The Full Ratchet: Vc | Venture Capital | Angel Investors | Startup Investing | Fundraising | Crowdfunding | Pitch | Private E

Ryan Gembala of Pathbreaker Ventures joins Nick to discuss Breaking Convention, Hitting The Fundraise Wall & Why Deep-tech Is Not More Capital Intensive Than Software. In this episode, we cover: Backstory/Path to Venture Talk about your time at Facebook and working in M&A. What's the thesis at Pathbreaker? How do you define pre-seed? Most of your dealflow inbound or outbound? Quote from the website: "We don't believe all great companies, nor all phenomenal investments, look the same early on. So we are flexible, realistic, and patient - solving for supporting the founders best-suited for tackling the most meaningful problems." I'm curious, what are the must-haves that cut across all investments that you do?   You've said to me that hardware isn't more capital intensive than software. As a hardware investor myself, that was refreshing to hear but I'm sure there are many founders and investors that would strongly disagree. Why is not more capital intensive? Do you think the time horizon to exit is long