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Can Green Sustain Growth?From the Religion to the Reality of Sustainable Prosperity$
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John Zysman and Mark Huberty

Print publication date: 2013

Print ISBN-13: 9780804785259

Published to Stanford Scholarship Online: May 2014

DOI: 10.11126/stanford/9780804785259.001.0001

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PRINTED FROM STANFORD SCHOLARSHIP ONLINE (www.stanford.universitypressscholarship.com). (c) Copyright Stanford University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in SSO for personal use.date: 29 June 2022

Venture Capital and Clean Technology

Venture Capital and Clean Technology

(p.59) 4 Venture Capital and Clean Technology
Can Green Sustain Growth?

Martin Kenney

Andrew Hargadon

Stanford University Press

In the last half century, venture capitalists have financed many of the most important new U.S. technology-based industries. This chapter poses the question of whether Clean Technology is an industry, suggesting that this is not the case. After explaining the three key structural characteristics of technologies and markets in which venture capital can be successfully invested, it provides an overview of the diverse clean technology sectors to see if they match the characteristics. The structural success criteria are the following: First, the firm’s markets must be large and growing. Second, the firm’s solutions must be scalable, with the particular characteristic that growth in revenue (and valuation) must, after an initial hiatus, significantly outpace the capital needed to achieve it. Third, there must be the potential for large and rapid payoff for investors. To illustrate how these criteria apply to a particular clean technology marker, solar photovoltaic technologies are analyzed.

Keywords:   Clean technology, venture capital, innovation, markets, solar photovoltaics

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