Its own mandate.
A clear remit for the new business, agreed with you at the start.
for leaders building what comes next
You see what's next. We build it with you, inside your company.
Build your next business, unit or division in a ring-fenced structure, at cost. Your capital is recovered in full before our royalty begins.
what we protect
The ideas that shape a company's next chapter are rarely lost because they were wrong. They are slowed: by processes designed for the core business, and by pressure to prove too much too early.
We give yours the focus of a new business and the backing of the company behind it.
how we build it
A new business with its own mandate, budget and rhythm. Owned by your company.
We set it up as a ring-fenced structure, apart from the pace of the core business. Where legally and commercially appropriate, that can be a subsidiary, a special-purpose vehicle or an internal business structure, defined with your legal and finance teams.
Its own budget.
Committed one sprint at a time, so your exposure is always visible.
Its own rhythm.
A cadence of 15-day sprints, each ending in a decision.
working alongside your team
We don't replace the people you already trust.
Your internal teams stay involved. Whatever capability the new business needs, we bring it when it is needed. It comes from a core team chosen for the business and a vetted network of specialist agencies and experts. Our people stay unnamed and out of public view, so nothing links them to your plans.
You direct. We co-build.
- Your teams
- Our core team
- Specialist network
what it costs you
Your capital is repaid first. Only then do we earn.
- You fund the buildAs recoverable capital into the ring-fenced structure, not an expense written off on day one.
- We build at costWhat the work costs us, with nothing on top. We cover our costs, not our profit.
- The business repays you firstA defined share of its revenue goes to recovering your capital in full.
- Then the share becomes our royaltyCapped at one to two times your capital, fixed once the business model is clear. When it is reached, it ends, and everything the business earns stays with you.
Where the agreed share of revenue goes
Capital recoveredCap reached
Time runs left to right. Proportions are illustrative; real timings differ for every build.
You own it from day one. Our upside is capped. Yours isn't.
your direction
Begin with a small first yes. Decide at every sprint.
- A private conversationThirty minutes, with our compliments. Bring what you see coming. We tell you honestly whether we are the right team to build it, and send a proposal with what we heard and what we would do.
- A Fit Sprint15 days, at cost. Your idea goes once through the first three steps, one layer deep. You meet the team that did the work, and we decide together whether to go deeper.
- A decision every 15 daysEvery sprint is estimated before it starts, with a ceiling of 20% above the estimate, and closed with a decision you own. Your finance team always knows the most the next 15 days can cost.
- Stop conditions, agreed before we buildIf the evidence says it won't work, we will say so early and plainly. Our royalty begins only after your capital is recovered, so we have little reason to keep a failing path alive. You can also stop at the end of any sprint, paying only the cost to date.
- A clean handoverAt launch we build the team, document the systems and hand over day-to-day ownership, so the business runs without us.
complete discretion
Your next business is often your most sensitive plan. We treat it that way.
No portfolio rights.
We never use your business or work to sell the studio without your agreement.
Category exclusivity.
Direct-competitor restrictions are defined in the contract, for the relevant category and period.
Strict confidentiality.
Sensitive information and business materials are protected under contract.
questions your CFO will ask
What are we funding?
The actual cost of building and validating the business, including the capabilities and resources it requires.
How much are we committing?
One 15-day sprint at a time.
Each sprint is estimated before it begins, with a ceiling of 20% above the estimate, and approved before the next commitment.
What if a sprint costs more than its estimate?
You are told in writing as soon as we expect to pass the estimate.
Every sprint has a written estimate and a ceiling of 20% above it. At the ceiling we stop and ask. You can approve a new estimate in writing, change the scope, or end the build at that sprint. Nothing more is spent without your written yes.
Cost above the ceiling that comes from our own estimate is ours. A change you ask for is re-estimated and agreed before that work begins.
How does our capital come back?
An agreed share of the business’s revenue first repays your invested capital in full.
Only then does the royalty begin.
The share is sized once the business model is clear: large enough to bring your capital back within a stated number of years on a cautious forecast, and no larger. If revenue is slower, the road is longer, but the price does not change.
What happens if the business doesn’t work?
We stop.
Building in stages means less capital is committed before there is evidence to justify it.
What if we stop part-way?
You can stop at the end of any 15-day sprint.
You pay the cost to date, including anything already committed to partners, with no fee on top. Everything built so far is handed over with its records.
If the business launches on our work within twelve months of the stop, the usual order applies: your capital first, then our royalty, up to a cap scaled to the capital you actually spent. After twelve months, nothing is owed.
What exactly is the royalty?
Our share of the business’s success after your capital has been fully recovered.
It comes from the same share of gross receipts that repaid you, counted as the cash arrives. It is capped at one to two times your capital, a figure fixed in writing once the business model is clear, and it ends once that cap is reached.
It is our only return. We take no equity.
When are the revenue share and the royalty cap agreed?
Once the business model is clear, and not at the Fit Sprint.
It is too early then. We expect a business model to become clear only after about 100 days of work together. We then agree in writing the share of revenue that repays you, and a royalty cap of between one and two times your capital. Once fixed, the cap is never reopened.
Until then you fund at cost, and you can stop at the end of any sprint, paying only the cost to date.
Why is it structured this way?
So our incentives stay aligned.
You recover your capital first. We earn from the upside afterwards.
How is our investment treated?
As recoverable capital, structured to be repaid from the business’s revenue before any royalty begins.
The accounting treatment should be confirmed with your own finance and legal advisors.
What return should we expect?
We don’t promise a return, because it depends on what the business earns.
What we commit to is the structure around it: your capital is recoverable and repaid from revenue before our royalty begins, every sprint is at cost, and you can stop at any decision point.
Who owns the IP?
Business-specific IP is owned by you under the agreed contract, subject to pre-existing rights, third-party licences and other defined legal exceptions.
Read nextHow we work
Our approach. You direct. We co-build.
You’ve seen how a new business sits inside your company. Now see how the work is shared: what stays with you, what we take on, and how you stay in control.
private enquiries
Bring what you see coming.
A private conversation of thirty minutes, with our compliments. No commitment. We will tell you honestly whether it is worth building, and whether we are the right team to build it.