The Full Ratchet (TFR) · 2026-07-23 · 7 min
On this special segment of The Full Ratchet, the following Investors are featured: Natalie Dillon of Maveron Larry Cheng of Volition Capital Ben Black of Akkadian Ventures and Powerlaw Corp Each investor highlights a situation where they decided not to invest, why they passed, and how it played out. The host of The Full Ratchet is Nick Moran of New Stack Ventures , a venture capital firm committed to investing in founders outside of the Bay Area. We're proud to partner with Ramp , the modern finance automation platform. Book a demo and get $150 - no strings attached . Want to keep up to date with The Full Ratchet?
Investor Stories 486: The Traits of Visionary Founders: Ecosystem-Scale Thinking, Data-Driven Truth-Seeking, and Relentless Customer Experience Design (Blank, Demaree, Cheng)69 / 100
512. Is SpaceX Over or Undervalued, Why Consensus Kills, How Chewy Beat Amazon, and the GameStop Saga from a Board Member (Larry Cheng)86 / 100
Investor Stories 481: Lessons Learned from Centana Growth, a16z, and Emergence: Trusting Management, Spotting Original Thinkers, and Investing Before Revenue (Byunn, Ulevitch, Saper)67 / 100
511. The Future of Military Planning: Defense Tech Beyond the Bubble, AI Software as Combat Power, and the Rise of AI Wargaming (Grant Demaree)82 / 100
Investor Stories 480: The Traits of Visionary Founders: Customer Obsession, Self Disruption, and Why Love Can Be a Competitive Advantage (Dillon, Patnam, Ries)64 / 100