Cover image of The Full Ratchet: VC | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private Equity | Business Loans
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Rank #195 in Investing category

Business
Technology
Investing

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

Updated 6 days ago

Rank #195 in Investing category

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.

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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.

iTunes Ratings

187 Ratings
Average Ratings
180
2
2
2
1

Great way to learn venture

By Minnie_Ing - Jan 15 2020
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So helpful and fun to hear the personal stories

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.

iTunes Ratings

187 Ratings
Average Ratings
180
2
2
2
1

Great way to learn venture

By Minnie_Ing - Jan 15 2020
Read more
So helpful and fun to hear the personal stories

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.
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

Latest release on Feb 19, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 6 days ago

Rank #1: 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

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Rank #2: 37. The Algorithm for Raise Amount & Valuation (Leo Polovets)

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Leo Polovets of Susa Ventures joins Nick to cover The Algorithm for Raise Amount & Valuation. We will address questions including: You’ve outlined three major steps in “The Algorithm for Seed Fundraising.” The first, is the amount of the raise and you cite revenues, expenses and timing as key variables....

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 22 2015

42mins

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Rank #3: 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

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Rank #4: 84. The Cap Table, Part 1 (John Buttrick & Sean Moran)

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John Buttrick of Union Square Ventures & Sean Moran of eshares joins Nick to cover The Cap Table, Part 1. We will address questions including: John, can you walk us through your background and how you became involved in venture capital Can you talk about your experience at USV 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.

Jun 01 2016

29mins

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Rank #5: 179. Sales Mastery & Storytelling at Scaling Startups (Craig Wortmann)

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Craig Wortmann of Sales Engine joins Nick to discuss Sales Mastery & Storytelling at Scaling Startups. In this episode, we cover:

-Craig's background and how he became involved in the early stage tech community.

-You've spent a lot of time looking at how companies make this difficult transition from the scrappy, do-it-all world of "Entrepreneurial Selling" to a "Professional Selling" organization. Talk to us about what you've observed and how companies struggle in this transition.

-When is the right time to transition from 'guerilla selling' to a more organized, professional process?

-When we had Tae Hee Nahm on the program he talked about three different types of sales leaders at different stages of a startup. At the beginning it was a Davey Crocket- like individual, an independent explorer who will find their own path through the wilderness... then at the growth stage, Braveheart individual- someone with that warrior spirit and finally at the scale stage he looks for the Dwight Eisenhower-- someone with political savvy to align all the sales folks and move in the right direction... do you agree or disagree and how does your philosophy differ?

-What do you do when a top performing salesperson won't use the tools, align with the culture or conform to processes.

-How do you handle it when the product is broken... it's clear that the offering is lacking and the issue is not with sales.

-How about situations where one is selling something that doesn't exist?

-Storytelling... I see founders fail at this often and even I often failed in telling my story when raising Fund I. Where do most people go wrong?

-What's the story canvas and how should it best be used?

-You talk about how folks should think about 'capturing, distilling, and telling' the right story at the right time for the right reasons. What's your advice here?

-One of the more popular things you teach at Kellogg is called the 'The Perfect Sales Meeting'. Can you talk to us about how one should think, plan and increase their sales meeting effectiveness?

-Between sales meetings or when a prospect is slow to make a decision... how does one create urgency and positive momentum toward a decision?

Jan 23 2019

1hr 14mins

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Rank #6: 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

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Rank #7: 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

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Rank #8: 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

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Rank #9: 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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Rank #10: 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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Rank #11: 28. The Investment Readiness Level (Steve Blank)

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Steve Blank joins Nick on The Full Ratchet to discuss the Investment Readiness Level, IRL, including: How have incubator and accelerator investors traditionally evaluated startups & what’s changed that provides an opportunity for a much better approach? You talk about how the focus for startups should shift to evidence and trajectory across...

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 07 2015

47mins

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Rank #12: 69. Building an Investor Brand, Part 1 (Jay Acunzo & John Gannon)

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Jay Acunzo of NextView Ventures & John Gannon of BEMAVEN join Nick to cover Building an Investor Brand, Part 1. We will address questions including: Jay, can you start us off by talking about why VCs and in some cases angels are attempting to build an investor brand? John, what...

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 17 2016

30mins

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Rank #13: 151. Kingmaking, De-Risking Every Investment & the Future of Real Estate Tech (Brendan Wallace)

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Brendan Wallace of Fifth Wall Ventures joins Nick to discuss Kingmaking, De-Risking Every Investment & the Future of Real Estate Tech.  In this episode, we cover:

  • how building a fund is different from a startup
  • why fifth wall invests in real estate tech
  • why they take a different approach to workign with LPs and portcos
  • how large corporate LPs get comfortable with threatening tech that can destroy existing asset value
  • Brendan gives an overview of the real estate tech landscape and how it's segmented
  • why he thinks no other funds are focused on this sector the common demoniator he looks for in startups
  • the concept of the built world and how tech will bridge the gap between physical and digital
  • the most disruptive ideas he's come across in real estate
  • how the hot trends like AI, AV, robotics and VR/AR will effect the sector
  • and finally, what's surprised him most since raising fifth wall fund 1

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 14 2017

47mins

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Rank #14: 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

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Rank #15: 88. Fintech Investing, Part 2 (Sheel Mohnot)

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Today we cover Part 2 of Fintech Investing with Sheel Mohnot of 500 Startups. In this segment we address: What was your business, Fee Fighters, doing in the payment category of fintech and how did that lead to an exit? What are the major customer segments most often served by...

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 19 2016

24mins

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Rank #16: 182. Market Cycles, Escalating Costs to Start Up, and the Micro VC Surge (Jeff Clavier)

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Jeff Clavier of Uncork Capital joins Nick to discuss Market Cycles, Escalating Costs to Start Up, and the Micro VC Surge. In this episode, we cover:

  • In 2004 you started making angel investments in emerging Web 2.0 companies and at that time, only a handful of individuals backed entrepreneurs in the internet space…What was your first investment and how did you get involved in the space? 
  • What's the story of the founding of SoftTech--now known as Uncork Capital. 
  • What led to the rebrand from SoftTech to Uncork? 
  • The investment focus/thesis of Uncork. 
  • You mentioned...FitBit, EventBrite, and Sendgrid...it's striking how different each of these businesses are...How you are able to get conviction and understand key success factors across different sectors with different models and overall profiles? 
  • How have the market cycles affected VC, your fund strategy, raising capital and the impact on portfolio companies? 
  • What are the most common mistakes you see early investors making? 
  • With the 600+ micro-VC funds now...is the stage over capitalized? 
  • Is it more expensive to build a startup today than 10 years ago? 
  • Being that you are from France...in your estimation, what have been the primary differences in funding European based startups vs. those in the States? 
  • Said to be one of the most helpful investors in the valley... what are some of the specific ways you get involved? 
  • On the firms website it talks about your “No Playbook” and “No Bullshit” approach that you’re not delivering “prescriptive formulas on how to build or scale” but instead developing custom plans, one on one. Tell us about these custom plans and the key elements. 
  • How Jeff balances time and energy with so many portfolio companies.

Mar 15 2019

45mins

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Rank #17: 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

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Rank #18: 51. The Hunt for Investors, Part 1 (Mark Peter Davis)

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Mark Peter Davis of Interplay Ventures joins Nick to cover The Hunt for Investors, Part 1. We will address questions including: Can you walk us through your background and how you became involved in startup investing? Can you talk a little about the startup foundry concept and how Interplay differs from...

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 04 2015

26mins

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Rank #19: 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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Rank #20: 155. Predicting Technology Shifts Before they Happen (Tim O'Reilly)

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The Trend Spotter joins us today on the program. Tim O'Reilly is one of the top minds in tech, who has predicted and/or driven many of the movements that now seem so obvious to us. In today's episode we discuss:

  • Tim's path to becoming an investor
  • How he linked up w/ Bryce Roberts and launched O'Reilly Alphatech
  • The shift in their model w/ Indie VC
  • We talk about Tim's focus on profitability and his counter to those that cite some of the biggest and best tech companies that are not profitable
  • We discuss Tim's new book WTF: What the future and why it's up to us
  • Tim outlines the way he thinks about business model maps
  • He explains his thought process of identifying technology shifts before they happen
  • We discuss fear and it's role in shaping consumer mindset
  • Tim references the historical lessons most overlooked by today's society
  • and we wrap up w/ a conversation on ICOs and cryptocurrencies and get Tim's opinion on their role in the future of tech

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 26 2018

1hr 3mins

Play