# The Full Ratchet: the investor podcast, by episode > The Full Ratchet: Venture capital explained by the people doing it: theses, terms and how early-stage funds work. Source: https://millionrounds.com/podcasts/full-ratchet (Millionrounds; every figure on the page links to its filing or article) 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. Follow on Apple PodcastsBrowse the episodes **1,036** episodes **284** investors heard as guests **26 min** an average episode 88 in the last 12 months ## The regulars Investors named as guests in the most episode titles on The Full Ratchet. [PD *8* **Peter Davis** 8 episodes](https://millionrounds.com/person/peter-davis)[RA *7* **Ramy Adeeb** 1984 Ventures](https://millionrounds.com/person/ramy-adeeb)[SS *5* **Semil Shah** Haystack](https://millionrounds.com/person/semil-shah)[BF *4* **Brad Feld** Foundry Group](https://millionrounds.com/person/brad-feld)[AW *3* **Ann Winblad** Hummer Winblad Venture Partners](https://millionrounds.com/person/ann-winblad)[AF *3* **Ash Fontana** Zetta Venture Partners](https://millionrounds.com/person/ash-fontana)[BO *3* **Ben Orthlieb** 2 Twelve](https://millionrounds.com/person/ben-orthlieb-2)[DB *3* **Dave Berkus** Berkus Tech Ventures, LLC](https://millionrounds.com/person/dave-berkus)[EP *3* **Eric Paley** Founder Collective](https://millionrounds.com/person/eric-paley)[GW *3* **Gabriel Weinberg** 3 episodes](https://millionrounds.com/person/gabriel-weinberg)[JT *3* **Jim Tananbaum** Foresite Capital](https://millionrounds.com/person/jim-tananbaum)[JG *3* **John Gannon** Sunbridge Partners](https://millionrounds.com/person/john-gannon) ## 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 min [Founder Collective](https://millionrounds.com/fund/founder-collective)[XYZ Venture Capital](https://millionrounds.com/fund/xyz-venture-capital)[Micah Rosenbloom](https://millionrounds.com/person/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.… ▶Show page - 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 min [Micah Rosenbloom](https://millionrounds.com/person/micah-rosenbloom)[Founder Collective](https://millionrounds.com/fund/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… ▶Show page - 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 min [Fika Ventures](https://millionrounds.com/fund/fika-ventures)[Notable Capital](https://millionrounds.com/fund/notable-capital)[Glenn Solomon](https://millionrounds.com/person/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… ▶Show page - 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 min [Fika Ventures](https://millionrounds.com/fund/fika-ventures)[XYZ Venture Capital](https://millionrounds.com/fund/xyz-venture-capital)[John Chen](https://millionrounds.com/person/john-chen-3) 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… ▶Show page - 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 min [Ross Fubini](https://millionrounds.com/person/ross-fubini)[Google](https://millionrounds.com/fund/google-assistant-investments)[XYZ Venture Capital](https://millionrounds.com/fund/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… ▶Show page - 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 min [Fika Ventures](https://millionrounds.com/fund/fika-ventures)[Notable Capital](https://millionrounds.com/fund/notable-capital)[Glenn Solomon](https://millionrounds.com/person/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… ▶Show page - 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 min [Fika Ventures](https://millionrounds.com/fund/fika-ventures)[Notable Capital](https://millionrounds.com/fund/notable-capital)[Volition Capital](https://millionrounds.com/fund/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… ▶Show page - 1029 **517. Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round? (John Chen)** 14 Sept 2026 · 48 min [John Chen](https://millionrounds.com/person/john-chen-3)[Fika Ventures](https://millionrounds.com/fund/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… ▶Show page - 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 min [Glenn Solomon](https://millionrounds.com/person/glenn-solomon)[Notable Capital](https://millionrounds.com/fund/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… ▶Show page - 1027 **Investor Stories 491: What Visionary Leaders at Jackpocket, Vercel, and Microsoft Do Differently(Peter Davis, Solomon, Vaidya)** 3 Sept 2026 · 6 min [Peter Davis](https://millionrounds.com/person/peter-davis)[Notable Capital](https://millionrounds.com/fund/notable-capital)[Glenn Solomon](https://millionrounds.com/person/glenn-solomon)[Vivek Vaidya](https://millionrounds.com/person/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… ▶Show page - 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 min [Vivek Vaidya](https://millionrounds.com/person/vivek-vaidya)[First In](https://millionrounds.com/fund/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… ▶Show page - 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 min [Peter Davis](https://millionrounds.com/person/peter-davis)[Acadian Ventures](https://millionrounds.com/fund/acadian-ventures)[Volition Capital](https://millionrounds.com/fund/volition-capital)[Larry Cheng](https://millionrounds.com/person/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… ▶Show page - 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 min [Peter Davis](https://millionrounds.com/person/peter-davis)[Notable Capital](https://millionrounds.com/fund/notable-capital)[Glenn Solomon](https://millionrounds.com/person/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… ▶Show page - 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 2m [Glenn Solomon](https://millionrounds.com/person/glenn-solomon)[Notable Capital](https://millionrounds.com/fund/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… ▶Show page - 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 min [Peter Davis](https://millionrounds.com/person/peter-davis)[Volition Capital](https://millionrounds.com/fund/volition-capital)[Larry Cheng](https://millionrounds.com/person/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… ▶Show page - 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 min [Peter Davis](https://millionrounds.com/person/peter-davis)[Acadian Ventures](https://millionrounds.com/fund/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… ▶Show page - 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 min [Peter Davis](https://millionrounds.com/person/peter-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… ▶Show page - 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 min [Steve Blank](https://millionrounds.com/fund/steve-blank)[Volition Capital](https://millionrounds.com/fund/volition-capital)[Larry Cheng](https://millionrounds.com/person/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… ▶Show page - 1018 **Investor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)** 23 Jul 2026 · 7 min [Maveron](https://millionrounds.com/fund/maveron)[Volition Capital](https://millionrounds.com/fund/volition-capital)[Larry Cheng](https://millionrounds.com/person/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… ▶Show page - 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… ▶Show page - 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 min [Eric Ries](https://millionrounds.com/fund/eric-ries)[Foresite Capital](https://millionrounds.com/fund/forsite-capital)[Jim Tananbaum](https://millionrounds.com/person/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… ▶Show page - 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 min [Larry Cheng](https://millionrounds.com/person/larry-cheng)[Eric Ries](https://millionrounds.com/fund/eric-ries)[Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)[David Ulevitch](https://millionrounds.com/fund/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… ▶Show page - 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 min [Larry Cheng](https://millionrounds.com/person/larry-cheng)[Volition Capital](https://millionrounds.com/fund/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… ▶Show page - 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 min [Ethan Austin](https://millionrounds.com/person/ethan-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… ▶Show page - 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 min [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)[David Ulevitch](https://millionrounds.com/fund/david-ulevitch)[Eric Byunn](https://millionrounds.com/person/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… ▶Show page - 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… ▶Show page - 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 min [Eric Ries](https://millionrounds.com/fund/eric-ries)[Maveron](https://millionrounds.com/fund/maveron)[Natalie Dillon](https://millionrounds.com/person/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… ▶Show page - 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 min [Ben Orthlieb](https://millionrounds.com/person/ben-orthlieb-2)[Seth Levine](https://millionrounds.com/person/seth-levine)[Steve Blank](https://millionrounds.com/fund/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… ▶Show page - 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 min [Eric Ries](https://millionrounds.com/fund/eric-ries)[Novo Nordisk](https://millionrounds.com/fund/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… ▶Show page - 1007 **Investor Stories 478: Visionary Founder Lessons from Poshmark, Centana, and EquipmentShare: Love, Listening, and Leadership (Chaddha, Byunn, Schlacks)** 4 Jun 2026 · 7 min [Eric Byunn](https://millionrounds.com/person/eric-byunn)[Navin Chaddha](https://millionrounds.com/person/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… ▶Show page ## Who the show talks about Firms named in its episodes, and people named in descriptions: talked about, rather than on the show. [**Google** *18*](https://millionrounds.com/fund/google-assistant-investments)[**Andreessen Horowitz** *14*](https://millionrounds.com/fund/andreessen-horowitz)[B **Bradley Tusk** *11*](https://millionrounds.com/person/bradley-tusk)[D **David Cohen** *11*](https://millionrounds.com/fund/david-cohen)[M **Mark Suster** *11*](https://millionrounds.com/fund/mark-suster)[**Techstars** *11*](https://millionrounds.com/fund/techstars)[J **Jason Calacanis** *10*](https://millionrounds.com/fund/jason-calacanis)[S **Somesh Dash** *10*](https://millionrounds.com/person/somesh-dash)[**Steve Blank** *10*](https://millionrounds.com/fund/steve-blank)[L **Leo Polovets** *9*](https://millionrounds.com/fund/leo-polovets)[**Redpoint** *9*](https://millionrounds.com/fund/redpoint)[A **Adrian Aoun** *8*](https://millionrounds.com/fund/adrian-aoun) ## More shows like this - [**The Twenty Minute VC** Harry Stebbings 1,526 episodes](https://millionrounds.com/podcasts/20vc) - [**Invest Like the Best** Patrick O'Shaughnessy 602 episodes](https://millionrounds.com/podcasts/invest-like-the-best) - [**No Priors** Sarah Guo and Elad Gil 185 episodes](https://millionrounds.com/podcasts/no-priors) - [**BG2Pod** Brad Gerstner and Bill Gurley 45 episodes](https://millionrounds.com/podcasts/bg2pod)