Capital Strategy · Commercialization · Institutional Execution
Forged Catalyst Group helps research institutions, innovation platforms, and deep-tech companies align federal funding, private capital, and commercialization around an executable plan.
Led by Heath Naquin, engagements combine senior strategic judgment with hands-on implementation—from capital readiness and partnership development to program operations and investment-platform design.
Who We Serve
Regional hubs, Engines, accelerators, and public-private coalitions building practical operating capacity.
View the pathUniversities, research organizations, agencies, and authorities aligning funding, partnerships, and commercialization.
View the pathTechnical teams preparing for federal, private, and strategic capital and commercial adoption.
View the pathSpecialist support for fund formation, governance, investment operations, and deployment.
View the pathSelected Work
An anonymized state engagement and a publicly sourced capital-readiness framework, with attribution kept distinct from program outcomes.
Contribution & Deliverables
Anonymized documented engagement — client name and confidential financial details withheld. Results describe engagement outputs, not endorsement.
Read the Full CaseContribution & Deliverables
Framework originally developed for the Ewing Marion Kauffman Foundation. Recent company outcomes were generated through the University City Science Center's Capital Readiness program and are reported at the program level. Capital was secured by participating companies — not raised by Forged Catalyst Group or Heath Naquin.
This case combines historical framework-development experience with subsequent institutional applications and reported company outcomes. Institutional names are provided for attribution and context; no endorsement of Forged Catalyst Group is implied.
Read the Full CasePersonally attributable leadership
$250M+
Federal funding and contracts led as PI or Co-PI. Capital and contracts led directly by Heath Naquin as Principal Investigator or Co-Principal Investigator.
Program and portfolio outcomes
$173M
Private capital raised by Capital Readiness companies
See the case~$200M
Non-dilutive capital secured by Capital Readiness companies
See the case$115M+
Completed fund closes supported
See the caseResults achieved by companies, funds, and programs supported through this work. Reported as program-level outcomes, not personal attribution.
Inclusion reflects prior leadership, program, advisory, investment, or institutional work. It does not imply current endorsement, partnership, or client status.
The Conversion Framework
Capital can be a constraint. Even when funding is available, missing evidence, partnerships, or operating capacity can delay commercialization.
We review the capital plan, clarify the next decisions, identify evidence gaps, and assign milestones and owners. The aim is a practical path from resources to implementation—not another disconnected strategy document.
Capabilities
Funding priorities, partner development, program operations, and investment-platform design.
Design and deploy capital strategies across venture, federal funding, and hybrid structures.
Detail 02Build programs that move companies from concept to revenue, not just participation.
Detail 03Structure funds, syndicates, and capital vehicles aligned with real deployment outcomes.
Detail 04Forged Catalyst helps companies and institutions understand federal priorities, align opportunities with agency missions, structure capital and pursuit strategies, build credible partnerships, and prepare decision-grade concepts and engagement materials.
Detail
Heath Naquin
Founder & Managing Principal
The Operator Behind the Platform
Founder-led. Principal-delivered. Built for institutional mandates. Engagements draw on 25+ years across venture capital, government innovation policy, and global ecosystem development to connect strategy with practical implementation.
Principal-led by design.
Forged Catalyst Group maintains a deliberately limited engagement portfolio. Strategy, architecture, executive sessions, and principal deliverables are led directly by Heath Naquin rather than delegated to a junior consulting team.
Where an engagement requires additional capacity, Forged Catalyst brings in vetted specialist partners under principal direction. The principal remains accountable for the work product in every case.
Engagement Models
Start with a focused review or scope a larger mandate. Timing and responsibilities are agreed before engagement.
$4,750
Review existing capital and program materials to identify constraints, prioritize decisions, and give leadership a written action plan. Scope agreed before engagement.
$10,000–$15,000
Turn existing strategy, funding, and commercialization evidence into a sequenced roadmap. Typical outputs clarify priorities, evidence gaps, milestones, and accountable owners; scope agreed before engagement.
From $30,000
Design a scoped pursuit, partnership, program, or vehicle using existing mandate, stakeholder, and funding materials. Typical outputs define decision requirements and an implementation roadmap; scope agreed before engagement.
Custom Retainer
Senior leadership for ongoing capital and commercialization responsibilities. First-90-day priorities, time commitment, decision authority, and implementation responsibilities are scoped in the statement of work.
Intelligence + Tools
Explore operator notes or use the eight-question Capital Strategy Diagnostic—about three minutes to identify where to look next.
Identifies where capital strategy, sequencing, and execution are breaking down.
Field Notes
A field briefing on capital sequencing, federal pursuit discipline, and commercialization friction — written from inside the work, sent when there is something worth sending.
Capital availability and capital conversion are different problems. Where the drop-off actually happens, and what functioning conversion systems measure instead.
ReadNon-dilutive capital fails when it is managed as a submission schedule. Each dollar needs a specific risk-removal job, sequenced against everything else on the stack.
ReadThe signals that capital work has become an operating function, how the role differs from a CFO or fundraiser, and what the first ninety days look like.
ReadEngage
Share your priorities, current materials, and the decisions ahead. Heath reviews each request for fit and availability.