The Best One Yet - 🤠 “LIVE with Poppi Co-founders Allison & Stephen Ellsworth — Pepsi’s $2B Power Couple

Episode Date: February 27, 2026

Husband and wife Allison and Stephen Ellsworth have 3 kids and 3 Super Bowl commercials - Because together they created Poppi, the better-for-you soda disruptor that PepsiCo bought for $1.95 Billion last year.Their biggest fight? The day they sold the company.They’ve got a spreadsheets/bedsheets policy you don’t want to miss.Work/Life Balance? That’s the wrong question for entrepreneurs.Plus, Stephen plays the Newlywed game, TBOY-style.In this live interview from State Theater in Austin, we discuss the Ellsworth’s full-circle moment: They got a deal on shark tank, grew Poppi’s stock 100,000%, then came back to Shark Tank… as Sharks.In this interview, you’ll hear how Allison and Stephen design a business based on vibes, why the marketing metrics don’t matter, how distribution is destiny… and why you celebrate the wins in Italy.It’s one part TBOY hangout, one part couples counseling, and we had so much fun on-stage with them, Jack even stole their drinks.NEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today’s top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

Yeties, some couples go on dates, some couples go on vacation. But this couple went on Shark Tank and then sold their business for billions. Last year, we interviewed Allison Ellsworth on creating Poppy, the power pioneer prebiotic soda of the world. Today we're bringing her back, along with her co-founder, Stephen. I'm sorry, Jack, you mean husband, Stephen. This interview is part T-boy Hangout and part couples counselor. Because Allison and Steven bring pitch decks to their date nights. They bring product samples to their anniversary.

Because eight years ago, they launched a gut health drink on Shark Tank. While Allison was actually nine months pregnant. But Allison didn't give birth to a human. She gave birth to a unicorn. Because last year, Poppy, an Austin-based company, sold to PepsiCo for $1.95 billion. There we go. This is Poppy.

was so disruptive, they made Pepsi pay up. It was so viral, it made Diet Coke cry. So beloved, they made Alex Earl thirsty for equity. This couple has created three Super Bowl commercials together. I'm sorry, Jack, this couple has created three kids together. Yeah. Please welcome to the stage, the god and goddess of the gut. The king and queen of crushing cans.

The Bonnie and Clyde of Bubbles. Because tonight we have both Allison and Stephen Ellsworth, the co-founder power couple of Poppy in the house. And tonight's interview with Stephen and Allison is the best one yet. Let's hit it. Now a quick word from our sponsor. Product placement. Hold on. Yes, let's get that label out.

She knows. She knows. Would you be upset if I snag that? Oh, root beer. Honestly, it would make my day. Yeah. I think there isn't. I believe there is an ASMR opportunity.

Wait, you have to. Yeah, yeah, do it right. Do it right. That was good. At Nick Summercamp, that was his special talent. He could make that sound. Wait, that's kind of iconic. Now we just need some nail tapping.

That's what I was waiting for. So, Allison, when we had you last on the show, you said, and I quote, I hope that you guys come to Austin next year for a live show. I believe Allison manifested everything here. You manifested this. It's happened. That's on Grand Farm. It sounds like me.

Now that Stevens here, we want to ask how the mommy and daddy of Poppy celebrated the incredibly successful acquisition with PepsiCo last year. Take us into the room, what happened when you finally signed and did the deal? Ooh, that's a great question because the day we actually signed the deal and we were waiting for the money to hit the bank, I think we actually gone to one of the biggest fights ever. Really? No way. Yes.

And so, like, we're like, you clear your schedule. Let's go to lunch. He didn't do it. I was like, okay, clear your afternoon. Wait, wait, wait, wait. Let's go to dinner. Couples counseling. We predicted this.

We did predict this. It was, it was interesting. We were like, we didn't make time for this. And then the next day we were like, that was silly. Like, our lives are the same. Let's go to yoga and have a good day. And we were, like, chill after that. But it's a stressful moment that I think people don't realize going through an exit can be kind of

vulnerable and crazy, right? And it's emotional because you're also, you're getting something and that's what everyone's celebrating, a pop in the champagne for it, but you're also letting go of something. Yeah. But you did celebrate, right? We did. We went to Europe for a month. It was very iconic, and then we got

back and we were like, oh my gosh, now what? Did you bring your kids? Unfortunately, yes. I think we brought maybe too many people on it. Too many people. We have three boys, and they're tough. Did you get one of those seats that has the bassinet. I didn't know that planes had built in bassonets. I think after that deal,

do you guys get a special plane? Special plane? Hey, don't call this out here. Go on. It was a celebration trip, okay? Congratulations. So, Allison, when we interviewed you last August, it was shortly after the deal

with Pepsi had closed. And you described your feelings as freedom. Well, now we're a little bit further away. It's been almost a year since the deal closed. As that feeling about the acquisition change from freedom to anything else? So freedom to do whatever I want, right? Freedom to start another company, freedom to have financial freedom. And you know what? It comes with that is not a lot of purpose. And I think in life, you need purpose. So for me, it was a very

overwhelming feeling of freedom. But then now that the dust is kind of settled, I'm like, wait, it's not what it's about. It's, I think life is about purpose. And so finding the next purpose has kind of been the goal. And does that mean, do you feel more attached and more committed to the brand now than before? You know, it's kind of like your child's off at college. So we both work as advisors still at Poppy, and it's like you are cheering them on from afar. You kind of come in, like we just helped with our Super Bowl ad, and I still go by the office and cheer on the team.

But it's like they're at college. Like you kind of have to like let it thrive on its own. And it's honestly really rewarding to see it just sore the way it is. And it's not calling you from college and asking you to send more money to it, basically. No, thank goodness. So neither of you are day-to-day at Poppy anymore. But Stephen, you and peanut butter have a little bit of a story, right? Yeah.

So in December, Stephen, you joined Dropout Brands, which is making peanut butter and jelly pouches and breakfast sandwiches. what's the playbook at Dropout? Is it do what you did with Poppy but for a different product? So, spoiler alert. I think the cart was before the horse there. I'm actually not officially an operating partner at Dropout. But we are investors and we are helping out significantly with the brand, which has been really, really great. And the thing that I'm the most excited about is I just believe in providing better for you options for the American consumer. So really excited about the product, really excited about the brand and what they're doing there. But I think as we went through this journey of selling the business and sort of coming out on the other side,

I like to operate. I don't like to influence. And so I think we're just really excited about setting our sights on the next thing for me and Allison. People like to use our faces. Yes, yes. I think he put it out there a little too soon, if that makes sense. Well, the Poppy Principle exists. And Jack and I have seen the Poppy Principle. It's this idea that you can have the best of both worlds. You can indulge in a soda, but a soda that's better for you. Exactly. It says it right on the can. It's a product of you.

It is delicious, by the way. I feel like I just stole this from you. I'm sorry. For everyone listening, Allison kindly brought a poppy for herself, and Jack started chugging it. Stephen Allison, so what do you see? What is the next frontier? Where do you see the

poppy principle going next? Is there a category of food product? One thing that you really want a poppy style, disrupt? I think what's really cool with Poppy that we're so excited about is the ability to get into more venues. So, for example, I love telling the story. We were the official soda of the Lakers, yet we were not allowed to be sold in the stadium. Like, that is wild to me. So now it's like stadiums.

I mean, like, think about like subway, Jersey mics, Taco Bell, Starbucks, like all of these places that just were not possible before that now we see Poppy. Like, I feel like it's like now I go into places like poppy's like, Poppy, Poppy, like pull up the sheets. Poppies are there. Like it's crazy the distribution that Pepsi's done. So for me, it's like we've always been on a mission to revolutionized soda for the next generation. And it's like that is literally happening. It's pretty cool. Jack, that reminds me of actually a takeaway we heard once, which is that first time founders focus on the product, but second time founders focus on the distribution. And that's what you guys are doing now. Yeah, because every place is.

either a Pepsi place or a Coca-Cola place. Dr. Pepper kind of found their way in there, too. They try. It's crazy, though. They're actually on a lot of Coca-Pepsy trucks. Yeah, they got a little thing going there. It's crazy, though, that these exclusionary rules can just make competition. I mean, I probably shouldn't say this, but it's kind of like the mafia, right?

Like, it's kind of weird if you think about it. No, the distributors. They control the rails. By the way, you guys finish each other's sentences, and, you know, you co-founded this company as a couple, right? So, I mean, this is a rare interview. We have a co-founder, married couple who successfully launched, operated, and exited. So we have to ask. Our audience is filled with couples that listen to the show together.

Yeah, can we get a little Yelp if you're here with your significant other right now? Let's go. That's 130% of the audience. So what has, what have you learned about marriage from running a company together or, vice versa. What have you learned about running a company from marriage? I'll let him take this one. I think it just got really hot in here. Take this jacket off.

No, I think one of the great things that's similar in both marriage, relationships, or building a business, is there needs to be 100% commitment from both parties. And I think that really played well into what we were doing at Poppy. We were both 100% committed to each other, and we were both 100% committed to the business. And so that's really required as the business goes up and down, as relationships go up and down. I think it's so critical that each person comes to the table with that 100%. Because inevitably, I'm going to fall short, she's going to fall short, and if we're only 50-50 and we're falling short, we're less than 100%.

So I think that that's the biggest thing that sort of marriage and business has taught us is just full on. Alison, you're not smiling. So for me, it was probably a lot of white wine. And, no. No, honestly, it was like really early on. We decided that we had this common goal that would change our lives and our kids' lives and our future. And so it's so fun when you have a common goal to do it with someone. And then, by the way, we are so opposite.

So I ran our creative and brand. He did like our ops and like kind of just the boring stuff. Hey, hey, hey, I did the product. Yeah, he did the product too. Yes, the product, which is iconic. But I just think that, you know, we know our lanes. Stay in your lanes. Like, you guys finish each other's sentences.

It's so cute. So I'm not married to Nick, but... I can kind of piggyback off what you said, Stephen. The one... Trust that... So you said both partners have to be 100% in. I think why that's so powerful is because then you trust the person.

Yeah, that's the key. So I... If Nick changes something I suggested... for a story. I don't second guess the motives because I know he's 100% in on the company and I trust him as a result. Same goal. So I think the end result of

both sides being 100% in is trust and that is so powerful. But take us to like one of those random Tuesday nights. Like let's go tactical here. Like do spreadsheets stay out of the bed sheets kind of a thing? Like do you not bring up work after 9pm or do you feel like it's the kind of thing where it's actually better

if you're discussing work and it's weaved in with your life? I love a good spreadsheet in the bedsheets. Honestly, it's because after the kids are in bed at that point. It's like kind of when you have to get a lot of the work done, right? I think, you know, early on it was funny. We would say, like, what are the most important things? Like, our marriage is good.

Let's focus on the business and the kids and just know that we're okay. And I think it's crazy when people say, like, it's all about balance. And, you know, you have to shut the computer at 7 o'clock. If you're an entrepreneur and you're shutting your computer at 7 o'clock, like, what are you doing? right we're all hustling and so for me it was just always on but we were both always on and so I think that commitment was kind of easy yeah I think it's like you you work a job that you don't like they call it stress you work a job that you love they call it passion wow and like that was that was us like we it was just work life integration and it goes back to that common goal we were building something

for ourselves so I won't say that we weren't we're building something for our kids and for our families and ultimately having a lot of fun doing it and getting to work with amazing smart people. And the great thing about the sale of Poppy is 99% of the employees also had equity. And so we changed so many people's lives. They bought homes. They retired their parents. They bought cars. It's so incredible to be working with such a motivated and talented group of people. He mentioned equity. He did. So we want to talk your Shark Tank Full Circle moment. Eight years ago, the two of you were on Shark Tank. You were nine months pregnant, which I still think is just insane.

On Shark Tank. On Shark Tank. Huge. And you received... Literally huge. So you received an investment that valued the company at $1.6 million. Seven years later, the Pepsi acquisition happens. Can you please whip out the whiteboard and sprinkle on some context, Jack?

Well, that sale was for $1.95 billion, which, in percentage terms, growth. Yes. Carry the one. You ever calculated this? No. 100,000% equity growth. Can we sorry? A round of applause for that number?

And that 99% of your employees benefited from that growth is incredible. Great return for our shark. Now a quick word from our sponsor. So that success actually earned you an invite back to Shark Tank. From our research, the first ever former Shark Tank contested. to become a shark tank shark so we were curious Allison you know you told us when we last spoke with you a year ago that you don't look for business leaders who are CEOs you look for brand builders so for any brand builders out there what is it specifically that you look for when I get on a call

with the founder and they start talking about bottom of funnel Roas their KPIs I'm like oh my gosh I cannot help you. Like, this is doomed. I want to be a ROAS killer. I want us to think about brand awareness, brand building, future, like disruption, well also having process, right?

But it can't be the first thing out of your mouth. You want to and need to have to build the brand. And it's really hard to change a founder's mindset when it comes to those things. And then fun fact, when I was talking to you guys last time, I had just filmed Shark Tank the day before it was so hard not to tell you.

Oh my God. We would have signed a BIA. It's so cool. Well, we loved watching the episode months later, which is really neat. So to translate what you said, because I don't even know what Roas is. But I think you're saying, like, don't be too focused on the profit. If your company's really young, you need to focus on getting out there, getting the attention of people, winning in the attention economy, which is what we're all playing in right now, and growing the top line.

It's too early. Just focus on the brand. Think about, like, how are you connecting with your, you know, your community, not your customer, right? I think, like, we looked at just, like, Poppy's community, and, like, that's what built us on TikTok. We have, like, over 3 billion views on TikTok, and one third of the platform has seen my face seven times. It's wild, right? And so I just think that, like, people have focused so much on the stuff that doesn't build long-term brand growth. And they just focus on the numbers.

Yeah, I think like when you focus on the numbers, bottom funnel conversion, CACLTV, like all of this stuff, you miss brand building. And one of the things we always said at Poppy is we always wanted to change the consumer's purchasing behavior from the head to the heart. And that's what brand building does. You get emotionally connected and invested in that brand. And so how do you take them on that journey and bring them into the community? It really changes how they purchase and make the decision around purchasing the product.

Something we learned from Allison in our interview with you last year, Poppy has an unlimited free sample budget. Yeah, they just ship stuff to people who will help grow the brand, like sororities. I think if anybody posts about Poppy, you're getting a 12-pack. I think that's why I got this free song. It's part of the free sample budget. It's part of the budget. Which is unlimited.

But I think that's an example of not focusing on the numbers, right? and as a result of things like giving free samples to anybody who supports your brand in any way just created this massive army of people who loved Poppy beyond a reasonable amount. Yeah. Which is what a great brand is. It's beyond reason. Yeah. Three Super Bowl commercials.

Three consecutive years. Most recently with Charlie XEX and Rachel Sennett. But in year one, you purchased the Super Bowl ad on the Wednesday before the Super Bowl, and then it aired right before Usher went on for the afternoon. It was like an eBay deal for a Super Bowl ad, basically. In year two, you got Jake Shane and Alex Earle to star. In year three, this month, it's the first time it happened with PepsiCo. Were you involved in the creation of those Super Bowl commercials?

Yes, very involved. And I think something that was very intentional with this is to not look like a big corporate came in and got Poppy, right? And so first year was about storytelling. Second year was about soda occasions. And then this year was just kind of a vibe. And like that's literally what the Super Bowl was. It's like Poppy is a vibe. And it just speaks to us moving at the speed of culture.

You know, Rachel and Charlie are just like, culture makers. They're the moment, right? And so I just think it was something that was really important for us to just say, hey, we're still Poppy. And do you measure the success of that Super Bowl ad, or is it kind of like the success is that it just aired? You know, I think when going in and doing a Super Bowl ad, some people want to get like the ad meter and like get all the rating and stuff. Like, we've never really cared about that stuff. For us, it's just how many people can learn about Poppy, feel some emotional connection. It goes, back from the head to the heart piece.

And for this one, it was just kind of like a vibe. Yeah. Go back and watch it, and you'll get why I'm saying that. That was the win, the vibe. Did people like it? The vibe is the vibe. But we also have, you guys are part of Pepsi. And you mentioned, like, you wanted to show that you still

have this level of independence. There is something we were curious to ask you about, which is Pepsi also now is launching a prebiotic soda. So is that like a sibling rivalry situation? Is that like a frenemy situation? that's something you think about. It's all in the family. What I would say is like how flattering is it that Pepsi, an iconic cola, is looking to poppy and saying, hey, this prebiotic thing is pretty cool.

Like we created the category. Like we want to do that too. And let's be honest, like Pepsi Cola is a pretty iconic flavor. And so I think we have two very different cohorts of consumers that we're going after. And I think that there's enough room on the shelf for all of us to play. And at the end of the day, it all serves the same purpose. Sometimes business is just not zero-sum, and there's plenty of room to grow the pie. There's just not a limited number of slices.

I'd also be remiss if I didn't ask you a couple questions about soda marketing. So zero-sugar soda is so popular right now. It's basically the same as diet soda, right? Why do consumers see it as so different? That is a great question. I think it just, there's really this movement. We always talked about this. In the beginning, it was great flavor, but it was high sugar.

And then it went to great taste, but zero sugar, slightly artificial. And I think the reason that zero sugar or low sugar is working now is because there aren't artificial ingredients in it. And there's all of these scientific studies that say artificial sweeteners, actually promote sugar cravings after the fact of consumption. And so I think people are just getting smarter, and there's more options out there. And so if they can have a zero sugar soda and it's all natural, why not? you know, I'm thinking of that Rohan quote, one of their investors from Shark Tank,

about this whole soda sibling situation in launching zero sugar sodas and prebiotics. Do you want to share it? Because Jack loves this quote. He tells it to me all the time. I did find it an inspiring quote. I've told it to you before, but I'll tell it again. Because Rohan said that big consumer package goods companies, like Pepsi, like Unilever, like Procter and Gamble, they've decided to not take the risk of anything.

And instead, they've outsourced innovation to the startup sector. Now, the reason I love that Intel so much is that it's inspiring to people who are trying to build a brand or start something new. You're not competing against the big guys. They're not into taking risks. So if you create something right now and you have the passion and you work on it and answer emails, there could be an amazing exit at the end because these big corporations are way. waiting to see who creates the next big thing. Yeah.

Is that still the case you think? I think so. And I think sometimes the big guys forget. Simply Pop was a Coca-Cola brand, prebiotic competitor. You're just not very good at it. Yeah, so it leaves a door wide open to entrepreneurs like us to create these amazing products and ideas. And if they're great brands as well, they come up and snatch them and change people's lives.

I think you forget, too. Now that we're on both sides, you kind of, you know, the curtains pulled back. We have a lot of interaction with the Pepsi team is it's really hard in a big corporation to move really quickly. And so when you're a small startup, you're allowed to move at the speed of culture. You can take more risks and there's more reward, right? If you take a risk in your big company and something happens and you get canceled, like that's really scary. Yeah. And so for us, I will say they're like looking to us a little bit.

bit of like they like they actually like want poppy to stay poppy and they're like asking like how do we do this but I don't know if I can name a single brand that they've launched any big company like that like Pepsi or Coke recently that's been successful like a poppy yeah Jack I don't picture Carol in accounting at Coca-Cola signing off on the unlimited influencer soda budget just send them any case or a Super Bowl commercial betting on vibes yeah it's hard to measure vibes they did sign off on it They own us in a summer today. So, kudos to them. Well, guys, before we go, we do have a rapid fire.

But we did one quick final question. So we have so many Yetis here who are building things. You've built something, man. I mean, is there anything when you think back to that white wine at 11 p.m. on a Tuesday before you jump into the spreadsheets, bed sheets. You know, is there anything you would have done differently? And is there anything you would double down on? I think the number one thing.

Look, Poppy was the fastest growing beverage in the history of beverage. It was absolutely crazy. You know, basically like zero to 500 million in like almost five years. Like it's like crazy how fast we grew. So hire quicker. Like I think entrepreneurs really hold on to this I can do everything mentality. And the second you start letting go and not letting your ego get in the way of growth is really where you have real growth. And we just like didn't have time to think about it.

We had to hire and we had to almost hire what we say is like what you, you're like, oh, we might need that person in 18 months. We're like, we need them now, right? It's like the growth that we're having. And so that really stretched us as, I think, founders to when we do it again, we know the key to hire quick and hire good talent. Steven, anymore? Yeah, I would say over, I would double down on that.

Overinvest in talent. I mean, team is going to be your biggest asset. That's the way that you can multiply yourself, honestly. And one of the things is like, okay, if you're an entrepreneur, you have an idea, you obviously have a little bit of an ego, because you think you can do it better. And maybe you can, but you can't do everything better. So if you have 50 or 60% trust in somebody else, that's literally when you should start to delegate it. 50 or 60%.

Yeah, 50 or 60%. You're like, maybe they'll get it right, maybe they won't. But that's when you should start to delegate and bring on the team to support you. So in order to grow, you have to let go. Yeah. So we finish every interview with some rapid-fire questions. We already did that with Allison last year. We wrote down her answers.

So for this one, we're going to do the newlyweds game. Yeah. Stephen, we're going to ask you, what did Allison answer to these questions? Oh, my God, I'm so excited. Oh, my gosh. So rapid-fire question number one. What is the best brand that isn't poppy? Remember, this isn't you I'm asking, Stephen.

What did Allison say of that question? What did Allison say? The best brand that isn't poppy? Oh my gosh. I say it on every interview. No hints. Do you say skims? Yes.

Is it skims? Skims and Starfish. Let's go. Let's go. That's why we're still married. That's why we're still married. Question number two. What is Allison's dream poppy collab?

You can't say skims. Oh my gosh. I don't know this one. Yes. She's maybe we're not going to be married. Can we get a hit? It's another thing you weigh. but it's on your feet.

Oh, yeah. That was, okay, crocs. Yes, there we go. Question number three. The best snack that Allison always has in stock. Snack or snacks? Either. I like to snack.

It's either got to be string cheese or pickles. We'll give you half credit because cheddar popcorn. Cheddar popcorn? Yeah. Oh. That's business leader Allison admires. Chris Jenner? Close.

And the greed of skips. Oh, yeah, yeah, okay, okay. It's all in the family. And best restaurant in Austin, Texas. Oh, my gosh. The taco place. Okay, we're getting warmer. We're getting warmer.

Go on. Keep going. So I think you really like Lopacina. But it's the one on the east side. It's the... Yeah, I like this method of stalling. Pink cups. Do you guys know?

Dada! Thank you. Thank you. Thank you. Thank you. Day Nata. I think Stephen did pretty darn well in that one, Jack. We're going to round up and give you a five out of six on them. Chris Jenner was like one and a half degree of separation from Emma. Chris Jenner was like one and a half degree of separation from everybody in this room. But guys, we're going to do one final thing before you go.

We got to have you ring the bell before you leave the stage. Yes, please. We would be honored. Right over there. On the way out. But let's give me a round of applause. Yay. Yay.

All right. Thank you for the power couple of pumping. Are you guys ready? Oh, they're bringing it in the middle. You got to lift with your legs, not with your back on this bell. This is 40 pounds. Anybody know selling sunset? You didn't go cheap on this bell, huh?

This is my selling sunset moment. I sold my company. Wait, how do you do it? Get a good one. Good night, guys. He's like, you do it. Thank you so much, guys. Thanks, guys.

Thank you. What battle applies for them.