On this special segment of The Full Ratchet, the following Investors are featured:
- Pejman Nozad
- James Joaquin
- Rick Heitzmann
We asked guests to share the best question they’ve ever been asked by an allocator.
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.
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Transcribed with AI:
0:18
Welcome back to TFR on today’s special segment, we ask guests to share the best question they’ve ever been asked by an allocator. Here’s the segment called Best LP question.
0:36
On today’s special segment, we have Paige mon nozad of pear. Paige man, what’s the best question an LP has asked you? White pair, and your answer? Well,
0:46
I think what I said, I think we we built a specialist team that truly understand building a company from idea to product market fit with the support of the platform and variety of different services and product people for the founders and being sharply focused at this stage.
1:08
Do you think that a venture firm, financial services firm, can build a sustainable competitive advantage? Remote,
1:14
yes, I think we are building that. I actually think you need to have that superpower and then branch it out. What is your superpower? I think our superpower at Perry is like building companies from ground up, and we keep adding product to what does it mean to the founders? But you can have, I learned in venture there are variety of different strategy that works. You cannot pick one. I just give you an example. I’m, you know, Sequoia benchmark and yc. There are three different firms, three different strategy, great performances for all three. And I think pear has built something that has never existed before with our own strategy and how we look at the world. And we just, I think we reach our own product market fit. After 11 years, we know what is our value in the whole ecosystem, where we should be and what we are good at. It.
2:05
You run these cohorts in a variety of different environments, where people co create and build these businesses. Do you consider yourself having a studio model? And do you you know pair talent with ideas that you think should be addressed? Is that something that pair does,
2:21
no we don’t do we don’t do ideation. I think it’s always founders come to us. We, I take it day by day. My team takes it by day by day. We always look for the founders who come and educate us. Obviously, we build a great community of tech builders with a lot of services. But we, I actually that model has, I actually think historically, people tried only people could do it really well. It’s just very hard to do it. But for us, it’s always, you know, letting founders tell us what they want to build and where the opportunity is.
3:01
On today’s special segment, we have James Joaquin of obvious ventures. James, what is the best question an LP has asked you? Well, I
3:09
don’t know if this is the best question, but the one that comes to mind, Nick is an LP once asked me if I would be at obvious for the long haul, or if I was planning to run for public office. I laughed. You know, I took it as a compliment. I don’t know where they got that idea of me becoming a politician, but I assured them that I want obvious to be the last job I ever have.
3:33
Love it. It’s funny, after my AGM last year, I had some CEOs come up to me and say, sounded like you were running for office,
3:44
yeah, sometimes it sounds like a stump speech, right when you’re pitching your fund.
3:47
That’s right, I gotta be cognizant of that.
3:56
On today’s special segment, we have Rick heitzman of FirstMark Rick, what is the best question an LP has asked you? I think
4:03
there’s probably a couple which I think are interesting. A lot of it is, hey, what good decisions and what bad decisions and have you made on investing and why? And what good decisions about decisions have you made around people and why, both in terms of selecting members of the team here at first mark, as well as, as well as, as well as CEOs and founders, because I think that forces you, and I think you know being reflective and back solving on both good decisions you’ve made are in bad decisions you made are important, although you tend not to learn as much about the good decisions, and therefore you got to Make sure you learn a lot from the bad decisions and make sure you don’t continue to make those decisions. So, you know, everybody has Hey, I wish I, you know, I should have invested in Google. But also, the more important thing is, hey, what have you changed and what have you learned that makes you a better decision maker tomorrow? Than you were five years ago. And what does that mean in terms of the ability to build a team, the ability to pick founders and the ability to deploy capital?
5:14
That will conclude this installment of investor stories, if you’re enjoying the program and would like to see it continue, take a moment and leave a five star review in iTunes. Okay, that will wrap things up for today until next time over. Prepare, choose carefully and invest confidently. Thanks for joining me.
