Starting any small business requires an infusion of capital from one source or another. But startup companies working in clean or renewable energy can require millions of dollars in upfront investment just to get their prototypes out of the design phase, according to the Chicago Tribune.
Industry experts told the Tribune that because new products such as wind turbines take longer to produce and develop, small business owners looking to start a corporation in those fields need to get “creative” when looking for investors.
“The energy space requires entrepreneurs to get even more savvy and look at a larger variety of funding sources,” Amy Francetic, managing director of Chicago-based Invention Bridge told the paper. She also said that applying for grants from the government and various foundations can not only serve as an additional source of funding, it can also being credibility to the startup.
Venture capitalists seem to be hearing the call. The most recent MoneyTree report by the National Venture Capital Association and PriceWaterhouseCoopers said that clean technologies received $773 million in funding last quarter – an 87-percent increase compared to the last quarter of 2008.
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