The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 437. Why Founders Must Hold Their Ground, Why Investors Must Break Their Rules, and How Both Survive the Chaos (Binatti, Schroepfer, Ruscio)
Oct 30, 2025
Join Daniela Binatti, founder-stage leader at Pismo, as she shares crucial advice for early founders on balancing market feedback with unwavering conviction. Mike Schroepfer from GigaScale dives into the art of early-stage investing, highlighting the need for numerous meetings to sharpen judgment. He warns against sticking to rigid rules, urging investors to remain open-minded to unique opportunities. Together, they offer insights on navigating chaos in the startup landscape, making this a must-listen for aspiring entrepreneurs and investors alike.
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Listen Widely But Hold Conviction
- Listen to market signals and investors, but keep conviction when you disagree with expert opinion.
- Stick to your informed position when it matters and be humble enough to pivot when evidence demands it.
Get 100 Reps To Calibrate Judgement
- Meet a large number of founders to calibrate what great markets and teams look like; expect about 100 meetings per investment.
- Use repeated reps to refine your judgment and stay open to opportunities that break your own rules.
Rules Are Heuristics, Not Gospel
- Investment rules are useful heuristics but not iron laws and will have exceptions in any portfolio.
- Overly rigid rules cause you to miss exceptional opportunities that don't fit your checklist.