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

On this special segment of The Full Ratchet, the following investors are featured: Lindel Eakman Chris Duovos Semil Shah 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.

Welcome back to TFR for another Cram Session. In these special releases, we have aggregated the takeaways and tips from previous episodes. In this installment, we will be recapping the following episodes: 105. Underserved Startup Ecosystems, Part 1 (Stuart Larkins & Ezra Galston) 106. Underserved Startup Ecosystems, Part 2 (Stuart Larkins & Ezra Galston) 107. Reinventing Venture Capital, Part 1 (Bryce Roberts) 108. Reinventing Venture Capital, Part 2 (Bryce Roberts) 110. Developer Platform Investing, Part 1 (Ethan Kurzweil) 111. Developer Platform Investing, Part 2 (Ethan Kurzweil)   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.

On this special segment of The Full Ratchet, the following Investors are featured: Sheel Mohnot Guy Turner Ben Narasin 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.

Elizabeth Galbut of SoGal Ventures joins Nick to discuss Better Diversity, Better Outcomes. In this episode, we cover: Her involvement in creating the first VC investment group at Johns Hopkins What the focus is at SoGal and why that creates their edge How she and her partner divide responsibilities How the establishment has reacted to her and her firm We talk about her experience as a design professor and how that impacts her approach she gives an example of a design-centric investment she discusses her thinking when evaluating an early stage business we review their dealflow and sourcing strategy and we wrap up w/ Elizabeth's advice for a younger version of herself if she had the opportunity to give it   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.

On this special segment of The Full Ratchet, the following Investors are featured: Vic Pascucci Brendan Wallace Rebecca Kaden  Each investor discusses sectors, drivers and/or trends that may have 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.

Paul Martino of Bullpen Capital joins Nick to discuss the emergence of the Post-Seed round. In this episode, we cover: Why Paul passed on joining Mike Maples at Floodgate in order to start Bullpen The product/market fit algorithm he developed for Mike If the stages of funding are moving out or if there are just more of them How Bullpen is differentiated The metrics they require to engage with startups How his quant background has helped make this subjective discipline more objective The hardest aspect of developing new, young VCs We discuss lack of innovation in the asset class Why herd mentality is pervasive Other contrarian principles he and Bullpen embrace If it's harder to get A or B round funding for the non-traditional founders or industries that he invests in How Private Equity is impacting exits the differences in sourcing at post-seed and we wrap up w/ Paul's thoughts on how branding and investment focus helps drive opportunity for Bullpen   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.

On this special segment of The Full Ratchet, the following Investors are featured: Peter Boyce Jordan Nof Sergio Gurrieri  Each investor describes their investment thesis and how they evaluate startups for investment.   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.

James Hardiman of Data Collective joins Nick to discuss The Deep Tech Debate: Why Invest in a Capital Intensive, Long Time-to-Exit Category?. In this episode, we cover: James' definition of deep tech The segments within the category How this area differs from others Types of founders and founder profiles that he looks for Why he's willing to invest in a capital intensive, long-time horizon category Why deep tech will drive the biggest outcomes How founders are able to de-risk deep tech opportunities where many others don't The waves that are coming in deep tech and finally how some consumer, social companies became deep tech companies by accident.   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.

On this special segment of The Full Ratchet, the following Investors are featured: Chris Farmer Chris Olsen David Cowan Each investor describes a situation where they did decide to invest, what the key factors were that led to “Yes” and how that investment has worked 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.

Rebecca Kaden of Union Square Ventures joins Nick to discuss USV's Newest GP on Leveraged Growth, Consumer Brand Building & Customer Obsession. In this episode, we cover: I've heard you talk about Allbirds, Zullily, and others before, can you highlight a few notable investments from your time at Maveron? Previous career as a journalist? Did you write about tech? How'd you end up joining Maveron? Why the move to USV? Fred Wilson said: "Each partner who has joined USV has done two things very well. First, they have figured how to operate inside of our shared investment thesis. And second, they have figured out how to stretch it." You've said: "Next up: exploring the intersection between our core USV thesis around network effects, whether centralized or decentralized and the entrepreneurs building the standout consumer businesses that integrate into our hearts and minds." Talk about the types of Network effects that you look for and can create large, strong businesses on the consumer-side. Investment Process/Structure at Maveron vs. USV? You often talk a lot about one of my favorite items... customer obsession. It's well documented on this podcast that I will not invest in founders that aren't customer obsessed. I'd love to hear your thoughts here and how you test for this characteristic with early-stage founders. What are your thoughts on the role of brand and importance of brand in consumer companies? What are the key elements to building strong brand and can you give us specific examples that you've observed in portfolio companies? Thoughts on vertically-integrated brands-- strengths and weaknesses, is that critical for a brand w/ a physical good for you to make an investment? What's your role as investor, are you passive or active; are you coaching and teaching or more of a listener and support? What's your style? What do you like least about your job? In what ways do woman VCs support and help each other out in this male-dominated industry. Case Study-- very incomplete information, two companies, early stage, very similar sector and product category, both have exceptional founding teams... one has modest growth rates but exceptional NPS scores, the other has exceptional growth rate but modest NPS.  All other things being equal, which one are you more likely to invest in?   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.