Investors · new episode 15 Oct 2026

The Full Ratchet

Hosted by Nick Moran

Venture capital explained by the people doing it: theses, terms and how early-stage funds work.

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1,036episodes

284investors heard as guests

26 minan average episode

88 in the last 12 months

The regulars

Investors named as guests in the most episode titles on The Full Ratchet.

PD8Peter Davis8 episodes RA7Ramy Adeeb1984 Ventures SS5Semil ShahHaystack BF4Brad FeldFoundry Group AW3Ann WinbladHummer Winblad Venture Partners AF3Ash FontanaZetta Venture Partners BO3Ben Orthlieb2 Twelve DB3Dave BerkusBerkus Tech Ventures, LLC EP3Eric PaleyFounder Collective GW3Gabriel Weinberg3 episodes JT3Jim TananbaumForesite Capital JG3John GannonSunbridge Partners

Every episode 1,036 · page 1 of 35

1036
Investor Stories 497: Passing on Snapchat, Canva, and Hugging Face: The Rules of Thumb That Cost VCs Billions (Vaidya, Fubini and Patel, Rosenbloom)15 Oct 2026 · 4 minFounder Collective XYZ Venture Capital Micah Rosenbloom
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Vivek Vaidya of super{set} Ross Fubini and Manish Patel of XYZ Venture Capital Micah Rosenbloom of Founder Collective Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.…
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1035
519. Don't Play the Game on the Field, What the 500 Largest Exits Tell Us, How and When to Sell Secondary, and VC's Identity Crisis (Micah Rosenbloom)12 Oct 2026 · 48 minMicah Rosenbloom Founder Collective
About this episode
Micah Rosenbloom of Founder Collective joins Nick to discuss Don't Play the Game on the Field, What the 500 Largest Exits Tell Us, How and When to Sell Secondary, and VC's Identity Crisis. In this episode we cover: Investment Patterns and Risk Management Strategic Deviations in Investing The Mechanics of Picking…
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1034
Investor Stories 496: Three Lessons for the Next Generation of VCs: Find Your Edge, Build Your Network, Stay in the Game (Solomon, Vaidya, Chen)8 Oct 2026 · 5 minFika Ventures Notable Capital Glenn Solomon
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Glenn Solomon of Notable Capital Vivek Vaidya of super{set} John Chen of Fika Ventures We asked guests for the most important piece of advice that they'd share with folks early in their venture career. The host of The Full Ratchet…
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1033
Investor Stories 495: Perseverance at Roofstock, Speed at Zero, Discovery at Anduril, Why These Founders Stand Out (Black, Chen, Fubini and Patel)1 Oct 2026 · 6 minFika Ventures XYZ Venture Capital John Chen
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Ben Black of Akkadian Ventures John Chen of Fika Ventures Ross Fubini and Manish Patel of XYZ Venture Capital We asked guests to discuss the most visionary founder that they've worked with and what makes them so special. The host…
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1032
518. The Power of Founder Mafias, Why Venture is Bifurcating, and Lessons from Good Strategy, Bad Strategy (Ross Fubini and Manish Patel)28 Sept 2026 · 55 minRoss Fubini Google XYZ Venture Capital
About this episode
Ross Fubini and Manish Patel of XYZ Venture Capital joins Nick to discuss The Power of Founder Mafias, Why Venture is Bifurcating, and Lessons from Good Strategy, Bad Strategy. In this episode we cover: The Palantir Mafia Culture Comparing Ramp and Palantir Cultures Building Successful Partnerships Google Alumni vs…
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1031
Investor Stories 494: Passing on Outliers, Misjudging Founder Quality, and Holding Too Tightly, Lessons from Notable, Superset, and Fika (Solomon, Vaidya, Chen)24 Sept 2026 · 4 minFika Ventures Notable Capital Glenn Solomon
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Glenn Solomon of Notable Capital Vivek Vaidya of super{set} John Chen of Fika Ventures We asked guests to tell the most important lesson they've learned in their career. The host of The Full Ratchet is Nick Moran of New Stack…
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1030
Investor Stories 493: Founder CEO Removal, Acquisition Pressure, and Co-Founder Conflict, Lessons from Investors at Volition, Notable, and Fika (Cheng, Solomon, Chen)17 Sept 2026 · 6 minFika Ventures Notable Capital Volition Capital
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Glenn Solomon of Notable Capital John Chen of Fika Ventures We discuss major conflicts that guests have faced and how they resolved them. The host of The Full Ratchet is Nick Moran of New Stack…
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1029
517. Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round? (John Chen)14 Sept 2026 · 48 minJohn Chen Fika Ventures
About this episode
John Chen of Fika Ventures joins Nick to discuss Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round?. In this episode we cover: Differences Between Bay Area and LA Founders Lessons from Emergence and Building Fika Investing in AI Native Services and Copilots Challenges and Opportunities in…
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1028
Investor Stories 492: Best Questions from Grant Emery, Ben Black, and Glenn Solomon: Market Truths, Enduring Value, and Founder Conviction (Demaree, Black, Solomon)10 Sept 2026 · 6 minGlenn Solomon Notable Capital
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Ben Black of Akkadian Ventures Glenn Solomon of Notable Capital We asked guests to share the best question they've ever been asked by an allocator. The host of The Full Ratchet is Nick Moran of New…
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1027
Investor Stories 491: What Visionary Leaders at Jackpocket, Vercel, and Microsoft Do Differently(Peter Davis, Solomon, Vaidya)3 Sept 2026 · 6 minPeter Davis Notable Capital Glenn Solomon Vivek Vaidya
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Mark Peter Davis of Interplay Glenn Solomon of Notable Capital Vivek Vaidya of super{set} We asked guests to discuss the most visionary founder that they've worked with and what makes them so special. The host of The Full Ratchet…
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1026
516. AI Cost Structures and Pricing, Proprietary Data Sets That Create Moats, and a Clear Method for Determining Which Problem to Solve First (Vivek Vaidya)31 Aug 2026 · 44 minVivek Vaidya First In
About this episode
Vivek Vaidya of super{set} joins Nick to discuss AI Cost Structures and Pricing, Proprietary Data Sets That Create Moats, and a Clear Method for Determining Which Problem to Solve First. In this episode we cover: Challenges and Considerations in Selling Companies Building Companies and the Importance of Selling…
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1025
Investor Stories 490: Investors from Volition, Acadian Ventures, and Interplay Ventures on Building Competence, Operating Experience, and Investing with Purpose (Cheng, Black, Peter Davis)27 Aug 2026 · 7 minPeter Davis Acadian Ventures Volition Capital Larry Cheng
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw Corp Mark Peter Davis of Interplay We asked guests for the most important piece of advice that they'd share with folks early in their venture career. The…
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1024
Investor Stories 489: Missing Airbnb, Zocdoc, and Prediction Markets, Lessons from the Deals Investors Passed On (Demaree, Peter Davis, Solomon)20 Aug 2026 · 5 minPeter Davis Notable Capital Glenn Solomon
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Mark Peter Davis of Interplay Glenn Solomon of Notable Capital Each investor highlights a situation where they decided not to invest, why they passed, and how it played out. The host of The Full Ratchet is…
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1023
515. 3 Multi-Billion-Dollar Exits in 1 Year, Lessons from Airbnb, HashiCorp, Slack, and Square, The VC Case for Staying Small, and the Battle Between Open-Weight vs. Closed Models (Glenn Solomon)17 Aug 2026 · 1h 2mGlenn Solomon Notable Capital
About this episode
Glenn Solomon of Notable Capital joins Nick to discuss 3 Multi-Billion-Dollar Exits in 1 Year, Lessons from Airbnb, HashiCorp, Slack, and Square, The VC Case for Staying Small, and the Battle Between Open-Weight vs. Closed Models. In this episode we cover: Identifying Unique Investment Opportunities The Impact of…
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1022
Investor Stories 488: Losing Conviction, Overpaying for Discounts, and Selling Too Early, Lessons from Volition, Acadian, and Interplay (Cheng, Black, Peter Davis)13 Aug 2026 · 7 minPeter Davis Volition Capital Larry Cheng
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw Corp Mark Peter Davis of Interplay We asked guests to tell the most important lesson they've learned in their career. The host of The Full Ratchet is Nick…
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1021
Investor Stories 487: Legal Battles, Founder Fraud, and High-Stakes Conflict, Lessons from Investors at Acadian Ventures, Interplay Ventures, and OneBrief (Demaree, Black, Peter Davis)6 Aug 2026 · 9 minPeter Davis Acadian Ventures
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Grant Demaree of Onebrief Ben Black of Akkadian Ventures Powerlaw Corp Mark Peter Davis of Interplay We discuss major conflicts that guests have faced and how they resolved them. The host of The Full Ratchet is Nick Moran of…
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1020
514. AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and Building an Internal AI Machine (Mark Peter Davis)3 Aug 2026 · 48 minPeter Davis
About this episode
Mark Peter Davis of Interplay joins Nick to discuss AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and Building an Internal AI Machine. In this episode we cover: AI's Role in Interplay's Operations Investment Strategy and Early Signals Impact of AI on Software and…
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1019
Investor Stories 486: The Traits of Visionary Founders: Ecosystem-Scale Thinking, Data-Driven Truth-Seeking, and Relentless Customer Experience Design (Blank, Demaree, Cheng)30 Jul 2026 · 9 minSteve Blank Volition Capital Larry Cheng
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Steve Blank of the Gordian Knot Center for National Security Innovation Grant Demaree of Onebrief Larry Cheng of Volition Capital We asked guests to discuss the most visionary founder that they've worked with and what makes them so…
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1018
Investor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)23 Jul 2026 · 7 minMaveron Volition Capital Larry Cheng
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Natalie Dillon of Maveron Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw Corp Each investor highlights a situation where they decided not to invest, why they passed, and how it played out. The host of…
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1017
513. Opening Late-Stage Venture to Everyone, Beating 10-Year Lockups, Why Logos Don't Equal Alpha, and Building Power Law as a Public VC Fund (Ben Black)20 Jul 2026 · 44 min
About this episode
Ben Black of Co-founder & MD of Akkadian Ventures and CIO of Powerlaw Corp joins Nick to discuss Opening Late-Stage Venture to Everyone, Beating 10-Year Lockups, Why Logos Don't Equal Alpha, and Building Power Law as a Public VC Fund. In this episode we cover: Details of Power Law's Portfolio and Investment Strategy…
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1016
Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)16 Jul 2026 · 7 minEric Ries Foresite Capital Jim Tananbaum
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Jim Tananbaum of Foresite Capital Eric Ries Author of The Lean Startup Grant Demaree of Onebrief We asked guests to tell the most important lesson they've learned in their career. The host of The Full Ratchet is Nick Moran of…
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1015
Investor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng)9 Jul 2026 · 7 minLarry Cheng Eric Ries Andreessen Horowitz David Ulevitch
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: David Ulevitch of Andreessen Horowitz Eric Ries author of "The Lean Startup" Larry Cheng of Volition Capital We asked guests to share the best question they've ever been asked by an allocator. The host of The Full Ratchet is Nick…
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1014
512. Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member (Larry Cheng)6 Jul 2026 · 42 minLarry Cheng Volition Capital
About this episode
Larry Cheng of Volition Capital joins Nick to discuss Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member. In this episode we cover: E-commerce and AI-Driven Era GameStop's Transformative Moves SpaceX's Market Cap and Future Value AI and Software…
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1013
Investor Stories 482: Key Advice from a Top Investor and Two Unicorn Founders: Why Companies Pick Investors, Authentic Leadership, and Loving the Game (Austin, Schlacks, Demaree)2 Jul 2026 · 7 minEthan Austin
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Ethan Austin of Outside VC Willy Schlacks of EquipmentShare Grant Demaree of Onebrief We asked guests for the most important piece of advice that they'd share with folks early in their venture career. The host of The Full Ratchet…
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1012
Investor Stories 481: Lessons Learned from Centana Growth, a16z, and Emergence: Trusting Management, Spotting Original Thinkers, and Investing Before Revenue (Byunn, Ulevitch, Saper)25 Jun 2026 · 5 minAndreessen Horowitz David Ulevitch Eric Byunn
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Eric Byunn of Centana Growth David Ulevitch of Andreessen Horowitz Jake Saper of Emergence Capital We asked guests to tell the most important lesson they've learned in their career. The host of The Full Ratchet is Nick Moran of…
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1011
511. The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of AI Wargaming (Grant Demaree)22 Jun 2026 · 48 min
About this episode
Grant Demaree of Onebrief joins Nick to discuss The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of AI Wargaming. In this episode we cover: West Point and Army Background's Impact on Founding One Brief Challenges and Insights in Military Planning Co-Founder…
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1010
Investor Stories 480: The Traits of Visionary Founders: Customer Obsession, Self Disruption, and Why Love Can Be a Competitive Advantage (Dillon, Patnam, Ries)18 Jun 2026 · 7 minEric Ries Maveron Natalie Dillon
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Natalie Dillon of Maveron Sandesh Patnam of Premji Invest Eric Ries Author of The Lean Startup We asked guests to discuss the most visionary founder that they've worked with and what makes them so special. The host of The Full…
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1009
Investor Stories 479: Startup Lessons from Steve Blank, Seth Levine, and Ben Orthlieb: Hubris, Influence, and Founder Selection (Orthlieb, Levine, Blank)11 Jun 2026 · 6 minBen Orthlieb Seth Levine Steve Blank
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Ben Orthlieb of Blue Moon Seth Levine of Foundry Steve Blank is an Adjunct Professor at Stanford We asked guests to tell the most important lesson they've learned in their career. The host of The Full Ratchet is Nick Moran of…
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1008
510. The Hyper-Scaler CEO Whisperer and Founder of the Lean Startup Movement on Incorruptible Startups, Building to Thrive and Survive, and Creating a Governance Fortress (Eric Ries)8 Jun 2026 · 58 minEric Ries Novo Nordisk
About this episode
Eric Ries of the Lean Startup joins Nick to discuss The Hyper-Scaler CEO Whisperer and Founder of the Lean Startup Movement on Incorruptible Startups, Building to Thrive and Survive, and Creating a Governance Fortress. In this episode we cover: The Concept Behind "Incorruptible" The Story of Saul Price and FedMart…
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1007
Investor Stories 478: Visionary Founder Lessons from Poshmark, Centana, and EquipmentShare: Love, Listening, and Leadership (Chaddha, Byunn, Schlacks)4 Jun 2026 · 7 minEric Byunn Navin Chaddha
About this episode
On this special segment of The Full Ratchet, the following Investors are featured: Navin Chaddha of Mayfield Eric Byunn of Centana Growth Willy Schlacks of EquipmentShare We asked guests to discuss the most visionary founder that they've worked with and what makes them so special. The host of The Full Ratchet is…
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