Commercial strategy & growth

The next chapter doesn't write itself.

I help founders, leadership teams and investors see where their businesses could go next - and make the commercial choices to get there.

New ventures · Investment priorities · Enterprise value creation
Cal Mackenzie smiling in conversation
Curious by nature.
Commercial by instinct.
Experience across
BTAmazonFacultyCHAPTRMacmillanECIGLASDatasparqAmondoBGF
A different kind of strategic thinking

See differently.
Think bigger.
Make it real.

I’m a commercial strategist, growth adviser and endlessly curious connector of people, ideas and possibilities.

I love the moments when a business reaches an inflection point: when the old playbook stops working, new opportunities emerge, and the next chapter is still unwritten.

My sweet spot is connecting imaginative, non-linear thinking with commercial judgement - helping teams challenge assumptions, find new routes to growth and make decisions that create lasting value.

Fresh thinking. Clear commercial choices.
Cal laughing during a discussionCal considering a strategic question
How I help

Big questions. Commercial answers.

I work alongside founders, CEOs, leadership teams and investors to navigate pivotal strategic decisions - identifying where to grow, what makes a business distinctive and how to build lasting enterprise value.

01 / SEE

Where is the next opportunity - or threat?

Anticipating market shifts, challenging assumptions, identifying emerging growth opportunities and understanding where competitive advantage is moving.

02 / CHOOSE

Where should we place our bets?

Growth strategy, business model reinvention, competitive positioning, build/buy/partner decisions and evidence-led investment priorities.

03 / CREATE

What will make the business more valuable?

Building defensible advantages, differentiated propositions, new ventures and stronger commercial models that drive sustainable growth and long-term enterprise value.

A focused way to work together

Two ways to shape your next chapter.

Two distinct four-week strategy sprints. One identifies where to grow next. The other strengthens the competitive advantages that make growth sustainable and valuable.

01 / Growth & Enterprise Value Sprint

Where should we grow next?

For founders, leadership teams and investors choosing where to grow: which markets, customers, propositions, business models, ventures or partnerships offer the strongest commercial opportunity?

We combine market insight, commercial imagination and financial discipline to evaluate the options and agree where to place the next bets.

Discuss working together ↗ Download Growth & Enterprise Value PDF ↓
01 · Discover

Understand the business, market shifts, competitors, growth constraints and what creates enterprise value.

02 · Imagine

Develop distinctive strategic options: new propositions, markets, commercial models, ventures and partnerships.

03 · Decide

Pressure-test the choices, prioritise the opportunities and agree where to place the next bets.

04 · Mobilise

Translate the strategy into a focused 90-day agenda, decisions, owners and experiments.

Four-week Growth & Enterprise Value Sprint

A concentrated strategic intervention to assess growth choices, challenge assumptions and define a prioritised 90-day agenda.

Six-month Strategic Growth Partnership

Ongoing advisory to develop propositions, test commercial opportunities, refine investment choices and support leadership decisions.

Each sprint is a focused four-week engagement. Either can extend into a six-month strategic partnership to develop the chosen opportunities and support leadership decisions. Scope and commercials agreed together.

02 / Competitive Advantage & Enterprise Value Sprint

What will make your business more valuable over time?

Competitive advantage is not just about what makes a business successful today. It is about what customers will continue to value, what competitors will struggle to copy, and which strategic choices will strengthen growth, resilience and enterprise value over the next three to five years.

02 / Competitive Advantage & Enterprise Value Sprint

Build an advantage that lasts.

What makes customers choose you? Why will that advantage endure? And how does it translate into stronger economics, more strategic options and a more valuable business?

We look beyond technology to assess the full range of potential moats: brand and trust, customer relationships, distribution, switching costs, proprietary IP and data, talent and culture, network effects, scale economics and business-model advantages. We also examine what could weaken them, from new competitors and shifting customer expectations to regulation, consolidation and AI.

Drawing on experience with founders, established businesses and investors, I help leadership teams challenge assumptions, identify the advantages worth building and make confident long-term strategic choices.

Discuss this sprint ↗ Download Competitive Advantage & Enterprise Value PDF ↓
01 · Understand the advantage

Map why customers buy, where profits are earned, what competitors do differently and how market forces are changing.

02 · Pressure-test the moat

Assess differentiation, imitation risk, customer loyalty, switching costs, proprietary assets, capabilities and resilience.

03 · Connect to enterprise value

Explore implications for pricing power, margins, recurring revenue, growth quality, concentration risk and investor appeal.

04 · Choose the long-term bets

Prioritise what to build, buy, partner on or stop - with a three-to-five-year direction and a practical 90-day agenda.

A four-week strategic assessment for founders, CEOs, boards and investors. It can also lead into a six-month advisory partnership to develop and test the chosen strategic bets. Scope and commercials agreed together.

Choose the right starting point

Two strategic questions. Two different outcomes.

Both sprints are four-week, senior-led engagements. Choose the one that matches the decision your leadership team needs to make now.

Your decision01 / Growth & Enterprise Value02 / Competitive Advantage & Enterprise Value
Core questionWhere should we grow next?What will make us win and stay valuable?
Best whenGrowth has stalled, opportunities are unclear, or a new market, proposition or venture is on the table.The business needs to protect its position, improve earnings quality or prove its long-term investment case.
What we examineMarket attractiveness, customer needs, unmet demand, new propositions, revenue models, partnerships and investment options.Customer loyalty, brand, pricing power, distribution, switching costs, IP, data, capabilities, scale economics and emerging threats.
What we doDiscover opportunities, develop strategic options, test commercial potential and prioritise growth bets.Map sources of advantage, test how defensible they are, connect them to value drivers and prioritise strategic investments.
What you getA ranked set of growth opportunities, investment choices and a practical 90-day agenda.A competitive-advantage and vulnerability assessment, 3-5-year strategic priorities and a practical 90-day agenda.
Enterprise value lensRevenue growth, market potential, scalability and return on investment.Durability of earnings, margins, retention, pricing power, risk and resilience.
Ideal buyerCEO, founder, growth leader or investor deciding where to deploy capital.CEO, founder, board or investor testing long-term value and strategic resilience.
Choose 01 if

You need to find the next growth engine.

Turn ambition into a credible set of commercial choices.

Discuss the Growth Sprint ↗
Choose 02 if

You need to build an advantage that lasts.

Strengthen the foundations of durable performance and enterprise value.

Discuss the Advantage Sprint ↗

Not sure which fits? Start with a conversation. The sprints can be combined or sequenced, and either can extend into a six-month strategic partnership. No implementation programme is assumed.

Selected work

Ideas are interesting.
Commercial outcomes matter.

A selection of the challenges I've helped tackle - from creating new practices to exploring what established businesses could become next.

Business reinvention · 202601

Reimagining the future of a 183-year-old publisher

Macmillan Publishers

How should a legacy publishing business respond when AI, platform economics and shifting consumer behaviour change where value is created?

Explore the work
My contribution

Over eight weeks, developed four plausible futures for publishing, identified strategic growth options across IP, distribution and audience relationships, and proposed an evidence-led approach to investment choices.

Outcome / output

A future-facing growth thesis, potential ventures and a Discover → Prove → Scale framework. Strategic recommendations, not claimed implementation or realised returns.

Visit company website ↗
New ventures · Growth leadership02

Building a new £2m commercial practice from zero

Faculty AI

How could a specialist AI business build a commercially compelling proposition for consumer companies and investors?

Explore the work
My contribution

Established and grew the Consumer & Private Equity practice, combining commercial strategy, new propositions and investor relationships.

Outcome / output

Built the practice from inception to approximately £2m annual revenue.

Visit company website ↗
Leadership role
Growth strategy · Commercial positioning03

Sharpening the proposition of an emerging decision-intelligence business

Datasparq

How does a specialist analytics business translate deep expertise into a scalable, differentiated commercial offer?

Explore the work
My contribution

Supported strategic and commercial development, helping connect technical capability with market needs, positioning and growth choices.

Outcome / output

Commercial strategy contribution; the business was subsequently acquired by PwC. Acquisition causation is not claimed.

Visit company website ↗
Advisory engagement
Value creation · Private equity04

Identifying £7m-£12m of potential EBITDA upside

GLAS

Where could a growing business unlock material enterprise value through sharper commercial and operating choices?

Explore the work
My contribution

Developed a value-creation perspective and prioritised opportunities for commercial improvement.

Outcome / output

Identified an estimated £7m-£12m EBITDA improvement opportunity; not presented as realised savings.

Visit company website ↗
Value creation
Commercial strategy · Ventures05

Exploring new growth and capital pathways for a creative technology business

Amondo

How could a creative technology company strengthen its proposition, funding strategy and route to scale?

Explore the work
My contribution

Supported commercial strategy, investor narrative and fundraising initiatives across an extended advisory relationship.

Outcome / output

Supported funding rounds including £250k and a £600k convertible loan note; further outcomes subject to confirmation.

Visit company website ↗
Growth advisory
Strategy · Proposition development06

Helping a growing consultancy shape its next chapter

CHAPTR

How can an ambitious consulting business evolve its proposition and build for growth?

Explore the work
My contribution

Worked in a strategy leadership capacity, shaping strategic direction, growth opportunities and the commercial narrative.

Outcome / output

Contributed during a period of expansion from approximately 5 to 25 people; not claiming sole responsibility for growth.

Visit company website ↗
Leadership experience
Commercial due diligence · Value creation07

Turning commercial and technological disruption into investable choices

Private Equity

What matters most to an investor when evaluating market change, competitive advantage and routes to growth?

Explore the work
My contribution

Supported investors and portfolio businesses through commercial due diligence, growth strategy and value-creation planning, including work with ECI and BGF.

Outcome / output

Decision support across investment theses, growth opportunities and commercial priorities. Engagement-specific details withheld.

Visit company website ↗
Investor advisory
The human bit

Six faces of Cal.
One way of working.

There’s more to a great strategic partnership than a CV. Click through to see how I think, what I’m like to work with and why it matters for your business.

Cal smiling warmly
FACE 01 / 06

The Curious Explorer

Who I am

I’m fascinated by what is changing, what might be possible and the questions nobody is asking yet.

How I think

I look beyond the brief, connect signals across industries and follow interesting questions until they reveal something useful.

Why that matters to you

You get opportunities and threats on the table before they become obvious to everyone else.

Perspectives

Thinking out loud about what comes next.

Explore three perspectives on business reinvention, growth and human advantage. Read the ideas here, or follow through to the original articles on LinkedIn.

Editorial illustration for It’s Time to Ask Leaders & Investors About Their World View
Perspective · Read here

It’s Time to Ask Leaders & Investors About Their World View

A point of view on how leaders make sense of a rapidly changing world.

Read on this website +

The future rarely arrives as a neat forecast. Leaders and investors need a coherent view of how markets, customers, technology and society might change - and the confidence to revisit it as evidence evolves.

The strategic question is not simply which trends to follow. It is which assumptions underpin the business today, which could stop being true, and where that creates opportunity.

A useful world view turns uncertainty into a sharper set of commercial questions: where will value migrate, which customer needs will endure, and what would we choose to do differently now?

Read the original article on LinkedIn ↗
Editorial illustration for What Great Companies Will Get Right Next
Perspective · Read here

What Great Companies Will Get Right Next

The choices, capabilities and human qualities that will define tomorrow’s winners.

Read on this website +

Great businesses are not defined solely by the technologies they adopt. They are shaped by the choices they make about customers, capabilities, business models and what they stand for.

As tools become more accessible, advantage shifts towards distinctive propositions, intelligent experimentation and the ability to bring people with you. The challenge is to rethink the business rather than simply make today’s model more efficient.

The leadership opportunity is to combine ambitious imagination with disciplined commercial judgement: identify the next source of value, test it, and decide where to commit.

Read the original article on LinkedIn ↗
Editorial illustration for Human Moats: The Next Competitive Advantage
Perspective · Read here

Human Moats: The Next Competitive Advantage

Why distinctive human judgement and relationships matter more in an AI-shaped economy.

Read on this website +

As AI makes many capabilities cheaper and more widely available, some familiar sources of differentiation will become less defensible. That makes the human dimensions of a business more strategically important, not less.

Judgement, trust, taste, creativity, relationships and the ability to understand what people really want can create forms of advantage that are difficult to replicate. But they need to be deliberately designed into the proposition.

The question for leaders is which human strengths their customers genuinely value, and how to turn those strengths into a distinctive, scalable commercial model.

Read the original article on LinkedIn ↗
Kind words

Better told by the people I've worked with.

Twelve recommendations from founders, clients, investors and colleagues. Select any card to read the full recommendation.

“

I've spent a lot of time with Cal over the last few years, both on live strategy projects and as a valued soundingboard as I've navigated some complex situations and then set up my…

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I've spent a lot of time with Cal over the last few years, both on live strategy projects and as a valued soundingboard as I've navigated some complex situations and then set up my own advisory business. He's rapidly become one of a small number of my trusted, go-to, people for discussing strategic challenges and opportunities, particularly in areas relating to technology, AI and other factors that drive business disruption. He's a conceptual, or non-linear, thinker and one with wide commercial experience, which i've found a particularly potent combination. He's also a very engaging individual, easy to spend time with and often highly amusing. He has been an asset to all of the organisations I've seen him work with, with clients getting great value/ROI from his time, but most importantly, a perspective they won't get elsewhere, grounded in the realities of doing business in a rapidly changing world.

Guy BallantineCEO Adviser · Non-exec2026 · Recommendations on LinkedIn ↗
“

Calum was the commercial lead on a project ThoughtRiver ran in the NLP space - one of the earliest uses of generative AI (before GPT etc) to extract information at extremely high a…

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Calum was the commercial lead on a project ThoughtRiver ran in the NLP space - one of the earliest uses of generative AI (before GPT etc) to extract information at extremely high accuracy rates. Calum kept the data scientists and the business aligned - never an easy feat! Calum was personable and easy to work with, communicating very clearly about progress on the project and never avoiding difficult issues. He really understands how to run an AI-related project and has impressive knowledge in this area.

Tim PullanCo-Founder, Purple · Legal AI pioneer2026 · Recommendations on LinkedIn ↗
“

I had the pleasure of working with Calum at CHAPTR, where he supported our AI strategy efforts. He cuts to the critical question quickly, structures the problem cleanly, and frames…

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I had the pleasure of working with Calum at CHAPTR, where he supported our AI strategy efforts. He cuts to the critical question quickly, structures the problem cleanly, and frames the answer into a narrative that moves decisions forward. He's a commercial thinker first, always focused on what serves the business, and brings the kind of intellectual curiosity and energy that makes hard work feel productive. Highly recommended for any team that needs sharp strategic thinking with a clear commercial lens.

Philipp M. NastalyCo-Founder & CEO, curly2026 · Recommendations on LinkedIn ↗
“

Cal adopts a genuinely expansive mode of thinking when it is needed to address often profoundly complex problems. But he is then able to follow through with fully structured ideas …

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Cal adopts a genuinely expansive mode of thinking when it is needed to address often profoundly complex problems. But he is then able to follow through with fully structured ideas and well-considered recommendations that move critical problems forward one step at at a time, towards genuinely workable solutions. Explaining ideas via a blank wall in Starbucks as an imaginary whiteboard - with imaginary boxes and arrows - is his house speciality. Highly recommended.

Mark BuckleBrand content entrepreneur · Client2026 · Recommendations on LinkedIn ↗
“

I had the pleasure of working closely with Calum, and I can say without hesitation: he's both an exceptional professional and someone you actually look forward to seeing on the cal…

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I had the pleasure of working closely with Calum, and I can say without hesitation: he's both an exceptional professional and someone you actually look forward to seeing on the calendar. His knowledge of AI runs deep, and he brings sharp strategic thinking to every conversation, whether shaping long-term AI direction or making quick calls in a fast-moving environment where the ground shifts weekly. He's the kind of colleague who makes complex problems feel solvable. I'd jump at the chance to work with him again.

Andy GrimmCDO, Holtzbrinck Buchverlage · Co-CEO, CHAPTR2026 · Recommendations on LinkedIn ↗
“

Calum's deep insight into innovation and strategic growth was formative in shaping our AI product proposition. His approach not only helped us navigate the complexities of the AI s…

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Calum's deep insight into innovation and strategic growth was formative in shaping our AI product proposition. His approach not only helped us navigate the complexities of the AI space but also set a strong foundation for our commercial success. Thanks Cal.

Fleur HicksNED · Advisor · M&A consultant2024 · Recommendations on LinkedIn ↗
“

Cal and the team at faculty are client-focused, customer-centric, and solution oriented. We have engaged with Cal specifically across a number of projects in the Apax funds' portfo…

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Cal and the team at faculty are client-focused, customer-centric, and solution oriented. We have engaged with Cal specifically across a number of projects in the Apax funds' portfolio of companies. Cal takes ownership of the relationship, doesn't shy away from complexities large or small, and drives everyone to the best and most impactful outcome.

Seth BrodyPartner, Global Head of Operational Excellence, Apax Partners2022 · Recommendations on LinkedIn ↗
“

Cal is very collaborative, we worked closely together to scope out high impact projects. He managed multiple complex relationships across our portfolio very well - he does a great …

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Cal is very collaborative, we worked closely together to scope out high impact projects. He managed multiple complex relationships across our portfolio very well - he does a great job bridging the gap between technical ML knowledge and how to apply it to solve real business problems and drive impact. He’s an excellent thought partner and a pleasure to work with.

Angelique Augereau, Ph.D.Advisor & Mentor · Former Capital One, JPMorgan, McKinsey2022 · Recommendations on LinkedIn ↗
“

Cal and the Faculty AI team have been great to work with. At a personal level, Cal fulfils an essential role in so many AI projects - providing the bridge between the commercial an…

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Cal and the Faculty AI team have been great to work with. At a personal level, Cal fulfils an essential role in so many AI projects - providing the bridge between the commercial and technical. He has proved a useful thought partner and is not shy to provoke and challenge - using insights from his wider work to help bring things to life and illustrate points with tangible examples.

Caroline DentStrategy & Private Equity professional2022 · Recommendations on LinkedIn ↗
“

Cal has always given wise counsel on what is (and is not) practical in terms of using AI and analytics to accelerate digitisation and growth in our portfolio companies. He is one o…

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Cal has always given wise counsel on what is (and is not) practical in terms of using AI and analytics to accelerate digitisation and growth in our portfolio companies. He is one of those people whose experience and outlook spans the commercial and data science worlds, and his advice is all the more valuable for it

Matt BairdPE Operating Partner · COO/CFO · Advisor2022 · Recommendations on LinkedIn ↗
“

I've worked with Cal on a number of projects - he has a strong understanding of what matters his client, and the valuable ability to bridge between the technical end of AI, back to…

Read full recommendation

I've worked with Cal on a number of projects - he has a strong understanding of what matters his client, and the valuable ability to bridge between the technical end of AI, back to the commercial drivers, articulated in a way that even non-technically inclined business leaders can understand. He is a good relationship builder, and works hard to consider opportunities to create value together. Cal is a pleasure to work with and a go-to person for me when it comes to AI/ML.

Duncan RamsayPartner, ECI Partners2022 · Recommendations on LinkedIn ↗
“

I've worked with Cal now for a few years. He is one of the most engaging, curious and interested people i know. He constantly seeks challenge (he supports Southampton), he loves ne…

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I've worked with Cal now for a few years. He is one of the most engaging, curious and interested people i know. He constantly seeks challenge (he supports Southampton), he loves new tech, new business models - if you look at the things he has been involved in - Amazon, launching BT Sport - he is constantly sticking himself outside his comfort zone. Above and beyond that he has a super high level of integrity and decency.

Benjamin ChilcottNetworkers Guide2019 · Recommendations on LinkedIn ↗
What's next?

What could your business become next?

If you're wrestling with where to grow, what to build, or how to create your next chapter, I'd enjoy the conversation.

Bring a difficult question. I'll bring curiosity, commercial experience and perhaps a few imaginary boxes and arrows.

Cal smiling in a meeting