The role of equity capital in speeding cleantechs across the ‘Valley of Death’

Seán O’Reilly*, Ciarán Mac an Bhaird, Francis J. Greene

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract / Description of output

This study advances the understanding of cleantech commercialisation by adopting a market validation approach to analyse equity capital’s role in navigating the ‘Valley of Death’. Focusing on the three core financial milestones – revenue generation, profitability and retained earnings – we investigate 354 UK cleantech firms over 10 years and employ Cox proportional hazard models to explore whether equity capital speeds or slows the achievement of these three financial milestones. We conclude that equity capital-backed firms are slower across the Valley of Death. We discuss the implications of our findings for cleantech firms and those seeking to support the financing of cleantechs.
Original languageEnglish
Pages (from-to)1-27
Number of pages27
JournalInternational Small Business Journal: Researching Entrepreneurship
Early online date14 Aug 2024
DOIs
Publication statusE-pub ahead of print - 14 Aug 2024

Keywords / Materials (for Non-textual outputs)

  • cleantech
  • commercialisation
  • entrepreneurial finance
  • equity capital
  • Valley of Death

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