The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 472: Think Big, Stay Patient, Earn Access — Venture Advice from Foresite, Mayfield, and Blue Moon (Tananbaum, Chaddha, Orthlieb)
Apr 23, 2026
Jim Tananbaum, founder and CEO of Foresite Capital and seasoned biotech investor. He and others discuss thinking big to capture the few transformative wins. They talk about patience as company building is a marathon. They explore how differentiated access and win-rate strategies matter for newer funds.
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Venture Returns Depend On Big Hits
- Venture capital returns concentrate in a few outsized hits that drive fund performance.
- Jim Tananbaum emphasizes partnering with great people and thinking big because one or two hits determine outcomes.
Practice Patience In Company Building
- Be patient because company building is a marathon, not a sprint.
- Navin Chaddha warns there is no overnight success and a single win can be a fluke, so play the long game.
Earn Access And Demonstrate Why You Win
- Create differentiated access and strong win rates rather than copying the standard concentrated-check playbook.
- Ben Orthlieb says early-career funds face adverse selection, so explain how you beat top firms and scale access.