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

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

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.

Latest Episodes:

201. [REPLAY] Economic Theory in Venture Capital (Mark Suster) Dec 25, 2019

Show notes

Mark Suster of Upfront Ventures joins Nick to discuss Economic Theory in Venture Capital. In this episode, we cover:

You've written about a major lesson from Clayton Christensen's book, the Innovator's Dilemma, which was one of 'deflationary economics.' Can describe what this means and why it should be a focus for startups?
In light of deflationary economics, what are the key questions that a founder should ask him/herself about the business?
Why is it that incumbents have such a hard time responding to startups w/ this approach?
What should new market entrants focus on when it comes to price vs. functionality?
At a high-level what are your thoughts on the trade-offs between growth and profitability?
What are your impressions of what Bryce Roberts is doing at Indie VC?
How have your thoughts on investment psychology and economics been influenced by The Black Swan by Nassim Taleb?
What other principles of economics, that we haven't touched on, have informed your investment philosophy?
In light of today's topics, what are the key things you're looking for in startups?
Can you talk about Defy Ventures and your experience visiting California State Prison and the impact that Defy is having?

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

Investor Stories 128: Strange & Unusual (Vrionis, Tusk, Klaff) Dec 19, 2019

Show notes

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

John Vrionis
Bradley Tusk
Oren Klaff

Each investor describes the most unusual situation or pitch that they've encountered as an investor.

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

200. University-Affiliated Funds & Angel Networks (Jason Whitney) Dec 13, 2019

Show notes

Jason Whitney of IU Ventures joins Nick to discuss University-Affiliated Funds & Angel Networks. In this episode, we cover:

Backstory/path to venture
At IU you have 3 core initiatives - The Quarry, IU Venture Fund and the IU Angel Network. What's the focus of each?
Talk about the investment focus for the IU Philanthropic Fund.
What're the criteria to be eligible for funding?
How does IU Ventures support the University's mission? How does it affect or benefit current students?
As a broader goal, I know the organization ultimately hopes to entice investors and entrepreneurs from around the country to return to Indiana as a result of participating in the network. Are you measuring this and are your efforts working thus far?
So, a criticism of both university venture funds and angel groups is speed -- traditional angel groups and academia move slowly with investment decisions. How do you combat that issue for founders raising on a tight timeline, trying to close a round?
I was speaking with a university-affiliated investor just last week and he was saying, there's just not enough deal flow when you restrict investments to companies that have a specific university affiliation... do you agree/disagree?
I've heard from a number of the Alumni Ventures Groups in recent years -- there are folks leading funds and angel groups with alumni from a particular university... are you a part of this effort and what's your impression of the Alumni Ventures Groups?
Let's talk more about the IU Angel Network. How do you go about becoming a member? What do you gain access to as a member?
Aside from the university affiliation, which is appealing to many, what advantages and points of differentiation does IU Angels have vs. other angel groups?
For the founders out there... why should they fight to get IU Ventures and/or IU Angels on their cap table -- how specifically are you driving success beyond that of other investors?
Advice for investors?

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

Investor Stories 127: Lessons Learned (Wortmann, Horowitz, Banister) Dec 04, 2019

Show notes

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

Craig Wortmann
David Horowitz
Cyan Banister

Each investor illustrates a critical lesson learned about startup investing and how it's changed their approach.

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

199. SPV's, Side Cars, & The Syndication Surge (Jeremy Neilson) Nov 27, 2019

Show notes

Jeremy Neilson of Assure joins Nick to discuss SPV's, Side Cars, & The Syndication Surge. In this episode, we cover:

Quick walkthrough of your background
Can you give us a brief overview of Assure?
What is an SPV Investment in the context of this discussion?
Can you walk us through the history of how sidecars and/or angel groups have handled (or mishandled) these syndication style investments in previous decades?
Why do you think startups and seekers of capital are increasingly raising through SPVs and targeting syndicate leaders?
What are the pros and cons of utilizing an SPV as an LP or individual investors?
What are the pros and cons of utilizing an SPV as an institutional investor or syndicate leader like myself?
Do the lead investors on these SPVs make money upfront -- initiation fees, mgmt fees, broker/transaction fees?
Some critics of the SPV model may say that the fees associated with SPVs can also create misalignments between the VC and LP. I haven't heard this critique myself but what are your thoughts on comments like these and how should the vehicle be structured to avoid misalignment?
With the SPV model, you're providing members with specific rights, such as redemption, voting, and pro-rata rights. Talk about thee member rights and its effect on the associated parties. From the investor's standpoint, are there any issues or risks associated with providing such rights and what's your opinion on how it should be handled?
What are your thoughts on sidecar investments and how should they be handled correctly? What are some challenges and in what situations do they work best?
Do you see fund managers that use SPVs exclusively for pro ratas? What are the advantages here? What are the regulatory risks for sidecar funds?
How big should a side car fund be and what's the appropriate minimum contribution?
SPVs are viewed by some VCs as passive investors (non-strategic money) and that the company should have pursued more active investors. An SPV leading the round has the potential to magnify this thinking even further. What's your opinion here and what advice would you have for those raising capital?
There are other platforms offering "SPV as a service"... platforms that you've powered on the back-end like AngelList and SeedInvest. Why would lead investors use you over one of the other platforms?
At the VC or PE fund-level, you also offer fund administration. What does that entail and how is it different than admin at the SPV-level?

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

Investor Stories 126: Whats Next (Franklin, Glickman, Cheng) Nov 20, 2019

Show notes

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

Bobby Franklin
Steve Glickman
Cheryl Cheng

Each investor discusses sectors, drivers and/or trends that may have a significant impact in the future and are potentially positioned for outsized-returns.

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

198. Streaming Wars, The Future of Mobile & The Evolution of User Interaction (M.G. Siegler) Nov 13, 2019

Show notes

M.G. Siegler of GV joins Nick to discuss Streaming Wars, The Future of Mobile & The Evolution of User Interaction. In this episode, we cover:

Backstory/path to Venture
How'd you find your way from Hollywood to SV?
Who was the first VC that, based on your writing talent, saw your potential as an investor?
Why did you leave Crunchfund for GV?
A little confusion about the array of venture funds affiliated with Google - can you give us a quick overview and whether there is still an affiliation between Google and GV?
Tell us about your thesis.
How hands-on do you get w/ portcos?
How does Jony Ive's departure affect Apple?
What are the most valuable consumer tech companies by market cap - five years from now?
Right now, in the streaming market, we have a fragmented group of services yet know one platform to unify the user experience... what do you see for the future of streaming?
How do you see the competition between Apple and Disney play out? Who wins?
Just heard the announcement that Facebook is acquiring CTRL - Labs. Why do you think this is a good strategic buy for FB? removing monotony.... repetitive tasks.... mental fatigue.... Impact of constant stimulation, content consumption, on happiness, creativity, etc.?
You've invested in some big names such as Medium, Slack and Stripe to name a few. What's the single biggest common success factor that you've observed across very different companies?
What are some of the major trends we will see in mobile in the coming year and what do you think will phase out?
Who is your favorite writer in the space?
If you ever get around to writing your screenplay, what will you write about?

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

Investor Stories 125: Why I Passed (Cardamone, Rooke, Dorsey) Nov 06, 2019

Show notes

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

Michael Cardamone
Jenny Rooke
Scott Dorsey

Each investor highlights a situation where they decided not to invest, why they passed, and how it played out.

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

197. The DNA of Startup Success (John Vrionis) Oct 30, 2019

Show notes

John Vrionis of Unusual Ventures joins Nick to discuss The DNA of Startup Success. In this episode, we cover:

Backstory/path to venture.
Talk about your experience at Lightspeed and your decision to leave.
Where/when did you first meet Jyoti Bansal, the founder, AppDynamics?
What's unusual about what you do?
'Unusual Academy' and 'Get Ahead Platform' -- what are they and what's the difference?
You've spoken about your team at Unusual being focused on redesign the early-stage VC market and giving founders a distinct advantage. What about your approach gives founders a distinct advantage?
You've spoken about founder focus on "How it works" vs. "Why it matters" -- what's the disconnect you've observed with early-stage founders?
You've covered your own experience of learning through suffering -- is that also a quality/characteristic you look for in founders?
Arrogance vs. Humility -- have you invested in founders displaying these traits? What's been your experience?
3 must-haves that you look for in a new investment?
If there's one common theme in failed investments -- what is it?
Is there anything unusual about your approach to sourcing? If so, what is it?
What are some best practices for founders when picking a VC?
Over the past year or so the percentage of total VC dollars invested in early-stage deals fell to the lowest levels the industry has seen in five years. Why do you think this is the case?
You've talked a lot about the seed funding gap and challenges to get to Series A. I'd love to get your thoughts on what's required to raise an A?
Do you focus on product-market-fit prior to the A round -- if so, how do you define it?
What's the problem with Sovereign Wealth in Silicon Valley?
Do you have specific examples of unintended consequences or challenges with certain types of LPs behind a VC fund?
Re. founders -- You've said that "the biggest mistake you can make is taking an investment from a mega-fund" Why?
How has the early-stage venture landscape shifted from previous years? What do you expect to see in the future?

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

Investor Stories 124: Post Mortems (Clavier, Tusk, Kupor) Oct 23, 2019

Show notes

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

Jeff Clavier
Bradley Tusk
Scott Kupor

Each investor discusses a portfolio company that did not survive and why it was that they failed.

To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes.

Also, follow us on twitter @TheFullRatchet for updates and more information.

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