The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 465: Pricing Too Late, Selling Too Early, Investing Too Fast — Hard Lessons from Top VCs (Ramanujam, Cohen, Orlovski)
Mar 12, 2026
Conversations about finding product pricing and early monetization signals for startups. A deep dive into timing liquidity and rules for partial exits. Reflections on the perils of moving too quickly on deals and the value of patience. Practical war stories from seasoned investors about when to sell and when to hold.
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Start Charging Thoughtfully From Day One
- Pricing and monetization must be considered before product-market fit, not after.
- Madhavan Ramanujam found his fund's thesis is more useful at pre-seed because early founders struggle with POCs and how to charge customers.
Have A Predefined Sell Framework
- Do plan a disciplined sell strategy before you need liquidity decisions.
- David Cohen advises defining rules (for example selling a fixed percentage at valuation thresholds) because timing of exits often determines returns more than the original pick.
The Cost Of Investing Too Fast
- I moved too fast early in my VC career and overinvested to show deployment.
- Victor Orlovski recounts being pushed to invest quickly by LP expectations and says he learned to wait longer and be selective before pulling the trigger.