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

Nick Moran | Angel Investor | Startup Advisor | Venture Capitalist

  • 7 minutes 16 seconds
    Investor Stories 445: Navigating High Stakes Conflicts: Partnership Tension, Capital Inflection Points, and the Risks of Underfunding (Terbell and Clark, Banks, Tananbaum)

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

    • Jon Terbell and Ted Clark of FourBridge Partners
    • Lara Banks of Makena Capital Management
    • Jim Tananbaum of Foresite Capital

    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.

    8 December 2025, 9:00 am
  • 6 minutes 19 seconds
    Investor Stories 444. The Biggest Misses in VC: Passing on Airbnb, Overlooking Skype, and Arriving Hours After Postman Closed (Maples, Okike, Mohapatra)

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

    • Mike Maples Jr. of Floodgate
    • Nnamdi Okike of 645 Ventures
    • Hemant Mohapatra of Lightspeed India

    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.

    4 December 2025, 9:00 am
  • 41 minutes 24 seconds
    497. Investing in Outsiders, Why Extreme Personalities Win, Weighing Timing versus Trends, and Rethinking Liquidity and Option Exercise Windows (Ethan Austin)

    Ethan Austin of Outside VC joins Nick to discuss Investing in Outsiders, Why Extreme Personalities Win, Weighing Timing versus Trends, and Rethinking Liquidity and Option Exercise Windows. In this episode we cover:

    • Lessons from Founding Give Forward
    • Investment Philosophy and Timing
    • Founding Outside VC
    • Characteristics of Strong Investment Candidates
    • Supporting Founders and Building Knowledge
    • Trends in FinTech and Climate
    • Role of a VC and Early Liquidity

    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.

    1 December 2025, 9:00 am
  • 4 minutes 48 seconds
    Investor Stories 443. Why Great Investors Move Slowly, Go Deep, and Surround Themselves with the Right People (Hsieh, Madera, Bussgang)

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

    • Vince Hsieh of Cypress Growth Capital
    • Paul Madera of Meritech Capital
    • Jeff Bussgang of Flybridge 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.

    27 November 2025, 9:00 am
  • 6 minutes 17 seconds
    Investor Stories 442. The Habits of Exceptional Founders, From Recruiting Great Teams to Understanding Customers (Walsh, Niehenke, Hilaly)

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

    • Shamin Walsh of BAM Ventures
    • Alexander Niehenke of Scale Venture Partners
    • Aaref Hilaly of Bain Capital 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.

    24 November 2025, 9:00 am
  • 5 minutes 51 seconds
    Investor Stories 441. How Great Leaders Build Alignment, Set the Bar High, and Learn When to Let Go (Schroepfer, Saxena, Delk)

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

    • Mike Schroepfer of Gigascale Capital
    • Shashank Saxena of Sierra Ventures
    • Ryan Delk of Primer

    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.

    20 November 2025, 9:00 am
  • 37 minutes 42 seconds
    496. How Model Progress Shifts the Goalposts, Why The Death of Software Is Overstated, and How to Diligence Hypergrowth Without Getting Burned (Jacob Effron)

    Jacob Effron of Redpoint joins Nick to discuss How Model Progress Shifts the Goalposts, Why The Death of Software Is Overstated, and How to Diligence Hypergrowth Without Getting Burned. In this episode we cover:

    • Investing in AI and Vertical Applications
    • Model Layer Advancements and Future Milestones
    • Challenges and Opportunities in Agentic AI
    • Investing in Tooling and Middleware
    • Product Market Fit and Defensibility in AI Applications
    • Verticals with Real Product Market Fit
    • The Evolution of AI Investing Metrics
    • Future Trends in AI and Robotics

    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.

    17 November 2025, 9:00 am
  • 5 minutes 56 seconds
    Investor Stories 440. The Questions That Expose True Alignment, How Founders Test Investors, and Why the Hard Ones Matter Most (Wang, Banks, Cohen)

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

    • Casber Wang of Sapphire Ventures
    • Lara Banks of Makena Capital Management
    • David Cohen of Techstars

    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.

    13 November 2025, 9:00 am
  • 6 minutes
    Investor Stories 439. From Angel Bets to Scalable Platforms, The Power of Listening, and Doing the Work Yourself (York, Dash, Madera)

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

    • Kyle York of York IE
    • Somesh Dash of IVP
    • Paul Madera of Meritech 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.

    10 November 2025, 9:00 am
  • 7 minutes 29 seconds
    Investor Stories 438. The Deals That Got Away: LinkedIn, Snowflake, and Zeitview (Jiang, Schuler, Rizik)

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

    • Kevin Jiang of Mangusta Capital
    • Barry Schuler of DFJ Growth Ventures
    • 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.

    6 November 2025, 9:00 am
  • 38 minutes 49 seconds
    495. From CTO to $500M AUM: Entry Point Discipline, Why People Matter at Every Stage, and the AI-Driven Future of Banking (Victor Orlovski)

    Victor Orlovski of R136 Ventures joins Nick to discuss From CTO to $500M AUM: Entry Point Discipline, Why People Matter at Every Stage, and the AI-Driven Future of Banking. In this episode we cover:

    • Exit Strategies and Market Challenges
    • Risks and Opportunities in Late-Stage Investments
    • Banking and FinTech Challenges
    • Future of Financial Markets and AI in Banking
    • Impact of AI on Financial Institutions
    • Role of Founders in the AI Era

    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.

    3 November 2025, 9:00 am
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