The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified

By Nick MoranBusiness Technology Investing

The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified episodes

October 23, 2025Investor Stories 435. Why Complacency Kills Momentum, The Cost of Over-Diligence, and Accepting the Limits of Control (Walsh, Wang, Hudson)
On this special segment of The Full Ratchet, the following Investors are featured:

Shamin Walsh of BAM Ventures

Casber Wang of Sapphire Ventures

Charles Hudson of Precursor Ventures

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
6 min
October 20, 2025494. The Techstars Refresh, Why Bigger Isn't Better, Investing in the Seed-Strapping Era, and Why Quantum May Dwarf Every Tech Shift (David Cohen)
David Cohen of Techstars joins Nick to discuss The Techstars Refresh, Why Bigger Isn't Better, Investing in the Seed-Strapping Era, and Why Quantum May Dwarf Every Tech Shift. In this episode we cover:

Refocusing TechStars

Programs and Deal Structure

Selection Process and Follow-On Investments

Successful Programs and Founder Network

Geographic Distribution and AI-First Companies

Seed Strapping and Capital Efficiency

Vertical Networks and Emerging Technologies

Future of Venture and Trends

Guest Links:

David's LinkedIn

David's X

Techstars' LinkedIn

Techstars' Website

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
32 min
October 16, 2025Investor Stories 434. How LPs Judge Performance, Managing Founder Conflict, and The Blind Spots Investors Must Confront (Schuler, Niehenke, Agarwal)
On this special segment of The Full Ratchet, the following Investors are featured:

Barry Schuler of DFJ Growth Ventures

Alexander Niehenke of Scale Venture Partners

Medha Agarwal of Defy

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
5 min
October 13, 2025Investor Stories 433. The Art of Sensing Greatness, From Analytical to Intuitive Investing, and the Case for Industry Outsiders (Hsieh, Hilaly, Maples)
n this special segment of The Full Ratchet, the following Investors are featured:

Vince Hsieh of Cypress Growth Capital

Aaref Hilaly of Bain Capital Ventures

Mike Maples of Floodgate

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
8 min
October 09, 2025Investor Stories 432. The Pain of Passing: Missed Bets on Uber, DoorDash, and Great Founders Who Proved Them Wrong (Shapiro, York, Dash)
On this special segment of The Full Ratchet, the following Investors are featured:

Craig Shapiro of Collaborative Fund

Kyle York of York IE

Somesh Dash of IVP

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
6 min
October 06, 2025493. From Data Science to Drug Design: How AI Shifts Discovery, Target Validation, and Portfolio Construction (Jim Tananbaum)
Jim Tananbaum of Foresite Capital joins Nick to discuss From Data Science to Drug Design: How AI Shifts Discovery, Target Validation, and Portfolio Construction. In this episode we cover:

Data Science and Investment Approach

Investment Practices and Market Conditions

China's Role in Biotech and Regulatory Considerations

Impact of AI on Biotech and Healthcare

Healthcare Adoption of AI and Preventive Measures

Payers and Insurance Companies' Role

Lessons from Successful Investments

Generating Liquidity in a Sluggish Market

Future of GLP-1 Agonists

Guest Links:

Jim's LinkedIn

Jim's X

Foresite's LinkedIn

Foresite's Website

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
40 min
October 02, 2025Investor Stories 431. Level Heads Build Enduring Companies, The Power of Persistence, and Why Conviction is Everything (Saxena, Delk, Rizik)
On this special segment of The Full Ratchet, the following Investors are featured:

Shashank Saxena of Sierra Ventures

Ryan Delk of Primer

Chris Rizik of Renaissance Venture Capital

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
4 min
September 29, 2025Investor Stories 430. Focus and Execution at Nubank, How Storytelling Wins Customers, and How Creative Partnerships Unlock Growth (Binatti, Madera, Okike)
On this special segment of The Full Ratchet, the following Investors are featured:

Daniela Binatti of Pismo

Paul Madera of Meritech Capital

Nnamdi Okike of 645 Ventures

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
9 min
September 25, 2025Investor Stories 429. Focus and Discipline in Growth, The Dangers of Rules of Thumb, and Fighting Cynicism in Venture (Stevens, Patel, Shapiro)
On this special segment of The Full Ratchet, the following Investors are featured:

Kevin Stevens of Energize Capital

Manish Patel of Nava Ventures

Craig Shapiro of Collaborative Fund

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

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

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

Want to keep up to date with The Full Ratchet? Follow us on social. You can learn more about New Stack Ventures by visiting our LinkedIn and Twitter.
8 min
September 22, 2025492. Prioritizing Monetization: Beautifully Simple Pricing, AI Models for Profitable Growth, and Guardrails for Freemium and Expansion Tiers (Madhavan Ramanujam)
Madhavan Ramanujam of 49 Palms Ventures joins Nick to discuss Prioritizing Monetization: Beautifully Simple Pricing, AI Models for Profitable Growth, and Guardrails for Freemium and Expansion Tiers. In this episode we cover:

Scaling Innovation: A Sequel to Monetizing Innovation

Balancing Value and Price

Enterprise Adoption of Outcome-Based Models

Usage-Based Pricing and Cost Management

Strategic Advice for Different Startup Phases

Implementing Sub-Optimal Pricing Strategies

Nine Strategies to Architect Profitable Growth

Guest Links:

Madhavan's LinkedIn

Madhavan's X

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

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

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

About The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified

From the publisher's feed

The podcast dedicated to demystifying Venture Capital. Nick Moran and Nate Pierotti interview VC's & Startup Founders and on how they build great technology startups.