The Full Ratchet

@sgblank says the Lean Startup era is being radically transformed by AI. On Episode 508 of The Full Ratchet, we discuss agent-outcome fit, why many startups may be DOA, defense tech, prime obsolescence, maintaining U.S. dominance, and the new VC reality. Link in bio.

Consumer investing isn’t dead, it’s misunderstood. I sat down with @ntdillon of @Maveron to discuss AI adoption, marketplace liquidity, demographic shifts, and why the next wave of consumer startups may be bigger than expected. Episode 507 is live - link in our bio.

What happens when software stops being a tool & starts doing the whole job? I sat down with Jake Saper of Emergence Capital to discuss AI-native services, outcome-based pricing, trust as a moat, & why SaaS is being rethought. Episode 506 is brought to you by @dottechdomains.

@EquipmentShare just went public at a valuation north of $6B, & Willy Schlacks joined me again to talk about IPO process, what public investors care about, founder evolution, & how AI could reshape the construction job site. Episode 505 is live, brought to you by @dottechdomains.

@davidu of @a16z says the next great venture outcomes may come from defense, energy, space, & manufacturing. We talk American Dynamism, dual-use go-to-market, industrial resilience, & production as deterrence. This episode is brought to you by @dottechdomains, for tech teams!

Investors share the deals that got away. Why did VCs pass on Solana, Zoom, Twilio, and MongoDB? Featuring @AriannaSimpson of @a16z, @NavinChaddha of @MayfieldFund, and @ethanaustin of Outside VC on the painful lessons behind billion-dollar anti-portfolios.

What makes a truly visionary founder? @JTananbaum of @ForesiteCapital, @mkhandel of @defyvc, and @davidcohen of @Techstars share stories of exceptional founders they’ve worked with—and the traits that separate them from the rest. Brought to you by @dottechdomains.

Fintech isn’t an inning — it’s an evergreen evolution. I sat down with Eric Byunn of @CentanaGrowth to discuss 25 years of fintech cycles, growth investing, monopoly myths, identity + fraud, and today’s AI-driven expectations. Episode 503 is live now - link in bio.

@sether joins me to discuss his new bestselling book @cap_evolution, the future of capitalism, declining mobility in America, and why AI and quantum mark a transformational moment for venture. We also unpack “dynamic capitalism” and what comes next.

In Why I Passed, Paul Madera of @MeritechCapital, @bussgang of @flybridge, and Victor Orlovski of @R136Ventures share the real stories behind passing on @netflix, @PalantirTech, and @VeevaSystems—and the lessons that still shape how they invest. #VentureCapital #Startups

Being wrong 80–90% of the time isn’t a failure — it’s the job. @jcal7 of @trueventures explains why curiosity, not certainty, drives great venture outcomes, and how long-term thinking and repeat founders shape True’s approach. Episode 501 of The Full Ratchet.

Episode 500 is live. 500 conversations, countless lessons. For this milestone episode of The Full Ratchet, Benjamin Orthlieb of @BlueMoon_VC joins me to break down AI-native venture and what’s next for VC. Link in bio.

What separates a good founder from a true 100x founder? @bussgang of @flybridge, @thedatavc of @645ventures, and @chudson of @PrecursorVC break down how their investing philosophies have evolved—and why, at the earliest stages, people now matter far more than markets.

@NavinChaddha of @MayfieldFund joins The Full Ratchet to share lessons from building companies, backing iconic founders, and investing through every major tech cycle. A masterclass on people-first investing, AI teammates, and long-term conviction. Link in bio.

@AriannaSimpson of @a16z on why stablecoins are exploding now, the infra unlock that made them usable, tokens vs equity in crypto investing, and why this cycle is being driven by institutions—not retail. The link to Episode 498 link is in our bio.

@ChrisRizik of Renaissance VC, @CasberW of @SapphireVC, and @mkhandel of @defyvc share the biggest shifts in their investment philosophies—from conviction to founder evolution to moving beyond metrics. Check out Investor Stories 446 - link in our bio.

What happens when Facebook builds your product and wipes out eight years of work? Founder-turned-investor @ethanaustin shares how that journey led to Outside VC, backing outsider founders in fintech and climate. Full episode now live on The Full Ratchet.

Shamin Walsh of @BAMVentures, @aniehenke of @scalevp, and @aaref of @BainCapVC share stories of working with leaders like @smakani (@Motive_inc), @t_xu (@DoorDash), @patrickc (@Stripe), and @Keller (Zipline)—from deep customer obsession to elite recruiting and relentless focus.

AI is moving in dog years. I sat down with @Redpoint MD @jacobeffron to talk models vs agents, vertical AI in healthcare and legal, why “T2D3 is dead,” and where the real defensibility will come from in AI apps and tooling. The link to TFR and Episode 496 is in our bio.

How do great investors evolve? @kyork20 of @YorkGrowth, @someshdash of @IVP, and Paul Madera of @MeritechCapital share how their philosophies have changed — from early angel bets to disciplined diligence and deeper listening. Check out Investor Stories 439 today. Link in bio.