We get some version of this question in nearly every introductory conversation: “What exactly are you looking for?” It’s a fair question, and the honest answer is that we look at fundamentals in a specific order.
1. The team, first
Before we look at a pitch deck, projections, or a cap table, we look at the people running the business. Are they capable of executing under pressure? Do they know what they don’t know? Will they take a hard conversation well? A great market with a weak team is a much worse bet than a good team in an average market — the team is what adapts when the plan inevitably changes.
2. The business model, second
Once we trust the team, we look hard at the mechanics of the business. Does the model make sense on its own terms? Is there a real path to durable margins, or does growth depend on conditions that won’t last? We’re less interested in growth-at-any-cost and more interested in growth that compounds.
3. The market opportunity, third
Finally, we look at the market itself — how big it is, how it’s changing, and whether the company’s timing makes sense. A strong team with a sound model in a shrinking market is still a hard bet. We want all three pieces working together.
What we don’t require
We don’t require a specific sector, a minimum revenue threshold, or a headquarters address, although our portfolio does skew toward Austin and Texas because that’s where we can be most useful. We’ve backed pre-revenue companies with the right team and established businesses with room to professionalize. Stage matters less than fundamentals.
The honest version
No investor gets this right every time, and we don’t claim to. What we can say is that we take the diligence seriously and we tell founders directly when something isn’t a fit, rather than stringing out a process that isn’t going anywhere.