investing?
* So you led the Series A in Jackpocket at BlueRun and the later stage Transform. How do you avoid conflicts of interest across both firms?
* I know you are an active fintech investor -- w/ regards to crypto... what areas are most compelling right now from an investment standpoint?
* We're in a hot market at the moment -- seeing lots of fund creation,…
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Sep 30, 2021
Investor Stories 212: Lessons Learned (Smerklo, Nauiokas, Shirota, Larco)
On this special segment of The Full Ratchet, the following Investors are featured:
* Mike Smerklo
* Amy Nauiokas
* Tsune Shirota
* Vanessa Larco
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
The host of The Full Ratchet is Nick Moran (https://www.linkedin.com/in/nick-moran-a738503/), General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website (https://www.newstack.vc/) and LinkedIn (https://www.linkedin.com/company/11396054/) and be sure to follow us on Twitter (https://twitter.com/NewStackVC).
Are you a founder looking for your next investor? Visit our free tool VC-Rank (ht…
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Sep 27, 2021
301. Raising from Family Offices, How to Differentiate as an Emerging Fund, and Common Mistakes Made by Established Firms (Eric Sippel)
Eric Sippel of Sippel Farb Family Office joins Nick to discuss Raising from Family Offices, How to Differentiate as an Emerging Fund, and Common Mistakes Made by Established Firms. In this episode we cover:
* Walk us through your background and path to running Sippel Farb.
* Before we jump in can you give us some thoughts on Family Offices investing in Venture and how that has changed over the 25 years that you've been doing this?
* What are the major investment focus areas for the family office?
* With regards to manager selection... What gets you excited when you review the profile of an emerging fund?
* Tell us about the 3 S's that you look for.
* Rounds are moving faster then ever and prices seem to be escalating to 2-3x of what they were just 3 years ago. Many GPs cite their speed of decision-making as a strength -- What is your opinion of quick investment decisions and short DD timelines?
* At New Stack, we focus on ownership. However, some managers prefer a less c…
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Sep 23, 2021
Investor Stories 211: What's Next (Garg, Quinn, Hung, Requarth)
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
Did you miss our guests full length episodes?
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn (https://www.linkedin.com/company/27155166/) and Twitter (https://twitter.com/TFR_Pod).
The host of The Full Ratchet is Nick Moran (https://www.linkedin.com/in/nick-moran-a738503/), General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website (https://www.newstack.vc/) and LinkedIn (https://www.linkedin.com/company/11396054/) and be sure to follow us on Twitter (https://twitter.com/NewStackVC).
Are you a founder looking for your next investor? Visit our free tool VC-Rank (http://vc-rank.com/) and tell us about your business. We’ll send a list of possible investors right to yo…
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Sep 20, 2021
300. The Trillion $ Opportunity in Natural Gas, Building A Strategic LP-Base, and Creating a Strong LPAC (Victor Pascucci)
Victor Pascucci of Energy Capital Ventures joins Nick to discuss The Trillion $ Opportunity in Natural Gas, Building A Strategic LP-Base, and Creating a Strong LPAC. In this episode we cover:
* Give us an overview of the data and the opportunity within the natural gas sector for tech disruption. What percentage of our energy consumption is natural gas based?
* Why focus on natural gas?
* Why is now the right time for a natural gas focused venture fund?
* Let's talk for a moment about the digital transformation of the natural gas industry. Where can we expect to see the most change going forward? Exploration, development, or production?
* Any concerns about the volume and quality of dealflow in this specialized sector?
* What kind of founder do you look for to change this legacy industry? How may these founders differ from the Silicon Valley stereotype?
* 5 large publicly-traded LPs -- Talk a bit about how you plan to work with the LPs as you make investments,…
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Sep 16, 2021
Investor Stories 210: Why I Passed (Bannon, Hsu, Rockman, Chitnis)
On this special segment of The Full Ratchet, the following Investors are featured:
* Maren Bannon
* Sach Chitnis
* Jonathan Hsu
* Glenn Rockman
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes?
Maren Bannon Episode 268
Sach Chitnis Episode 269
Jonathan Hsu Episode 243
Glenn Rockman Episode 282
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Sep 13, 2021
299. The Decline of Entrepreneurship in America, Systemic Inequity in Supporting Small Businesses, and the "Capital vs. Labor" Debate (Seth Levine & Elizabeth MacBride)
Seth Levine & Elizabeth MacBride of The New Builders joins Nick to discuss The Decline of Entrepreneurship in America, Systemic Inequity in Supporting Small Businesses, and the "Capital vs. Labor" Debate. In this episode we cover:
* Why did you write the book?
* I’d actually like to start w/ Chapter 6, which is a history of entrepreneurship in the US… we can’t really do it justice in the interview but can you give us an overview of the history and where we are at today?
* You cover that entrepreneurship has been declining in the US for the past 40 years and more significantly within the past 15. What are some of the big factors that have led to that decline?
* Why are entrepreneurship and new business creation so important for the future of our country and society?
* How does the Silicon Valley version of entrepreneurship differ from the reality of entrepreneurship?
* What does the real profile of entrepreneurship look like vs. what we see in the data on t…
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Sep 9, 2021
Investor Stories 209: Post Mortems (Christian, Goldberg, Conwell, Sequeira)
On this special segment of The Full Ratchet, the following Investors are featured:
* Reid Christian
* David Goldberg
* McKeever “Mac” Conwell II
* Neil Sequeira
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests' full-length episodes?
Reid Christian Episode 259
David Goldberg Episode 272
McKeever “Mac” Conwell II Episode 277
Neil Sequeira Episode 281
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email…
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Sep 6, 2021
298. The $61B Cannabis Market, Overcoming Compliance and Regulation, and the Declining Social Stigma Around Cannabis (Emily Paxhia)
Emily Paxhia of Poseidon Asset Management joins Nick to discuss The $61B Cannabis Market, Overcoming Compliance and Regulation, and the Declining Social Stigma Around Cannabis. In this episode we cover:
* Can you give us an overview of the Cannabis Space -- size, growth, major sub-segments?
* Which segments are you most interested in?
* What areas do you not invest in and why?
* Raising a cannabis fund in 2013... I have to imagine you had to find a certain type of LP for that pitch to land. How hard was that?
* Regulation can be a break or a gas pedal --how have you or do you assess and underwrite the regulatory and legal risks in the space?
* To what extent are Cannabis businesses shut out of the existing financial system?
* Are there any other major differences in sourcing or diligence for a cannabis focused fund vs. your standard VC fund?
* How many cannabis focused funds are there and is follow-on financing risk significant when you're dealing with a…
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Sep 2, 2021
Investor Stories 208: Strange & Unusual (Grayson & Holt, Tamaseb, Hung, Larco)
On this special segment of The Full Ratchet, the following Investors are featured:
* Dayna Grayson & Rachel Holt
* Ali Tamaseb
* Jonathan Hung
* Vanessa Larco
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
Did you miss our guest's full-length episodes?
Dayna Grayson & Rachel Holt Episode 291
Ali Tamaseb Episode 289
Jonathan Hung Episode 292
Vanessa Larco Episode 295
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox…
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Aug 30, 2021
297. How to Raise a VC Fund, The YC for Emerging Managers, and Family Office Trends (Winter Mead)
Winter Mead of Oper8r joins Nick to discuss How to Raise a VC Fund, The YC for Emerging Managers, and Family Office Trends. In this episode we cover:
* Tell us a little more about Oper8or. Why did you leave Sapphire to start this program?
* Give us an overview of Oper8or?
* Walk us through the selection process and what you're looking for.
* Bring us up to speed on progress-to-date, how you measure success, and what the plan is going forward?
* You published your first book last year -- “How to Raise a Venture Capital Fund”. The target audience for the book is fairly obvious... was the motivation to write the book similar to why you started Oper8r?
* What are the most common mistakes new fund managers make?
* How do you think about types of LPs or profiles that fund managers should be targeting?
* What are the patterns, practices or even tactics of the most successful fundraisers that you've observed?
* You co-authored a research effort w/ First…
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Aug 26, 2021
Investor Stories 207: Lessons Learned (Woodard, Maughan, Martino, Casnocha)
On this special segment of The Full Ratchet, the following Investors are featured:
* Monique Woodard
* Spencer Maughan
* Paul Martino
* Ben Casnocha
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guest's full length episodes?
Monique Woodard Episode 273
Spencer Maughan Episode 284
Paul Martino Episode 275
Ben Casnocha Episode 245
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Aug 23, 2021
296. Investing in Jerusalem, Applying Helmer's 7 Powers to VC, and Writing a Business Murder Mystery (Ben Wiener)
Ben Wiener of Jumpspeed Ventures joins Nick to discuss Investing in Jerusalem, Applying Helmer's 7 Powers to VC, and Writing a Business Murder Mystery. In this episode we cover:
* How difficult was it raising a fund to invest only in Jerusalem-originated startups?
* What do you say to critics who claim that "focusing only one one geo is too limiting?"
* Are there specific sectors or types of tech that are uniquely positioned to thrive in Jerusalem?
* What are the similarities and differences in raising a fund vs. raising funds for a startup?
* You've spoken before about the mismatch between supply and demand for early stage capital in Jerusalem. Has it been tough finding reliable and persistent follow-on capital for A or B rounds?
* Since inception ~35% of your investments have been in female-led (female founder/CEO) startups, which is an order of magnitude greater than the 2-3% industry average. Talk about sourcing and what you do on the sourcing side to increase the numb…
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Aug 19, 2021
Investor Stories 206: What's Next (McIntyre, Luerssen, Findley, Shirota)
On this special segment of The Full Ratchet, the following Investors are featured:
* Stephen McIntyre
* Brian Luerssen
* Ty Findley
* Tsune Shirota
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
Did you miss our guests full length episodes?
Stephen McIntyre Episode #244
Brian Luerssen Episode #290
Ty Findley Episode #250
Tsune Shirota Episode #288
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible…
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Aug 16, 2021
295. Product Manager Turned Investor, Navigating Turbulence pre-IPO on Robinhood's Board, and Unique Sourcing Strategies (Vanessa Larco)
Vanessa Larco of NEA joins Nick to discuss Product Manager Turned Investor, Navigating Turbulence pre-IPO on Robinhood's Board, and Unique Sourcing Strategies. In this episode we cover:
* Walk us through your background and path to VC.
* Why did you leave product to join NEA?
* Give us a update on NEA - AUM, stage, thesis, etc.
* What is your focus area at the firm?
* Are you ever tempted to jump back to the startup side (or launch your own startup)?
* You have significant and formative experience leading product. How do you think that shapes your approach as an investor.
* Do you think product managers are born or made?
* I also have a background in product and that has contributed greatly to our culture here at New Stack... I'm curious what, if any, blind spots one might have if they are an investor with a very strong product background or orientation?
*
* What KPI's/north star metrics do you use to hold yourself accountable?
* I'd love to…
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Aug 12, 2021
Investor Stories 205: Why I Passed (Warner, Torenberg, Garg, Grayson & Holt)
On this special segment of The Full Ratchet, the following Investors are featured:
* Check Warner
* Dayna Grayson & Rachel Holt
* Erik Torenberg
* Avichal Garg
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests full length episodes?
Check Warner Episode #242
Dayna Grayson & Rachel Holt Episode #291
Erik Torenberg Episode #252
Avichal Garg Episode #261
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right…
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Aug 9, 2021
294. How to Value AI, Data Network Effects vs. Data Learning Effects, and Evolution of the VC Asset Class (Ash Fontana)
Ash Fontana of Zetta Venture Partners joins Nick to discuss How to Value AI, Data Network Effects vs. Data Learning Effects, and Evolution of the VC Asset Class. In this episode we cover:
* What was the inspiration for the new book?
* What's the difference between a Data Network Effect and a DLE (data learning effect)?
* How do you advise those that are building tech where AI will be a valuable piece in the distant future but doesn't really play a role until the growth stage or beyond?
* Tell us about the Lean AI Method, described in the book, and how companies can use it to start implementing AI.
How do you feel about companies using "off-the-shelf" AI, like TensorFlow?
* Why is now the right time for AI to pervade throughout tech and industry?
* How do you value AI and determine what's real?
* How does one put a valuation multiple on fairly nascent category where the value can be exponential and the moat can be unbreachable but there's not a whole lot of precedent?…
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Aug 5, 2021
Investor Stories 204: Post Mortems (Collins, Quinn, Martino, Chuang)
On this special segment of The Full Ratchet, the following Investors are featured:
* Eric Collins
* Nicole Quinn
* Paul Martino
* Alfred Chuang
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests' full-length episodes?
Eric Collins Episode #253
Nicole Quinn Episode #279
Paul Martino Episode #275
Alfred Chuang Episode #274
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Aug 2, 2021
293. Viva Latam Startups, Losing Talent to the U.S., and Building the Zillow of Brazil (Brian Requarth)
Brian Requarth of Latitud joins Nick to discuss Viva Latam Startups, Losing Talent to the U.S., and Building the Zillow of Brazil. In this episode we cover:
* What’s the thesis at Latitud?
* Could you tell us a little about the company you started, Viva Real?
* What was your goal in writing the book... Viva the Entrepreneur?
* You get quite vulnerable w/ regard to your experience building Viva Real. What was the hardest part of your founder journey?
* You have a large focus on helping entrepreneurs navigate building and scaling venture backable businesses in LatAm. Both Latitud and the book are in service of that mission. What are some of the unique headwinds that LatAm startups face?
* You recently had Henrique Dubugras, co founder of Brex, on the podcast. Notably, he is a founder that left south america, after some modest starutp success, to launch his large and fast growing company here in the states. How do you keep from losing the most ambitious and creat…
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Jul 29, 2021
Investor Stories 203: Strange & Unusual (Goldberg, Sun, Shirota, Nauiokas)
On this special segment of The Full Ratchet, the following Investors are featured:
* David Goldberg
* Ben Sun
* Tsune Shirota
* Amy Nauiokas
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
Did you miss our guest's full-length episodes?
David Goldberg Episode #272
Ben Sun Episode #287
Tsune Shirota Episode #288
Amy Nauiokas Episode #286
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Jul 26, 2021
292. Why Sales Cycle Determines Success, the Challenges of International Deal Diligence, and Fractional Hiring in a Post COVID World (Jonathan Hung)
Jonathan Hung of Unicorn Venture Partners joins Nick to discuss Why Sales Cycle Determines Success, the Challenges of International Deal Diligence, and Fractional Hiring in a Post COVID World. In this episode we cover:
* Jonathan's background and path to VC
* The launch of Unicorn Venture Partners
* The thesis at Unicorn Venture Partners
* Deal volume Unicorn Venture Partners is doing each year
* Jonathan's role as Senior Venture Partner and head of due diligence at Expert Dojo
* Thesis and workings of Expert Dojo
* What due diligence entails when targeting companies all across the world and at super early stages
* How to deal with teams that have different cultural backgrounds when trying to get the psychology of the team and figure out if it's a team that has the ambition and the capability to win and win big
* Jonathan's role as an LP in over 22 VC funds and the common success factors across those funds?
* Things that funds do that lend themselves well to succes…
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Jul 22, 2021
Investor Stories 202: Lessons Learned (Wallace, Guleri, Thakker, Hirsch)
On this special segment of The Full Ratchet, the following Investors are featured:
* Brendan Wallace
* Tim Guleri
* Dharmesh Thakker
* Brian Hirsch
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
Did you miss our guest's full length episodes?
Brendan Wallace Episode #276
Tim Guleri Episode #267
Dharmesh Thakker Episode #283
Brian Hirsch Episode #265
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InB…
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Jul 19, 2021
291. Competing with Amazon, Combatting 60% Talent Attrition, and Driving Transformation of Foundational Industries (Dayna Grayson & Rachel Holt)
Dayna Grayson & Rachel Holt of Construct Capital joins Nick to discuss Competing with Amazon, Combatting 60% Talent Attrition, and Driving Transformation of Foundational Industries. In this episode we cover:
* Can you each give us the two-minute background and path to VC?
* What is the thesis at Construct?
* How do you define series A?
* Is there a geographic scope in which you'll invest?
* Why have you chosen to focus on these sectors and categories?
* How have you seen the current environment issues affect sales cycles and velocity over the past year?
* How do you deal with inertia, slow sales cycles, and tech aversion amongst these buyer and user groups?
* Is there any concern that the skills gap will broaden over time?
* Will capital intensity, timing of financing rounds, timing to exit, size/scale of exits, valuation multiples, etc. look different for a legacy industry portfolio vs. a standard SV SaaS portfolio?
* Investment philosophy has shifted from being m…
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Jul 15, 2021
Investor Stories 201: What's Next (Basu Trivedi, Bannister, Chitnis, Perelmuter)
On this special segment of The Full Ratchet, the following Investors are featured:
* Nikhil Basu Trivedi
* Janet Bannister
* Sach Chitnis
* Guy Perelmuter
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
Did you miss our guests full length episodes?
Nikhil Basu Trivedi Episode #246
Janet Bannister Episode #255
Sach Chitnis Episode #269
Guy Perelmuter Episode #280
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a…
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Jul 12, 2021
290. The Rise of Low-Code/No-Code, How Tech is Changing Developer Roles, and the Launch of Founder-Led Venture Funds (Brian Luerssen)
Brian Luerssen of Long Jump joins Nick to discuss The Rise of Low-Code/No-Code, How Tech is Changing Developer Roles, and the Launch of Founder-Led Venture Funds. In this episode we cover:
* Walk us through your background and path to Draftbit.
* Tell us about the customer market and who you're targeting with Draftbit.
* Are there good comps or parallels in the non-mobile space?
* Will the user of Draftbit still be a developer, or do you have cases where it's the application product manager or others?
* Is it just web apps and native apps covering the spectrum?
* There's this principled group of developers, that don't want to use App builders. They want to build the ground up themselves. How do you deal with that objection?
* Have you guys achieved product-market fit? Yes or no?
* What's the biggest challenge to getting product-market fit and hitting huge growth numbers?
* Where do you go now? How do you see the business evolve? What's the end-all large market opport…
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Jul 8, 2021
Investor Stories 200: Why I Passed (Sim, Napier, “Mac” Conwell II, Smerklo)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ed Sim
* Lanham Napier
* McKeever “Mac” Conwell II
* Mike Smerklo
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
Did you miss our guests' full-length episodes?
Ed Sim Episode #266
Lanham Napier Episode #248
McKeever “Mac” Conwell II Episode #277
Mike Smerklo Episode #278
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your e…
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Jul 5, 2021
289. Data on the Key Traits of Billion Dollar Startups with the Author of Super Founders: What Data Reveals About Billion-Dollar Startups (Ali Tamaseb)
Ali Tamaseb of DCVC joins Nick to discuss Data on the Key Traits of Billion-Dollar Startups with the Author of Super Founders: What Data Reveals About Billion-Dollar Startups. In this episode we cover:
* Founders' history of building
* Second-time founders and their larger chance of being unicorns
* Super Founders bouncing to different industries isn't detrimental to their success
* Having domain experience does not correlate to success
* How non/technical founders partner with the same
* How proxy metrics do not define a good founder
* Painkiller or Vitamin Pill? Which holds success?
* How geography may be a dying metric for success
* How Super Founders tend to secure investment even in the opening rounds
* Which type of competition defines the unicorn
* Timing remains the most difficult thing to crack
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General…
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Jul 1, 2021
Investor Stories 199: Post Mortems (Abbasi, Findley, Toney, Woodard)
On this special segment of The Full Ratchet, the following Investors are featured:
* Farooq Abbasi
* Ty Findley
* Lo Toney
* Monique Woodard
Each investor discusses a portfolio company that did not survive and why it was that they failed.
Did you miss our guests' full-length episodes?
Farooq Abbasi Episode #251
Ty Findley Episode #250
Lo Toney Episode #249
Monique Woodard Episode #273
For other great episodes, go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Jun 28, 2021
288. Tech Competition between China, Japan, and Korea, Why IT is King in Japan, and When American Tech Should Expand to Asia (Tsune Shirota)
Tsune Shirota of World Innovation Lab joins Nick to discuss Tech Competition between China, Japan, and Korea, Why IT is King in Japan, and When American Tech Should Expand to Asia.
Other topics include the transition from manual services to software, B2B buying behavior in the US vs Japan, determining the shape of your S-Curve, and best markets - determined by need and distribution.
Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.
The host of The Full Ratchet is Nick Moran, General Partner of New Stack Ventures, a venture capital firm committed to investing in the exceptions.
To learn more about New Stack Ventures by visiting our Website and LinkedIn and be sure to follow us on Twitter.
Are you a founder looking for your next investor? Visit our free tool VC-Rank and tell us about your business. We’ll send a list of possible investors right to your email’s InBox!
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Jun 24, 2021
Investor Stories 198 Strange & Unusual (Christian, Rockman, Maughan, Libby)
On this special segment of The Full Ratchet, the following Investors are featured:
* Reid Christian
* Glenn Rockman
* Spencer Maughan
* Billy Libby
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Jun 21, 2021
287. Distribution vs. Product, Founders vs. Markets, and Winning Deals in a Hyper-Competitive Seed Market (Ben Sun)
Ben Sun of Primary Venture Partners joins Nick to discuss Distribution vs. Product, Founders vs. Markets, and Winning Deals in a Hyper-Competitive Seed Market. In this episode, we cover:
* Can you tell us a bit about your founder journey?
* What are your thoughts on the major differences and challenges now versus when you started a Community Connect?
* Is there a bias at Primary toward consumer investments?
* What region focus does Primary have?
* Is Miami a viable tech center or is this hype?
* What is the thesis at Primary?
* What areas does the Primary team focus on (strategic, sweat equity, talent recruitment)?
* How collaborative is that formative ideas stage between Primary and the entrepreneurs? I imagine, some of them come and they're ready to raise, and if it's a great fit, you invest, but in other circumstances, ideas may not be fully fleshed out. How much of a role do you play?
* We've had many folks on the program that say, it's all about the market. The…
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Jun 17, 2021
Investor Stories 197: Lessons Learned (Quinn, Bonatsos, Pezeshki, Carolan)
On this special segment of The Full Ratchet, the following Investors are featured:
* Nicole Quinn
* Niko Bonatsos
* Niki Pezeshki
* Shawn Carolan
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Jun 14, 2021
286. Embedded Finance, Community-based Fintech, the Demise of Legacy Institutions, and Driving Returns with a Diversity Investment Mandate (Amy Nauiokas)
Amy Nauiokas of Anthemis Group joins Nick to discuss Embedded Finance, Community-based Fintech, the Demise of Legacy Institutions, and Driving Returns with a Diversity Investment Mandate. In this episode, we cover:
* Tell us a bit about your background and your path to venture.
* Anthemis. What is it? Tell us a bit about the thesis and what you guys do?
* So where do you find yourself spending most of your time?
* Amy can you give us a quick primer on the difference between FinTech and tech fin?
* What is your quick take on regulation? Are there still major obstacles that need to be overcome?
* We've seen large tech in some ways abuse opportunity before in FinTech and in other areas, that I'd be curious to hear what your take is on sort of the established incumbent large legacy financial institutions. How do you see them adapt in order to capture value and attempt to maintain their position as well as direct access to customers?
* Let's talk more about embedded finance.…
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Jun 10, 2021
Investor Stories 196: What's Next (Martino , Goldberg, Bannon, Sequeira)
On this special segment of The Full Ratchet, the following Investors are featured:
* Paul Martino
* David Goldberg
* Maren Bannon
* Neil Sequeira
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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Jun 7, 2021
285. Non-Dilutive Financing Options, Fintech is Eating the World, Digital Asset Aggregation, and Quants Investing in VC (Billy Libby)
Billy Libby of Upper90 joins Nick to discuss Non-Dilutive Financing Options, Fintech is Eating the World, Digital Asset Aggregation, and Quants Investing in VC. In this episode, we cover:
* Walk us through your background and path to VC.
* What’s the thesis at Upper90?
* On the website, it says "We are not looking to finance major technology disruptors but rather the derivative businesses being created around them." Can you explain what you mean by that?
* How do you underwrite and assess the risk of some of these platform-dependent technologies (channel choke)? If you build businesses that are dependent on top of Facebook, for instance, or on top of Slack, or businesses related to the Amazon ecosystem, like Thrasio, how do you think about the risk of the platform deciding they no longer want to play nice with you?
* What is the split of your fund - the equity versus the debt component?
* And the terms of the debt, are there multiple different forms and different terms,…
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Jun 3, 2021
Investor Stories 195: Why I Passed (Collins, Levy Weiss, Guleri, Casnocha)
On this special segment of The Full Ratchet, the following Investors are featured:
* Eric Collins
* Gigi Levy Weiss
* Tim Guleri
* Ben Casnocha
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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May 31, 2021
284. How the Generational Shift Is Affecting Food, Investing in Vertical Farming and in New Biologics, and Platform Solutions to Food Dilemmas (Spencer Maughan)
Spencer Maughan of Finistere Ventures joins Nick to discuss How the Generational Shift Is Affecting Food, Investing in Vertical Farming and in New Biologics, and Platform Solutions to Food Dilemmas. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Finistere Ventures? Focus? Check Size?
* Talk a bit about your global footprint, and why that is of value to the firm or the founders?
* What makes Finistere unique?
* What do you see as some of the biggest drivers of change in the food value chain?
* Are consumers going to embrace alternative produced meats when they are ready for market? With classically long timelines, they're expensive (producing a cost-effective product) and production is difficult. How do you think about that when you're underwriting the risk on an investment?
* What do you think of insect-based protein as a primary protein source and nourishment source in developed countries?
* What are the food-relat…
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May 27, 2021
Investor Stories 194: Post Mortems (Hsu, Bannister, Garg, Iheagwam)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jonathan Hsu
* Janet Bannister
* Avichal Garg
* Simeon Iheagwam
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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May 24, 2021
283. The Future of Cloud, Business Model Transitions from Subscription to Consumption, and The Shift from Technology-first to End-User Value (Dharmesh Thakker)
Dharmesh Thakker of Battery Ventures joins Nick to discuss The Future of Cloud, Business Model Transitions from Subscription to Consumption, and The Shift from Technology-first to End-User Value. In this episode, we cover:
* Walk us through your background and path to VC.
* What’s the thesis at Battery?
* Any significant differences in types of products being built across geographies?
* How does Battery segment the cloud infrastructure market and find opportunity areas in the subsegments of most interest?
* To what extent do legacy IT and legacy software impede the rate at which we can progress with new toolsets and new infrastructure?
* Is there more appetite for modern solutions, just due to demographics?
* When ROI is opaque, how do you measure time to value and how might time to value might be different for different decision-makers within the organization?
* What does top-down enterprise selling moving to bottom-up user and influencer adoption mean to ROI of sig…
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May 20, 2021
Investor Stories 193: Strange & Unusual (Woodard, Chitnis, Wallace, Smerklo)
On this special segment of The Full Ratchet, the following Investors are featured:
* Monique Woodard
* Sach Chitnis
* Brendan Wallace
* Mike Smerklo
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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May 17, 2021
282. The Future of Public Health, VC Differentiation within Life Sciences, and Preventing the Next Pandemic (Glenn Rockman)
Glenn Rockman of Adjuvant Capital joins Nick to discuss The Future of Public Health, VC Differentiation within Life Sciences, and Preventing the Next Pandemic. In this episode, we cover:
* Walk us through your background and path to VC.
* What’s the thesis at Adjuvant?
* When taking on strategic LPs, especially those that are very high profile, and have their own mandates and their own agendas, do they inform you where you deploy capital, or is Adjuvant completely independent and financially motivated?
* Is there a standard stage within the clinical or development process that you enter in? Standard check size? Are you multi-stage?
* You're investing in products designed for people who live on just a few dollars per day ... There's a lot of VCs that won't invest in the underbanked category, for instance, because of low-income dynamics and socio-economic effects, even though there are some big, winners and category creators there. When you're pitching this different lens an…
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May 13, 2021
Investor Stories 192: Lessons Learned (Torenberg, Gallagher, Chuang, McIntyre)
On this special segment of The Full Ratchet, the following Investors are featured:
* Erik Torenberg
* Patrick Gallagher
* Alfred Chuang
* Stephen McIntyre
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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May 10, 2021
281. Overlooked Opportunity in EdTech, Letting the Entrepreneur Be the Guide, and Defy’s Sage Program (Neil Sequeira)
Neil Sequeira of Defy joins Nick to discuss Overlooked Opportunity in EdTech, Letting the Entrepreneur Be the Guide, and Defy’s Sage Program. In this episode, we cover:
* Walk us through your background and path to VC.
* Remind us of the thesis at Defy.
* Tell us a little about your team at Defy. How it has grown and evolved and all of the things each person brings to the table which makes the firm stronger?
* What do you think is one of the most underappreciated skills of the great venture investor?
* How do you think founders have changed since you first started investing, if at all?
* Why is leading a round of financing and ownership important to venture capital firms?
* At the later stages and growth stages, what's the biggest risk or mistake you've seen founders make when bringing on investors, and/or what's the biggest issue that investors may impose that causes issues?
* What resources would you recommend to the listeners that you found valuable on founding st…
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May 6, 2021
Investor Stories 191: What's Next (Woodard, Pantoja, Bonatsos, Douglass)
On this special segment of The Full Ratchet, the following Investors are featured:
* Monique Woodard
* Marcelino Pantoja
* Niko Bonatsos
* Jim Douglass
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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May 3, 2021
280. The Deep Tech Revolution, Predictions for the Job Market, Crypto, and NFTs, and The Inevitabilities of the Next Decade (Guy Perelmuter)
Guy Perelmuter of GRIDS Capital joins Nick to discuss The Deep Tech Revolution, Predictions for the Job Market, Crypto, and NFTs, and The Inevitabilities of the Next Decade. In this episode, we cover:
* Walk us through your background and path to VC.
* What's the thesis at GRIDS Capital?
* A common critique of deep tech — it takes longer, it's more unpredictable, timing is of greater risk, and it's more capital intensive — why commit your firm to exclusively targeting a segment that most venture investors refuse to consider?
* Present Future: Business, Science, and the Deep Tech Revolution —Why did you decide to write a book about the deep tech revolution?
* Protocols of standardization
* What factors lead to standardization and choosing of a protocol?
* What are the "inevitabilities" of the next decade?
* What does the job market of the future look like?
* Do crypto coins become a primary Treasury Reserve asset or a major currency in the next three to five yea…
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Apr 29, 2021
Investor Stories 190: Why I Passed (Gembala, Currier, Middleton, Adeeb)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ryan Gembala
* James Currier
* Jesse Middleton
* Ramy Adeeb
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Apr 26, 2021
279. The Effect of Technology on Relationships, The 5 Indicators of a True Brand, The Appeal of Love/Hate Businesses, & the Rise of Super Apps (Nicole Quinn)
Nicole Quinn of Lightspeed Venture Partners joins Nick to discuss The Effect of Technology on Relationships, The 5 Indicators of a True Brand, The Appeal of Love/Hate Businesses, & the Rise of Super Apps. In this episode, we cover:
* Walk us through your background and path to VC
* What if anything changed the most from your early days, angel investing on your own to the days you joined the team at Lightspeed?
* I think a good place to start is with an article you wrote a little over a year ago about your investment philosophy, and how it was shaped by the book, Shoe Dog, by Phil Knight. What was the seminal learning from that book, and how has it shaped your approach?
* What's the thesis at Lightspeed?
* What are the consumer behaviors in different regions?
* You emphasized the importance of hiring and the framework Lightspeed uses for its portfolio companies. Could you give us the broad strokes on that?
* How did you develop your thesis on Lunch Club, and what makes yo…
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Apr 22, 2021
Investor Stories 189: Post Mortems (Dubugras, Basu Trivedi, Warner, Hirsch)
On this special segment of The Full Ratchet, the following Investors are featured:
* Henrique Dubugras
* Nikhil Basu Trivedi
* Check Warner
* Brian Hirsch
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Apr 19, 2021
278. The Sustainable & Temporary Trends of COVID, The Self-Aware Founder, and Writing the Survival Guide for the Mental Aspect of Entrepreneurship (Mike Smerklo)
Mike Smerklo of Next Coast Ventures joins Nick to discuss The Sustainable & Temporary Trends of COVID, The Self-Aware Founder, and Writing the Survival Guide for the Mental Aspect of Entrepreneurship. In this episode, we cover:
* Walk us through your background and path to VC.
* What's the thesis at Next Coast Ventures?
* What are 'Next Coast' markets?
* How do you come up with the themes that drive investment focus at NCV?
* What are some of the trends emerging now that you are following that may have the most impact on new business creation over the next five years?
*
* Which are sustainable and which are temporary? Especially in the post covid world.
* The biggest difference in the founder journey from the LoudCloud and ServiceSource days vs. today?
* What qualities do you look for in founders when investing in the early-stage vs. growth stage?
* How do you help founders?
* What led you to write the book Mr. Monkey and Me?
* Why are you giving all the proce…
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Apr 15, 2021
Investor Stories 188: Strange & Unusual (Bannon, Iheagwham, Findley, Martino)
On this special segment of The Full Ratchet, the following Investors are featured:
* Maren Bannon
* Simeon Iheagwham
* Ty Findley
* Paul Martino
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Apr 12, 2021
277. Raising a Fund via General Solicitation & Twitter, The Challenges (and benefits) of Rolling Funds, and Facing the Reality of Diversity in VC (McKeever "Mac" Conwell II)
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 m…
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Apr 8, 2021
Investor Stories 187: Lessons Learned (Goldberg, Chitnis, Hsieh, Christian)
On this special segment of The Full Ratchet, the following Investors are featured:
* David Goldberg
* Sach Chitnis
* Kane Hsieh
* Reid Christian
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Apr 5, 2021
276. How COVID Has Instigated a Massive Demographic Reshuffling, Accelerating the Transformation of Retail, and Why Real Estate Will Become the Largest Consumer of Climate Tech (Brendan Wallace)
Brendan Wallace of Fifth Wall joins Nick to discuss How COVID Has Instigated a Massive Demographic Reshuffling, Accelerating the Transformation of Retail, and Why Real Estate Will Become the Largest Consumer of Climate Tech. In this episode, we cover:
* The world becomes more flat over time, and w/ mobility tech, like Uber and others, the distance between points shortens over time, which all fundamentally disrupts urban planning of the cities themselves but also the suburbs and beyond... now we're in a situation where a wild card factor comes into play... this pandemic... that has altered how people live and work more fundamentally than ever expected?
* First off... trends where you will deploy dollars?
* Do we go back to a primarily in-office environment post-covid? why or why not?
* Have you seen more value creation or more value destruction, in real estate, from the pandemic?
* What strategies will cities implement to stay competitive post-covid?
* We have a new adminis…
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Apr 1, 2021
Investor Stories 186: What's Next (Casnocha, Yin, Sim, Guleri)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ben Casnocha
* Elizabeth Yin
* Ed Sim
* Tim Guleri
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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Mar 29, 2021
275. Doubling Down on Data to Discover Overlooked Founders, Teaching and Coaching CEOs, & Bullpen's Approach to Measuring Fund Success (Paul Martino)
Paul Martino of Bullpen Capital joins Nick to discuss Doubling Down on Data to Discover Overlooked Founders, Teaching and Coaching CEOs, & Bullpen's Approach to Measuring Fund Success. In this episode, we cover:
* Can you first refresh us on the thesis at Bullpen and then maybe give us an update on the firm over the past three years?
* How do you define post-seed today... and is it moving as other stages have?
* Are you still one of the few specialized at post-seed or have you seen increasing competition?
* Is there still a strong emphasis on metrics and using the data as an early filter of deals?
* How are you using data to source?
* What do you look for in founders?
* Why are you committed to coaching/supporting companies?
* We all know the scorecard of success in VC... DPI, TVPI, IRR, PME, etc... what are the leading indicators of success that you measure and manage to make sure you're driving success in those metrics.
* You are a founder yourself, what advice wou…
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Mar 25, 2021
Investor Stories 185: Why I Passed (Bonatsos, Pezeshki, Abbasi, Hester)
On this special segment of The Full Ratchet, the following Investors are featured:
* Niko Bonatsos
* Niki Pezeshki
* Farooq Abbasi
* Jaclyn Hester
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Mar 20, 2021
274. The Next Generation of Tech & Venture Capital from the Perspective of a Unicorn Founder Turned GP (Alfred Chuang)
Alfred Chuang of Race Capital joins Nick to discuss The Next Generation of Tech & Venture Capital from the Perspective of a Unicorn Founder Turned GP. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Race Capital?
* Why did you name your fund Race Capital?
* I want to talk a bit about open source... there seem to be wildly differing takes on this but what is your opinion of for profit tech companies building products on open source architecture and, in some cases, just reskinning open source tech w/ a UI and selling for profit?
* As we evolve to an increasingly cloud-first technology environment, what does it mean as we transition from a hybrid (onprem, cloud) approach to cloud only?
* How does edge computing reconcile with this future cloud-only environment?
* On the data side... Do you think we move to a Unified Data Infrastructure Architecture in the future?
* Transition a bit to talk more about your journey...
*…
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Mar 18, 2021
Investor Stories 184: Post Mortems (Torenberg, Bannon, Carolan, Napier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Erik Torenberg
* Maren Bannon
* Shawn Carolan
* Lanham Napier
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Mar 15, 2021
273. The "Three Layer Cake" Fund, How Personal Experience Drives Your Investment Lens, The Future of Tech for the Aging Population, & How a Solo GP Can Do it All (Monique Woodard)
Monique Woodard of Cake Ventures joins Nick to discuss The "Three Layer Cake" Fund, How Personal Experience Drives Your Investment Lens, The Future of Tech for the Aging Population, & How a Solo GP Can Do it All. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Cake Ventures?
* You have a strong focus on looking for startups that are addressing the needs of a world undergoing massive demographic changes. Talk to us a bit about how you approach investing in demographic change?
* What sort of demographic changes do you believe will have opportunities?
* Were you surprised to see Baby Boomers dominating online shopping?
* What is it like being a solo GP? What are the pros and cons?
* How do you replicate and try to scale yourself?
* Context switching is often cited as the hardest thing about what we do. Talk us through your schedule and how you manage context switching?
* This question is called three…
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Mar 11, 2021
Investor Stories 183: Strange & Unusual (Toney, McIntyre, Collins, Vassallo)
On this special segment of The Full Ratchet, the following Investors are featured:
* Lo Toney
* Stephen McIntyre
* Eric Collins
* Trae Vassallo
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Mar 8, 2021
272. Staying Competitive in the Seed Fund Boom, Success Metrics at the Fund Level, and the Shifting Equilibrium of Investors and Founders (David Goldberg)
David Goldberg of Alpaca VC joins Nick to discuss Staying Competitive in the Seed Fund Boom, Success Metrics at the Fund Level, and the Shifting Equilibrium of Investors and Founders. In this episode, we cover:
* Walk us through your background and path to VC
* Tell us about your shift from law to finance and to becoming a founder of FreshNeck?
* What’s the thesis at Alpaca VC?
* Talk to us about your Field Studies and why you do them.
* How do you develop a thesis on consumer behavior, trends, and how they will evolve in the coming years?
* Similar to us you do a lot of OKR and KPI measurement and tracking as a firm... what are some of the most important metrics you track that should ultimately lead to the right progress?
* What about w/ the portfolio companies?
* Do you have systems and processes on the front-end, pre-investment
* You are a remote team of fund managers in NY, CO, and FL... what are the advantages and drawbacks for startups with w…
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Mar 4, 2021
Investor Stories 182: Lessons Learned (Bannister, Iheagwham, Dash, Hsu)
On this special segment of The Full Ratchet, the following Investors are featured:
* Janet Bannister
* Simeon Iheagwham
* Somesh Dash
* Jonathan Hsu
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Mar 1, 2021
271. LP Turned VC, Mistakes When Pitching to Allocators, and Managing Limited Partner Relationships (Marcelino Pantoja)
Marcelino Pantoja of Tribe Capital joins Nick to discuss LP Turned VC, Mistakes When Pitching to Allocators, and Managing Limited Partner Relationships. In this episode, we cover:
* Walk us through your background and path to VC
* Refresh on the thesis at Tribe?
* Talk to us about the mindset of the allocator — what are their key objectives and what do they care about?
* What are the biggest mistakes you see emerging managers making when pitching LPs?
* Let's say an aspiring VC has a few years until they will raise from institutions... what should they be focusing on in order to create a really compelling offering in the medium term?
* Let's say an emerging GP is raising from institutions imminently... what advice would you have for them?
* Do you think it's significantly easier for an institution to make an investment in some coming from a large successful Tier 1 fund, spinoff, vs. a successful operator or angel?
* What are the key challenge areas tha…
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Feb 25, 2021
Investor Stories 181: What's Next (Isford, Torenberg, Collins, Iltchev)
On this special segment of The Full Ratchet, the following Investors are featured:
* Grace Isford
* Erik Torenberg
* Eric Collins
* Villi Iltchev
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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Feb 22, 2021
270. Retail Apocalypse or Renaissance, the Commerce Evolution, and Fundraising from Corporates (Vincent Diallo)
Vincent Diallo of Interlace Ventures joins Nick to discuss Retail Apocalypse or Renaissance, the Commerce Evolution, and Fundraising from Corporates. In this episode, we cover:
Article Mentioned in Episode: http://bit.ly/TFR-Vincent
* Walk us through your background and path to VC
* What’s the thesis at Interlace?
* COVID has affected commerce severely -- for better and for worse. Has this changed your investment approach?
* Many investors are avoiding all physical retail as COVID has created a “retail apocalypse”, but you've stated that you see it more as a retail renaissance. Why?
* What are some trends from COVID that you think investors are overreacting to that you expect will return to pre-pandemic levels?
* What new consumer experiences or behaviors are emerging that you are excited about?
* You mentioned supply chain as another area of interest, where are the biggest opportunities in the supply chain?
* Biggest mistake fundraising? Biggest…
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Feb 18, 2021
Investor Stories 180: Why I Passed (Tunguz, Gallagher, Vassallo, Hirsch)
On this special segment of The Full Ratchet, the following Investors are featured:
* Tom Tunguz
* Patrick Gallagher
* Trae Vassallo
* Brian Hirsch
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Feb 15, 2021
269. Discovering the Next Sectors of Opportunity, The Impact Platform, & The Exit Discussion (Sach Chitnis)
Sach Chitnis of Jump Capital joins Nick to discuss Discovering the Next Sectors of Opportunity, The Impact Platform, & The Exit Discussion. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Jump Capital?
* Talk about developing a thesis on a specific market opportunity — can you give us the broad strokes on your process of how you dissect emerging markets and identify where existing offerings are lacking?
* How do you determine who will be the winner? Is it common that, of the existing set of players, none will emerge as the winner and you need to wait for a fresh approach?
* Having a portfolio support platform is unusual for your size — how are you able to make it work at your fund size and what all does it entail?
* In what areas do you find a Series A funded company needs the most help?
* How do you advise a founder that's in a hot space, doesn't need capital but has inbound interest and large investm…
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Feb 11, 2021
Investor Stories 179: Post Mortems (Bonatsos, Koh, Adeeb, Suster)
On this special segment of The Full Ratchet, the following Investors are featured:
* Niko Bonatsos
* Melody Koh
* Ramy Adeeb
* Mark Suster
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Feb 8, 2021
268. Breaking the Founder Stereotype, Mastering Conviction Over Zoom, & the Contrast between European and American Entrepreneurs (Maren Bannon)
Maren Bannon of January Ventures joins Nick to discuss Breaking the Founder Stereotype, Mastering Conviction Over Zoom, & the Contrast between European and American Entrepreneurs. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at January Ventures?
* How are you and your team at January Ventures making tech more of an equal opportunity?
* What is your approach to portfolio construction in this fund and how will that evolve in the future?
* What's one thing you know now that you wish you knew prior to raising the fund?
* You take meetings with founders VERY early — no warm intro, no pitch deck, or no revenue required to pitch to January Ventures. How do you evaluate the potential this early?
* How do you filter all of the opportunities -- what is your pre-filter process?
* How have you changed your work/process at January post COVID?
* What is your experience like moving from SF to Europe and what is…
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Feb 4, 2021
Investor Stories 178: Strange & Unusual (Dubugras, Douglass, Clarkson, Garg)
On this special segment of The Full Ratchet, the following Investors are featured:
* Henrique Dubugras
* Jim Douglass
* Beezer Clarkson
* Avichal Garg
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Feb 1, 2021
267. Advice from a Unicorn Founder Turned VC, the Future of the VC Landscape for Founders & VCs, and the Founder Love Metric (Tim Guleri)
Tim Guleri of Sierra Ventures joins Nick to discuss Advice from a Unicorn Founder Turned VC, the Future of the VC Landscape for Founders & VCs, and the Founder Love Metric. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Sierra Ventures?
* What's been your biggest influence on the firm's ethos?
* You've had two incredible outcomes as a founder... first question is do you think the process of building a company today is materially different than it was when you did it... if so how?
* We've talked a lot on the show, over the past 8 months about the effects of COVID on venture... what have been you main observations on how VCs are adjusting to investing during COVID?
* What do you think the new normal for startups looks like post-covid?
* How do you advise a founder that's in a hot space, doesn't need capital, but has inbound interest and large investment offers, maybe at inflated valuations, from tier 1 coas…
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Jan 28, 2021
Investor Stories 177: Lessons Learned (Warner, Findley, Toney, Deeter)
On this special segment of The Full Ratchet, the following Investors are featured:
* Check Warner
* Ty Findley
* Lo Toney
* Byron Deeter
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Jan 25, 2021
266. Velocity as a Superpower, Why Contrarians Win, The Role of a Board Member, and Why Some Challenge When they Should Chill (Ed Sim)
Ed Sim of boldstart ventures joins Nick to discuss: Velocity as a Superpower, Why Contrarians Win, The Role of a Board Member, and Why Some Challenge When they Should Chill
* Walk us through your background and path to VC
* What’s the thesis at boldstart ventures?
* What was it like starting Boldstart in NYC in 2010?
* Tell us a bit about the thesis at investment and how things evolved over the years until the ultimate exit?
* What's your preference... Niche and narrow problems or big and expansive opportunities?
* What is your mental model for investing in enterprise founders with ideas?
* category creation
* Why only technical founders?
* Will this enterprise bull market sustain?
* You've talked about being involved and sitting on boards from "whiteboard to scale" ?... how do you manage ever-increasing board responsibilities with other demands of the job?
* Where are VCs most lacking when it comes to the value that early-stage founders re…
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Jan 21, 2021
Investor Stories 176: What's Next (Blank, Pezeshki, Taub, Middleton)
On this special segment of The Full Ratchet, the following Investors are featured:
* Steve Blank
* Niki Pezeshki
* Lolita Taub
* Jesse Middleton
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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Jan 18, 2021
265. Maintaining a Disciplined Fund Size and Strategy, The Rise of NYC Tech, and Changes in the Exit Environment (Brian Hirsch)
Brian Hirsch of Tribeca Venture Partners joins Nick to discuss Maintaining a Disciplined Fund Size and Strategy, The Rise of NYC Tech, and Changes in the Exit Environment. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Tribeca Venture Partners (TVP)?
* We've seen notable firms in the valley launch platform and service offerings to founders... have you considered this at Tribeca - why or why not?
* Biggest differences between NYC tech vs Bay Area Tech
* COVID is causing many people to move away from the city. Any concerns about losing tech talent?
* How much does the exit environment for tech companies effects what you invest in?
* what's most undervalued in the public market or exit market at large that will be more appropriately valued in 3-5 years from now
* What's your take SPACs?
*
* 10/9 Brain's Tweet: "New 🦄 every 3 days this year vs. how many SPACs? Unicorns and SPACs are like pizza.…
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Jan 14, 2021
Investor Stories 175: Why I Passed (Bannister, Carolan, Christian, Iltchev)
On this special segment of The Full Ratchet, the following Investors are featured:
* Janet Bannister
* Shawn Carolan
* Reid Christian
* Villi Iltchev
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Jan 11, 2021
264. Starting a Fund w/ Life Savings, Why it Takes More than Just Performance to Find Success, and Sticking to Your Framework (Simeon Iheagwam)
Simeon Iheagwam of Noemis Ventures joins Nick to discuss Starting a Fund w/ Life Savings, Why it Takes More than Just Performance to Find Success, and Sticking to Your Framework. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at NOEMIS Ventures?
* What is your process for investing?
* Are there any must-haves?
* Like Brad Feld... you are syndication agnostic... don't care about who else is in the round and you're willing to be the first yes. How do you get to conviction -- especially not having worked for a large VC fund?
* Where do you help your portfolio companies the most?
* In your words... why is it difficult to launch a fund as a diverse manager?
* What were some of the most unexpected and challenging aspects of launching a fund?
* Strangest question you've received from an LP?
* What's your approach to investing in diverse founders?
* You were recently highlighted by Grasshopper Bank a…
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Jan 7, 2021
Investor Stories 174: Post Mortems (McIntyre, Levy Weiss, Kerby, Hsieh)
On this special segment of The Full Ratchet, the following Investors are featured:
* Stephen McIntyre
* Gigi Levy Weiss
* Richard Kerby
* Kane Hsieh
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Jan 4, 2021
263. The Founding Story of Kickstarter — Community, Competition, and Customer-Obsession (Charles Adler)
Charles Adler of Kickstarter joins Nick to discuss The Founding Story of Kickstarter — Community, Competition, and Customer-Obsession. In this episode, we cover:
* Walk us through your background and path to tech.
* Growing up what inspired you most?
* How did the idea for Kickstarter begin?
* Was there an MVP - was there an initial target vertical?
* When did you know that it was working?
* What was the biggest mistake you made during the journey?
* When competition arose... did it scare you?
* Is Kickstarter today still delivering on the initial vision you and your co-founders had?
* What was the hardest part of growing a venture-backed company?
* What advice would you have for founders before selecting VC partners?
* Organic growth and categories?
* We often talk on the show about the importance of customer obsession, really knowing what they care about and spending time to understand that -- what has been your philosophy and approac…
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Dec 31, 2020
Investor Stories 173: Strange & Unusual (Casnocha, Bannister, Basu Trivedi, Abbasi)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ben Casnocha
* Janet Bannister
* Nikhil Basu Trivedi
* Farooq Abbasi
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Dec 28, 2020
Replay — The Self-Made Engineer, Angel, and Venture Capitalist (Cyan Banister)
Guest Update: When the episode was recorded in 2019, Cyan was a partner at Founders Fund. Currently, Cyan is a partner at Long Journey Ventures.
In this special replay of episode 180, Cyan Banister of Long Journey Ventures joins Nick to discuss the Self-Made Engineer, Angel, and Venture Capitalist.
In this episode, we cover:
* So, Cyan you have a really interesting story and background that led you to where you are today. Feel free to start wherever makes most sense but can you talk about your life experience and how it led you to where you're at now?
* You spoke publicly about your early life at the 2018 TechCrunch Disrupt conference, from living on the streets to becoming a venture capitalist, tell us about this incredible journey, what you accredit your success to and how it lead to venture?
* Where along the way did you meet Scott? Did you guys every consider raising your own fund?
* How early are you able to go at Founder's Fund?
* How do you work with founders post…
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Dec 26, 2020
Replay — Dispelling Conventional Wisdom in VC (Eric Paley)
In this special replay of episode 135 & 136, Eric Paley of Founder Collective joins Nick to dispel some conventional wisdom in VC. We address questions including:
* What’s the focus at Founder Collective?
* What are the downsides of heavily funded companies?
* Overview and Methodology of the study of 71 IPOs: ‘Overdosing on VC: Lessons from 71 IPOs’ Conventional VC...
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Dec 24, 2020
Investor Stories 172: Lessons Learned (Collins, Vassallo, Adeeb, Siegler)
On this special segment of The Full Ratchet, the following Investors are featured:
* Eric Collins
* Trae Vassallo
* Ramy Adeeb
* M.G. Siegler
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Dec 21, 2020
262. Why I Invested in Shotcall (Thomas Gentle)
On this special segment of The Full Ratchet, the following individuals are featured:
* Nick Moran
* Thomas Gentle
This will be a unique segment where, Founder of Shotcall, Thomas Gentle, will discuss his startup story and how he chose New Stack to participate in the funding round.
follow us on Twitter @TheFullRatchet for updates and more information.
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Dec 17, 2020
Investor Stories 171: What's Next (Warner, Dubugras, Currier, Napier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Check Warner
* Henrique Dubugras
* James Currier
* Lanham Napier
Each investor discusses sectors, drivers and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.
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Dec 14, 2020
261. The Intersection of Crypto and VC, and the Future of Digital Currency (Avichal Garg)
Avichal Garg of Electric Capital joins Nick to discuss The Intersection of Crypto and VC and the Future of Digital Currency. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Electric Capital?
* How does the crypto focus change the fund structure of Electric Capital?
* When you invest capital and receive equity and/or coins in return... What determines that breakdown?
* For pure coin investments, how do you think about and manage liquidity and transactions over time?
* What are some of the big differences between traditional tech investing and crypto investing?
* How are the founder's different?
* What’s are the biggest risk factors that are unique for early-stage cryptocurrencies?
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Dec 10, 2020
Investor Stories 170: Why I Passed (Whitney, Solivan, Douglass, Yin)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jason Whitney
* Leah Solivan
* Jim Douglass
* Elizabeth Yin
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Dec 7, 2020
260. The Fund that Started on Twitter, Why Community-driven Startups Win, and Embracing the Underestimated (Lolita Taub & Jesse Middleton)
Lolita Taub & Jesse Middleton of The Community Fund
join Nick to discuss The Fund that Started on Twitter, Why Community-driven Startups Win, and Embracing the Underestimated. In this episode, we cover:
* Background of Lolita & Jesse
* How did the two of you meet and ultimately decide to launch a fund together?
* What's the thesis at the Community Fund?
* Conflicts or issues running multiple funds that invest at similar stages?
* Why did you create a distributed investment team of 13?
* How did you select them?
* Approach to investing in cold reach outs?
* How does decision-making work?
* What does a great founder look like to you?
* You invest in community-driven companies... what does that mean, and how do you define community-driven?
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Dec 3, 2020
Investor Stories 169: Post Mortems (Pezeshki, Dash, Deeter, Vassallo)
On this special segment of The Full Ratchet, the following Investors are featured:
* Niki Pezeshki
* Somesh Dash
* Byron Deeter
* Trae Vassallo
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Nov 30, 2020
259. Developer Tools, The Surge of European Tech, and Why Founder Needs Differ Across Regions (Reid Christian)
Reid Christian of CRV joins Nick to discuss Developer Tools, The Surge of European Tech, and Why Founder Needs Differ Across Regions. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at CRV?
* $600M closed in July... any change to approach or thesis?
* What are some of the focus areas that you're leaning into amidst the circumstances?
* How do you evaluate teams?
* What type of founders excites you to invest?
* Centralization — the shift from consumers to creators
* Why is your focus on SAAS/CLOUD/ENTERPRISE IT/BIG DATA?
* What does the future look like for Enterprise SaaS companies?
* How has your sourcing of startups changed?
* In another lifetime, would you like to be a professional basketball player or a venture capitalist?
* Three data points question
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Nov 26, 2020
Investor Stories 168: Strange & Unusual (Torenberg, Gembala, Hester, Hsu)
On this special segment of The Full Ratchet, the following Investors are featured:
* Erik Torenberg
* Ryan Gembala
* Jaclyn Hester
* Jonathan Hsu
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Nov 23, 2020
258. Why I Invested in Neu (Kwame Boler)
On this special segment of The Full Ratchet, the following individuals are featured:
* Nick Moran
* Kwame Boler
This will be a unique segment where, Founder of Neu, Kwame Boler, will discuss his startup story and how he chose New Stack to participate in the funding round.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Nov 19, 2020
Investor Stories 167: Lessons Learned (Ingersoll, Klaff, Whitney, Basu Trivedi)
On this special segment of The Full Ratchet, the following Investors are featured:
* Minnie Ingersoll
* Oren Klaff
* Jason Whitney
* Nikhil Basu Trivedi
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Nov 16, 2020
257. Investing in First-time Founders, the Evolution of Social, the Future of Big Tech, and the Freedom of Remote Work (Niko Bonatsos)
Niko Bonatsos of General Catalyst joins Nick to discuss Investing in First-time Founders, the Evolution of Social, the Future of Big Tech, and the Freedom of Remote Work. In this episode, we cover:
* Walk us through your background and path to VC
* What's the thesis at General Catalyst?
* Livongo... up nearly 300% since public debut last year — I hear you were in the room during the early formation stages.
* You have been at GC for almost 10 years — what has been the most significant change in VC, aside from the pandemic, since you began your career?
* What are your thoughts on the explosion of seed funds and now many angel funds as well?
* Since the pandemic broke, what's been the most significant adjustment at GC, and/or how do you see the approach to investing changing going forward?
* What surging trends during the pandemic will continue to grow faster, and which will revert once the pandemic is over?
* Do you think this fundamentally changes benefits that are…
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Nov 12, 2020
Investor Stories 166: What's Next (Osterwalder, Suster, Koh, Abbasi)
On this special segment of The Full Ratchet, the following Investors are featured:
* Alex Osterwalder
* Mark Suster
* Melody Koh
* Farooq Abbasi
Each investor discusses sectors, drivers, and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.
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Nov 9, 2020
256. A Proprietary Tool to Source Startups, The Commoditization of Capital, and the New Exit Environment (Villi Iltchev)
Villi Iltchev of Two Sigma Ventures joins Nick to discuss Using "George" a Proprietary Tool to Source Startups, The Commoditization of Capital, and the New Exit Environment. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Two Sigma?
* Tell us about George.
* What's George's biggest blind spot?
* What is your decision framework on investments?
* What characteristics do you look for in markets when identifying new sectors/spaces of interest?
* How long after investing in/working with a company do you tend to know whether it's going to work or not?
* Do you attempt to handicap execution risk vs. technical risk vs. commercial risk?
* Capital is a commodity and, largely speaking, there doesn't appear to be a lot of differentiation in venture. How do you combat the commoditization of venture?
* Aside from bankers... who do you think stands to lose the most from the increase in SPACs and direct listin…
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Nov 5, 2020
Investor Stories 165: Why I Passed (Findley, McIntyre, Clarkson, Tavel)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ty Findley
* Stephen McIntyre
* Beezer Clarkson
* Sarah Tavel
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Nov 2, 2020
255. Launching Canada's #1 Local Classifieds Site, Kijiji, The Flourishing Canadian Tech Ecosystem, and What to Look for in Early-stage Marketplace Startups (Janet Bannister)
Janet Bannister of Real Ventures joins Nick to discuss Launching Canada's #1 Local Classifieds Site, Kijiji, The Flourishing Canadian Tech Ecosystem, and What to Look for in Early-stage Marketplace Startups. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Real Ventures?
* Tell us about your time at Kijiji
* You became the Managing Partner at Real Ventures a few months before the pandemic. What timing to take on the MP role!
* You've talked about how it's just as important to focus on founder development as it is to focus on business strategy and growth... in what areas do you find that founders need the most development help?
* Largely speaking, what stats or trends across Canada lead you to believe that it will have a booming tech economy over the next decade?
* What city gets most of your attention and what city/region is under-the-radar but shouldn't be?
* What are the top 3 things you're looking fo…
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Oct 29, 2020
Investor Stories 164: Post Mortems (Tunguz, Isford, Casnocha, Reum)
On this special segment of The Full Ratchet, the following Investors are featured:
* Tom Tunguz
* Grace Isford
* Ben Casnocha
* Courtney Reum
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Oct 26, 2020
254. Going Public via SPACs and PIPEs, The First Mover in Ridesharing That Lost to Uber, and Building the Online Marketplace for Used Cars, Shift (George Arison)
George Arison of Shift joins Nick to discuss Going Public via SPACs and PIPEs, The First Mover in Ridesharing That Lost to Uber, and Building the Online Marketplace for Used Cars, Shift. In this episode, we cover:
* Walk us through your background and path to tech.
* What was the outcome of taxi magic? Shut down?
* When you spoke with Bill Gurley - rumor has it he pushed back on the model. Did you consider switching?
* What is Shift?
* How are you different than Carvana?
* How accurately can you price a car sight unseen?
* It feels like you are effectively CarMax online... If CarMax is such a good value prop for seekers and buyers, why do you think they only have a 1% market share?
* There were lots of ways you could have expanded early on... your offerings... geography... and even product/business lines (like financing)... talk us through the early decisions that were made and how they were made
* The name is great but does Gen Z get it? No one shif…
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Oct 22, 2020
Investor Stories 163: Strange & Unusual (Warner, Adeeb, Gallagher, Carolan)
On this special segment of The Full Ratchet, the following Investors are featured:
* Check Warner
* Ramy Adeeb
* Patrick Gallagher
* Shawn Carolan
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Oct 19, 2020
253. The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe (Eric Collins)
Eric Collins of Impact X Capital joins Nick to discuss The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe. In this episode, we cover:
* Walk us through your background and path to VC
* What's the thesis at Impact X?
* As a black CEO and fund manager, in what ways do you think your experience fundraising was different than your white, male peers at other firms?
* How do you approach sourcing?
* What's unique about the way you've built your network vs. other firms?
* Less than 1% of venture funding goes to black-led and we've heard the tired line that "not enough companies are founded by underrepresented founders and black founders"... Are you concerned that you'll have fewer deals or less pipeline?
* What's the right number of deals per year where you feel like you're seeing a sufficient amount?
* I've heard about the "deep analysis" you do and how that creates the edge. Can you…
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Oct 15, 2020
Investor Stories 162: Lessons Learned (Kerby, Hester, Napier, Blank)
On this special segment of The Full Ratchet, the following Investors are featured:
* Richard Kerby
* Jaclyn Hester
* Lanham Napier
* Steve Blank
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Oct 12, 2020
252. Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth (Erik Torenberg)
Erik Torenberg of Village Global joins Nick to discuss Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth. In this episode, we cover:
* Walk us through your background and path to VC
* What were the biggest lessons learned from Product Hunt that you took to investing?
* Recently had Ben Casnocha on... anything specific you'd like to add about the thesis behind Village Global?
* How do you think about working with experienced vs non-experienced angels?
* How do you think about portfolio construction for VG?
* Fast forward... some angels have strong early signals of success, others don't -- do you cull the herd or amplify those that are good pickers?
* Considering this, why do you think so many VCs have concentrated portfolios?
* How do you think about follow on investing?
* What is the role of a pre-seed firm?
* If there's a weakness in the Village model... wh…
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Oct 8, 2020
Investor Stories 161: What's Next (Hsu, Vrionis, Vassallo, Hsieh)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jonathan Hsu
* John Vrionis
* Trae Vassallo
* Kane Hsieh
Each investor discusses sectors, drivers, and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.
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Oct 5, 2020
251. Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk (Farooq Abbasi)
Farooq Abbasi of Preface Ventures joins Nick to discuss Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk. In this episode, we cover:
* Walk us through your background and path to VC
* Why did you launch Preface?
* What's the thesis at Preface?
* How do you define enterprise/infrastructure frontier enterprise?
* What's most different about your approach?
* Are the businesses you fund created and ideated by the founders or is it a collaboration between you and the founders or do you take concepts and bring them to future founders?
* What's your approach to sourcing?
* Because your model is different and the founder profile is a bit different than most... in what unique ways do you provide value post-investment?
* You're a solo-capitalist... How do you evaluate yourself and keep some checks/balances on your decisions?
* Did you put together an LPAC -- if so how big is…
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Sep 30, 2020
Investor Stories 160: Why I Passed (Bechtel, Koh, Dash, Fluhr)
On this special segment of The Full Ratchet, the following Investors are featured:
* Darren Bechtel
* Melody Koh
* Somesh Dash
* Jeff Fluhr
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Sep 28, 2020
250. Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind (Ty Findley)
Ty Findley of Ironspring joins Nick to discuss Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind. In this episode, we cover:
* Walk us through your background and path to VC?
* Why the decision to leave Pritzker and become an MP at Ironspring?
* What's the thesis at Ironspring?
* Lots' of new firms and new funds being launched… How is Ironspring different?
* You're a "sector-focused" fund… why do you think specialized funds will outperform their generalist counterparts?
* We work in an asset class that often promotes bliztscaling, exponential growth and often spending ahead of progress… how do you rationalize the expectations of startups in our industry with the much slower pace that many legacy and heavy industrial industries… that your startups are serving… are going to move at?
* Glacial pace has benefits… long-term durability of cash flows, customer retention, pricing power… the moat
* Do…
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Sep 24, 2020
Investor Stories 159: Post Mortems (Ingersoll, Douglass, Siegler, Currier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Minnie Ingersoll
* Jim Douglass
* M.G. Siegler
* James Currier
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Sep 21, 2020
249. Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs (Lo Toney)
Lo Toney of Plexo Capital joins Nick to discuss Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs. In this episode, we cover:
* Walk us through your background and path to VC?
* Why are Product Management skills similar to the skills required for VC?
* What's the thesis at Plexo Capital?
* Do you think a thesis on investing in underrepresented founders will produce superior returns?
* What do you say to pundits that claim you've restricted your options and will have far fewer managers to choose from... which will adversely impact returns?
* On a percentage basis... will there be more outsided outcomes from diverse founders (or managers) vs. those that are not diverse?
* How are you innovating on the LP side?
* We talked about some of the challenges of raising funds... are there ways that you work with and help emerging managers raising a first-time fund?
* Not just about performan…
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Sep 17, 2020
Investor Stories 158: Strange & Unusual (Yin, Cardamone, Levy-Weiss, Pezeshki)
On this special segment of The Full Ratchet, the following Investors are featured:
* Elizabeth Yin
* Michael Cardamone
* Gigi Levy-Weiss
* Niki Pezeshki
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
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Sep 14, 2020
248. Scaling Rackspace, The Evolving Responsibilities of a Venture-Backed CEO, and Confronting Big Tech Monopolies (Lanham Napier)
Lanham Napier of BuildGroup joins Nick to discuss Scaling Rackspace, The Evolving Responsibilities of a Venture-Backed CEO, and Confronting Big Tech Monopolies. In this episode, we cover:
* You took on capital from Seqouia, Norwest and others while at Rackspace. What was the biggest challenge to taking on venture capital?
* How were you able to move from the early product-market-fit days to true scale... what were the defining decisions/actions that helped you expand exponentially?
* As a company leaves the product-market-fit stage and reaches scale, what is the job of the CEO or how does the job of the CEO change as the company scales?
* You've talked about investing "long-term capital"... what do you mean by that?
* How have you created a fee-light model, where management fees are eliminated?
* How do you guide CEOs that have been conditioned to think in 12-18 months cycles, when the long-game is much more critical?
* You've hired and developed a lot of fo…
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Sep 10, 2020
Investor Stories 157: Lessons Learned (Dubugras, Gembala, Isford, Kupor)
On this special segment of The Full Ratchet, the following Investors are featured:
* Henrique Dubugras
* Ryan Gembala
* Grace Isford
* Scott Kupor
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
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Sep 7, 2020
247. Leaving Kleiner Perkins to Start Defy Partners, The State of Venture in the Bay Area, and Maintaining a Beginner's Mind (Trae Vassallo)
Trae Vassallo of Defy Partners joins Nick to discuss Leaving Kleiner Perkins to Start Defy Partners, The State of Venture in the Bay Area, and Maintaining a Beginner's Mind. In this episode, we cover:
* Can you talk about your transition from Kleiner Perkins?
* How tough was that decision to make?
* What was it like to work with John Doerr?
* What’s the thesis at Defy Partners?
* When you began Defy you chose not to look at San Francisco. Can you talk about why that is?
* How do you think this plays out? What will tech and venture in the Bay Area look like a few years from now, when COVID is behind us?
* Any stats on flight of talent form Bay area to other cities/regions?
* What changes have you observed in venture/tech that this crisis has either caused or accelerated?
* You’ve been a founder and can relate w/ the folks you’re working with. How do you try and keep that beginner’s mindset as you gain more experience and get further away from your fo…
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Sep 3, 2020
Investor Stories 156: What's Next (Whitney, Carolan, Horowitz, Hester)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jason Whitney
* Shawn Carolan
* David Horowitz
* Jaclyn Hester
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
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Aug 31, 2020
246. Agglomerators vs. Specialists, the Rise of the Solo-Capitalist, and the Importance of Founder-Investor Fit (Nikhil Basu Trivedi)
Nikhil Basu Trivedi of joins Nick to discuss Agglomerators vs. Specialists, the Rise of the Solo-Capitalist, and the Importance of Founder-Investor Fit+. In this episode, we cover:
* Why did you decide to leave Shasta?
* What's the plan moving forward?
* The Rise of Solo Capitalists
* You wrote a great piece on the rise of this behavior, ‘The Rise of the Solo Capitalists’. What do you think has caused the rise in single GP funds?
* What are the main benefits to both investor and entrepreneur with this model?
* What are the limitations and/or downsides of this model?
* You wrote that an LP said that this model ‘may be the biggest threat traditional venture capital firms have seen in a long time’. Why?
* Founder-Investor Fit
* What do you think are the most important things for founders to consider when choosing an investor?
* There are many firms that don't care about the "fit" per se... they just want to get money into the best deals. And…
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Aug 29, 2020
Investor Stories 155: Why I Passed (Klaff, Steffens, Polovets, Deeter)
On this special segment of The Full Ratchet, the following Investors are featured:
* Oren Klaff
* Tamara Steffens
* Leo Polovets
* Byron Deeter
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
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Aug 25, 2020
245. Backing from Bezos, Zuckerberg, and Gates; Lessons from Reid Hoffman; and Building a Network-centric Venture Firm (Ben Casnocha)
Ben Casnocha of Village Global joins Nick to discuss Backing from Bezos, Zuckerberg, and Gates; Lessons from Reid Hoffman; and Building a Network-centric Venture Firm. In this episode, we cover:
- How have things changed for the firm since the pandemic broke?
- You've raised from some very big names in tech -- Zuckerberg, Hoffman, Gates, Bezos, Greene, Blakely and many more. How exactly did the formation of Village and fundraise from these notable tech leaders come together?
- Village has a unique approach to sourcing... Tell us about the scout network?
- Decision making process, architecture when doing deals at this pace and volume?
- Many firms talk about their founder networks and Slack Groups. But often if you ask founders, the density and connectivity of those networks are lacking. What is it about your broad founder community that succeeds where others don't?
- Worked with Reid Hoffman for two years... what were some of the key lessons from that experience w/ Reid?
- YC i…
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Aug 23, 2020
Investor Stories 154: Post Mortems (Clarkson, Osterwalder, Gallagher, Blank)
On this special segment of The Full Ratchet, the following Investors are featured:
-Beezer Clarkson
-Alex Osterwalder
-Patrick Gallagher
-Steve Blank
Each investor discusses a portfolio company that did not survive and why it was that they failed.
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Aug 18, 2020
244. Cross-Border Startup Expansion -- Lessons from 175 Companies (Stephen McIntyre)
- You recently published research on the expansion of 175 US companies into Europe. I’d like to discuss a number of points from the piece, but first off… what prompted you to do this research and write the piece?
- Part of the report is about timing… ie. when is the right time is for a b2b SaaS company to make the leap and expand into Europe. Talk us through your findings and conclusion w/ regard to timing.
- In preparation to make that jump, you recently talked about the challenges for “globalizing” a company and that it really starts at the CEO’s desk… what do you mean by that?
- As an investor, how do you prepare a CEO to shift mindset from US-centric to a more global one?
- When a company makes the leap to Europe, what are some of the most common pitfalls/mistakes they make?
- How do the challenges of growing a b2b software company across Europe differ from that of growing it in the United States?
- Is there a particular playbook that you follow when bridging th…
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Aug 13, 2020
Investor Stories 153: Strange & Unusual (Solivan, Hsieh, Kerby, Currier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Leah Solivan
* Kane Hsieh
* Richard Kerby
* James Currier
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Aug 10, 2020
243. A Quantitative Approach to PMF, Tribe's 8 Ball for Objective Evaluation, and Approaches to Reduce Talent Biases (Jonathan Hsu)
Jonathan Hsu of Tribe Capital joins Nick to discuss how to Acquire Data, Build Abstractions and Do Research. In this episode, we cover:
* Walk us through your background and path to VC
* What’s the thesis at Tribe Capital?
* How do you define PMF?
* Could you explain what the 8 Ball diligence framework is?
* When is a deal too early -- how much data (or over what time continuum do you need data) in order for the model to assess appropriately?
* Just for evaluation or also sourcing?
* Can you apply this tool to a range of business types (ie. SaaS vs. Maretkplaces vs. User-Growth, etc.)?
* How to avoid false positives? Data looks great for early phase -- early market… How do you know that it isn’t luck and the company didn’t stumble onto something with early signals of PMF but they don’t have the insight or flexibility to evolve the business through growth and scale phases?
* What aspect of early stage investing don’t you use data for?
* Why is this not a…
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Aug 6, 2020
Investor Stories 152: Lessons Learned (Reum, Suster, Tavel, Calacanis)
On this special segment of The Full Ratchet, the following Investors are featured:
* Courtney Reum
* Mark Suster
* Sarah Tavel
* Jason Calacanis
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Aug 4, 2020
242. Structural Disadvantages in Venture, Investing in the "Overlooked," and Open-Sourcing the VC Fund Raise and Investment Playbook (Check Warner)
Check Warner of Ada Ventures joins Nick to discuss Structural Disadvantages in Venture, Investing in the "Overlooked," and Open-Sourcing the VC Fund Raise and Investment Playbook. In this episode, we cover:
* Background / Path to Venture
* The thesis at Ada Ventures
* Is it tough getting the up-rounds from Tier 1 VCs when the profile of the founders doesn't look like the standard, obvious profile that's been funded for the past couple of decades?
* You look for founders and markets that have been mis-priced… what are the three that you believe to be underpriced?
* Novel scout program -- how many scouts and who are they?
* How did you recruit them and how are they incentivized?
* Talk about your recent fundraise…
* How did you determine how much to raise?
* Walk us through the timeline of the fundraise.
* What resonated most w/ LPs?
* What was the biggest surprise?
* How did you create urgency and get LPs to move from a maybe to a yes?
* What will you do…
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Jul 30, 2020
Investor Stories 151: What's Next (Adeeb, Dash, Neilson, Ingersoll)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ramy Adeeb
* Somesh Dash
* Jeremy Neilson
* Minnie Ingersoll
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 27, 2020
241. Finding Markets with Long-Term Tailwinds; Macro Impacts on Venture; and Robust vs. Fragile Data (Niki Pezeshki)
Niki Pezeshki of Felicis Ventures joins Nick to discuss Finding Markets with Long-Term Tailwinds; Macro Impacts on Venture; and Robust vs. Fragile Data. In this episode, we cover:
* Background and path to venture.
* Thesis at Felicis and your focus there?
* How has the pandemic affected your approach to investment?
* You’ve mentioned that you look for market tailwinds, especially tailwinds that will be lasting. Right now, we’re seeing a number of shifts that will have lasting effects -- which are you watching most closely?
* Why do you think the public markets have, largely, stayed high during a very large health and economic crisis?
* Can you give us an overview on your three-part investing framework for making investment decisions?
* Where do you look for these large shifts, creating opportunity -- aside from Mary Meeker's report?
* How do you make sure you are current on-trend instead of getting anchored on data that's old or fragile?
* What are you looking fo…
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Jul 23, 2020
Investor Stories 150: Why I Passed (Siegler, Isford, Vrionis, Rust)
On this special segment of The Full Ratchet, the following Investors are featured:
* M.G. Siegler
* Grace Isford
* John Vrionis
* Ash Rust
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 20, 2020
240. A Blazing Fast Path to $B+; Binary Outcomes; The Fintech Revolution; and A New Approach to Employee Comp (Henrique Dubugras)
Henrique Dubugras of Brex joins Nick to discuss the Blazing Fast Path to $B+; Binary Outcomes; The Fintech Revolution; and A New Approach to Employee Comp. In this episode, we cover:
* Background -- path that led to Brex?
* Origin story for Brex Tag-line / One sentence overview
* What's so different about Brex?
* Why is more than just a credit card?
* How has the pandemic affected the business thus far?
* What do you offer that no one else does?
* Who do you consider to be competition?
* What is the moat here - why can't another well funded startup replicate your offering?
* A criticism I've heard is that, when businesses need credit most, when bank balance/working capital is low, is when Brex cuts off access to credit. What's your response?
* How would you describe your leadership philosophy?
* Are you recruiting/hiring? Is the approach different while 100% remote?
* What's the compensation structure at Brex?
* One of the fastest companies to multi-billion+…
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Jul 16, 2020
Investor Stories 149: Post Mortems (Gembala, Dorsey, Yin, Fluhr)
On this special segment of The Full Ratchet, the following Investors are featured:
* Ryan Gembala
* Scott Dorsey
* Elizabeth Yin
* Jeff Fluhr
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 13, 2020
239. What's Next in Gaming; The True Essence of Product-Market-Fit; & Investing with an Emphasis on Retention and Engagement (Gigi Levy-Weiss)
Gigi Levy-Weiss of NFX joins Nick on a special Crisis Coverage installment to discuss What's Next in Gaming; The True Essence of Product-Market-Fit; & Investing with an Emphasis on Retention and Engagement. In this episode, we cover:
* Background and path to venture.
* The thesis and your focus at NFX?
* Did you invest in Houseparty when it was Meerkat?
* You've written about your thoughts on PMF... How do you assess whether a company has real product market fit?
* What advice would you have for those still trying to find it?
* With this focus on product and retention... What's your response to investors that say distribution is more important than product?
* Why do you think VC interest has been declining in the gaming space?
* What has been the history/evolution in the gaming sector?
* What's next for gaming -- Is there a step beyond the platform?
* Are there any niches or segments within gaming or esports where you see the most potential?
* 3 Data points:
*…
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Jul 9, 2020
Investor Stories 148: Strange & Unusual (Kupor, Koh, Tunguz, Douglass)
On this special segment of The Full Ratchet, the following Investors are featured:
* Scott Kupor
* Melody Koh
* Tom Tunguz
* Jim Douglass
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 6, 2020
238. GP and LP Alignment, Challenges for Emerging Fund Managers, and How the Explosion in Seed Fund Volume Plays Out (Jaclyn Hester)
Jaclyn Hester of Foundry Group joins Nick on a special Crisis Coverage installment to discuss GP and LP Alignment, Challenges for Emerging Fund Managers, and How the Explosion in Seed Fund Volume Plays Out. In this episode, we cover:
* Tell us about your background and path to VC.
* For those who don't know, talk about the approach at Foundry with both the LP and GP model.
* Foundry traditionally had no apprenticeship model and no junior investors... were you the first?
* Pandemic... Are you making investments currently and what are you hearing from other LPs?
* What's your advice for GPs re. building relationships and momentum w/ LPs during these uncertain times?
* What's the biggest mistake emerging managers make when fundraising?
* What do new fund managers underestimate when starting a venture firm?
* Does it matter how specific a thesis is? Do you need to see a unique, focused and compelling edge or are you just as receptive to a generalist w/ a strong network and…
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Jul 4, 2020
237. Advice for Founders -- Reaching out to VCs, Pitching over Zoom, and Closing Capital Amidst a Pandemic (Nick Rishwain, Hannah Konitshek, Nick Moran)
Nick Rishwain and Hannah Konitshek of The LegalTechLive Podcast interview Nick to discuss Advice for Founders -- Reaching out to VCs, Pitching over Zoom, and Closing Capital Amidst a Pandemic. In this episode we cover:
* How have valuations been impacted from the pandemic?
* How long will lower valuations persist?
* Are VCs actively doing deals right now?
* What's the most common mistake that founders make when approaching you for funding?
* How much information would you prefer a founder share with you upfront (deck, financials, incorporation, docs, etc.)?
* How often have you met a founder early, been added to their monthly update list and then come back to make an investment?
* Should founders become more clinical when selecting investors?
* How do you convince founders on New Stack as an investor?
* There is one area that New Stack is really hands-on -- what is it?
* What are some things a founder can do to get funded while he's only got a well thought out idea…
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Jul 2, 2020
Investor Stories 147: Lessons Learned (Osterwalder, Clarkson, Cardamone, Polovets)
On this special segment of The Full Ratchet, the following Investors are featured:
* Alex Osterwalder
* Beezer Clarkson
* Michael Cardamone
* Leo Polovets
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 29, 2020
236. The Four Fundamentals of Investing; the Future of Micro Mobility; and Hunting Consumer Unicorns (Shawn Carolan)
Shawn Carolan of Menlo Ventures joins Nick on a special Crisis Coverage installment to discuss the Four Fundamentals of Investing; the Future of Micro Mobility; and Hunting Consumer Unicorns. In this episode, we cover:
* Tell us about your background and path to venture.
* What's the thesis at Menlo Ventures?
* Can you explain the "Four Fundamentals" framework for investing and give us a brief description of each?
* What are you looking for in terms of unit economics?
* You like to invest in technologies that change everyday life for the better. Do you have a sense for the needed technologies and then find founders in those areas, or do you identify compelling entrepreneurs that then guide you to emerging technologies that will shape the future?
* Have you been in the situation where you identified the right consumer trend and technology required to deliver but you picked the wrong startup?
* Is there a priority of importance amongst the four?
* Which do you think inve…
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Jun 27, 2020
Investor Stories 146: What's Next (Gallagher, Tavel, Deeter, Kim)
On this special segment of The Full Ratchet, the following Investors are featured:
* Patrick Gallagher
* Sarah Tavel
* Byron Deeter
* Jim Kim
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 25, 2020
235. Why Corporate VC Gets a Bad Wrap; Microsoft's Fresh Approach to CVC; and Key Insights to Acquire Mass Users (Tamara Steffens)
Tamara Steffens of M12 joins Nick on a special Crisis Coverage installment to discuss Why Corporate VC Gets a Bad Wrap; Microsoft's Fresh Approach to CVC; and Key Insights to Acquire Mass Users. In this episode, we cover:
* Background and path to venture.
* Overview of the thesis at M12.
* Investments since COVID? Changes in strategy, markets of interest.
* CVC has the reputation of being very slow, not leading deals, imposing restrictive terms, and thinking only about broader success of their parent company— what's different about M12?
* What's your approach to sourcing?
* You are known as a user acquisition expert in the valley... having generated millions of app downloads for Path, Color and Acompli. One of your main suggestions is to "Dismantle the silos" ... what do you mean by that?
* You've cited the top three things you need to make your app part of the zeitgeist -- can you walk us through each and why they're critical?
* Talk about the 'Leaky Bucket' of new…
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Jun 22, 2020
234. Breaking into VC; Excelling at Goldman Sachs; and the Origin of BLCK VC (Brian Hollins)
Brian Hollins of BLCK VC joins Nick on a special Crisis Coverage installment to discuss Breaking into VC; Excelling at Goldman Sachs; and the Origin of BLCK VC. In this episode, we cover:
* Background and path to venture?
* What was the most surprising thing about venture that you only realized after working in it for awhile?
* So you've got this great job in venture... Why'd you decide to go back to HBS?
* Tell us about the origin story of BLCK VC?
* What are some of the specific activities and programs that BLCK VC is running?
* On June 4th, BLCK VC held an event, “We Won’t Wait”, for people in venture to take action. What were the primary goals and outcomes of the event?
* I want to talk a bit about your experience at Goldman... did you have an opportunity to invest in black and/or underrepresented founders?
* What, if anything, did Goldman do to support black investors and founders?
* It's so hard breaking into this industry and orders-of-magnitude harder w…
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Jun 20, 2020
Investor Stories 145: Why I Passed (Ingersoll, Ajao, Kerby, Horowitz)
On this special segment of The Full Ratchet, the following Investors are featured:
* Minnie Ingersoll
* Adeyemi Ajao
* Richard Kerby
* David Horowitz
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 18, 2020
233. Investment Decision in < 3 weeks; the Challenges and Opportunities with 3D Printing; and the Future for Industrial Automation (Kane Hsieh)
Kane Hsieh of Root Ventures joins Nick on a special Crisis Coverage installment to discuss Investment Decision in < 3 weeks; the Challenges and Opportunities with 3D Printing; and the Future for Industrial Automation. In this episode, we cover:
* Backstory/Path to Venture
* Tell us about the the thesis at Root and your focus areas.
* Any unique outcomes or behaviors you are observing as a result of the pandemic?
* What's your investment position on 3D printing... bullish or bearish?
* I used to work in the industrial automation area... developed two different products there and saw limitless opportunities but also many challenges. From your standpoint, what have been the biggest challenges to progress in industrial automation?
* What excites you most about industrial automation going forward?
* How will jobs in the industrial space, or any space for that matter, change with the immersion of automation and robotics? Is this a net job eliminator?
* Startups w/ hardware a…
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Jun 15, 2020
232. Network Effects; 9 Days Until a Funding Decision; Software as the Foundation for the Modern VC firm; and the Future of Social Media (James Currier)
James Currier of NFX joins Nick on a special Crisis Coverage installment to discuss Network Effects; 9 Days Until a Funding Decision; Software as the Foundation for the Modern VC firm; and the Future of Social Media. In this episode, we cover:
* Background and path to venture
* Thesis: Overview of the thesis and your specific focus at the firm
* Pandemic: Unique outcomes or behaviors you are observing as a result of the pandemic?
* Overview of Software: You're a huge inspiration to me... I love that you're bringing innovation to venture -- building software and tools that help founders and allow them to access more investors. For those in the audience that don't know, can you give a brief over of the major software and tolls that you've built.
* FAST Program: You launched the FAST Seed Financing Program ($1M, $1.5M or $2M for 15% of their company) which ran April 16-May 22.... were you allowed startups to apply for funding and you committed to responding in 9 days. Why'd you…
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Jun 13, 2020
Investor Stories 144: Post Mortems (Solivan, Klaff, Whitney, Bechtel)
On this special segment of The Full Ratchet, the following Investors are featured:
* Leah Solivan
* Oren Klaff
* Jason Whitney
* Darren Bechtel
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 11, 2020
231. Crisis Coverage w/ Ramy Adeeb - Why Facebook Should be Broken Up; SV Hype vs Returns; Amara's Law; and VC's Track Record Predicting Trends
Ramy Adeeb of 1984 Ventures joins Nick on a special Crisis Coverage installment to discuss Why Facebook Should be Broken Up; SV Hype vs Returns; Amara's Law; and VC's Track Record Predicting Trends. In this episode, we cover:
* Backstory/Path to Venture
* Tell us more about what was it like working with Vinod. Is there anything he taught you in specific that was most influential? And how about Pierre?
* How has the crisis impacted the way you invest as well as your thesis?
* Have you seen an adjustment, a correction or a slow down amongst the Series B, C and growth stage investors? Any predictions on how long this period will last?
* What are some tips for founders when pitching to VC's over zoom?
* Quick highlights of your thesis (stage, sectors, geos, check sizes, etc.)
* You've said that one should "Avoid the hype - whatever is en vogue you should run away from" why should the hot trends be avoided?
* What's Amara's Law and how does that inform your thesis?
* Any…
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Jun 8, 2020
230. Crisis Coverage w/ David Rabie - Finding PMF, Raising Series B, & Navigating a Startup Amidst the Pandemic
David Rabie of Tovala joins Nick on a special Crisis Coverage installment to discuss Finding PMF, Raising Series B, & Navigating a Startup Amidst the Pandemic. In this episode, we cover:
* I was just checking and we had you on the show back in March of 2016... that was over 4 years ago, pre-launch, during your Kickstarter campaign. So crazy how much time has passed. Can you refresh us on the origin story of Tovala...
* We've invested in the pre-seed, seed, Series A and now Series B round... and we're fortunate to have a front row seat while you and the team built an amazing company but bring the audience up-to-speed on the last few years... what have been the key milestones/inflection points?
* Your revenue was strong, hovering near mid seven figures ARR, until Q3 2019 when it took off at a growth rate like I've never seen... accelerating past $10M ARR and continue a rapid growth rate, even during the crisis. What changed that caused the ramp?
* How do you define PMF and when…
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Jun 6, 2020
Investor Stories 143: Strange & Unusual (Isford, Dash, Blank, Suster)
On this special segment of The Full Ratchet, the following Investors are featured:
* Grace Isford
* Somesh Dash
* Steve Blank
* Mark Suster
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 4, 2020
229. Racism in Venture -- A White, Male VC Threatens Black & Brown Founders (featuring Taranvir Johal & Salman Elmi)
Taranvir Johal & Salman Elmi of Tavolo and Top Figure join Nick to discuss Racism in Venture -- A White, Male VC Threatens Black & Brown Founders. In this episode, we cover:
* Quick personal backstory and origin story for Tavolo -- Taranvir.
* Quick personal backstory and origin story for Top Figure -- Salman.
* So, there was an incident last week in Minneapolis where venture capitalist, Tom Austin (who has since been fired by F2 Group), confronted you in your building's exercise room. You guys captured a video of the incident and it begins with w/ Mr. Austin pointing his mobile phone camera back and forth at the three members of your team -- as he confronted you. Walk us through what happened before and after the video recording.
* Very, very reminiscent of the Amy Cooper video from NYC's Central Park -- shocking similarities between your situation and the Cooper situation. It's nothing short of tragic. What were you feeling as this was happening to you?
* What has it been…
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Jun 1, 2020
228. Crisis Coverage w/ Jim Douglass - Pandemic Effects on B2B SaaS and Healthcare -- Total $ Invested, Multiples, and the Exit Environment
Jim Douglass of Fulcrum Equity Partners joins Nick on a special Crisis Coverage installment to discuss Pandemic Effects on B2B SaaS and Healthcare -- Total $ Invested, Multiples, and the Exit Environment. In this episode, we cover:
* Background/path to venture.
* The thesis at Fulcrum.
* Investments since COVID -- Anything additional you need to see or changes to process to get to investment?
B2B SaaS -- impacts to existing contracts and funnel opportunities thus far?
* Recently, we had Byron Deeter at Bessemer on the show talking about why this is the seminal moment for Cloud and b2b SaaS companies, do you share that excitement with Byron or where do you stand?
* Previous downturns have had a deeper and longer term effect on growth stage (volume and dollars) then the earliest stages - what are your predictions for the near term and mid term on growth stage investing?
* How do you and your partners think that investment multiples will be affected?
* What about the exit…
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May 29, 2020
Investor Stories 142: Lessons Learned (Vrionis, Yin, Franklin, Neilson)
On this special segment of The Full Ratchet, the following Investors are featured:
* John Vrionis
* Elizabeth Yin
* Bobby Franklin
* Jeremy Neilson
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 27, 2020
227. Crisis Coverage w/ Melody Koh - Super-Technologies; The Everyday Economy; The Overlooked Working Class; and Fear of Missing Out vs. Fear of Looking Dumb
Melody Koh of Nextview Ventures joins Nick on a special Crisis Coverage installment to discuss Super-Technologies; The Everyday Economy; The Overlooked Working Class; and Fear of Missing Out vs. Fear of Looking Dumb. In this episode, we cover:
* Background and path to venture
* Thesis and Focus at NextView
* Hands-on approach (only 2-3 investments/yr)?
* You wrote that when it comes to investing in the COVID era -- FOMO (Fear Of Missing Out) is replaced by FOLD (Fear Of Looking Dumb). What are you seeing from other investors?
* How will this effect 'Seed' as a Stage of investing?
* How has the crisis effected your approach?
* Conviction without face to face?
* Recently heard about NextView’s new virtual Accelerator... congrats on the launch. Can you give us a quick overview of the program?
* Do you have any predictions on the long-term effects of this crisis on the ‘Everyday Economy’?
* I saw your tweet about companies shifting the real estate burden to emplo…
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May 25, 2020
226. Crisis Coverage w/ Jeff Fluhr - Launching StubHub During the Dotcom Crash; Why Market Need Trumps Market Timing; Choosing B2B vs. B2C; and Why Founders Shouldn't Let VCs Decide Their Fate
Jeff Fluhr of Craft Ventures joins Nick on a special Crisis Coverage installment to discuss Launching StubHub During the Dotcom Crash; Why Market Need Trumps Market Timing; Choosing B2B vs. B2C; and Why Founders Shouldn't Let VCs Decide Their Fate In this episode, we cover:
* Background and path to venture
* Thesis and focus at Craft
* So, you incorporated Stubhub in March 2000... just weeks before the dotcom bubble burst. Was there any hesitation or second thoughts as the tech world was collapsing around you?
* LESSON 1: IT’S ABOUT THE MARKET NEED, NOT THE MARKET TIMING
* You talk about the difference between market need and market timing. Can you explain what you mean by this point?
* How did you validate the market need, beyond just the experience of you and others you knew?
* LESSON 2: BE FLEXIBLE IN YOUR STRATEGY
* Often founders face this question of choosing B2B vs. B2C... can you talk us through the early days and StubHub and the how the strategy evolved?…
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May 23, 2020
Investor Stories 141: What's Next (Gembala, Rooke, Clavier, Reum)
On this special segment of The Full Ratchet, the following investors are featured:
* Ryan Gembala
* Jenny Rooke
* Jeff Clavier
* Courtney Reum
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 21, 2020
225. Crisis Coverage w/ Sarah Tavel - Consumer Marketplace Investing; Why Aggregate GMV is a Red Herring; and Minimum Viable Happiness as the Key to Market Leadership
Sarah Tavel of Benchmark joins Nick on a special Crisis Coverage installment to discuss Consumer Marketplace Investing; Why Aggregate GMV is a Red Herring; and Minimum Viable Happiness as the Key to Market Leadership. In this episode, we cover:
* Background and path to venture?
* Quick overview of the thesis and your focus at Benchmark
* What are your thoughts on platform VC?
* What tactics or approaches do you use in the process of “scaling your founder”?
* You sit on the board of some companies, such as HipCamp, that have been greatly affected by the pandemic -- What are some of the creative responses you've seen from portfolio companies?
* Is there anything fundamental to Marketplace businesses that you think will shift as a result of the crisis and changes in consumer behavior?
* In the food delivery space, we recently witnessed DoorDash unseating the larger incumbent: GrubHub, with the greatest market share. DoorDash started after PostMates and year…
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May 18, 2020
224. Crisis Coverage w/ Beezer Clarkson - Platform LP; Allocations in a Down-Market; COVID Strategy Drift; and Emerging Manager Selection
Beezer Clarkson of Sapphire Ventures joins Nick on a special Crisis Coverage installment to discuss Platform LP; Allocations in a Down-Market; COVID Strategy Drift; and Emerging Manager Selection. In this episode, we cover:
* Background and path to Sapphire?
* Overview of the thesis at Sapphire?
* You have relationships with many different funds and fund managers, how have you been managing the current situation from the LP side?
* Down years tend to be very good times to invest, what portion of institutional LPs do you think will view the current situation as an opportunity to deploy versus those that tighten up?
* Strategy drift of a venture firm can be concerning. COVID has impacted some strategies more adversely than others -- what have you seen as far as shifts in theses and deployment strategies among firms and what's your opinion on GPs changing course due to COVID/SIP?
* Changing gears a little bit, but I want to talk about OpenLP. What is OpenLP and why'd you lau…
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May 14, 2020
Investor Stories 140: Why I Passed (Osterwalder, Kupor, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured:
* Alex Osterwalder
* Scott Kupor
* Cheryl Cheng
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 11, 2020
223. Crisis Coverage w/ Byron Deeter - Why This is the Seminal Moment for Cloud and Lessons from 19 Unicorn Investments
Byron Deeter of Bessemer joins Nick on a special Crisis Coverage installment to discuss Why This is the Seminal Moment for Cloud and Lessons from 19 Unicorn Investments. In this episode, we cover:
* Background and path to venture
* Stage and focus area at Bessemer?
* You’ve said that many of the lessons learned from the 08 crisis are applicable today -- what are the top 2 or 3 lessons that founders can directly apply to their business during the current crisis?
* From a startup standpoint, how is this crisis different from the last?
* What are your thoughts on the dynamics of the PPP and the role the government is playing amid the crisis?
* We’ve seen significant volatility in the public markets, but Cloud has remained pretty resilient... what have been your macros observations on SaaS and Cloud businesses over the past couple of months?
* Why is now “the iPhone moment” for Cloud?
* We’ve seen a number of business models gain increasing momentum, such as free…
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May 9, 2020
Investor Stories 139: Post Mortems (Cardamone, Kim, Calacanis)
On this special segment of The Full Ratchet, the following Investors are featured:
* Michael Cardamone
* Jim Kim
* Jason Calacanis
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 7, 2020
222. Crisis Coverage w/ Leah Solivan - Building TaskRabbit in a Recession; COVID Effects on the Independent/Gig Economy; and Key Factors for Early-Stage Marketplace Success
Leah Solivan of Fuel Capital joins Nick on a special Crisis Coverage installment to discuss Building TaskRabbit in a Recession; COVID Effects on the Independent/Gig Economy; and Key Factors for Early-Stage Marketplace Success. In this episode, we cover:
* Background -- path to venture?
* How is the current climate affecting your investing?
* Differing viewpoints on how much runway to plan for w/ a new capital raise... are you suggesting founders raise for more than 18-months or does the standard runway guidance hold?
* This crisis has had a pretty profound impact on the sharing economy/the gig economy/the independent economy. As someone with experience working in this space, what are your observations?
* Key lessons learned from building TaskRabbit in 2008/2009 during a recession?
* What will be the big opportunities post-covid, given the changes to consumer behavior?
* What are the main 3-5 things your looking for in a consumer marketplace business at the seed stage?…
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May 4, 2020
221. Crisis Coverage w/ Grace Isford - GTM Playbook; Building a Career in VC; Societal Challenges and Opportunities post-COVID; and a Comprehensive Analysis of Successful GPs and Venture Investments
Grace Isford of Canvas Ventures joins Nick on a special Crisis Coverage installment to discuss How Companies Can Maintain Growth Post-COVID. 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 d…
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May 2, 2020
Investor Stories 138: Strange & Unusual (Ingersoll, Dorsey, Siegler)
On this special segment of The Full Ratchet, the following Investors are featured:
* Minnie Ingersoll
* Scott Dorsey
* M.G. Siegler
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Apr 30, 2020
220. Crisis Coverage w/ Ash Fontana - The AI Investing Playbook; Why "Dev Tools" for Data Scientists is the Next Great Opportunity; When Fund Returns Don't Fit the Power Law; and Ash's Favorite Investment Heuristic from Naval Ravikant
Ash Fontana of Zetta Venture Partners joins Nick on a special Crisis Coverage installment to discuss The AI Investing Playbook; Why "Dev Tools" for Data Scientists is the Next Great Opportunity; When Fund Returns Don't Fit the Power Law; and Ash's Favorite Investment Heuristic from Naval Ravikant. In this episode, we cover:
* Zetta III was announced recently, a $180M fund for founders building AI-first companies.
* You went from $60M -> $125M -> $180M... how was the fundraise different this time around?
* Quickly can you give us your definition of an AI-first company?
* What will you be doing differently with the new fund and how does the pandemic affect your approach?
* Tom Tunguz just mentioned that in the data they're analyzing they are seeing a drop in spend on Machine Learning Infrastructure. How much of a concern is this to you and your portfolio companies?
* With the launch of the new fund, you outline focus areas both Applications as well as infrastructure and tool…
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Apr 27, 2020
219. Crisis Coverage w/ Tomasz Tunguz - SaaS Strategies, Sector Data, and the $ Ceiling for Deals over Zoom
Tomasz Tunguz of Redpoint Ventures joins Nick on a special Crisis Coverage installment to discuss SaaS Strategies, Sector Data, and the $ Ceiling for Deals over Zoom. In this episode, we cover:
* September of 2015 was the last time we had you on the program... bring us up-to-speed on major milestones and changes since then?
* Has your thesis changed at all?
* Aside from the effects of the pandemic now, what has been the biggest change in SaaS investing since then?
* Lots of varying advice from so-called experts... some suggesting to deep cuts across the board, extend runway out for a few years... others saying now is the time to lean-in, expand and take advantage of opportunities that are created by the crisis. You put together a pretty simple two by two decision-matrix for startups. Can you talk through this and how you're providing different counsel to startups in different positions?
* If you're vetting a startup for a Series A that has benefited from the crisis, how do y…
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Apr 24, 2020
Investor Stories 137: Lessons Learned (Senkut, Glickman, Rust)
On this special segment of The Full Ratchet, the following Investors are featured:
* Aydin Senkut
* Steve Glickman
* Ash Rust
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Apr 22, 2020
218. Crisis Coverage w/ Richard Kerby - Tactical Advice for Raising VC Fund 1, Why Not to "Raise the Bar", and a Framework for Startups Adjusting to COVID-19
Richard Kerby of Equal Ventures joins Nick on a special Crisis Coverage installment to discuss the Tactical Advice for Raising VC Fund 1, Why Not to "Raise the Bar," and a Framework for Startups Adjusting to COVID-19. In this episode, we cover:
* Walk us through your background and path to Venrock
* Why'd you leave to launch Equal?
* You, Rick and the team just launched a $56 million Fund 1 at Equal Ventures in February...congrats on the final close! Tell us a bit about your thesis and how you differentiate?
* You invest in retail, insurance, supply chain and the care economy. From afar those seem unrelated - how'd you arrive at those four categories... is there a common thread?
* What is the best tactical advice you'd give to someone raising a fund?
* What's the biggest mistake you made during the raise process that prospective fund managers should do their best to avoid making?
* So you're early in the fund cycle w/ multiple years of initial check deployment in front o…
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Apr 20, 2020
217. Crisis Coverage w/ Elizabeth Yin - Investing After 1 Zoom Meeting, 2nd & 3rd Order Effects of The Virus, and Why "Market Pull" is Critical
Elizabeth Yin of Hustle Fund joins Nick on a special Crisis Coverage installment to discuss Investing after 1 Zoom Meeting, 2nd & 3rd Order Effects of the Virus, and Why "Market Pull" is Critical. In this episode, we cover:
* Tell us a bit about your background and path to venture
* Why'd you leave 500 and start Hustle Fund?
* What is the thesis at Hustle Fund?
* From a macro standpoint, how do you think the pandemic effects the venture landscape?
* What were some trends you were following, prior to the virus, that have accelerated in this environment?
* What are some that have regressed?
* What are some non-obvious sectors or business types that you're bullish on?
* Due to maybe second and third order effects of the virus, what are some sectors you are bearish on?
* You’ve said that you can make a decision after one Zoom conversation in 48 hours. Without much time to conduct diligence on the company and its founders, how are you able to get conviction so quickly?…
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Apr 17, 2020
Investor Stories 136: What's Next (Ajao, Klaff, Polovets)
On this special segment of The Full Ratchet, the following Investors are featured:
* Adeyemi Ajao
* Oren Klaff
* Leo Polovets
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Apr 15, 2020
216. Crisis Coverage w/ Patrick Gallagher - VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead
Patrick Gallagher of Tuesday Capital joins Nick on a special Crisis Coverage installment to discuss VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead. In this episode, we cover:
* Walk us through your path to venture
* How did things first come together for Crunchfund w/ you and Michael Arrington?
* Why did Michael leave and why did you rebrand Crunchfund to Tuesday?
* Gives us the highlights of your thesis?
* How do current events effect your approach going forward?
* Anything you'll avoid/be much more cautious investing in?... or anything you're leaning into?
* Some have said that many seed venture firms will not survive the current crisis. I think there may be more than 1000 seed firms currently... Do you think the volume of seed players reconciles as a result of this correction?
* What is your reserve strategy? How much and how do you make decision as to how you deploy reserves into current portcos?
* Why the partnership with Frog and wha…
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Apr 13, 2020
215. Crisis Coverage w/ Darren Bechtel - The Built World & Construction Tech, Post-Pandemic
Darren Bechtel of Brick & Mortar Ventures joins Nick on a special Crisis Coverage installment to discuss The Built World in Crisis. In this episode, we cover:
* Background and path to venture?
* South Park... must be a story behind the name there?
* Overview of the thesis at Brick & Mortar?
* Just have to say... I suspect that the impacts of this crisis on the built world will be more profound that we can possibly imagine... and I won't pretend to know what those might be. Can you talk a bit about what you're seeing and what that could mean for the future?
* Circling back to your path to venture... How did your family react to your pursuit of a career in VC in lieu of the family business?
* Walk us through your first angel investment -- was it opportunistic or were you looking for startup investments actively?
* How'd that one turn out?
* Prior to founding the firm, were there any existing firms in the space that you looked to for inspiration?
* Talk about your first…
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Apr 10, 2020
135. Investor Stories CRAM Session: Why I Passed (Struhl, Greathouse, Wilson, Shah, Roberts, Henikoff, Heltzer, Mirabile, Brown, Feld)
Welcome back to TFR for the first Investor Stories Cram Session. In these special releases, we have aggregated the Investor Stories from previous episodes. In this installment, the following investors are featured:
* Jonathan Struhl
* John Greathouse
* Joanne Wilson
* Semil Shah
* Bryce Roberts
* Troy Henikoff
* Jason Heltzer
* Christopher Mirabile
* David Brown
* Brad Feld
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Apr 8, 2020
214. Crisis Coverage w/ Somesh Dash - Late Stage Impacts & Prioritizing Mental Health
Somesh Dash of IVP joins Nick on a special Crisis Coverage installment to discuss Late Stage Impacts and Prioritizing Mental Health. In this episode, we cover:
* Quick background and what led you to venture/IVP?
* Overview of the firm and your focus?
* Covid impact on later stages
* The 2008 crisis... '08 was still strong for C round funding, steep dropoff in 2009, stayed pretty low in 2010, returning to fairly strong levels in 2011... thoughts on timing, severity and duration of impact on later stage funding?
* Directional impact on average valuations at late stage?
* Thoughts on exits?
* What do you think happens in the secondary market?
* What do you think happens with the well-funded, late stage companies in markets that are highly dependent on social interaction, mobility, travel, etc.?
* Reasonable to complete deep diligence in a completely remote environment?!
* You've been w/ IVP since '05... best recollections of changes in strategy made at IVP in '08/'09?…
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Apr 6, 2020
213. Crisis Coverage w/ Semil Shah - VC Fund Management in a Pandemic World
Semil Shah of Haystack joins Nick on a special Crisis Coverage installment to discuss VC Fund Management in a Pandemic World. In this episode, we cover:
* Last time we had you on was Nov. 2017... quick update on you and Haystack since then?
* LP interaction - are capital call defaults a serious issue to consider in this environment?
* How do you think investment dollar volume adjusts in 2020 vs. '19?
* I know you've had a lot of calls w/ friends and mentors lately... what are you hearing from the veteran investors right now?
* What feedback or insights have surprised you?
* What actions have you taken since the crisis hit to adjust your own strategy?
* How do you see the value of face-to-face interaction playing out in the VC-Founder interaction during pitches moving forward?
* How are you prioritizing reserves when triaging?
* In the case of a fund running low on dry powder right now, what are your thoughts on reopening a fund?
* In what cases should an early stag…
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Apr 3, 2020
212. Crisis Coverage w/ Samir Kaji - Relief $ for Startups via CARES Act, EIDL, PPP; & How an Extended Downturn Affects Emerging VC Funds
Samir Kaji of First Republic joins Nick on a special Crisis Coverage installment to discuss Relief $ for Startups via CARES Act, EIDL, PPP; & How an Extended Downturn Affects Emerging VC Funds. In this episode, we cover:
* Startups...
* The CARES Act became law on 3/27, but many are having trouble making sense of it and how it applies...
* Let's start out w/ the two types of loans that are available to small businesses...
* First off, can you explain the difference between the Economic Injury Disaster Loan Program (EIDL) and the Paycheck Protection Program (PPP)?
* EIDL - No forgiveness potential and and requires personal guarantee?
* PPP - Forgiveness potential and no personal guarantee?
* Affiliation... Dan Primack was writing about how the 500 employee rule and how much of Private Equity portfolio companies will be excluded b/c of how the language is written. Can you explain the "affiliation issue?"
* How can this be enforced/checked... so many obscure LLCs used fo…
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Apr 1, 2020
211. Crisis Coverage w/ David Horowitz - How Will Corporate VC Respond?
David Horowitz of Touchdown Ventures joins Nick on a special Crisis Coverage installment to discuss How Corporate VC Will Respond. In this episode, we cover:
* What is your current view of the venture market given the current crisis?
* Corporates have a history of pulling back in economic downturns, what will happen now?
* This is your 3rd economic downturn, What is different about this economic period vs. prior recessions?
* Are there advantages to new corporate funds vs. existing corporate funds?
* Committed capital vs. not committed
* You told me you believe corporations are more important in this environment than startups why?
* What advice do you have for start-up companies on dealing with corporations?
* Fair that those discussions or partnerships slow down?
What is your prediction when things return to normalcy?
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for…
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Mar 30, 2020
210. Crisis Coverage w/ Chris Douvos - LP Lessons from '01 and '08, The Denominator Effect, Capital Calls & Fundraising in a Down Market
Chris Douvos of Ahoy Capital joins Nick on a special Crisis Coverage installment to discuss the LP Lessons from '01 and '08, The Denominator Effect, Capital Calls & Fundraising in a Down Market. In this episode, we cover:
* What is the denominator problem/effect?
* Why does it matter?
* How do LPs react when they face the denominator problem?
* How quickly do LPs tend to rebalance their investment portfolio?
* What's the implication to VCs?
* How should VCs react when their investors face the denominator problem?
* LPs lose access to future funds if sell position as secondary?
* When VCs make capital calls at times like these, what's the ripple effect down the line for these LPs?
* What were some of the typical LP reactions you've seen from the dot com bubble and the 2008 crisis, that you expect to see again?
* Can you talk more about the thought process of LPs during a crisis like this? Are they rushing to liquidate? Are they putting that money somewhere else?
*…
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Mar 25, 2020
209. Crisis Coverage w/ Steve Blank - The Playbook for Startup Survival
Steve Blank joins Nick on this special "Crisis Coverage" installment to discuss The Playbook for Startup Survival. In this episode, we cover:
* What industries will be most affected by social isolation?
* How do you see this playing out over the next 3 - 6 months?
* How does this pandemic and the impact on the economy compare to the past 3 market crashes? Similarities/differences?
* Having lived through 3 crashes, what's the biggest mistake CEOs make?
* So lets say I’m a startup founder -- What are the major questions I should be asking before putting a new strategy together?
* Let's talk about burn and runway -- can you break down the key elements and how much runway one should plan for?
* What are the first cost cutting measures that should be taken?
* Should startups consider a change in business model, go-to-market or even target customer -- why or why not?
* Do you have any guiding principles when it comes to communication -- whether it be to employees, custom…
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Mar 23, 2020
208. Building a VC Franchise; The Shift to Bite-Sized Video Content; Last-Mile Attribution; & the Impact of Corona Virus Over The Next 6-12 Months (Mark Suster)
Mark Suster of Upfront Ventures joins Nick on a Pre-Crisis chat to discuss Building a VC Franchise; The Shift to Bite-Sized Video Content; Last-Mile Attribution; & the Impact of Corona Virus Over The Next 6-12 Months. In this episode, we cover:
* Last time we had you on the show was December 2016. Any notable updates or changes at Upfront since then?
* Just chatting w/ Minnie Ingersoll and she was saying how great the Upfront Summit was and how I need to attend next year... what were the highlights for you this year?
* Content companies are beginning to optimize for quick 1-5 minute gaps everyone has in their day, on their commute, between meetings, etc. where really short form content can be consumed beginning to end. You had a chat w/ Meg Whitman, CEO of Quibi at the Summit... and I'm going to read a quote from your blog post about that interview "her analogy of content like “The Da Vinci Code” which had 464 pages and 105 bite-sized, fully realized chapters. In essence, yo…
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Mar 18, 2020
Investor Stories 134: Post Mortems (Vrionis, Horowitz, Banister)
On this special segment of The Full Ratchet, the following Investors are featured:
* John Vrionis
* David Horowitz
* Cyan Banister
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Mar 11, 2020
207. Breaking Convention, Hitting The Fundraise Wall & Why Deep-tech Is Not More Capital Intensive Than Software (Ryan Gembala)
Ryan Gembala of Pathbreaker Ventures joins Nick to discuss Breaking Convention, Hitting The Fundraise Wall & Why Deep-tech Is Not More Capital Intensive Than Software. In this episode, we cover:
* Backstory/Path to Venture
* Talk about your time at Facebook and working in M&A.
* What's the thesis at Pathbreaker?
* How do you define pre-seed?
* Most of your dealflow inbound or outbound?
* Quote from the website: "We don't believe all great companies, nor all phenomenal investments, look the same early on. So we are flexible, realistic, and patient - solving for supporting the founders best-suited for tackling the most meaningful problems." I'm curious, what are the must-haves that cut across all investments that you do?
* You've said to me that hardware isn't more capital intensive than software. As a hardware investor myself, that was refreshing to hear but I'm sure there are many founders and investors that would strongly disagree. Why is not more capital intensive?
*…
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Mar 4, 2020
Investor Stories 133: Strange & Unusual (Neilson, Whitney, Rooke)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jeremy Neilson
* Jason Whitney
* Jenny Rooke
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Feb 26, 2020
206. The Ultimate Testing Framework (Alex Osterwalder)
Alex Osterwalder of Strategyzer joins Nick to discuss The Ultimate Testing Framework. In this episode, we cover:
* Take me back and talk through the origin of the business model canvas?
* Just to refresh listeners can you provide a high-level overview of the business model canvas and how it's used?
* Let's chat about your new book, Testing Business Ideas, co-authored with David J. Bland... Why'd you right the book?
* Who is the target audience?
* If I'm the reader, what outcome can I achieve after reading this book and applying it's principles?
* What are the four phases outlined in the book?
* Walk us through the objective and key elements of the testing phase.
* A significant focus is the elimination of risks? How does one systematically reduce or remove risks from their business?
* We recently had Leo Polovets on the program and discussed the challenge of balancing testing with executing. I think it can be difficult to know when something is working well enough th…
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Feb 19, 2020
Investor Stories 132: Lessons Learned (Dorsey, Clavier, Fein)
On this special segment of The Full Ratchet, the following Investors are featured:
* Scott Dorsey
* Jeff Clavier
* John Fein
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Feb 12, 2020
205. Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC (Jason Calacanis)
Jason Calacanis joins Nick to discuss Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC. In this episode, we cover:
* Last time we had you on the show was July 2017. What big things have happened over the past (almost) three years with yourself and Launch?
* Last time you talked a bit about the "Goldilocks zone"... sort of that post-seed, pre-A round. Is that still the stage getting most focus from you?
* I read an article where you suggested that SoftBank is changing the way Silicon Valley thinks about going public.
* What are the biggest positive effects you've seen from the Vision Fund?
* What about negatives and adverse effects?
* The volume of startups seems to be ever increasing... Any advice for founders on how to stand out?
* Lots of people talking about an upcoming recession in 2020. If a recession were to hit, what happens to venture? How do you think it could potentially impact startups as well as investors or VCs?
* How does your inves…
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Feb 5, 2020
Investor Stories 131: What's Next (Kupor, Cardamone, Siegler)
On this special segment of The Full Ratchet, the following Investors are featured:
* Scott Kupor
* Michael Cardamone
* M.G. Siegler
Each investor discusses sectors, drivers and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 29, 2020
204. Embracing Failure, Capitalizing on Crisis & Building Resilience (Minnie Ingersoll)
Minnie Ingersoll of TenOneTen Ventures joins Nick to discuss Embracing Failure, Capitalizing on Crisis & Building Resilience. In this episode, we cover:
* Backstory/path to Venture
* You co-founded Shift, which you scaled to $100M. What was the most unexpected/surprising aspect of leading and scaling a venture-backed startup?
* Where did you spend most of your time (and mindshare) at A vs. B vs. C/D?
* What was it like building a venture-backed startup as a woman?
* Tell us a bit about the thesis at TenOneTen.
* I was recently speaking with M.G. Siegler about the societal impacts of tech... all of which are not positive. I know you're a mother, so this probably takes on new meaning for you... but how to you consider social and societal responsibility in your role as a tech investor?
* You've experienced early struggles in your life that have informed your approach as an investor and founder. Can you talk about what you've been through, the impact and the perspective you'…
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Jan 22, 2020
Investor Stories 130: Why I Passed (Kim, Reum, Senkut)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jim Kim
* Courtney Reum
* Aydin Senkut
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 15, 2020
203. Raising Fund III, A Framework to De-risk Your Startup, & When to Explore vs. Exploit (Leo Polovets)
Leo Polovets of Susa Ventures joins Nick to discuss Raising Fund III, A Framework to De-risk Your Startup, & When to Explore vs. Exploit. In this episode, we cover:
* Give us an update on your investments at Susa since we last chatted?
* How has the thesis at Susa evolved over the past couple of years?
* Do each of the GPs at Susa have specialty areas of focus?
* This year Susa closed on 2 new funds - Susa III a $90M early stage fund, along with your first opportunity fund to which investors committed $50M. What was the elevator pitch to LPs and what worked well in the first two funds that resonated with LPs, leading to the successful raise?
* What would you have done differently in Fund I and Fund II if you could go back?
* What it takes to raise a Series A... often founders will have a singular focus on the vanity metrics -- they assume if they hit $2M in ARR they'll attract the A round at an attractive multiple from Tier 1 investors. But, we've seen this play out and it…
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Jan 8, 2020
Investor Stories 129: Post Mortems (Ajao, Rust, Moatti)
On this special segment of The Full Ratchet, the following Investors are featured:
* Adeyemi Ajao
* Ash Rust
* SC Moatti
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 1, 2020
202. Cram Session, Episodes 138-143 (Nick Moran)
Welcome back to TFR for another Cram Session. In these special releases, we have aggregated the takeaways and tips from previous episodes. In this installment, we will be recapping the following episodes:
* 138. How to Angel Invest Like the Best, Part 1 (Jason Calacanis)
* 139. How to Angel Invest like the Best, Part 2 (Jason Calacanis)
* 142. Beacon: An Engineering Systems Approach to Investing, Part 1 (Chris Farmer)
* 143. Beacon: Modernizing the VC Firm, Part 2 (Chris Farmer)
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Dec 25, 2019
201. [REPLAY] Economic Theory in Venture Capital (Mark Suster)
Mark Suster of Upfront Ventures joins Nick to discuss Economic Theory in Venture Capital. In this episode, we cover:
* You’ve written about a major lesson from Clayton Christensen’s book, the Innovator’s Dilemma, which was one of ‘deflationary economics.’ Can describe what this means and why it should be a focus for startups?
* In light of deflationary economics, what are the key questions that a founder should ask him/herself about the business?
* Why is it that incumbents have such a hard time responding to startups w/ this approach?
* What should new market entrants focus on when it comes to price vs. functionality?
* At a high-level what are your thoughts on the trade-offs between growth and profitability?
* What are your impressions of what Bryce Roberts is doing at Indie VC?
* How have your thoughts on investment psychology and economics been influenced by The Black Swan by Nassim Taleb?
* What other principles of economics, that we haven’t touched on…
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Dec 19, 2019
Investor Stories 128: Strange & Unusual (Vrionis, Tusk, Klaff)
On this special segment of The Full Ratchet, the following Investors are featured:
* John Vrionis
* Bradley Tusk
* Oren Klaff
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Dec 13, 2019
200. University-Affiliated Funds & Angel Networks (Jason Whitney)
Jason Whitney of IU Ventures joins Nick to discuss University-Affiliated Funds & Angel Networks. In this episode, we cover:
* Backstory/path to venture
* At IU you have 3 core initiatives - The Quarry, IU Venture Fund and the IU Angel Network. What's the focus of each?
* Talk about the investment focus for the IU Philanthropic Fund.
* What're the criteria to be eligible for funding?
* How does IU Ventures support the University's mission? How does it affect or benefit current students?
* As a broader goal, I know the organization ultimately hopes to entice investors and entrepreneurs from around the country to return to Indiana as a result of participating in the network. Are you measuring this and are your efforts working thus far?
* So, a criticism of both university venture funds and angel groups is speed -- traditional angel groups and academia move slowly with investment decisions. How do you combat that issue for founders raising on a tight timeline, trying to clos…
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Dec 4, 2019
Investor Stories 127: Lessons Learned (Wortmann, Horowitz, Banister)
On this special segment of The Full Ratchet, the following Investors are featured:
* Craig Wortmann
* David Horowitz
* Cyan Banister
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Nov 27, 2019
199. SPV's, Side Cars, & The Syndication Surge (Jeremy Neilson)
Jeremy Neilson of Assure joins Nick to discuss SPV's, Side Cars, & The Syndication Surge. In this episode, we cover:
* Quick walkthrough of your background
* Can you give us a brief overview of Assure?
* What is an SPV Investment in the context of this discussion?
* Can you walk us through the history of how sidecars and/or angel groups have handled (or mishandled) these syndication style investments in previous decades?
* Why do you think startups and seekers of capital are increasingly raising through SPVs and targeting syndicate leaders?
* What are the pros and cons of utilizing an SPV as an LP or individual investors?
* What are the pros and cons of utilizing an SPV as an institutional investor or syndicate leader like myself?
* Do the lead investors on these SPVs make money upfront -- initiation fees, mgmt fees, broker/transaction fees?
* Some critics of the SPV model may say that the fees associated with SPVs can also create misalignments betwe…
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Nov 20, 2019
Investor Stories 126: Whats Next (Franklin, Glickman, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured:
* Bobby Franklin
* Steve Glickman
* Cheryl Cheng
Each investor discusses sectors, drivers and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Nov 13, 2019
198. Streaming Wars, The Future of Mobile & The Evolution of User Interaction (M.G. Siegler)
M.G. Siegler of GV joins Nick to discuss Streaming Wars, The Future of Mobile & The Evolution of User Interaction. In this episode, we cover:
* Backstory/path to Venture
* How'd you find your way from Hollywood to SV?
* Who was the first VC that, based on your writing talent, saw your potential as an investor?
* Why did you leave Crunchfund for GV?
* A little confusion about the array of venture funds affiliated with Google - can you give us a quick overview and whether there is still an affiliation between Google and GV?
* Tell us about your thesis.
* How hands-on do you get w/ portcos?
* How does Jony Ive's departure affect Apple?
* What are the most valuable consumer tech companies by market cap - five years from now?
* Right now, in the streaming market, we have a fragmented group of services yet know one platform to unify the user experience... what do you see for the future of streaming?
* How do you see the competition between Apple and Disney play out? Wh…
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Nov 6, 2019
Investor Stories 125: Why I Passed (Cardamone, Rooke, Dorsey)
On this special segment of The Full Ratchet, the following Investors are featured:
* Michael Cardamone
* Jenny Rooke
* Scott Dorsey
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Oct 30, 2019
197. The DNA of Startup Success (John Vrionis)
John Vrionis of Unusual Ventures joins Nick to discuss The DNA of Startup Success. In this episode, we cover:
* Backstory/path to venture.
* Talk about your experience at Lightspeed and your decision to leave.
* Where/when did you first meet Jyoti Bansal, the founder, AppDynamics?
* What's unusual about what you do?
* 'Unusual Academy' and 'Get Ahead Platform' -- what are they and what's the difference?
* You’ve spoken about your team at Unusual being focused on redesign the early-stage VC market and giving founders a distinct advantage. What about your approach gives founders a distinct advantage?
* You've spoken about founder focus on "How it works" vs. "Why it matters" -- what's the disconnect you've observed with early-stage founders?
* You've covered your own experience of learning through suffering -- is that also a quality/characteristic you look for in founders?
* Arrogance vs. Humility -- have you invested in founders displaying these traits? What's been y…
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Oct 23, 2019
Investor Stories 124: Post Mortems (Clavier, Tusk, Kupor)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jeff Clavier
* Bradley Tusk
* Scott Kupor
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Oct 16, 2019
196. Creating Unfair Advantages, Surviving Founder Burnout and Driving Successful Exits (Courtney Reum)
Courtney Reum of M13 joins Nick to discuss Creating Unfair Advantages, Surviving Founder Burnout and Driving Successful Exits. In this episode, we cover:
* Backstory/path to venture
* Tell us about your experience being an investor at Goldman Sachs and working with brands like Procter & Gamble, Under Armour and Vitamin water. What are some takeaways you got from that experience that influence you today?
* You and your brother founded VEEV Spirits which became the first line of organic ready-to-drink cocktails. VEEV received the Technomic Fast 50 Award and was named an Inc. Magazine 500 Fastest-Growing Companies in the U.S. What are some key factors that helped you establish such a successful brand? Tips for founders?
* Tell us about the approach you used to raise capital for Veev?
* Tell us the story behind founding M13. What was your vision for the firm early on?
* What is your current focus/thesis at M13? Tell us about your “repeatable playbook” approach.
* You too…
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Oct 9, 2019
Investor Stories 123: Strange & Unusual (Horowitz, Kim, Rust)
On this special segment of The Full Ratchet, the following Investors are featured:
* David Horowitz
* Jim Kim
* Ash Rust
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Oct 2, 2019
195. Flip The Script & Perfect Your Pitch (Oren Klaff)
Oren Klaff of Intersection Capital joins Nick to discuss Flip The Script & Perfect Your Pitch. In this episode, we cover:
* Backstory/path to finance
* What led to the founding of Intersection?
* What's your mandate and focus at Intersection? Tell us about the Velocity product.
* Your bestselling book Pitch Anything, provides a detailed methodology on effectively presenting, persuading and winning a deal during the pitch. Can you go over some key takeaways from the book for listeners?
* In the book you talk about the "S.T.R.O.N.G Method.” Can you briefly summarize the most important components of this approach and give some examples on how it works?
* Your newest book "Flip the Script: Getting People to Think your Idea is Their Idea" is about to launch on August 13th.. why'd you write the book?
* I liked the title of your first chapter... Inception. Many will remember the blockbuster movie. What's the "We are evolved distrust information from the outside w…
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Sep 25, 2019
Investor Stories 122: Lessons Learned (Ajao, Bahat, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured:
* Adeyemi Ajao
* Roy Bahat
* Cheryl Cheng
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Sep 18, 2019
194. Special Edition! The Story Behind TFR & New Stack Ventures (John Gannon interviews Nick Moran)
John Gannon of Going VC interviews Nick to discuss The Story Behind TFR & New Stack Ventures. In this episode, we cover:
* How did you get Brad Feld on early on?
* How did you stay true to your vision when you were getting asked early on by entrepreneurs to feature them on the podcast? (you mentioned this in episode 10, w/Brad Feld)
* If you were starting TFR again, in 2019, what would you do differently?
* Why the podcast format vs blogging vs. ... ?
* When did you know that the podcast was "working" ... bringing deal flow or whatever you thought was a strong signal that things were clicking for your audience?
* What surprised you once the podcast got "big"? Anything unexpected on the positive or negative side?
* How did the podcast tie into your recent fundraising process? Where did it help, and did it hurt or cause any issues, too?
* How did the podcast tie into your recent fundraising process? Where did it help, and did it hurt or cause any issues, too? Do…
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Sep 13, 2019
193. SaaS Acceleration, Sales Savvy Founders & The Rise of Tech-Enabled Services (Michael Cardamone)
Michael Cardamone of Acceleprise joins Nick to discuss SaaS Acceleration, Sales Savvy Founders & the Rise of Tech-Enabled Services. In this episode, we cover:
* What is Aaron Levie like to work for?
* Backstory and path to Acceleprise
* When you started Acceleprise a lot of folks told you not to -- the world doesn't need another accelerator. Why did you proceed?
* Why an Accelerator and not a traditional VC fund?
* Check size then and now?
* The biggest criticism of accelerators that I'm hearing from investors is that accelerators admit companies that need a lot of help and can't figure things out on their own -- and those are not the companies that one wants to invest in. What's your response to these folks?
* You've mentioned your interest in working w/ founders that have a "willingness to sell." How specifically do you develop the sell-skills of founders that are willing but green w/regards to sales.
What are some the best demand-gen techniques that you use?
* Talk…
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Sep 11, 2019
Investor Stories 121: What's Next (Dorsey, Senkut, Banister)
On this special segment of The Full Ratchet, the following Investors are featured:
* Scott Dorsey
* Aydin Senkut
* Cyan Banister
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Aug 29, 2019
Investor Stories 120: Why I Passed (Hea Nahm, Moatti, Clavier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Tae Hea Nahm
* SC Moatti
* Jeff Clavier
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Aug 23, 2019
192. Secrets of Sand Hill Road (Scott Kupor)
Scott Kupor of Andreessen Horowitz joins Nick to discuss Secrets of Sand Hill Road. In this episode, we cover:
* When Marc and Ben first reached out to you about joining A16Z, you hesitated. Why?
* "When Marc and Ben first started A16Z, they described a founder's leadership capability as "egomaniacal"... what do you think they mean by that and do you share this belief?
* What are the key factors in determining if venture is appropriate for the new business and its founder?
* How should one decide how much to raise?
* Scenario I've heard all too often... founder goes out to raise their next round, they've more than doubled the business, hit major milestones but the offers are less than double that of the last round. Scott, can you talk us through the valuation mistakes you most often encounter?
* Founder has started fundraising... the first step is to get their foot in the door. Talk us through the right and wrong way to get a meeting.
* You mention the 5 pitch essentials…
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Aug 19, 2019
Investor Stories 119: Special Edition! Why I Invested in Curv Labs (Moran, Balish, Deshays)
On this special segment of The Full Ratchet, the following individuals are featured:
* Nick Moran
* Shea Balish
* Henri Deshays
This will be a unique segment where, Nick Moran of New Stack Ventures and Henri Deshays of NewFund will discuss why they invested in Curv Labs.
Founder of Curv, Shea Balish, will join Nick and Henri to discuss his startup story and how he chose New Stack and NewFund to participate in the funding round.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Aug 7, 2019
Investor Stories 118: Strange & Unusual (Glickman, Wortmann, Fein)
On this special segment of The Full Ratchet, the following Investors are featured:
* Steve Glickman
* Craig Wortmann
* John Fein
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 31, 2019
191. Corporate VC (David Horowitz)
David Horowitz of Touchdown Ventures joins Nick to discuss Corporate VC. In this episode, we cover:
* Backstory/ Path to Venture
* Talk about the 14 years you spent with Comcast Ventures -- what you learned and why you left?
* What lead to founding Touchdown Ventures?
* At Touchdown, you partner with leading corporations to manage the complete venture lifecycle from entity formation to investment management…Can you dive into the thesis/focus of the firm?
* Why would a founder choose corporate VC funding over institutional funding?
* I was reading through the “Risky Business” blog on the Touchdown website and found some pretty interesting articles…specifically one that talks about “the most overlooked skill in Corporate venture" being deal management…that it “requires more effort than all other activities combined”…why is deal management so challenging?
* Why do you think CVC’s funding has historically been more inconsistent than institutional venture…
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Jul 24, 2019
Investor Stories 117: Lessons Learned (Tusk, Kim, Rooke)
On this special segment of The Full Ratchet, the following Investors are featured:
* Bradley Tusk
* Jim Kim
* Jenny Rooke
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 17, 2019
190. Immigration, Privacy, and Foreign Investment -- The Biggest Threat to Venture is in Washington D.C. (Bobby Franklin)
Bobby Franklin of NVCA joins Nick to discuss Immigration, Privacy, and Foreign Investment -- The Biggest Threat to Venture is in Washington D.C.. In this episode, we cover:
* Backstory/path to Capitol Hill.
* You served as the Executive Vice President of CTIA --tell us a bit about that experience and how it led to NVCA.
* At NVCA - what's the mandate?
* What specific actions does the organization take in order to deliver on this mandate?
* You just wrapped up NVCA’s annual VC’s to DC conference this month-- What were the three most critical issues that Venture Capital is facing?
* I came across your article on TechCrunch about FIRRMA (the Foreign Investment Risk Review Modernization Act) and CFIUS (the Committee on Foreign Investment in the U.S.). Can you talk a bit about the issue the industry is facing and the key players?
* What suggestions do you have for VCs and high growth companies -- with exposure to FIRRMA and the expanded power of CFIUS?
* At the VCs to D…
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Jul 10, 2019
Investor Stories 116: Whats Next (Bahat, Rust, Kimmel)
On this special segment of The Full Ratchet, the following Investors are featured:
* Roy Bahat
* Ash Rust
* Wayne Kimmel
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jul 3, 2019
189. The Venture Studio (Scott Dorsey)
Scott Dorsey of High Alpha joins Nick to discuss The Venture Studio. In this episode, we cover:
* Backstory/ path to tech.
* The story behind ExactTarget leading up to selling the company for $2.7B to Salesforce.
* Why'd you launch HighAlpha?
* Briefly touch on the thesis at High Alpha.
* I want to deep dive into the venture studio model as it's a bit misunderstood... Can you start us off with an overview of the venture studio model?
* What are the key differences between a studio model and a traditional venture fund?
* Why are you doing both at High Alpha?
* Different studios have different specialities and focus areas - what is your studio speciality at High Alpha?
* What types of founders and/or businesses are a strong fit for partnership with a venture studio?
* What do you say to critics of the studio model that say that studios take too much equity?
* Do you think that a studio-based approach can drive higher alpha ; ) than the traditional fund model?
* I…
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Jun 26, 2019
Investor Stories 115: Post Mortems (Senkut, Fein, Cheng)
On this special segment of The Full Ratchet, the following Investors are featured:
* Aydin Senkut
* John Fein
* Cheryl Cheng
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 20, 2019
188. Opportunity Zones --- A Fit for VC? (Steve Glickman)
Steve Glickman of Develop Advisors joins Nick to discuss Opportunity Zones --- A Fit for VC?. In this episode, we cover:
* Quick overview of your background prior to Develop Advisors?
* Walk us through the origin story of EIG?
* You are also the founder & CEO of Develop Advisors - tell us more about the work you do with fund managers.
* Let's talk about OZ's -- and we'll start with the basics -- Give us an overview of the $6T OZ program.
* Incentives aside from tax benefits?
* Which asset classes are best suited to invest in OZs?
* How is an Opportunity Zone defined? What credentials make a community an OZ?
* As governors change -- are these OZs going to change with different administrations?
* Is the expectation that entrepreneurs will actually relocate to these areas for the HQ of their business? It seems like that is a bit of a stretch.
* Are there statistics on the number and amount of private capital funds that have been raised with a mandate to invest in OZs?…
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Jun 12, 2019
Investor Stories 114: Strange & Unusual (Ajao, Banister, Clavier)
On this special segment of The Full Ratchet, the following Investors are featured:
* Adeyemi Ajao
* Cyan Banister
* Jeff Clavier
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jun 5, 2019
187. Transformative Tech for Old World Industry (Jim Kim)
Jim Kim of Builders VC joins Nick to discuss Transformative Tech for Old World Industry. In this episode, we cover:
* Quick Backstory/ Path to founding tech?
* Big news a few years ago that Formation 8 decided not to raise a fund 3. What happened with Formation 8 - why the decision not to raise fund 3?
* Tell us about the thesis at Builders.
* Why do you think these old world industries haven't been re-invented?
* I've worked in some old world industries myself... that move quite slowly. I'm curious if you think the timeline is a bit longer for tech companies to scale in these industries, if, for nothing else than the decision makers are much more methodical?
* What are some of the key technology characteristics you're looking for in the companies you back?
* Aside from technology, what are the other key ingredients your hunting for?
* Vertical integration... building your own brand and own the customer relationship vs. serving many others as a component provid…
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May 29, 2019
Investor Stories 113: Lessons Learned (Tananbaum, Ascher, Nahm)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jim Tananbaum
* Brian Ascher
* Tae Hea Nahm
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 23, 2019
186. Seed Investing at the Intersection of Biology & Technology (Jenny Rooke)
Jenny Rooke of Genoa Ventures joins Nick to discuss Seed Investing at the Intersection of Biology & Technology. In this episode, we cover:
* Her background in genetics, physics, computer science... and how that lead to venture.
* How was it to work with Melinda and Bill Gates?
* You also successfully built the largest life-sciences syndicate on Angellist that is also one of the highest performing syndicates of any sector... I just took a peek at the rankings this morning and both New Stack and Genoa are in the top 5. Of course those rankings are done based on follow-on rate... so, it's nice to see we are in good company, up there w/ you Jenny... but talk a bit about why you started with a syndicate and how you've been able to drive such high performance.
* You launched the Genoa fund last year... Syndicate and fund now?
* "Genoa ventures invests in early-stage companies innovating at the intersection of biology and technology"... Jenny, what does that mean to you an…
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May 16, 2019
Investor Stories 112: Special Edition! Why I Invested in Winston Privacy (Moran, Stokes, Dwyer)
On this special segment of The Full Ratchet, the following individuals are featured:
* Nick Moran
* Rick Stokes
* Joe Dwyer
This will be a unique segment where, Nick Moran of New Stack Ventures and Joe Dwyer of Founder Equity will discuss why they invested in Winston Privacy.
Founder of Winston, Rich Stokes, will join Nick and Joe to discuss his startup story and how he chose New Stack to lead the investment and Founder Equity to participate in the funding round.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 8, 2019
Investor Stories 111: What's Next (Wortmann, Moatti, Tusk)
On this special segment of The Full Ratchet, the following Investors are featured:
* Craig Wortmann
* SC Moatti
* Bradley Tusk
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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May 1, 2019
185. "Blessed" Teams, Pseudo Deal Leads, and Caps at Pre vs Post (Ash Rust)
Ash Rust of Sterling Road joins Nick to discuss "Blessed" Teams, Pseudo Deal Leads, and Caps at Pre vs Post. In this episode, we cover:
* His beginnings in tech and how that led to starting the fund
* What's the investment thesis at Sterling Road?
* What's unique about your approach that other firms aren't doing?
* Something that I think is frustrating for many founders is seeing these idealistic stories of founders that are raising $5M on a $20M cap with zero traction. And, it's also misleading in that I have a number of founders that think they need to be raising a lot more than they are... very early on before indications of product fit or even a focused commercial plan. Can you talk about the profile of these teams that are able to raise seemingly irrational seed rounds and then later let's jump into consequences.
* The seed round has now divided into a series of phases... we have pre-seed, seed, mango seed, seed+, seed exensions, etc. We've spoken to Semil Shah about th…
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Apr 23, 2019
Investor Stories 110: Why I Passed (Banister, Cohen, Fein)
On this special segment of The Full Ratchet, the following Investors are featured:
* Cyan Banister
* David Cohen
* John Fein
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Apr 15, 2019
184. Iconic Companies, Frontier Markets & a Truly Founder Centric Approach (Aydin Senkut)
Aydin Senkut of Felicis Ventures joins Nick to discuss Iconic Companies, Frontier Markets & a Truly Founder Centric Approach. In this episode, we cover:
* Backstory / Path to tech in SF?
* Prior to founding Felicis Ventures, you were a Product Manager at Google, launching their first 10 international sites, its first online search licensing products, and its first Safe Search…talk about what lead to your transition to investing.
* What’s the story behind founding Felicis Ventures?
* Talk about the investment focus and approach of your firm.
* It states on the firms website that you back founders looking to open up frontier markets, such as longevity and engineered foods, and reinvent critical markets such as mental health and insurance….what are some of the success factors you've observed in startups trying to create or reinvent markets.
* You’ve invested in many iconic companies that have revolutionized their industry such as Shopify, Fitbit and CreditKarma, when…
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Apr 7, 2019
Investor Stories 109: Post Mortems (Kaden, Bahat, Galbut)
On this special segment of The Full Ratchet, the following Investors are featured:
* Rebecca Kaden
* Roy Bahat
* Elizabeth Galbut
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Mar 29, 2019
183. Automation vs. AI (Adeyemi Ajao)
Adeyemi Ajao of Base 10 Partners joins Nick to discuss Automation vs. AI. In this episode, we cover:
* Backstory - Growing up in Spain and Nigeria and his path to entrepreneurship.
* Previous to Base10 Partners, you had quite a successful career as an entrepreneur, founding highly influential companies such as Tuenti, Identified and Cabify in Latin America - talk a bit about your experience founding and scaling multiple tech companies, ultimately to exit?
* How did you, TJ and Reggie come together and decide to create Base10?
* On the website it says that you "started Base10 to take a profoundly different approach to Automation." Tell us more about your thesis on automation and how it's different.
* Talk about Automation vs. AI and the potentially misleading guidance that we're hearing from many firms in the valley with regard to AI.
* Of course, with any big changes that are made to the way people traditionally do things, there is a reaction. While some will embrace…
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Mar 22, 2019
Investor Stories 108: Strange & Unusual (Simoudis, Cheng, Kimmel)
On this special segment of The Full Ratchet, the following Investors are featured:
* Evangelos Simoudis
* Cheryl Cheng
* Wayne Kimmel
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Mar 15, 2019
182. Market Cycles, Escalating Costs to Start Up, and the Micro VC Surge (Jeff Clavier)
Jeff Clavier of Uncork Capital joins Nick to discuss Market Cycles, Escalating Costs to Start Up, and the Micro VC Surge. In this episode, we cover:
* In 2004 you started making angel investments in emerging Web 2.0 companies and at that time, only a handful of individuals backed entrepreneurs in the internet space…What was your first investment and how did you get involved in the space?
* What's the story of the founding of SoftTech--now known as Uncork Capital.
* What led to the rebrand from SoftTech to Uncork?
* The investment focus/thesis of Uncork.
* You mentioned...FitBit, EventBrite, and Sendgrid...it's striking how different each of these businesses are...How you are able to get conviction and understand key success factors across different sectors with different models and overall profiles?
* How have the market cycles affected VC, your fund strategy, raising capital and the impact on portfolio companies?
* What are the most common mistakes you see early inves…
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Mar 7, 2019
Investor Stories 107: Lessons Learned (Moatti, Wallace, Pascucci)
On this special segment of The Full Ratchet, the following Investors are featured:
* SC Moatti
* Brendan Wallace
* Vic Pascucci
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Feb 28, 2019
181. Cram Session, Episodes 130-136 (Nick Moran)
Welcome back to TFR for another Cram Session. In these special releases, we have aggregated the takeaways and tips from previous episodes. In this installment, we will be recapping the following episodes:
* 130. How Amazon, Fitbit & Snap Won; Where Apple, Pebble & Google Did Not, Part 1 (Ben Einstein)
* 131. How Amazon, Fitbit & Snap Won; Where Apple, Pebble & Google Did Not, Part 2 (Ben Einstein)
* 133. The Importance of Storytelling, VC EQ, and the LP-GP Dating Game, Part 1 (James R. ‘Trey’ Hart III)
* 134. The Importance of Storytelling, VC EQ, and the LP-GP Dating Game, Part 2 (James R. ‘Trey’ Hart III)
* 135. Dispelling Conventional Wisdom in VC, Part 1 | Does Capital Drive Outcomes? (Eric Paley)
* 136. Dispelling Conventional Wisdom in VC, Part 2 | Should Seed Investors Follow-on? (Eric Paley)
To listen more, please visit http://fullratchet.net/podcast-episodes/
for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and…
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Feb 18, 2019
Investor Stories 106: Whats Next (Tananbaum, Fein, Anderson)
On this special segment of The Full Ratchet, the following Investors are featured:
* Jim Tananbaum
* John Fein
* Sarah Anderson
Each investor discusses sectors, drivers and/or trends that may have significant impact in the future and are potentially positioned for outsized-returns.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Feb 8, 2019
180. The Self-Made Engineer, Angel, and Venture Capitalist (Cyan Banister)
Cyan Banister of Founders Fund joins Nick to discuss the Self-Made Engineer, Angel, and Venture Capitalist. In this episode, we cover:
* So, Cyan you have a really interesting story and background that led you to where you are today. Feel free to start wherever makes most sense but can you talk about your life experience and how it led you to where you're at now?
* You spoke publicly about your early life at the 2018 TechCrunch Disrupt conference, from living on the streets to becoming a venture capitalist, tell us about this incredible journey, what you accredit your success to and how it lead to venture?
* Where along the way did you meet Scott? Did you guys every consider raising your own fund?
* How early are you able to go at Founder's Fund?
* How do you work with founders post-investment?
* Judicious with your magic bullets?
* Have you funded founders with non-traditional backgrounds or missions dedicated to folks living in poverty or providing access to upward mob…
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Jan 31, 2019
Investor Stories 105: Why I Passed (Tusk, Bahat, Ascher)
On this special segment of The Full Ratchet, the following Investors are featured:
Bradley Tusk
Roy Bahat
Brian Ascher
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 23, 2019
179. Sales Mastery & Storytelling at Scaling Startups (Craig Wortmann)
Craig Wortmann of Sales Engine joins Nick to discuss Sales Mastery & Storytelling at Scaling Startups. In this episode, we cover:
-Craig's background and how he became involved in the early stage tech community.
-You've spent a lot of time looking at how companies make this difficult transition from the scrappy, do-it-all world of "Entrepreneurial Selling" to a "Professional Selling" organization. Talk to us about what you've observed and how companies struggle in this transition.
-When is the right time to transition from 'guerilla selling' to a more organized, professional process?
-When we had Tae Hee Nahm on the program he talked about three different types of sales leaders at different stages of a startup. At the beginning it was a Davey Crocket- like individual, an independent explorer who will find their own path through the wilderness... then at the growth stage, Braveheart individual- someone with that warrior spirit and finally at the scale stage he looks for the Dwight E…
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Jan 18, 2019
Investor Stories 104: Lessons Learned (Fontana, Kimmel, Farmer)
On this special segment of The Full Ratchet, the following Investors are featured:
Ash Fontana
Wayne Kimmel
Chris Farmer
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 10, 2019
Investor Stories 103: Post Mortems (Nahm, Cohen, Leitersdorf)
On this special segment of The Full Ratchet, the following Investors are featured:
Tae Hea Nahm
David Cohen
Yoav Leitersdorf
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Jan 3, 2019
178. The Gen-Z Consumer, Real-Time Health Data, and Persistent Top Fund Returns (Cheryl Cheng)
Cheryl Cheng of Blue Run Ventures joins Nick to discuss The Gen-Z Consumer, Real-Time Health Data, and Persistent Top Fund Returns. In this episode, we cover:
* Cheryl's background in retail marketing and innovation while you were with Clorox and The Sharper Image.
* How did that lead to your career in venture?
* On your website it says, "WE HELP ENTREPRENEURS BUILD MAGICAL COMPANIES,"... how specifically do you help?
* Talk to me about about the Gen-Z folks... this is part of your focus at BRV... what are the high-level characteristics of this coveted consumer segment?
* Are founders adjusting their approach to tech to better serve this group?
* How the evolution of mobile apps and real time data has influenced the health and consumer industries?
* You recently spoke on a panel about acquisitions... can you talk a bit about what it takes to build a company that's well-positioned for an exit?
* Talk to me about Equity Summit coming up in January... what is it, what was…
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Dec 28, 2018
Investor Stories 102: Strange & Unusual (Olsen, Hardiman, Galbut)
On this special segment of The Full Ratchet, the following Investors are featured:
Chris Olsen
James Hardiman
Elizabeth Galbut
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Dec 21, 2018
177. Cram Session, Episodes 121-128 (Nick Moran)
Welcome back to TFR for another Cram Session. In these special releases, we have aggregated the takeaways and tips from previous episodes. In this installment, we will be recapping the following episodes:
* 121. Customer-centric Startup Investing Down Under, Part 1 (Niki Scevak)
* 122. Customer-centric Startup Investing Down Under, Part 2 (Niki Scevak)
* 124. Space Tech Investing, Part 1 (David Cowan)
* 125. Space Tech Investing, Part 2 (David Cowan)
* 127. Sector & Niche Focused Funds, Part 1 (Jordan Nof)
* 128. Sector & Niche Focused Funds, p2 and Driving Value with a Regulatory Focus (Jordan Nof)
To listen more, please visit http://fullratchet.net/podcast-episodes/
for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Dec 12, 2018
Investor Stories 101: Lessons Learned (Kaden, Duovos, Cast)
On this special segment of The Full Ratchet, the following Investors are featured:
Rebecca Kaden
Chris Duovos
Carter Cast
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Dec 11, 2018
176. Creating Powerful Networks, 3 Rules for Great Products, and the Future of Mobile Tech (SC Moatti)
SC Moatti of Mighty Capital joins Nick to discuss Creating Powerful Networks, 3 Rules for Great Products, and the Future of Mobile Tech. In this episode, we cover:
* Backstory/ Path to becoming involved in venture?
* What led you to start Mighty Capital?
* Talk more about Products that Count, what was the origin and why?
* You successfully built a network of over 25,000 PM's and continue to lead the network... How have you built such a large network?
* We all have ever-expanding networks... do you have any guidelines or essential rules to maintaining, staying connected, and strengthening your existing network?
* In your book, you share 3 rules to create successful products. Can you give us an overview of these rules?
* You've developed products that billions of people use at Facebook, Nokia and Electronic Arts. Can you give us an example of a key product decision or change that you led?
* Portfolio companies have said that Mighty Capital brings the “best value for th…
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Nov 28, 2018
Investor Stories 100: Why I Passed (Wallace, Zuberi, Medved)
On this special segment of The Full Ratchet, the following Investors are featured:
Brendan Wallace
Bilal Zuberi
Joe Medved
Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Nov 21, 2018
175. From Operator to Accelerator MD to Fund Manager (John Fein)
John Fein of Firebrand Ventures joins Nick to discuss From Operator to Accelerator MD to Fund Manager. In this episode, we cover:
* So you participated in 5 startups, after which you scaled an organization from zero to 1,500 employees and $2B/year in revenue. Talk about your background and experience at United Health.
* Tell us a bit about your decision to raise a fund.
* When I started raising fund I, I had calls w/ 30+ GPs and my target was $5M but I told him, under no circumstances would I raise more than $10M, even if things went really well. He responded that the difference between a $5M and a $10M is significant and that the story and strategy would be very different for the two. So I know that you started with a $7M target and ended at $18M... how did your strategy change and did you get any pushback from early LPs as the fund got larger?
* How did the process play out... in what ways was it different than what you expected?
* How early do you go?
* How did you crea…
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Nov 14, 2018
Investor Stories 99: Post Mortems (Martino, Simoudis, Narasin)
On this special segment of The Full Ratchet, the following Investors are featured:
Paul Martino
Evangelos Simoudis
Ben Narasin
Each investor discusses a portfolio company that did not survive and why it was that they failed.
To listen more, please visit http://fullratchet.net/podcast-episodes/
for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Nov 7, 2018
174. VCs Ride the Bus, Comeback Cities & Unorthodox Investing
Roy Bahat of Bloomberg Beta joins Nick to discuss VCs Ride the Bus, Comeback Cities & Unorthodox Investing. In this episode, we cover:
* Backstory / Path to Bloomberg Beta
* Bloomberg Beta has taken a self-described "unorthodox approach"-- Tell us about your approach and why it's unique.
* I was exploring your page on Github and noticed that you've open sourced the entire operating manual-- why'd you do so and do you think other VCs should do the same?
* What's worked and what hasn't?
* You've talked about how you struggled figuring out what you wanted to do for a living. Have you figured it out?
* So, last year a number of SF-based VCs got on a bus and traveled the Midwest in what they called the Comeback Cities tour. Tell us about the experience and why you and others came to the Midwest to look for opportunities?
* How did the tour lead to a venture fund?
* Why do you think it's important to work w/ angels in the Midwest?
* What surprised you on the trip?
* Can…
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Oct 31, 2018
Investor Stories 98: The Strange & Unusual (Anderson, O'Reilly, Pascucci)
On this special segment of The Full Ratchet, the following Investors are featured:
Sarah Anderson
Tim O'Reilly
Vic Pascucci
Each investor describes the most unusual situation or pitch that they've encountered as an investor.
To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Oct 25, 2018
173. Corruption, Extortion and the Fight Against Entrenched Interests-- How a VC Saves Startups from Death by Politics (Bradley Tusk)
Bradley Tusk of Tusk Ventures joins Nick to discuss Corruption, Extortion and the Fight Against Entrenched Interests-- How a VC Saves Startups from Death by Politics. In this episode, we cover:
* Why and how did you get into VC?
* You have a nice model where you generate revenue through Tusk Strategies, which allows you to hire great talent and invest forward in startups. How has the model changed over time and how is the organization structured today?
* How were you able to get allocations and generate dealflow when you were new to VC?
* You spent some time in Illinois w/ an infamous Governor of our's... and you're very candid in the book about the issues and illegal acts that Rod Blagoyevich instructed you to do. Give us some of the highlights and lowlights from the experience.
* You highlight the importance of narrative many times throughout the book. Can you touch on the key points w/ regard to picking and framing your narrative for tech startups?
* You've said that wh…
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Oct 19, 2018
Investor Stories 97: Lessons Learned (Einstein, Cohen, Nof)
On this special segment of The Full Ratchet, the following Investors are featured:
David Cohen
Ben Einstein
Jordan Nof
Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.
To listen more, please visit http://fullratchet.net/podcast-episodes/
for all of our other episodes.
Also, follow us on twitter @TheFullRatchet for updates and more information.
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Oct 12, 2018
172. Growth Investing in Biotech, Genomics and Pharma (Jim Tananbaum)
Jim Tananbaum of Foresite Capital joins Nick to discuss Growth Investing in Biotech, Genomics and Pharma. In this episode, we cover:
-His 25 years in the industry working as both an entrepreneur and investor.. often at the same time
-Jim's investment focus at Foresight
-The major changes in biotech over the past two decades
-The key elements he looks for in a business
-The main drivers causing more opportunity in the sector
-The key challenges to investing in biotech, pharma and genomics
-The role of data science in their process
-How the experience of building and IPO'ing companies has helped Jim as an investor
-How they target specific areas to invest in
-Jim's take on predatory pharmaceutical pricing
-And finally how some of these solutions might become more affordable for more people that need them
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Oct 1, 2018
Investor Stories 96: What's Next (Ascher, Medved, Fontana)
On this special segment of The Full Ratchet, the following Investors are featured:
* Brian Ascher
* Joe Medved
* Ash Fontana
Each investor discusses sectors, drivers and/or
trends that may have significant impact in the
future and are potentially positioned for outsized-returns.
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Sep 20, 2018
171. Sports Tech and the Future of eSports (Wayne Kimmel)
Wayne Kimmel of SeventySix Capital joins Nick to discuss Sports Tech and the Future of eSports. In this episode, we cover:
* Talk about the investment focus and approach of your firm
When did Ryan Howard start working w/ you and how did he become a part of the leadership team?
* Talk a bit about sports tech has evolved over the past decade.
* All these players or former players are getting involved on the investment-side... some pretty savvy, some more green... good thing or bad thing?
* What lens or framework does your firm use to segment the sportstech landscape?
* I've heard SportsTech categorized into Athlete performance tech, b