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Financing clean energy market creation : clean energy ventures, venture capitalists and other investors

机译:为清洁能源市场创造融资:清洁能源企业,风险资本家和其他投资者

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摘要

Many factors have emerged for change towards cleaner and more efficient technologies and services: climate change, increasing oil demands, and rising living standards in many parts of the world are putting an ever-increasing strain on the environment. Recently, these drivers have fueled the formation of a clean energy venture capital market where both independent venture capitalists (VCs) and corporate venture capitalists (CVCs) have invested in clean energy start-ups. Financing of clean energy market creation is the focus of this dissertation. The dissertation contributes to several bodies of literature in the area of entrepreneurship, new industry creation, corporate venturing, and venture capital research. The dissertation uses a grounded theory approach. The study is guided by three data collection approaches with an emphasis on the first two. First, interviews with European and North American VC and CVC firms that have invested in the clean energy sector were carried out. Second, a clean energy venture financing survey that consisted of qualitative, essay-format questions and some quantitative questions was carried out. Third, interviews with clean energy stakeholders were carried out in order to gain a better understanding of the emerging sector.The research results consist of three main findings. First, the research results suggest that clean energy ventures face the following three main entrepreneurial challenges: financing, market education, and growth management. A further study of three clean energy industry categories revealed additional challenges that varied according to the industry development stage. Second, the results demonstrate that, from a venture capitalist perspective, clean energy venture risk characteristics can be divided into two groups: generally recognized risk characteristics and cognitive risk characteristics. The identified generally recognized risk characteristics were market demand and adaptation, incompatibility with the VC model, technology, regulatory control, and exits. The four cognitive risk factors were investment outcome history, VC risk preferences, investment domain familiarity, and venture framing. Third, the study developed a model showing that parent firm organizational culture affects the performance of a CVC fund. The effect of the organizational culture is moderated by risk-taking practices in the parent firm's decision-making process and the parent firm's skills in managing, measuring, and compensating fund success.The main contribution of this dissertation is in identifying theoretical models that explain the clean energy venture entrepreneurial challenges, how VCs view clean energy ventures from a risk perspective, and how the organizational culture of a firm affects its CVC activity. The findings of the study suggest several managerial implications to policy makers, corporations planning to launch CVC fund activities, venture capitalists, and clean energy ventures. The findings and limitations of the study suggest several avenues for future research. First of all, the developed models and propositions should be quantitatively tested and further refined. Furthermore, the effect of the parent firm's organizational culture on the CVC fund performance warrants further investigation, preferably in some other than clean energy context. In addition, future research could explore the two other clean energy venture entrepreneurial challenges, growth management and market education, in more detail. The role of institutions and energy policy in the formation of clean energy markets, especially from the perspective of clean energy ventures and investors, would also be worth exploring in future research.
机译:朝着更清洁,更高效的技术和服务的变革出现了许多因素:气候变化,石油需求增加以及世界许多地方的生活水平不断提高,这对环境造成了越来越大的压力。最近,这些推动因素推动了清洁能源风险资本市场的形成,独立风险资本家(VC)和企业风险资本家(CVC)都投资了清洁能源初创企业。清洁能源市场创建的融资是本文的重点。论文对企业家精神,新产业创造,企业风险投资和风险投资研究等领域的文学著作做出了贡献。本文采用扎根的理论方法。这项研究以三种数据收集方法为指导,重点放在前两种方法上。首先,对在清洁能源领域进行投资的欧洲和北美风险投资和CVC公司进行了采访。其次,进行了一次清洁能源风险融资调查,该调查包括定性,论文形式的问题和一些定量问题。第三,为了更好地了解新兴行业,对清洁能源利益相关者进行了采访。研究结果包括三个主要发现。首先,研究结果表明,清洁能源企业面临以下三个主要的企业挑战:融资,市场教育和增长管理。对三种清洁能源行业类别的进一步研究显示,根据行业发展阶段的不同,还会面临其他挑战。其次,结果表明,从风险投资家的角度来看,清洁能源风险风险特征可以分为两类:公认的风险特征和认知风险特征。公认的公认风险特征是市场需求和适应,与风险投资模型不兼容,技术,监管控制和退出。四个认知风险因素是投资结果历史,风险投资风险偏好,投资领域熟悉度和风险框架。第三,研究开发了一个模型,表明母公司的组织文化会影响CVC基金的绩效。组织文化的影响受母公司决策过程中的冒险行为以及母公司管理,衡量和补偿基金成功的技巧的影响而有所减弱。清洁能源企业的创业挑战,风险投资人如何从风险角度看待清洁能源企业,以及公司的组织文化如何影响其CVC活动。该研究的结果表明,对决策者,计划开展CVC基金活动的公司,风险资本家和清洁能源企业具有管理意义。该研究的发现和局限性为未来的研究提供了几种途径。首先,应该对开发的模型和命题进行定量测试并进一步完善。此外,母公司的组织文化对CVC基金绩效的影响值得进一步研究,最好是在清洁能源以外的环境中。此外,未来的研究可能会更详细地探讨其他两个清洁能源企业的创业挑战,增长管理和市场教育。机构和能源政策在清洁能源市场形成中的作用,尤其是从清洁能源企业和投资者的角度来看,也值得在未来的研究中加以探讨。

著录项

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    Teppo Tarja;

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  • 年度 2006
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  • 原文格式 PDF
  • 正文语种 en
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