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Venture Lab Coach
Greg Fraser is a co-founder of FARO Technologies Inc. (Nasdaq: FARO), and has 25 years of experience growing a start-up high tech company into a global, market-leading, publicly traded manufacturing corporation. Greg has broad technical knowledge that supports his financial, operational, strategic, M&A, and international business experience.
After obtaining undergraduate and masters degrees in engineering from Northwestern University, Greg earned his Ph.D. in Mechanical Engineering from McGill University, graduating with honors. To facilitate his Ph.D. research, he developed a measurement device which later became the basis of FARO’s product line.
Greg co-founded FARO Technologies Inc. in 1982 in Montreal, Canada. He formed a limited partnership to facilitate start-up financing from angel investors ($350K) and then co-developed the Company’s first two commercial medical diagnostic products. In 1986, the company obtained mezzanine financing from venture capitalists ($10M), which allowed the company to expand its operations into a complete manufacturing, research and development, sales and service organization. In 1990, the company moved its operations to Central Florida.
As demand for the company’s medical products began to plateau, Greg looked for new applications for the company’s technology in his role as VP Corporate Development. Based on a tip from a new board member, the company developed a new version of the measurement technology for industrial quality control applications. A new sales model followed, and by 1994 the company had completely transitioned from the medical to industrial market.
In the years 1994-1996, FARO had a 78% compounded annual growth rate in sales and 105% CAGR in net income. Looking to accelerate its product line and international expansion, the company decided to go public in 1997. Greg took on the CFO role, and spearheaded the successful public offering, which raised $32M.
In his role as CFO, Greg oversaw the acquisition of three companies, raised additional funding through a $40M private investment in a private entity (PIPE), acted as the company’s principal spokesperson with Wall Street, smoothly adopted the Sarbanes Oxley Act, and saw sales grow at a CAGR of 33.4% from 2001-2006. As of the first quarter of 2007, FARO has had 18 consecutive profitable quarters.
Greg retired from FARO in early 2007 (coincidentally at the same time as his co-founder) and he has quickly been recruited into new leadership roles.
Greg is currently a Venture Lab Coach with the University of Central Florida Venture Lab, assisting early-stage entrepreneurs in building successful technology companies. He has also accepted an invitation to join the McCormick Advisory Council at Northwestern University’s Robert R. McCormick School of Engineering and Applied Science. Greg is open to appropriate Director positions on corporate boards that further leverage his business expertise.
Greg lives with his wife in the Orlando, FL area.
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