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The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans

Nick Moran

22
Followers
91
Plays
The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans

The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans

Nick Moran

22
Followers
91
Plays
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About Us

A podcast dedicated to demystifying Venture Capital. Nick Moran interviews the VC and Angel investor experts on how they find, evaluate and select the next generation of great technology startups.

Latest Episodes

Investor Stories 163: Strange & Unusual (Warner, Adeeb, Gallagher, Carolan)

On this special segment of The Full Ratchet, the following Investors are featured: Check Warner Ramy Adeeb Patrick Gallagher Shawn Carolan Each investor describes the most unusual situation or pitch that they've encountered as an investor.

10 min2 d ago
Comments
Investor Stories 163: Strange & Unusual (Warner, Adeeb, Gallagher, Carolan)

253. The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe (Eric Collins)

Eric Collins of Impact X Capital joins Nick to discuss The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe. In this episode, we cover: Walk us through your background and path to VC What's the thesis at Impact X? As a black CEO and fund manager, in what ways do you think your experience fundraising was different than your white, male peers at other firms? How do you approach sourcing? What's unique about the way you've built your network vs. other firms? Less than 1% of venture funding goes to black-led and we've heard the tired line that "not enough companies are founded by underrepresented founders and black founders"... Are you concerned that you'll have fewer deals or less pipeline? What's the right number of deals per year where you feel like you're seeing a sufficient amount? I've heard about the "deep analysis" you do and how that creates the edge. Can you describe what this entails? Do the issues run deeper in the LP community than even the GP community? Are the return expectations different for your LPs vs. a non-Impact fund? A lot of the impact you are creating is long-term in nature. What are the leading indicators of success for your fund? How do you set objectives and measures to know if you're winning/exceeding the plan? In response to the pandemic, the gov't created a number of programs to help fast-growth companies. What was the impact on your underrepresented pipeline and portfolio? Black Lives Matter has been the center of attention here in the states. What's the status of the movement in the UK and how has it impacted your efforts at Impact X?

49 min5 d ago
Comments
253. The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe (Eric Collins)

Investor Stories 162: Lessons Learned (Kerby, Hester, Napier, Blank)

On this special segment of The Full Ratchet, the following Investors are featured: Richard Kerby Jaclyn Hester Lanham Napier Steve Blank Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.

15 min1 w ago
Comments
Investor Stories 162: Lessons Learned (Kerby, Hester, Napier, Blank)

252. Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth (Erik Torenberg)

Erik Torenberg of Village Global joins Nick to discuss Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth. In this episode, we cover: Walk us through your background and path to VC What were the biggest lessons learned from Product Hunt that you took to investing? Recently had Ben Casnocha on... anything specific you'd like to add about the thesis behind Village Global? How do you think about working with experienced vs non-experienced angels? How do you think about portfolio construction for VG? Fast forward... some angels have strong early signals of success, others don't -- do you cull the herd or amplify those that are good pickers? Considering this, why do you think so many VCs have concentrated portfolios? How do you think about follow on investing? What is the role of a pre-seed firm? If there's a weakness in the Village model... what is it? Part of your model is to increase the amount of...

52 min1 w ago
Comments
252. Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth (Erik Torenberg)

Investor Stories 161: What's Next (Hsu, Vrionis, Vassallo, Hsieh)

On this special segment of The Full Ratchet, the following Investors are featured: Jonathan Hsu John Vrionis Trae Vassallo Kane Hsieh Each investor discusses sectors, drivers, and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.

10 min2 w ago
Comments
Investor Stories 161: What's Next (Hsu, Vrionis, Vassallo, Hsieh)

251. Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk (Farooq Abbasi)

Farooq Abbasi of Preface Ventures joins Nick to discuss Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk. In this episode, we cover: Walk us through your background and path to VC Why did you launch Preface? What's the thesis at Preface? How do you define enterprise/infrastructure frontier enterprise? What's most different about your approach? Are the businesses you fund created and ideated by the founders or is it a collaboration between you and the founders or do you take concepts and bring them to future founders? What's your approach to sourcing? Because your model is different and the founder profile is a bit different than most... in what unique ways do you provide value post-investment? You're a solo-capitalist... How do you evaluate yourself and keep some checks/balances on your decisions? Did you put together an LPAC -- if so how big is the group, how often do you meet and when/where do they help? Are you actively investing in open-source startups? What are your thoughts on the Bifurcation in the VC industry... capital underwriting of R&D risk vs. S&M risk? What are your thoughts on biases in founder selection, data-driven predictors of founder success? What's been the greatest challenge in your VC career and how have you overcome it? You’re passionate about Diversity, having founded Diversity.vc in 2016. How are you practicing a more inclusive style of venture capital? Three data points... hypothetical investment scenario

43 min2 w ago
Comments
251. Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk (Farooq Abbasi)

Investor Stories 160: Why I Passed (Bechtel, Koh, Dash, Fluhr)

On this special segment of The Full Ratchet, the following Investors are featured: Darren Bechtel Melody Koh Somesh Dash Jeff Fluhr Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

11 min3 w ago
Comments
Investor Stories 160: Why I Passed (Bechtel, Koh, Dash, Fluhr)

250. Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind (Ty Findley)

Ty Findley of Ironspring joins Nick to discuss Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind. In this episode, we cover: Walk us through your background and path to VC? Why the decision to leave Pritzker and become an MP at Ironspring? What's the thesis at Ironspring? Lots' of new firms and new funds being launched… How is Ironspring different? You're a "sector-focused" fund… why do you think specialized funds will outperform their generalist counterparts? We work in an asset class that often promotes bliztscaling, exponential growth and often spending ahead of progress… how do you rationalize the expectations of startups in our industry with the much slower pace that many legacy and heavy industrial industries… that your startups are serving… are going to move at? Glacial pace has benefits… long-term durability of cash flows, customer retention, pricing power… the moat Do you think product-led growth can work in these sectors? Talk about the difference between "occupations" vs. "activities" and why this is especially relevant in industrials amidst the pandemic? How do you think your style as an investor differs most from others (ie. discussion of decision making process/thinking in bets… focus on the decision not the outcome) How would you describe your system for investment decision making? 4-part framework of the “Day in the life of a VC fund manager”? Must-haves for an investment? Aligned with your recent collaboration on the article, "Evaluating the Successful Industrial Technology Exits", you've talked about startups in industrial tech "beginning with the end in mind"… why is this important? Rumor has it you're starting a podcast -- lots of new podcasts these days, why will your's standout and what's the objective?

41 min3 w ago
Comments
250. Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind (Ty Findley)

Investor Stories 159: Post Mortems (Ingersoll, Douglass, Siegler, Currier)

On this special segment of The Full Ratchet, the following Investors are featured: Minnie Ingersoll Jim Douglass M.G. Siegler James Currier Each investor discusses a portfolio company that did not survive and why it was that they failed.

11 minSEP 24
Comments
Investor Stories 159: Post Mortems (Ingersoll, Douglass, Siegler, Currier)

249. Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs (Lo Toney)

Lo Toney of Plexo Capital joins Nick to discuss Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs. In this episode, we cover: Walk us through your background and path to VC? Why are Product Management skills similar to the skills required for VC? What's the thesis at Plexo Capital? Do you think a thesis on investing in underrepresented founders will produce superior returns? What do you say to pundits that claim you've restricted your options and will have far fewer managers to choose from... which will adversely impact returns? On a percentage basis... will there be more outsided outcomes from diverse founders (or managers) vs. those that are not diverse? How are you innovating on the LP side? We talked about some of the challenges of raising funds... are there ways that you work with and help emerging managers raising a first-time fund? Not just about performance... especially early on. What are the common success traits you see in GPs? What's your position on investing in the management company or even the GP itself? Where do you see the market for secondaries evolving? I'd like to talk about the exit market a bit... What are your thoughts on companies listing direct? How about the explosion of SPACs -- net positive or negative for venture? Any unintended consequences that founders (or investors) need to watch out for? Zoom is now worth more than Uber, Airbnb, and Stripe combined... Are the three companies undervalued or is Zoom overvalued... or is the pricing about right? Amazing to see companies like Paypal and Square have surpassed Goldman in market cap "3 Data Points"... You’re approached by a first-time fund manager. The fund manager did not work for a large, brand-name venture firm before and she has never had an institutional investor. She has been actively investing for 3+ years. She plans to raise $20M to invest in 30 seed-stage companies w/ no reserves. The catch is you can only ask 3 questions (for 3 additional data points) to make your decision. What 3 questions do you ask?

66 minSEP 21
Comments
249. Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs (Lo Toney)

Latest Episodes

Investor Stories 163: Strange & Unusual (Warner, Adeeb, Gallagher, Carolan)

On this special segment of The Full Ratchet, the following Investors are featured: Check Warner Ramy Adeeb Patrick Gallagher Shawn Carolan Each investor describes the most unusual situation or pitch that they've encountered as an investor.

10 min2 d ago
Comments
Investor Stories 163: Strange & Unusual (Warner, Adeeb, Gallagher, Carolan)

253. The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe (Eric Collins)

Eric Collins of Impact X Capital joins Nick to discuss The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe. In this episode, we cover: Walk us through your background and path to VC What's the thesis at Impact X? As a black CEO and fund manager, in what ways do you think your experience fundraising was different than your white, male peers at other firms? How do you approach sourcing? What's unique about the way you've built your network vs. other firms? Less than 1% of venture funding goes to black-led and we've heard the tired line that "not enough companies are founded by underrepresented founders and black founders"... Are you concerned that you'll have fewer deals or less pipeline? What's the right number of deals per year where you feel like you're seeing a sufficient amount? I've heard about the "deep analysis" you do and how that creates the edge. Can you describe what this entails? Do the issues run deeper in the LP community than even the GP community? Are the return expectations different for your LPs vs. a non-Impact fund? A lot of the impact you are creating is long-term in nature. What are the leading indicators of success for your fund? How do you set objectives and measures to know if you're winning/exceeding the plan? In response to the pandemic, the gov't created a number of programs to help fast-growth companies. What was the impact on your underrepresented pipeline and portfolio? Black Lives Matter has been the center of attention here in the states. What's the status of the movement in the UK and how has it impacted your efforts at Impact X?

49 min5 d ago
Comments
253. The Changing "Search Image" of Founders, Lack of Diversity = Missed Opportunity, and COVID Effects on the BLM Movement in Europe (Eric Collins)

Investor Stories 162: Lessons Learned (Kerby, Hester, Napier, Blank)

On this special segment of The Full Ratchet, the following Investors are featured: Richard Kerby Jaclyn Hester Lanham Napier Steve Blank Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.

15 min1 w ago
Comments
Investor Stories 162: Lessons Learned (Kerby, Hester, Napier, Blank)

252. Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth (Erik Torenberg)

Erik Torenberg of Village Global joins Nick to discuss Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth. In this episode, we cover: Walk us through your background and path to VC What were the biggest lessons learned from Product Hunt that you took to investing? Recently had Ben Casnocha on... anything specific you'd like to add about the thesis behind Village Global? How do you think about working with experienced vs non-experienced angels? How do you think about portfolio construction for VG? Fast forward... some angels have strong early signals of success, others don't -- do you cull the herd or amplify those that are good pickers? Considering this, why do you think so many VCs have concentrated portfolios? How do you think about follow on investing? What is the role of a pre-seed firm? If there's a weakness in the Village model... what is it? Part of your model is to increase the amount of...

52 min1 w ago
Comments
252. Decentralization of VC, Why Your Fund Size is Your Strategy, and Why Startup Formation is the Most Important Contributor to Economic Growth (Erik Torenberg)

Investor Stories 161: What's Next (Hsu, Vrionis, Vassallo, Hsieh)

On this special segment of The Full Ratchet, the following Investors are featured: Jonathan Hsu John Vrionis Trae Vassallo Kane Hsieh Each investor discusses sectors, drivers, and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.

10 min2 w ago
Comments
Investor Stories 161: What's Next (Hsu, Vrionis, Vassallo, Hsieh)

251. Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk (Farooq Abbasi)

Farooq Abbasi of Preface Ventures joins Nick to discuss Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk. In this episode, we cover: Walk us through your background and path to VC Why did you launch Preface? What's the thesis at Preface? How do you define enterprise/infrastructure frontier enterprise? What's most different about your approach? Are the businesses you fund created and ideated by the founders or is it a collaboration between you and the founders or do you take concepts and bring them to future founders? What's your approach to sourcing? Because your model is different and the founder profile is a bit different than most... in what unique ways do you provide value post-investment? You're a solo-capitalist... How do you evaluate yourself and keep some checks/balances on your decisions? Did you put together an LPAC -- if so how big is the group, how often do you meet and when/where do they help? Are you actively investing in open-source startups? What are your thoughts on the Bifurcation in the VC industry... capital underwriting of R&D risk vs. S&M risk? What are your thoughts on biases in founder selection, data-driven predictors of founder success? What's been the greatest challenge in your VC career and how have you overcome it? You’re passionate about Diversity, having founded Diversity.vc in 2016. How are you practicing a more inclusive style of venture capital? Three data points... hypothetical investment scenario

43 min2 w ago
Comments
251. Funding the Misunderstood Technical Founder, Self Evaluation as a Solo Capitalist, and Capital to Underwrite R&D risk vs. S&M risk (Farooq Abbasi)

Investor Stories 160: Why I Passed (Bechtel, Koh, Dash, Fluhr)

On this special segment of The Full Ratchet, the following Investors are featured: Darren Bechtel Melody Koh Somesh Dash Jeff Fluhr Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

11 min3 w ago
Comments
Investor Stories 160: Why I Passed (Bechtel, Koh, Dash, Fluhr)

250. Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind (Ty Findley)

Ty Findley of Ironspring joins Nick to discuss Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind. In this episode, we cover: Walk us through your background and path to VC? Why the decision to leave Pritzker and become an MP at Ironspring? What's the thesis at Ironspring? Lots' of new firms and new funds being launched… How is Ironspring different? You're a "sector-focused" fund… why do you think specialized funds will outperform their generalist counterparts? We work in an asset class that often promotes bliztscaling, exponential growth and often spending ahead of progress… how do you rationalize the expectations of startups in our industry with the much slower pace that many legacy and heavy industrial industries… that your startups are serving… are going to move at? Glacial pace has benefits… long-term durability of cash flows, customer retention, pricing power… the moat Do you think product-led growth can work in these sectors? Talk about the difference between "occupations" vs. "activities" and why this is especially relevant in industrials amidst the pandemic? How do you think your style as an investor differs most from others (ie. discussion of decision making process/thinking in bets… focus on the decision not the outcome) How would you describe your system for investment decision making? 4-part framework of the “Day in the life of a VC fund manager”? Must-haves for an investment? Aligned with your recent collaboration on the article, "Evaluating the Successful Industrial Technology Exits", you've talked about startups in industrial tech "beginning with the end in mind"… why is this important? Rumor has it you're starting a podcast -- lots of new podcasts these days, why will your's standout and what's the objective?

41 min3 w ago
Comments
250. Industrial Innovation, Where Blitzscaling Doesn't Work, Why Sector Focus Wins, and Beginning with the End in Mind (Ty Findley)

Investor Stories 159: Post Mortems (Ingersoll, Douglass, Siegler, Currier)

On this special segment of The Full Ratchet, the following Investors are featured: Minnie Ingersoll Jim Douglass M.G. Siegler James Currier Each investor discusses a portfolio company that did not survive and why it was that they failed.

11 minSEP 24
Comments
Investor Stories 159: Post Mortems (Ingersoll, Douglass, Siegler, Currier)

249. Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs (Lo Toney)

Lo Toney of Plexo Capital joins Nick to discuss Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs. In this episode, we cover: Walk us through your background and path to VC? Why are Product Management skills similar to the skills required for VC? What's the thesis at Plexo Capital? Do you think a thesis on investing in underrepresented founders will produce superior returns? What do you say to pundits that claim you've restricted your options and will have far fewer managers to choose from... which will adversely impact returns? On a percentage basis... will there be more outsided outcomes from diverse founders (or managers) vs. those that are not diverse? How are you innovating on the LP side? We talked about some of the challenges of raising funds... are there ways that you work with and help emerging managers raising a first-time fund? Not just about performance... especially early on. What are the common success traits you see in GPs? What's your position on investing in the management company or even the GP itself? Where do you see the market for secondaries evolving? I'd like to talk about the exit market a bit... What are your thoughts on companies listing direct? How about the explosion of SPACs -- net positive or negative for venture? Any unintended consequences that founders (or investors) need to watch out for? Zoom is now worth more than Uber, Airbnb, and Stripe combined... Are the three companies undervalued or is Zoom overvalued... or is the pricing about right? Amazing to see companies like Paypal and Square have surpassed Goldman in market cap "3 Data Points"... You’re approached by a first-time fund manager. The fund manager did not work for a large, brand-name venture firm before and she has never had an institutional investor. She has been actively investing for 3+ years. She plans to raise $20M to invest in 30 seed-stage companies w/ no reserves. The catch is you can only ask 3 questions (for 3 additional data points) to make your decision. What 3 questions do you ask?

66 minSEP 21
Comments
249. Common Traits Shared by Top GPs, Why Underrepresented Fund Managers Will Produce Superior Returns, and SPACs vs. Direct Listings vs. IPOs (Lo Toney)

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