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

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

Updated 1 day ago

Business
Technology
Investing
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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.

Read more

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.

iTunes Ratings

178 Ratings
Average Ratings
171
2
2
2
1

Fantastic content!

By Joe from Highland Park - Jun 21 2019
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Great podcast to learn about investing in startups from Nick and a great cast of investors.

Great insights

By JoshRut27 - Feb 13 2018
Read more
I keep getting little nuggets throughout each episode. Really good source of insider details

iTunes Ratings

178 Ratings
Average Ratings
171
2
2
2
1

Fantastic content!

By Joe from Highland Park - Jun 21 2019
Read more
Great podcast to learn about investing in startups from Nick and a great cast of investors.

Great insights

By JoshRut27 - Feb 13 2018
Read more
I keep getting little nuggets throughout each episode. Really good source of insider details

Listen to:

Cover image of 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

Updated 1 day ago

Read more

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.

180. The Self-Made Engineer, Angel, and Venture Capitalist (Cyan Banister)

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Cyan Banister of Founders Fund joins Nick to discuss the Self-Made Engineer, Angel, and Venture Capitalist. In this episode, we cover:

  • So, Cyan you have a really interesting story and background that led you to where you are today. Feel free to start wherever makes most sense but can you talk about your life experience and how it led you to where you're at now?
  • You spoke publicly about your early life at the 2018 TechCrunch Disrupt conference, from living on the streets to becoming a venture capitalist, tell us about this incredible journey, what you accredit your success to and how it lead to venture?
  • Where along the way did you meet Scott? Did you guys every consider raising your own fund?
  • How early are you able to go at Founder's Fund?
  • How do you work with founders post-investment?
  • Judicious with your magic bullets?
  • Have you funded founders with non-traditional backgrounds or missions dedicated to folks living in poverty or providing access to upward mobility?
  • How has your approach changed from your time as an angel to now your experience as a VC ?
  • Do you have any good stories or learnings from Naval?
  • Prior to FF you were an early stage investor in successful companies like Uber, Postmates, PayPal at others... I know you invest alongside Scott... who started angel investing?
  • What was your early approach to angel investing and how were you able to source and select such iconic tech companies at very early stages?
  • Can you tell us a bit about Founder's Fund and your focus? Stage, Sectors, Geographies?
  • "The most promising companies tend to share a few characteristics: They are not popular. They are difficult to assess. They have technology risk, but not insurmountable technology risk. If they succeed, their technology will be extraordinarily valuable. We have no idea what these companies might look like, only that they probably will share these characteristics. Entrepreneurs often know better than we do what might be enormously valuable in the future." -- It's a very humble approach and one that resonates with me and many others. Can you elaborate on the thesis and characteristics of founders that are the best fit for Founders Fund?
  • What's your take on the prevalent number of VCs that remove CEOs of their portfolio companies, on average, within three years of investment?
  • What's your take on contrarian vs. conformist investing... first, how do you even determine what is contrarian and then what's your take on how each ties to performance?

Feb 08 2019

53mins

Play

107. Reinventing Venture Capital, Part 1 (Bryce Roberts)

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Bryce Roberts of Indie VC & OATV joins Nick to cover Reinventing Venture Capital, Part 1. We will address questions including: Can you walk us through your background and how you became involved in startup investing? As a pioneer in early-stage investing 10 years ago, what was the original 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.

Sep 28 2016

35mins

Play

108. Reinventing Venture Capital, Part 2 (Bryce Roberts)

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Today we cover Part 2 of Reinventing Venture Capital with Bryce Roberts of Indie VC. In this segment we address: What are your filters, what level of traction are you looking for and what else do you like to see in prospective applicants? Many VCs target 100x+ exits for success…...

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.

Sep 29 2016

34mins

Play

178. The Gen-Z Consumer, Real-Time Health Data, and Persistent Top Fund Returns (Cheryl Cheng)

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Cheryl Cheng of Blue Run Ventures joins Nick to discuss The Gen-Z Consumer, Real-Time Health Data, and Persistent Top Fund Returns. In this episode, we cover:

  • Cheryl's background in retail marketing and innovation while you were with Clorox and The Sharper Image.
  • How did that lead to your career in venture?
  • On your website it says, "WE HELP ENTREPRENEURS BUILD MAGICAL COMPANIES,"... how specifically do you help?
  • Talk to me about about the Gen-Z folks... this is part of your focus at BRV... what are the high-level characteristics of this coveted consumer segment?
  • Are founders adjusting their approach to tech to better serve this group?
  • How the evolution of mobile apps and real time data has influenced the health and consumer industries?
  • You recently spoke on a panel about acquisitions... can you talk a bit about what it takes to build a company that's well-positioned for an exit?
  • Talk to me about Equity Summit coming up in January... what is it, what was the genesis and what are you hoping to accomplish?
  • This year Prequin reported that BRV is one of the most consistently high performing firms in venture... I know that you've been at this for ten years now at Blue Run... what are some of the key factors that have led to your sustained success?
  • I came across your recent article on succession planning and it had me a bit worried... are you planning leaving the industry anytime soon?

Jan 03 2019

54mins

Play

197. The DNA of Startup Success (John Vrionis)

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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.

Oct 30 2019

53mins

Play

81. Getting Smart on a New Market, Part 1 (Charles Hudson)

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Charles Hudson of Precursor Ventures joins Nick to cover Getting Smart on a New Market, Part 1. We will address questions including: What Charles’ experience at SoftTech was like and how he made the transition to founding Precursor. What his continuing role as a Venture Partner at SoftTech entails. How...

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.

May 17 2016

41mins

Play

156. Chaos Capital, the new Micro VC Movement and LPs Chasing Hype (Chris Douvos)

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Chris Douvos, the Super LP, joins Nick to discuss Chaos Capital, the new Micro VC Movement and LPs Chasing Hype. In this episode, we cover:

  • How his mindset as an LP has evolved
  • Startups out of Standford vs Berkley and if the valley is over-fished
  • how the micro VC movement has changed
  • Chris' selection criteria and what he looks for in managers
  • Why he most often says no
  • The impact on LPs of companies staying private longer
  • Yhe impact of new LPs coming into venture on asset class
  • How the LP community interacts... adversarial, collaborative, competitive or othewise
  • The areas where Chris can grow most as an LP
  • and we wrap up w/ his thoughts on co-investment alongside GPs as well as follow-ons in later rounds

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.

Feb 07 2018

59mins

Play

161. Why SaaS is not a fit for VC and How AI Compounds Competitive Advantage (Ash Fontana)

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Ash Fontana of Zetta Venture Partners joins Nick to discuss Why SaaS is not a fit for VC and How AI Compounds Competitive Advantage. In this episode, we cover:

  • Categories of AI that Ash is most interested in
  • The difference between real AI and AI-enabled companies
  • Why SaaS will cease to be investable by VCs
  • The current AI stage of adoption
  • How he times the market
  • The four phases of AI
  • What phase of AI they invest in
  • How AI is and will be affected by limited data
  • How startups can compete for talent w/ GAFA (Google, Amazon, Facebook, Apple)
  • The moats being created by their AI-first portcos
  • How they think about metrics and milestones for AI-backed companies
  • If AI should be feared
  • and finally we wrap up w/ Ash's thoughts on Chris Dixon's position that we will see a movement from centralization back to decentralization in tech-- and the role that AI will play

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.

Apr 19 2018

50mins

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77. Artificial Intelligence Investing, Part 1 (Nathan Benaich)

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Nathan Benaich of Playfair Capital joins Nick to cover Artificial Intelligence Investing, Part 1. We will address questions including: Can we start off w/ a simple definition of artificial intelligence? The term ‘Machine Learning’ is often used when discussing AI. In your estimation, is Machine Learning and AI synonymous or...

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.

Apr 11 2016

41mins

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42. Raising a VC Fund (Jonathan Struhl)

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Jonathan Struhl of Indicator Ventures joins Nick to discuss how he raised his first VC Fund. We will address questions including: What are the types of venture funds and what are their key differences? How do venture funds establish a strategy or investment focus? An LPA and PPM are necessary when...

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.

Jul 08 2015

56mins

Play

162. LP Value Creation, Why DPI is King, and Secondaries as a Means of Exit (Sarah Anderson)

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Sarah Anderson of Cintrifuse joins Nick to discuss LP Value Creation, Why DPI is King, and Secondaries as a Means of Exit. In this episode, we cover:

  • What is the investment focus/philosophy at Cintrifuse? Can you tell us a bit more about the Cintrifuse model?
  • What impact has the Cintrifuse Syndicate Fund had?
  • Can you explain how this benefits large corporates?
  • What about startups-- what's in it for them?
  • Are the corporate LPs hesitant to invest directly in funds-- Is that why they come to you?
  • Does your diversified portfolio preclude certain vertically-focused corporates from investing in a fund of funds model?
  • Does Cintrifuse work w/ other types of financial institutions, aside from insurance? If so, how have you seen them react to the explosion in crypto and disruptive fintech?
  • Tell us about your role as matchmaker-- how do you get involved and facilitate between VCs, startups and corporations?
  • What's the strategic value-add to a VC fund manager?
  • What industry disruptions have you observed and what are the impacts on large corporate companies?
  • Advice for entrepreneurs-- whether underserved spaces or where they should be focused that they're not? What message do you want to send to founders?
  • In Rob Go's recent study on fund metrics, he said "In the early days of a fund, VCs tend to optimize for TVPI. But in the long run, DPI is king. You can’t feed your family with TVPI, and you can’t spend IRR." Is he right and what do you suggest to Fund I and Fund II managers that have attractive paper gains but no distributions to paid-in (ie. a DPI of zero)?
  • Let's discuss reinvesting in startups, I want to talk about doubling down on firms and investing more in their new funds. When Chris Duovos was on we discussed the concerning stats related to persistence. And Antoinette Schoar, of MIT did a notable study on fund returns, which showed persistence of returns from private-equity funds has gone down in the last decade. She said: “If LPs are not vigilant, we'll start seeing persistence at the bottom. So many LPs want so much to get into PE that they are not sensitive enough to poor perf and keep reinvesting in partnerships that are not deserving” Sarah, what's your take on the study and her position here?"

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.

May 02 2018

48mins

Play

53. The Path to Series A, Part 1 (Semil Shah)

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Semil Shah of Haystack joins Nick to cover The Path to Series A, Part 1. We will address questions including: Can you walk us through your background and how you became involved in startup investing? Can you first talk about why you’ve written about the path to A in the...

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.

Nov 25 2015

28mins

Play

145. First Institutional VC Fund Raised-- Key Learnings (Semil Shah)

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Semil Shah of Haystack joins Nick to discuss First Institutional VC Fund Raised-- Key Learnings, Part 1. We address questions including:

  • Maybe we can start off with how your investment focus has evolved since the last time you joined us.
  • What are your thoughts on how seed has split into pre-seed, seed, seed extension, and post seed?
  • Are you investing once with a company or reserving for these various stages within seed?
  • You just closed fund 3... tell us about the first two funds that set the stage.
  • Would you do things differently if you could go back?
  • Which raise was the hardest?
  • How did the expectations of LPs change from the early funds to the institutional fund?
  • What surprised you most about the raise?
  • Did you connect w/ prospectives through referrals, cold calls, a combination?
  • Walk us through the metrics... how many targets, meetings, avg commitment amt, etc.
  • Did you ever think you might not complete the raise?
  • What's the best advice you got on the raise and who'd you get it from?
  • In our first interview, you talked about how you couldn't get a full-time job at a venture firm. I'm sure you've had plenty of offers as you've built a track record. Did you ever consider making the jump?
  • When I sent my fund deck to you, you said "Awesome and looks good. As I always say, the deck matters much less than having capital partners who believe in you" For anyone listening that aspires to raise... talk about what you meant by this comment.

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.

Nov 01 2017

49mins

Play

44. Negotiating a Term Sheet (Jason Heltzer)

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Jason Heltzer of Origin Ventures joins Nick to cover Negotiating a Term Sheet. We will address questions including: Can you first talk about why you chose to write about negotiation? One of the first things to understand is whether the negotiation is asymmetric or not. What does this mean and...

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.

Aug 05 2015

37mins

Play

71. Blockchain Investing, Part 1 (William Mougayar)

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William Mougayar of Virtual Capital Ventures joins Nick to cover Blockchain Investing, Part 1. We will address questions including: Can you start off by telling us about your background and how you became involved in both startup investing and studying the blockchain? We hear investors talk about Bitcoin, crypotcurrencies and,...

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.

Mar 02 2016

31mins

Play

82. Getting Smart on a New Market, Part 2 (Charles Hudson)

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Today we cover Part 2 of Getting Smart on a New Market with Charles Hudson of Precursor Ventures. In this segment we address: How do you look at companies addressing industries where the incumbent product offerings are free.  Businesses like Slack that were replacing free options Fresh Eyes… You’ve written...

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.

May 20 2016

38mins

Play

166. Techstars: What Worked, What Didn't, What's Next (David Cohen)

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David Cohen of Techstars joins Nick to discuss Techstars: What Worked, What Didn't, What's Next. In this episode, we cover:

  • "What was the original vision for Techstars, when you started?
  • How has that vision changed and evolved to where it is now?
  • Techstars Ventures-- any concern that it sends a bad signal for those cohort companies that the fund does not invest in? What does winning look like for Techstars? How do you measure success?
  • Do you measure common VC fund metrics like TVPI, DPI, IRR, etc?
  • Do you compare yourself against the other top accelerators? If so, where do you excel?
  • Started Techstars Anywhere in 2017, first full class in '18...
  • How does one run a remote accelerator w/ the same quality of an in person one?
  • I'm going to put you on the spot here-- some founders do not have a positive experience going through Techstars or other accelerators for that matter. What type of founder is the program a great fit for and what is it a poor fit for?
  • I've noticed a focus both from you and Techstars on Mental health and wellness-- what are your thoughts on this area as an opportunity for startup innovation?
  • How about the Cannabis industry. You’re based in Boulder-- what are your thoughts on the sector and opportunity for founders?
  • Do More Faster is one of the must-have books for every founder. Super pragmatic, actionable insights. What lesson or piece of advice doesn't appear in the book that, now in 2018, you'd add as a critical item for founder's to appreciate as they go through their journey
  • Techstars’s FounderCon Europe 2018 was less than 2 weeks ago-- What would you say is the biggest difference you’ve found when working with European startups vs ones in the US?
  • What do you think Techstars looks like in five years?
  • How do you balance time spent between companies that are succeeding vs. those that are failing?
  • If you were to do it all over again, what would you change?
  • What have you learned most about yourself through your experience at Techstars?"

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.

Jun 26 2018

43mins

Play

154. NEA's Investment Process & The Key Ingredients for Startup Success (Ben Narasin)

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Ben Narasin of NEA joins Nick to discuss how NEA makes decisions, why he joined the firm and the key traits he looks for in founders. In this episode, we cover:

-Why he made the move to NEA -His Investment focus -the role of Venture Partner at NEA -the investment process the firm... and if decisions are made by committee -Ben's Evaluation Process -the key factor that every successful founder possesses -The common red flags that pop up and cause him to say no to strong startups -Why he believes his job is to say no -How he assess opportunities with 100 reasons to say yes and one reason to say no -Ben's evolving approach toward weighing risk factors in startups -how the tech and investing industry has changed over the past decade -how AUM is driving a bifurcation in venture -finally we get Ben's response to the recent Techcrunch article highlighting the crash in early-stage VC funding

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.

Jan 15 2018

1hr

Play

79. Hardware Investing, Part 1 (Avidan Ross)

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Avidan Ross of Root Ventures joins Nick to cover Hardware Investing, Part 1. We will address questions including: His thoughts on why hardware and physical good brands dominate the rankings of people’s favorite brands Why extremes and fat tails are developing today between increasingly digital, connected experiences vs. highly analog, custom,...

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.

Apr 27 2016

37mins

Play

85. The Cap Table, Part 2 (John Buttrick & Sean Moran)

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Today we cover Part 2 of The Cap Table with John Buttrick of Union Square Ventures & Sean Moran of eshares. In this segment we address: John, I’ve heard from many founders that get caught up in the Option Pool Shuffle. Can you describe what that is and if the eshares...

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.

Jun 02 2016

28mins

Play

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

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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.

Dec 04 2019

10mins

Play

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

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Can you give us a brief overview of Assure?

  • 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?
  • What are the pros and cons of utilizing an SPV as an LP or individual investors?
  • Do the lead investors on these SPVs make money upfront -- initiation fees, mgmt fees, broker/transaction fees?
  • 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?
  • Nov 27 2019

    45mins

    Play

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

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    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.

    Nov 20 2019

    8mins

    Play

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

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    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.

    Nov 13 2019

    52mins

    Play

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

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    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.

    Nov 06 2019

    6mins

    Play

    197. The DNA of Startup Success (John Vrionis)

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    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.

    Oct 30 2019

    53mins

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

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    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.

    Oct 23 2019

    10mins

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    196. Creating Unfair Advantages, Surviving Founder Burnout and Driving Successful Exits (Courtney Reum)

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    Courtney Reum of M13 joins Nick to discuss Creating Unfair Advantages, Surviving Founder Burnout and Driving Successful Exits. In this episode, we cover:

    • Backstory/path to venture
    • Tell us about your experience being an investor at Goldman Sachs and working with brands like Procter & Gamble, Under Armour and Vitamin water. What are some takeaways you got from that experience that influence you today? 
    • You and your brother founded VEEV Spirits which became the first line of organic ready-to-drink cocktails. VEEV received the Technomic Fast 50 Award and was named an Inc. Magazine 500 Fastest-Growing Companies in the U.S. What are some key factors that helped you establish such a successful brand? Tips for founders?
    • Tell us about the approach you used to raise capital for Veev?
    • Tell us the story behind founding M13. What was your vision for the firm early on? 
    • What is your current focus/thesis at M13? Tell us about your “repeatable playbook” approach. 
    • You took some big risks investing early in companies like Lyft, Ring, and Slack, which of course has paid off. Can you share with us some key points as to why you invested and how you were able to get conviction so early on?  
    • I want to switch gears and talk a bit about your book that you and your brother, Carter, wrote “Shortcut Your Startup.” The book is focused on separating yourself from the pack and flipping traditional startup advice on its head to provide an empowering toolkit for founders. Can you dive into that toolkit and a brief summary of the book? 
    • The benefits and biggest challenges to working with your brother?
    • One of the topics in the book I thought was interesting was “obsessively take advantage of your unfair advantages” tell us about what this means and how founders can implement it. 
    • Another topic I want to ask you about was “Success doesn’t equate to a successful exit” - What does lead to a successful exit and how do you gauge that you're on the right track? 
    • You also talk about “getting into the trenches” and “knowing if you're a speedboat or a sailboat” in the book. Can you give us some insight on these topics and why they’re important? 
    • From your experience, what do you think contributes most to founder burnout and how do you avoid it? 
    • What advice would you give CEOs or other C-suite executives to keep employee morale high and help their employees thrive? 
    • What are some of the biggest challenges you’ve faced as a founder and that you commonly see founders face today?
    • You have a passion for startups that are thinking about what consumers don't even know they want -- maybe for 10-20 years. Yet, in the future can't imagine living without. How do you vet a startup investment with such nascent consumer demand?

    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.

    Oct 16 2019

    39mins

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    Investor Stories 123: Strange & Unusual (Horowitz, Kim, Rust)

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

    • David Horowitz
    • Jim Kim
    • Ash Rust

    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.

    Oct 09 2019

    9mins

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    195. Flip The Script & Perfect Your Pitch (Oren Klaff)

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    Oren Klaff of Intersection Capital joins Nick to discuss Flip The Script & Perfect Your Pitch. In this episode, we cover:

    • Backstory/path to finance
    • What led to the founding of Intersection?
    • What's your mandate and focus at Intersection? Tell us about the Velocity product.
    • Your bestselling book Pitch Anything, provides a detailed methodology on effectively presenting, persuading and winning a deal during the pitch. Can you go over some key takeaways from the book for listeners?
    • In the book you talk about the "S.T.R.O.N.G Method.” Can you briefly summarize the most important components of this approach and give some examples on how it works? 
    • Your newest book "Flip the Script: Getting People to Think your Idea is Their Idea" is about to launch on August 13th.. why'd you write the book?
    • I liked the title of your first chapter... Inception.  Many will remember the blockbuster movie.  What's the "We are evolved distrust information from the outside world"... how does this impact the approach?
    • Is there a framework of structure that folks should follow to successfully flip the script?
    • What's the biggest mistake folks make when trying to sell?
    • Whats' the most practical, simple, pragmatic advice you can give... let's say a founder trying to raise venture capital... that they can take away from this convo and implement immediately.
    • Do you have a set of questions and structure for every sales discussion going in or do understand the concepts and then treat every conversation organically? Any tips on getting the meetings w/ prospects? 
    • Let's say someone has optimized their close rate... do you have tips on securing more qualified meetings?
    • If you write another book... what topic is next?

    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.

    Oct 02 2019

    53mins

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    Investor Stories 122: Lessons Learned (Ajao, Bahat, Cheng)

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

    • Adeyemi Ajao
    • Roy Bahat
    • Cheryl Cheng

    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.

    Sep 25 2019

    10mins

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    194. Special Edition! The Story Behind TFR & New Stack Ventures (John Gannon interviews Nick Moran)

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    John Gannon of Going VC interviews Nick to discuss The Story Behind TFR & New Stack Ventures. In this episode, we cover:

    • How did you get Brad Feld on early on?
    • How did you stay true to your vision when you were getting asked early on by entrepreneurs to feature them on the podcast? (you mentioned this in episode 10, w/Brad Feld)
    • If you were starting TFR again, in 2019, what would you do differently?
    • Why the podcast format vs blogging vs. ... ?
    • When did you know that the podcast was "working" ... bringing deal flow or whatever you thought was a strong signal that things were clicking for your audience?
    • What surprised you once the podcast got "big"? Anything unexpected on the positive or negative side?
    • How did the podcast tie into your recent fundraising process? Where did it help, and did it hurt or cause any issues, too?
    • How did the podcast tie into your recent fundraising process? Where did it help, and did it hurt or cause any issues, too? Do you measure deal flow that is podcast related, and how much of your deal flow is it? How many completed investments came from the TFR community?
    • I have heard from multiple Angel List employees re: Angel List syndicates that it's very hard to get people to back a deal unless the deal has a lead like Sequoia or KPCB or another top firm attached to it. Has that been true for your syndications? If no, why?
    • What benefits did you see by using Angel List syndicates platform so early on? For those thinking of starting up a syndicate now, how has the game changed?
    • How do you find and vet interns for your fund? Or how do they find you?
    • Are there any processes at your fund that you think work REALLY well, and what are they? How do you execute them?
    • Since we're both Dads: Other than having less time now that you have a child, have there been new tactics you've applied to the podcast, the firm, etc to help you get more leverage at work and free up time for home life?

    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.

    Sep 18 2019

    51mins

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    193. SaaS Acceleration, Sales Savvy Founders & The Rise of Tech-Enabled Services (Michael Cardamone)

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    Michael Cardamone of Acceleprise joins Nick to discuss SaaS Acceleration, Sales Savvy Founders & the Rise of Tech-Enabled Services. In this episode, we cover:

    • What is Aaron Levie like to work for?
    • Backstory and path to Acceleprise
    • When you started Acceleprise a lot of folks told you not to -- the world doesn't need another accelerator. Why did you proceed?
    • Why an Accelerator and not a traditional VC fund?
    • Check size then and now?
    • The biggest criticism of accelerators that I'm hearing from investors is that accelerators admit companies that need a lot of help and can't figure things out on their own -- and those are not the companies that one wants to invest in. What's your response to these folks?
    • You've mentioned your interest in working w/ founders that have a "willingness to sell." How specifically do you develop the sell-skills of founders that are willing but green w/regards to sales. What are some the best demand-gen techniques that you use?
    • Talk to us about how you think through pricing models and strategies at early-stage SaaS businesses.
    • ACV initial vs. expansion rev opportunity
    • Lemkin.. TAM... initial traction in SOM/Beachhead niche market is most important. Any company that gets traction here can find a $1B market. Agree, disagree?
    • We talk a lot, on this show, about either why SF is the best place to build a company or why any place but SF is the best place to build a company. You've done both -- Objectively, can you break down the biggest advantages to building in the valley vs. the advantages to building outside?
    • Let's talk a bit about pedigree -- most investors have simple heuristics here. If the founder didn't study at a Stanford/Ivy level institution... pass. If the founder didn't work for a FAANG tech company or fast-growing private tech company... pass. At New Stack, we like to say we're in the business of exceptions (deals that have all the right ingredients for success -- except these optics of provenance). Michael, where do you stand on pedigree and how do you define it?
    • What percentage of the companies in the cohort to you invest in at completion?
    • In terms of measuring success -- what key metric do you measure that you're most proud of?
    • Over the past few years, what trends or major changes have you seen with regards to SaaS that founders and investors should be aware of?
    • Tech-enabled services - a real trend or not? Venture fundable?
    • There has been some recent issues in the Tech space with employee options -- what have you witnessed and what would you like to see change?

    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.

    Sep 13 2019

    45mins

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    Investor Stories 121: What's Next (Dorsey, Senkut, Banister)

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

    • Scott Dorsey
    • Aydin Senkut
    • Cyan Banister

    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.

    Sep 11 2019

    9mins

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    Investor Stories 120: Why I Passed (Hea Nahm, Moatti, Clavier)

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

    • Tae Hea Nahm
    • SC Moatti
    • Jeff Clavier

    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.

    Aug 29 2019

    5mins

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    192. Secrets of Sand Hill Road (Scott Kupor)

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    Scott Kupor of Andreessen Horowitz joins Nick to discuss Secrets of Sand Hill Road. In this episode, we cover:

    • When Marc and Ben first reached out to you about joining A16Z, you hesitated. Why?
    • "When Marc and Ben first started A16Z, they described a founder's leadership capability as "egomaniacal"... what do you think they mean by that and do you share this belief?
    • What are the key factors in determining if venture is appropriate for the new business and its founder?
    • How should one decide how much to raise?
    • Scenario I've heard all too often... founder goes out to raise their next round, they've more than doubled the business, hit major milestones but the offers are less than double that of the last round. Scott, can you talk us through the valuation mistakes you most often encounter?
    • Founder has started fundraising... the first step is to get their foot in the door. Talk us through the right and wrong way to get a meeting.
    • You mention the 5 pitch essentials in the book - can you talk us through each?
    • We've done an episode with Brad Feld where we went into detail on the Term Sheet... both Economics and Governance. I don't want to cover each term today but first, related to Economics, what's different now about the Economics terms or the negotiation than what you saw maybe five years ago?
    • Same question for Governance, what has changed and what are the key terms in focus?
    • Do you have any guidelines on how much of their business founders should sell in any given round?
    • So the next topic, we've all seen before, assuming you've been doing this long enough, but a founder is struggling to raise, has little capital left, and is scrambling to get creative. What are some of the more common mistakes and outcomes you see in this scenario?
    • Why should entrepreneurs care who the LPs are behind the VC fund that's investing?
    • We could spend hours discussing boards... any key items you'd like to highlight w/regards to boards?
    • Talk us through the acquisition process?
    • IPO process?
    • Great summary section where you talk about good VCs... can you recap your thoughts on what Good VCs do?

    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.

    Aug 23 2019

    47mins

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    Investor Stories 119: Special Edition! Why I Invested in Curv Labs (Moran, Balish, Deshays)

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

    • Nick Moran
    • Shea Balish
    • Henri Deshays

    This will be a unique segment where, Nick Moran of New Stack Ventures and Henri Deshays of NewFund will discuss why they invested in Curv Labs.

    Founder of Curv, Shea Balish, will join Nick and Henri to discuss his startup story and how he chose New Stack and NewFund to participate in the funding round.

    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.

    Aug 19 2019

    35mins

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    Investor Stories 118: Strange & Unusual (Glickman, Wortmann, Fein)

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

    • Steve Glickman
    • Craig Wortmann
    • John Fein

    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.

    Aug 07 2019

    10mins

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    191. Corporate VC (David Horowitz)

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    David Horowitz of Touchdown Ventures joins Nick to discuss Corporate VC. In this episode, we cover:

    • Backstory/ Path to Venture
    • Talk about the 14 years you spent with Comcast Ventures -- what you learned and why you left?
    • What lead to founding Touchdown Ventures?
    • At Touchdown, you partner with leading corporations to manage the complete venture lifecycle from entity formation to investment management…Can you dive into the thesis/focus of the firm?
    • Why would a founder choose corporate VC funding over institutional funding?
    • I was reading through the “Risky Business” blog on the Touchdown website and found some pretty interesting articles…specifically one that talks about “the most overlooked skill in Corporate venture" being deal management…that it “requires more effort than all other activities combined”…why is deal management so challenging?
    • Why do you think CVC’s funding has historically been more inconsistent than institutional venture funds?
    • Why are corporations willing to take minority stakes in startups? As Fred Wilson said on CVC—“You want the asset? Buy it.” Is there a risk to founders of taking investment from a large corporate that can "look under the hood" and reverse-engineer the tech or exploit the IP?
    • Is the core objective of a CVC financial return or is it more of a strategy play? (i.e. market insight, actively trying to grow certain sectors)
    • How does the mindset of a CVC change in a bear market, especially compared to institutional VC?
    • How does follow-on funding work in corporate VC? If the corporate has a poor financial year, does a lower funding allocation affect follow-on allotment for winners?
    • The firm was recognized by Global Corporate Venturing for having both established and managed the most corporate venture funds to date… At the industry level corp VC has peaked in funding in recent years. Why do you think corp VC has grown to this level and why did you raise the number of funds that you did?
    • One of the articles on the Risky Business blog talks about fraud detection with reference to Fyre Festival and Theranos…Talk about some red flags that an opportunity may be a fraud and what you should do if those red flags are present?

    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.

    Jul 31 2019

    43mins

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    Investor Stories 117: Lessons Learned (Tusk, Kim, Rooke)

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

    • Bradley Tusk
    • Jim Kim
    • Jenny Rooke

    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.

    Jul 24 2019

    8mins

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