The neo-Fregean project of basing mathematics on abstraction principles faces “the bad company problem,” namely that a great variety of unacceptable abstraction principles are mixed in among the acceptable ones. In this paper I propose a new solution to the problem, based on the idea that individuation must take the form of a well-founded process. A surprising aspect of this solution is that every form of abstraction on concepts is permissible and that paradox is instead avoided by restricting what concepts there are.