We say no far
more than yes.
A partnership means our capital, our operators, and our time sit inside your business. That is expensive for us, so the bar is high. Here is exactly what we look for, how we check it, and what kills a deal on sight.
Five criteria.
All five have to hold.
Real demand.
Evidence that customers want this, not just that the operator believes they should. Revenue history, signed contracts, waitlists, repeat buyers, inbound inquiries. Proof of pull, not projections of it.
Non-negotiableHealthy margins.
The unit economics have to work before we touch anything. If gross margin cannot support growth spending after delivery costs, no marketing fixes it. We model from your actual numbers, not your pitch deck.
Non-negotiableAn operator who executes.
The single biggest variable. Founders who ship, answer for misses, and have a track record of doing the work. We back a great operator in a decent market over a mediocre one in a great market.
Non-negotiableA ceiling worth chasing.
The market has to be big enough to justify the effort. Partnership is heavy lifting for both sides. If the realistic upside does not clear the bar, we pass, even if everything else looks good.
Non-negotiableClean books.
We need to see where the money goes. Clear revenue records, understandable costs, no mystery transactions. If the numbers cannot be trusted, nothing built on them can be either.
Non-negotiableWhat we look for
Five criteria. All five have to hold.
Real demand. There must be evidence that customers want this, not just that the operator believes they should. Revenue history, signed contracts, waitlists, repeat buyers, inbound inquiries. We look for proof of pull, not projections of it.
Healthy margins. The unit economics have to work before we touch anything. If the gross margin per transaction cannot support growth spending after the cost of delivery, no amount of marketing fixes it. We model this from your actual numbers, not your pitch deck.
An operator who executes. This is the single biggest variable. We look for founders and operators who ship, who answer for misses, who have a track record of doing the work instead of talking about it. We would rather back a great operator in a decent market than a mediocre operator in a great one.
A ceiling worth chasing. The market has to be big enough to justify the effort. A partnership is heavy lifting for both sides, and we do not do heavy lifting for small outcomes. If the realistic upside does not clear the bar, we pass, even if everything else looks good.
Clean books. We need to see where the money goes. Clear revenue records, understandable costs, no mystery transactions, no comingling with unrelated personal spending. If the numbers cannot be trusted, nothing built on them can be either.
The evaluation process
Four stages. Fast when it is a fit, honest when it is not.
1. The conversation. You tell us what the business does, what the bottleneck is, and why now. We are listening for clarity. Operators who know their numbers and their problem get our attention. Operators who pitch a vision and wave away the details do not make it past this stage.
2. The numbers review. We look at real financials: revenue, margins, customer acquisition cost, repeat rates, cash position. We will ask uncomfortable questions about anything that does not add up. This is not an interrogation, it is diligence. If we cannot understand the economics, we cannot price our involvement.
3. The market check. We independently verify demand and competition. We talk to the market, look at comparable operators, and pressure-test the assumptions your model depends on. Our research team does this for a living. Surprises at this stage usually mean the end of the process.
4. The decision. Yes means terms, structure, and a start date. No means a straight answer with the reason. We do not string operators along for months. If we are a no, you will hear it within days, and you will know why.
Most evaluations take one to three weeks from first conversation to decision. If we need longer, something is unclear, and we will tell you what it is.
What kills a deal
Be blunt. We are.
- No evidence of real demand, only projections and optimism
- Unit economics that lose money on every transaction at scale
- An operator who cannot take feedback or will not change course
- Books that do not reconcile, or numbers that shift between meetings
- Legal or regulatory risk the business cannot cleanly manage
- Dependence on a single customer, channel, or key person with no backup
- An operator who wants our capital but not our involvement
- A ceiling too low to justify the work on either side
The uncoachable operator deserves special emphasis. A partnership means we operate inside your business. If you want money without input, there are lenders for that. We are not lenders. When an operator bristles at the first hard question in diligence, they have shown us exactly how the partnership would go. We believe them and walk away.
Similarly, an operator who wants our capital but not our operators, our marketing systems, or our playbook misunderstands the arrangement. The capital is the least valuable thing we bring. If you only want the money, you do not want us.
Why we're this strict
Selectivity protects everyone inside.
Every operator we accept affects everyone else in the ecosystem. One weak partner drains the team's energy, pulls our operators off real work, and lowers the standard the rest hold each other to. So we protect the network the way you would protect anything valuable: by choosing carefully.
Strictness keeps performance high across the portfolio. It protects our time, our capital, and our team's focus for the operators who will actually use them well. And it means every POP partner can be proud of the company they keep.
Who we are looking for: operators who already deliver a great service. Businesses with real demand and room to grow. Owners who want long-term scale, not quick hacks. Teams that are responsive, hungry, and coachable.
Who should not apply: anyone hunting for cheap or set-and-forget marketing. Businesses that do not track or care about profit. Owners unwilling to adapt, improve, or lead their teams. Anyone who expects results without responsibility.
Our code of honor: every partnership is anchored in integrity, transparency, and results that cannot be ignored. We say what we will do, we do what we said, and we show the numbers. We expect the same from you.
What happens after a yes
The decision is the starting line, not the finish.
A yes leads to written terms: what we contribute, what you contribute, how economics split, how decisions get made, and how either side can exit. Everything is documented before any capital moves. Handshake partnerships are how disputes start.
Then we build the operating plan. We map the first 90 days: the metrics we are moving, the systems we are installing, the hires or changes the business needs, and who owns each piece. Our operators get embedded in the business. Your team keeps running what it runs best. The plan has dates and owners, not aspirations.
From there, it is weekly operating rhythm: numbers reviewed, blockers cleared, next moves decided. We stay close early and loosen as systems take hold. The goal is a business that runs better because of the partnership, permanently, not a business that needs us forever.
Questions, answered
What size business do you work with?
We care more about trajectory than size. A business doing modest revenue with strong margins and clear demand can be a better fit than a larger one with broken economics. The minimum bar is revenue that proves the model works, not a specific dollar figure.
Do you invest in startups with no revenue?
Generally no. Our criteria require evidence of real demand, and pre-revenue businesses cannot provide it yet. We are growth partners, not seed investors. If you have traction, talk to us. If you have an idea, build first.
Will you sign an NDA before I share my numbers?
Yes. We sign mutual NDAs as a matter of course before reviewing financials or proprietary details. Your information stays confidential whether or not we partner.
How long does the evaluation take?
Typically one to three weeks from first conversation to a decision. We move fast because dragging out diligence wastes everyone's time. If we need more time, we will tell you exactly what we are still resolving.
What if you say no? Can I come back later?
Often, yes. Many of our no's are about timing, not quality: the numbers are not there yet, or the bottleneck is something you can fix first. We will tell you what would change the answer, and we mean it when we say the door stays open.
Do you take equity in the business?
Partnership structures vary by deal, and equity or profit participation is typically part of how shared upside works. The exact structure is set in the written terms after a yes. See how partnership economics work for the full picture.
Think you clear the bar?
Bring your numbers and your hardest problem. The first conversation is direct and costs nothing.
Read next: how partnership economics work. Or see partnerships in our services.