Many clean technologies have reached market maturity. Nowadays, most of the applications of common technologies, like wind and solar for energy generation, smart energy usage in the energy efficiency field or electric cars and fuel cells in mobility, are accepted in the market place and find use in a variety of product solutions. Still there are barriers to overcome to reach a higher market share (Altenburg & Pegels, 2012; Foxon & Pearson, 2008b). The development of mature green industries might be used as a benchmark for new emerging industries, thus the historical tale of the development of industries is of high value. Especially in the rapidly growing field of green innovation, the demand of a re-assessment of technological change and industry development is high (Markard et al., 2012; A. Smith et al., 2010).

The development path of industries and connected technologies is in general of high interest for entrepreneurs, managers, policy makers and academics. Following industry development has been of major interest in scholarly research, in fact, several scholars have researched the key factors driving the emergence and legitimization of industries.

© Springer Fachmedien Wiesbaden GmbH 2017

M. Migendt, Accelerating Green Innovation, Innovationsmanagement

und Entrepreneurship, DOI 10.1007/978-3-658-17251-0_5

Industry and technology development literature often research the relationship of single actors to economic and industry growth, but neglect the reciprocity of the different actors active in the process. Viewpoints from several disciplines should be taken into account to consider the importance of economics, entrepreneurship, finance, policy and innovation studies (Aghion et al., 2009; Autio et al., 2014; Geels, 2014; Levine, 2005; Mazzucato, 2013a; Miller & Garnsey, 2000).

Finance, innovation and policy have been recognized as important for growth of industries. Nonetheless, the role and importance of these actors in a comparative setting remains an under researched area (Audretsch, 1995; Dosi, 1990; Florida & Kenney, 1988b; Soskice, 1997). A quantitative content analysis of press articles from the United States is used in this paper to analyze and describe the historical development of selected clean technology industries. The results of the software backed analysis allows for a new comparative approach to explain the role and importance of finance, innovation, and policy (Migendt, Taube, Gilbert, & von Flotow, 2014; Phillips et al., 2004; Ventresca & Mohr, 2002; Wuthnow, 1989). Finance topics are generally of high importance and get the most attention even before the industry reaches peak investment activity. Technology and innovation issues are of higher importance in earlier development phases, while regulation topics get more attention in later phases. Unexpectedly, entrepreneurship topics associated with the founder or founding process are not important in the beginning, but rather gain importance over time.

The main research question of this paper is:

What role do innovation, investments and policy play in the development of (cleantech) industries?

Section 5.2 briefly describes the conceptual motivation and provides a literature overview. Section 5.3 introduces the data and methodology used. Section 5.4 presents the results and discussion, while Section 5.5 ends with a conclusion, limitations and further possibilities for research.

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