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

Nick Moran
Venture Capital
Investment Strategies
Tovala
Artificial Intelligence
Entrepreneurship
Fintech
Costco
Startups
Healthcare
Startup Investing
Startup Founders
Investment Philosophy
Investment Advice
Uber
Cloud Computing
Startup Investment
Investing
Investment Strategy
Saas
Cybersecurity

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.

PublishesTwice weeklyEpisodes1021Founded12 years ago
Number of ListenersCategories
InvestingBusinessTechnology

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Artwork for The Full Ratchet

Latest Episodes

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

• Grant Demaree of Onebrief

• Steve Blank of the Gordian Knot Center for National Security Innovation

• Mark Peter Davis of Interplay

We discuss major conflicts... more

Mark Peter Davis of Interplay joins Nick to discuss AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and Building an Internal AI Machine. In this episode we cover:

• AI's Role in Interplay's Opera... more

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

• Steve Blank of the Gordian Knot Center for National Security Innovation

• Grant Demaree of Onebrief

• Larry Cheng of Volition Capital

We asked guests to discu... more

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... more

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Recent Guests

Ben Black
Managing Director at Akkadian Ventures; CIO of Powerlaw Corp; founder of Raise Global
Akkadian Ventures
Episode: Investor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)
Jim Tananbaum
Investor, founder of Foresite Capital
Foresite Capital
Episode: Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
Grant Demaree
CEO and founder of Onebrief
Onebrief
Episode: Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
Eric Ries
Founder of The Long-Term Stock Exchange, author
The Long-Term Stock Exchange
Episode: Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
David Ulevich
GP of Andreessen Horowitz, American Dynamism
Andreessen Horowitz
Episode: Investor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng)
Larry Cheng
Co-founder and managing partner of Volition Capital
Volition Capital
Episode: 512. Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member (Larry Cheng)
Sandesh Patnam
Managing Partner at Premji Invest
Premji Invest
Episode: 509. 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 (Sandesh Patnam)
Ben Ortlieb
Founder/Executive (from Blue Moon)
Blue Moon
Episode: Investor Stories 475: What Makes Founders Exceptional, Navigating Complex Ethical Issues, and Building with Intensity (Ortlieb, Ulevitch, Saper)
David Ulevitch
GP of Andreessen Horowitz, American Dynamism
Andreessen Horowitz
Episode: Investor Stories 475: What Makes Founders Exceptional, Navigating Complex Ethical Issues, and Building with Intensity (Ortlieb, Ulevitch, Saper)

Host

Nick Moran
Host of The Full Ratchet

Reviews

4.9 out of 5 stars from 338 ratings
  • A Must-Listen for Founders and Investors

    The Full Ratchet with Nick Moran delivers insightful conversations with top VCs, founders, and industry leaders. Each episode, like the one with Manish Patel, offers actionable advice on scaling companies, adopting AI, and building products that matter. If you're looking to sharpen your investment or entrepreneurial mindset, this podcast is a goldmine of wisdom. Highly recommend!

    Apple Podcasts
    5
    Anna [SOP]
    United States2 years ago
  • The Show I Needed

    It is difficult to find informative and educational podcasts out there that help founders and investors peak behind the curtain to see what the VC world is like. I highly recommend this show to anyone wanting to learn more about this space.

    Apple Podcasts
    5
    JoeWhite90
    United States2 years ago
  • Super solid podcast

    Informative, check it out for yourself.

    Apple Podcasts
    5
    Keltheceo
    United States2 years ago
  • 10/10!

    Great show, the tips and insights are soooo valuable! I highly recommend!

    Apple Podcasts
    5
    Claribelleee
    Philippines4 years ago
  • The Definitive Podcast about Angel and Venture Investing

    Nick Moran has done a truly remarkable job in creating and producing a consistently interesting and useful series that has become the contemporaneously historical record of the industry. His audience of the world’s leading angels and VCs listen to it religiously to keep up with people, funds and trends in the industry, and I’ve lost count of the number of times that I have followed up with business deals based on guests he has interviewed. If you want to truly know what is happening in the start... more

    Apple Podcasts
    5
    Closet Reader
    United States4 years ago

Listeners Say

Key themes from listener reviews, highlighting what works and what could be improved about the show.

Listeners often describe the host as highly informed, insightful, and capable of extracting practical takeaways from complex VC discussions.
Guests are consistently top-tier investors and founders who provide actionable frameworks and candid reflections.
The show is praised for its production quality, clear questions, and ability to illuminate startup financing and venture dynamics.

Chart Rankings

How this podcast ranks in the Apple Podcasts, Spotify and YouTube charts.

Talking Points

Recent interactions between the hosts and their guests.

Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
Q: What is the biggest mistake or hardest lesson you've learned as an investor, and what's the story behind it?
The interviewees discuss early exits of winners and missed opportunities as their biggest lessons, emphasizing the importance of not selling winners prematurely and the impact of opportunity costs on long-term returns.
513. 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 (Ben Black)
Q: How do ATMs and debt fit into the capital-raising strategy for Powerlaw?
Powerlaw can deploy debt up to a certain ratio and can issue shares via ATMs when trading above NAV; debt and ATM offerings provide non-dilutive or modestly dilutive ways to raise capital, with ATM shares increasing NAV when sold at a premium.
513. 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 (Ben Black)
Q: How does Powerlaw balance logos with underlying NAV growth and what is the investment thesis behind a concentrated portfolio?
The portfolio balances retail demand for recognizable, 'hot' logos with long-term NAV appreciation by selecting a mix of marquee names and durable businesses, aiming for a concentrated portfolio that can generate alpha rather than broad diversification; NAV growth is the primary objective while managing liquidity and visibility for retail investors.
513. 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 (Ben Black)
Q: What is the simplest way possible you can explain what Powerlaw is?
Powerlaw is a publicly listed closed-end fund on the NASDAQ that holds a portfolio of 15 to 20 late-stage private companies, offering daily liquidity, no minimums, and access to late-stage private investments for global investors through a regulated public vehicle.
Investor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng)
Q: How do you balance disagreement and conviction within a partnership?
By cultivating a culture that welcomes dissent and diverse viewpoints while maintaining clear values and processes, so disagreements become a source of strength rather than a headwind.

Audience Metrics

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Frequently Asked Questions About The Full Ratchet

What is The Full Ratchet about and what kind of topics does it cover?

The episodes center on venture capital dynamics, founder traits, and practical startup decision-making, with a strong emphasis on how AI, hardware-software hybrids, and governance impact go-to-market and fundraising. Content often features veteran investors and seasoned founders sharing concrete signals for exceptional leadership, disciplined execution, and durable business models, along with candid discussions about anti-portfolio misses, investor conflicts, and the evolving landscape for AI-native models. A standout pattern is the blend of strategic frameworks (Lean Startup, conviction engines) with real-world anecdotes from high-profile firms and portfolio companies, making it valuable for founders seeking fundraising clarity and investo... more

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Which podcasts are similar to The Full Ratchet?

These podcasts share a similar audience with The Full Ratchet:

1. The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
2. Uncapped with Jack Altman
3. The a16z Show
4. Sourcery
5. Equity

How many episodes of The Full Ratchet are there?

The Full Ratchet launched 12 years ago and published 1021 episodes to date. You can find more information about this podcast including rankings, audience demographics and engagement in our podcast database.

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What guests have appeared on The Full Ratchet?

Recent guests on The Full Ratchet include:

1. Ben Black
2. Jim Tananbaum
3. Grant Demaree
4. Eric Ries
5. David Ulevich
6. Larry Cheng
7. Sandesh Patnam
8. Ben Ortlieb

To view more recent guests and their details, simply upgrade your Rephonic account. You'll also get access to a typical guest profile to help you decide if the show is worth pitching.

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