The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Podcast Transcripts
Nick Moran · 1,025 episodes with transcripts
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.
Spoken has transcripts of 1,025 The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified episodes, with the speakers named. The newest listed here is from October 1, 2026.
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Latest The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified transcripts
Investor Stories 495: Perseverance at Roofstock, Speed at Zero, Discovery at Anduril — Why These Founders Stand Out (Black, Chen, Fubini and Patel)
October 1, 2026
Nick Moran (0:00)
This episode is brought to you by Ramp, the spend management platform we use here at TFR. They're offering listeners $150 just to take a demo. We've never had an offer quite like this. Claim your $150 before this offer is gone at our partner link, ramp.com/partners/tfr.
Now on to the episode.
SPEAKER_2 (0:24)
Welcome to the podcast about Venture Capital, where investors and founders alike can learn how VCs make decisions and reach conviction. Your host is Nick Moran and this is The Full Ratchet.
Nick Moran (0:40)
Welcome back to TFR. On today's special segment, we asked guests to discuss the most visionary founder that they've worked with and what makes them so special. Here's the segment called Visionary Founders.
On today's special segment, we have Ben Black, Managing Director of Akkadian Ventures, CIO of PowerLaw Corp and Founder of Raise Global. Ben, tell us a story about an exceptional founder you've worked with and the specific thing they do that's unique.
- Investor Stories 495: Perseverance at Roofstock, Speed at Zero, Discovery at Anduril — Why These Founders Stand Out (Black, Chen, Fubini and Patel)
- 518. The Power of Founder Mafias, Why Venture is Bifurcating, and Lessons from Good Strategy, Bad Strategy (Ross Fubini and Manish Patel)
- Investor Stories 494: Passing on Outliers, Misjudging Founder Quality, and Holding Too Tightly — Lessons from Notable, Superset, and Fika (Solomon, Vaidya, Chen)
- Investor Stories 493: Founder CEO Removal, Acquisition Pressure, and Co-Founder Conflict — Lessons from Investors at Volition, Notable, and Fika (Cheng, Solomon, Chen)
- 517. Fear and Greed in AI, The Rise of Kingmakers, and Is Seed the Sucker Round? (John Chen)
- Investor Stories 492: Best Questions from Grant Emery, Ben Black, and Glenn Solomon: Market Truths, Enduring Value, and Founder Conviction (Demaree, Black, Solomon)
- 514. AI's Effect on the Demand Curve, Investing in Durable Barriers, Large Cap vs. Small Cap Seed Deals, and Building an Internal AI Machine (Mark Peter Davis)
- Investor Stories 485: Inside VC Anti-Portfolios: Missing Whatnot, Facebook & MongoDB (Dillon, Cheng, Black)
- 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)
- Investor Stories 484: Why Selling Too Early Hurts Returns, The Leadership Power of Sleep, and The Costliest Investment Mistakes (Tananbaum, Ries, Demaree)
- Investor Stories 483: Best LP Questions from David Ulevich, Eric Ries, and Larry Cheng: Mission, Partnership Culture, and Enduring Institutions (Ulevitch, Ries, Cheng)
- 512. Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member (Larry Cheng)
- Investor Stories 482: Key Advice from a Top Investor and Two Unicorn Founders: Why Companies Pick Investors, Authentic Leadership, and Loving the Game (Austin, Schlacks, Demaree)
- Investor Stories 481: Lessons Learned from Centana Growth, a16z, and Emergence: Trusting Management, Spotting Original Thinkers, and Investing Before Revenue (Byunn, Ulevitch, Saper)
- 511. The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of AI Wargaming (Grant Demaree)
- Investor Stories 480: The Traits of Visionary Founders: Customer Obsession, Self Disruption, and Why Love Can Be a Competitive Advantage (Dillon, Patnam, Ries)
- Investor Stories 479: Startup Lessons from Steve Blank, Seth Levine, and Ben Orthlieb: Hubris, Influence, and Founder Selection (Orthlieb, Levine, Blank)
- Investor Stories 471: Missing Great AI Bets, Losing Conviction, and Overweighting Founders — Lessons from Redpoint, a16z, and Outside VC (Effron, Austin, Simpson)
- Investor Stories 470: Passing on Uber, Perplexity, and Fintech's Breakout Winners — The Stories Behind the Misses (Orthlieb, Callaghan, Byunn)
- Investor Stories 464: Anti Portfolio Confessions: Missing Twilio, Zoom, DocuSign, MongoDB, and Solana (Austin, Simpson, Chaddha)
- Investor Stories 455: Lessons Learned: Building Investment Criteria, Missing HubSpot, and Staying True to Your Model (Madera, Agarwal, Bussgang)
- 499. A 17 Time Midas Lister on Greatness, the $6T AI Teammate Market, Why AI Sovereignty Is Critical, and Who Wins the Battle Between Incumbents and Startups (Navin Chaddha)
- Investor Stories 444. The Biggest Misses in VC: Passing on Airbnb, Overlooking Skype, and Arriving Hours After Postman Closed (Maples, Okike, Mohapatra)
- Investor Stories 432. The Pain of Passing: Missed Bets on Uber, DoorDash, and Great Founders Who Proved Them Wrong (Shapiro, York, Dash)
- 490. Why Foundry Isn't Raising a New Fund, Lessons from Hibernation, and the Benefits and Drawbacks of a Give First Philosophy (Brad Feld)
- 393. The $40T Opportunity Investing in Physical Industries, The Framework for Investing in Hardware, and Lessons Learned from Industry Legend, Pierre Lamond (Lior Susan)
- Key Drivers in Cloud and Security, Wiz's Unconventional GTM Decision, Insights on Earnings Predictability, and Lessons from Datadog, Discord, Slack and Coalition (Shardul Shah)
- 306. Selection at Day 0, Investing in Immigrants, and Navigating Founder-Problem Fit (Manan Mehta)
- 283. The Future of Cloud, Business Model Transitions from Subscription to Consumption, and The Shift from Technology-first to End-User Value (Dharmesh Thakker)
- 259. Developer Tools, The Surge of European Tech, and Why Founder Needs Differ Across Regions (Reid Christian)
- 223. Crisis Coverage w/ Byron Deeter - Why This is the Seminal Moment for Cloud and Lessons from 19 Unicorn Investments
- 205. Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC (Jason Calacanis)
- 139. How to Angel Invest like the Best, Part 2 (Jason Calacanis)
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