Fletcher Spaght, Inc.
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Venture Partners

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Client Relationships

Client Mix

In our early years, Fletcher Spaght built its reputation working extensively with venture capital/buyout firms and their portfolio companies. As we grew, we expanded our client base to include major medical and government research laboratories and corporations seeking new sources of growth. Today, our client mix is 70% risk capital companies, 20% corporate clients and 10% research institutions.

Risk Capital Clients

Work with venture capital firms, leveraged buy-out (LBO) firms, private investors, and their portfolio companies accounts for approximately 70% of our revenues.

For these companies we:

  • Evaluate potential investments to determine:

    • appropriate market segments
    • likely size of target market
    • basis for competitive advantage
    • realistic business and financial goals
    • likelihood of success

  • Assist newly funded companies with business planning and strategy development:

    • select priority segments
    • evaluate distribution alternatives
    • guide investment in R&D, marketing, etc.
    • develop pricing strategy
    • assess likely competitive response
    • determine organizational requirements
    • create a differentiating competitive positioning

  • Assist more established portfolio companies:

    • develop strategies to improve performance (including turnaround of troubled ventures)
    • plan for growth and corporate development through:

      • acquisition
      • strategic alliances
      • new business initiatives

    • prepare the venture for public offering or acquisition

Over the last few years, we have worked with more than 100 venture capital and buy-out funds located throughout the country, including the largest and most experienced firms of their kind. We understand the viewpoints of their principals and the appropriate investment criteria to apply to new ventures.

Corporate Clients

Our focus on new ventures gives us a special perspective on the problems of large corporations seeking new sources of growth. In advising major corporate clients, we draw on our experience in managing the transition from research to commercialization and in launching new enterprises.

For corporate clients, we typically:

  • Work with operating groups to identify new opportunities within the existing business
  • Recommend approaches to foster future innovation within the organization
  • Evaluate proposed new ventures

    • market potential
    • required resources
    • likely returns

  • Assist with business and operational planning for selected opportunities
  • Identify new technologies or business concepts to be acquired and developed

    • market and competitive environment
    • economics
    • sustainable competitive advantage
    • strategic fit with acquirer's business

  • Identify candidates for strategic alliances
  • Assist with negotiations for alliances and acquisitions
  • Analyze options for improving overall growth through reallocation of the corporate portfolio

Fletcher Spaght takes pride in helping its corporate clients make investments in emerging technologies/enterprises that offer good returns, and avoid involvement in many potentially unsuccessful ventures.

Research Laboratories: Technology Transfer

Fletcher Spaght assists research laboratories of major corporations, medical schools/leading hospitals, engineering schools, and other academic institutions, as well as major government research labs as they seek to commercialize their discoveries. The academic laboratories with which we work are among the largest recipients of government and corporate funding. Our corporate clients typically have annual research budgets of $100 million or more.

Aspects of research laboratory case work includes:

  • Review of scientific discoveries to assess their commercial potential
  • Estimation of the market potential for new technologies
  • Definition and evaluation of commercial development options
  • Estimation of capital needs for continued research and commercialization (amount and timing)
  • Preparation of business plans (or "opportunity statements")
  • Identification and negotiation with potential investors, acquirers, or licensees
  • Assisting in the early stages of commercialization ventures:

    • formulation of strategy
    • development of operating and financial plans
    • service on board
    • assistance with management team decisions
    • identification of strategic partners

  • Suggestion of strategy to secure additional resources for commercialization of future research

Fletcher Spaght is a leader among consulting firms focusing on technology transfer. While some of our clients have established stand-alone ventures funded by millions of corporate and/or venture capital dollars, we are also proud of our role in the commercialization of technologies of more modest potential. In comparison with typical commercialization agreements, we are frequently able to assist clients in negotiating more favorable terms. Ordinarily, a large part of the money raised can be devoted to a continuation of scientific research, while the sponsoring institution receives equity and often royalties as well.


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All Rights Reserved.

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