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

Nick Moran | Angel Investor | Startup Advisor | Venture Capitalist

  • 5 minutes 51 seconds
    Investor Stories 470: Passing on Uber, Perplexity, and Fintech's Breakout Winners — The Stories Behind the Misses (Orthlieb, Callaghan, Byunn)

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

    • Ben Orthlieb of Blue Moon
    • Jon Callaghan of True Ventures
    • Eric Byunn of Centana Growth

    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.

    9 April 2026, 8:00 am
  • 9 minutes 16 seconds
    Investor Stories 469: What Visionary Leaders at Pixxel, eToro, and Founders Fund Do Differently (Mohapatra, Banks, Orlovski)

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

    • Hemant Mohapatra of Lightspeed India
    • Lara Banks of Makena Capital Management
    • Victor Orlovski of R136 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.

    2 April 2026, 8:00 am
  • 49 minutes 19 seconds
    505. The Ins and Outs of EquipmentShare's $6B IPO, The Construction Job Site in 10 Years, Where AI Thrives and Struggles to Solve Complex Problems, and Roll Ups in the VC Space (Willy Schlacks)

    Willy Schlacks of EquipmentShare joins Nick to discuss The Ins and Outs of EquipmentShare's $6B IPO, The Construction Job Site in 10 Years, Where AI Thrives and Struggles to Solve Complex Problems, and Roll Ups in the VC Space. In this episode we cover:

    • The IPO Process and Preparation
    • Differences Between Public and Private Market Investors
    • Stock Performance and Direct Listing Considerations
    • Advice for Early-Stage Founders
    • Investing in Personal Growth
    • The Role of AI and Data in Construction
    • Future of the Job Site
    • Managing Fear and Creativity

    Guest Links:

    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

    30 March 2026, 8:00 am
  • 10 minutes 41 seconds
    Investor Stories 468: Selling Too Early, LP Pressure, and Investor Tension — Lessons from Investors at Foundry Group, Centana Growth, and Andreessen Horowitz (Levine, Byunn, Ulevitch)

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

    • Seth Levine of Foundry
    • Eric Byunn of Centana Growth
    • David Ulevitch of Andreessen Horowitz

    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 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.

    26 March 2026, 8:00 am
  • 5 minutes 12 seconds
    Investor Stories 467: Investors from Techstars, Redpoint, and Andreessen Horowitz on Strategy, Writing, and Building an Edge in Venture (Cohen, Effron, Simpson)

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

    • David Cohen of Techstars
    • Jacob Effron of Redpoint
    • Arianna Simpson of Andreessen Horowitz

    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.

    23 March 2026, 8:00 am
  • 5 minutes 27 seconds
    Investor Stories 466: Jim Tananbaum, Eric Byunn, and Ben Orthlieb on the Questions LPs Should Be Asking (Tananbaum, Orthlieb, Byunn)

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

    • Jim Tananbaum of Foresite Capital
    • Ben Orthlieb of Blue Moon
    • Eric Byunn of Centana Growth

    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.

    19 March 2026, 8:00 am
  • 44 minutes 36 seconds
    504. American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production Components, Manufacturing Sovereignty, and Why Space Dominance is Critical (David Ulevitch)

    David Ulevitch of Andreessen Horowitz joins Nick to discuss American Dynamism: The Future of U.S. Industrials, Backing Companies with Major Production Components, Manufacturing Sovereignty, and Why Space Dominance is Critical. In this episode we cover:

    • Challenges in Venture Capital and Investment Philosophy
    • Handling Startups and Market Pivots
    • Navigating Dual-Use Startups
    • Government Sales and Market Education
    • Long-Term Revenue and Production Challenges
    • American Dynamism Practice and Investment Thesis
    • Supply Chain and Vertical Integration
    • Policy Advocacy and Government Affairs
    • Future of American Dynamism and Energy Investments

    Guest Links:

    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.

    16 March 2026, 8:00 am
  • 6 minutes 42 seconds
    Investor Stories 465: Pricing Too Late, Selling Too Early, Investing Too Fast — Hard Lessons from Top VCs (Ramanujam, Cohen, Orlovski)

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

    • Madhavan Ramanujam of 49 Palms Ventures
    • David Cohen of Techstars
    • Victor Orlovski of R136 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.

    12 March 2026, 8:00 am
  • 6 minutes 52 seconds
    Investor Stories 464: Anti Portfolio Confessions: Missing Twilio, Zoom, DocuSign, MongoDB, and Solana (Austin, Simpson, Chaddha)

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

    • Ethan Austin of Outside VC
    • Arianna Simpson of Andreessen Horowitz
    • Navin Chaddha of Mayfield

    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.

    9 March 2026, 8:00 am
  • 8 minutes 24 seconds
    Investor Stories 463: Selling Transformation Not Software, Managing Through Activists and Mergers, and Scaling Culture with Intent (Agarwal, Tananbaum, Cohen)

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

    • Medha Agarwal of Defy
    • Jim Tananbaum of Foresite Capital
    • David Cohen of Techstars

    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.

    5 March 2026, 9:00 am
  • 35 minutes 38 seconds
    503. The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age (Eric Byunn)

    Eric Byunn of Centana Growth joins Nick to discuss The Future of Fintech, If VC Growth Has Become a New Asset Class, and the Case For and Against Vertical Integration in the AI Age. In this episode we cover:

    • Due Diligence and Value Creation
    • Investment in Jumio and Identity Verification
    • Growth Expectations and Market Realities
    • Lessons from Netscape and Industry Evolution
    • Investor Responsiveness and Connectivity

    Guest Links:

    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.

    2 March 2026, 9:00 am
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