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

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
• The Governance Fortress and Legal Structures
• The Role of Mission-Driven Companies
• The Case of Novo Nordisk
• Advice for Founders
• The Importance of Mission-Driven Entrepreneurship
• Eric's Approach to Advice

Guest Links:

• Eric's LinkedIn
• Eric's X
• Eric's Newsletter
• Eric's Podcast

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:

• 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 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.

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

• David Ulevitch of Andreessen Horowitz
• Jake Saper of Emergence Capital
• Sandesh Patnam of Premji Invest

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.

Sandesh Patnam of Premji Invest joins Nick to discuss The Downstream Effects of SpaceX, OpenAI, and Anthropic Soaking Up $3T in the Public Market, Who Is Netscape and Who Is Google in the AI Era, and the Impact of Private Credit Redemption Requests on PE and VC. In this episode we cover:

• Themes and Dynamics of the Current AI Shift
• Investment Opportunities and Challenges
• Thesis and Focus at Premji Invest
• Advice for AI Companies and Public Markets
• Impact of Mega IPOs on Private Markets
• Challenges in Private Equity and Private Credit
• Listening as a Secret Weapon

Guest Links:

• Sandesh's LinkedIn
• Sandesh's X
• Premji Invest's LinkedIn
• Premji Invest'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:

• Jon Callaghan of True Ventures
• Willy Schlacks of EquipmentShare
• Natalie Dillon of Maveron

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:

• Ben Orthlieb of Blue Moon
• David Ulevitch of Andreessen Horowitz
• Jake Saper of Emergence Capital

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.

Steve Blank of Adjunct Professor at Stanford joins Nick to discuss Maintaining U.S. Dominance, Navigating Defense Tech, Prime Obsolence, and Why Your Startup is Likely DOA. In this episode we cover:

• Changes in Product Development and MVPs
• Impact of AI on Startup Success and Founder Mindset
• Common Missteps and Digital Twins in Startups
• Disruption and Adoption in Enterprise Software
• Fundraising and Venture Capital in the AI Era
• Defense and National Security Innovation
• Challenges for Traditional Defense Contractors
• The Role of Dual-Use Startups

Guest Links:

• Steve's LinkedIn
• Steve's X
• Gordian Knot Center for National Security Innovation'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:

• Eric Byunn of Centana Growth
• Seth Levine of Foundry
• Natalie Dillon of Maveron

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:

• Jacob Effron of Redpoint
• Ethan Austin of Outside VC
• Arianna Simpson of Andreessen Horowitz

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

Natalie Dillon of Maveron joins Nick to discuss Consumer Retrenchment or Reallocation, AI Impact on GTM and Purchase Decisions, How to Balance Consumer Sentiment vs. Behavior, and Where Smaller Funds Win. In this episode we cover:

• Investing in the Older Adult Category
• Challenges for Smaller Funds in Venture Capital
• Consumer Investing and Market Trends
• Participation as a Product and Consumer Creators
• AI's Impact on Venture and Marketplaces
• Distribution and Go-to-Market Strategies
• Balancing Portfolio Construction and Ownership

Guest Links:

• Natalie's LinkedIn
• Natalie's X
• Maveron's LinkedIn
• Maveron'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.