The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 422: Best LP Question (Stevens, Patel, Shapiro)
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Aug 21, 2025 Explore what top investors consider the best questions for limited partners. Discuss strategies for maintaining a competitive edge in a rapidly evolving market. Dive into the importance of long-term vision and legacy in venture capital. Discover how infrastructure investments and team-building shape a firm's future. Learn how success is defined and the critical alignment between risk tolerance and investment goals for early-stage ventures.
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Define And Expand Your Right To Win
- In competitive, fast-growing sectors, a fund must define and expand its 'right to win' to keep sourcing and supporting winners.
- Energize grows its in-house capabilities (Edge) to widen its moat and remain valuable as competition increases.
Build For The Firm You Want In 10 Years
- Decide what your firm wants to be in 10 years and act now to build the capabilities that support that vision.
- Make early sacrifices (hires, infrastructure) to enable a multi-generational firm rather than outsourcing core functions.
Vision For A Distinct, Long-Lived Firm
- Manish Patel hopes Nava outlives him and wants founders to show how venture can be done differently.
- He warns against becoming a replica of established firms and aims to shape long-term founder impact.