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

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

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

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

Ben 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
• Challenges and Benefits of Power Law
• Innovation and Evolution in Venture Capital
• Balancing Demand and Supply in Power Law
• Regulatory Compliance and Educational Efforts
• Future of Power Law and Market Positioning

Guest Links:

• Ben's LinkedIn
• Ben's X
• Powerlaw Corp (PWRL)'s LinkedIn
• Powerlaw Corp (PWRL)'s Website
• Akkadian Ventures' Website

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

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

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

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

• 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 New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.

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

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

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

• David 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 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.

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 Industry
• Impact of AI on Jobs and Companies
• Volition Capital's Investment Thesis
• Investor Mindset and Risk Management
• Board Management and Advice for Founders

Guest Links:

• Larry's LinkedIn
• Larry's X
• Volition's LinkedIn
• Volition's Website

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

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

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

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

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

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

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

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

• Eric Byunn of Centana Growth
• 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 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.

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 Relationships and Founder Mode
• Future of One Brief and Defense Tech
• Defense Tech and American Hegemony
• Military Staff of the Future

Guest Links:

• Grant's LinkedIn
• Grant's X
• Onebrief's LinkedIn
• Onebrief's Website

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

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

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

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

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

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

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

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

• Ben Orthlieb of Blue Moon
• 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 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.