From Big Firm to Own Boutique: Building value in Life Sciences Consulting
- Dane Callow
- 11 minutes ago
- 5 min read
What does it take to build a consulting partnership that truly adapts to the realities of life sciences?
Spinnaker Life Sciences Strategy Consulting co-founder, Dane Callow, joins the conversation on this episode of the Consulting Pulse Podcast to discuss Spinnaker's differentiation in a crowded space, our philosophy (do great work, be great people), the market’s evolving operations, finance, and business development processes, AI application and its impact on life sciences, and more.
Dane provides a candid perspective on how Spinnaker approaches engagements differently; with direct and continued senior engagement, customized ground-up analyses, and close collaboration with client leadership. For life sciences teams seeking a more focused, dedicated, and adaptable strategic partner, this is something you won’t want to miss.
Listen to the episode or read through the transcript below.
Full Transcript from Consulting Pulse, a CMap Podcast.
[Ben] Welcome to The Consulting Pulse, a podcast by CMap. CMap is an operations and intelligence platform purpose-built for consulting firms. Let’s dive into today’s episode.
This week, we continue our life sciences consulting focus with a North American boutique consulting founder who transitioned from large consultancies into running his own firm, and who also brings an investor’s perspective on life sciences products that make it to launch and into the hands of patients.
This conversation is about real domain expertise and what it means to operate at the sharp end of how consulting services actually impact clients and customers. Let’s start with Dane’s background.
[Dane] Before business school, I worked in investment consulting and venture-focused alternative assets. I went to Tuck School of Business and then joined Trinity Partners after business school. I had a great experience there, really enjoyed the people, and I’m still close with many of them.
At Trinity, I did a lot of forecasting, revenue modeling, and M&A work, building a strong healthcare foundation. I then moved to Precision for Medicine, where I focused more heavily on M&A, financial expansion, pricing, and market access.
Around that time, I started wanting to get back closer to early-stage innovation. I missed smaller teams, tighter environments, and the cutting edge of new science. That led me to start Brooks Hill Partners.
Brooks Hill combined strategic consulting for healthcare and biopharma with seed-stage investing across pharma services and health IT. We built a portfolio of over a dozen companies and have had several exits, with more hopefully coming.
About 18 months ago, I reconnected with Jeremy Cohen, a former colleague from Trinity who was running his own firm in Minneapolis with a different specialty. We realized we shared a common biopharma foundation but could build something stronger together by combining our strengths.
[Ben] You now operate both as an investor and as the founder of a boutique consulting firm. How do you balance those two roles?
[Dane] There are only so many hours in the day, and investing isn’t something you can easily step away from. Even when we paused new investments to focus on building the consulting business, you still have to stay current on innovation, publications, people, and market shifts.
I genuinely believe investing makes us better consultants, and consulting makes us better investors. Walking away from either would be a detriment.
Many large firms struggle to adopt innovation. They may form “innovation groups,” but that doesn’t always translate into execution. Some of our work is helping clients define what innovation actually means for them and then building the structure to support it.
We also develop internal innovation atlases—deep sector maps across health tech, pharma services, AI, and emerging technologies. These started as diligence tools and now inform both our consulting and investment perspectives.
[Ben] Was this dual consulting-and-investing path deliberate, or did it evolve over time?
[Dane] It was very deliberate and shaped by market conditions. When I graduated in 2010, the venture market was extremely tight, so joining an established fund wasn’t realistic.
Venture investing has always been part of my life—my father runs Boston Millennia Partners—so innovation and company-building were ingrained early. Consulting became a way to develop the skills needed to succeed in investing.
We often reinvested consulting profits directly into early-stage investments. That created real alignment and skin in the game.
Over time, this approach evolved into a broader vision. While traditional venture models still exist, innovation increasingly comes from smaller, unconventional teams, and we want our models to reflect that.
[Ben] Looking back, what lessons stand out from building your firm?
[Dane] One major lesson is the importance of partnership. I started Brooks Hill alone, and while that worked, I would have learned faster with a partner earlier on.
Starting something with someone you trust accelerates learning, growth, and decision-making. I see that clearly now working with Jeremy.
That said, partnerships are like marriages. If they fail, they can set you back. Testing partnerships through real work before formalizing them made all the difference.
[Ben] How did your partnership with Jeremy actually come together?
[Dane] I’m a big believer in network science: do great work, be a great person, and trust compounds over time.
Jeremy and I worked together at Trinity, so I knew his work quality and style. Years later, we tested collaboration on real projects before formalizing the partnership.
I strongly advise people to go deep rather than wide in networking. Avoid “spray and pray.” Build real relationships, test compatibility, and don’t rush partnerships.
[Ben] You’ve spoken about the value investors bring beyond capital. Can you expand on that?
[Dane] Capital matters, but it’s not enough. Investors bring experience, networks, and pattern recognition. Treating investors as just a check is a missed opportunity.
We look closely at whether founders value collaboration. The best outcomes happen when investors and operators succeed together.
Choosing the right partners early saves enormous time and friction later.
[Ben] How do you manage potential conflicts between consulting for companies and investing in similar spaces?
[Dane] I’m generally against “double dipping.” We don’t charge portfolio companies full consulting fees, but early-stage companies often lack core capabilities, and we can help thoughtfully.
We structure engagements carefully—covering costs, staying transparent, and aligning incentives over time—sometimes through deferred fees, equity, or contingent compensation.
[Ben] What types of clients do you work with, and how do relationships evolve?
[Dane] Our sweet spot is companies at key inflection points—recent IPOs, large raises, or pre-commercial expansion—often still heavily R&D-driven.
Many engagements start as short-term gap-fills and evolve into multi-year partnerships. Our goal is to become an extension of the team, not just a vendor.
That relationship-first approach is core to how we differentiate.
[Ben] How does business development evolve as the firm grows?
[Dane] Early on, Jeremy and I handled most zero-to-one sales. As the firm matured, delivery leaders began identifying opportunities organically.
We invest heavily in training and trust our people early. Pull-through growth comes from trust, not pressure.
[Ben] Before we wrap, is there anything we haven’t covered that’s worth sharing?
[Dane] Persistence matters. You don’t lose if you learn something. That mindset has carried me through challenges.
People do their best work when they’re invested and supported. If you invest in your team, they invest back in the firm.
Success may not look exactly how you first imagined it, but persistence, learning, and optimism make all the difference.
[Ben] Dane, thank you for a great conversation.
[Dane] Thank you, Ben. This was a pleasure.
[Ben] CMap is an operations platform for consulting firms, helping professional services organizations manage pricing, resourcing, billing, and utilization from a single source of truth.