Implications for investors and innovators
This thesis does not only include contributions to research but offers some insights and recommendations for action for investors and innovators. The alternative investment environment for clean technologies and renewable energies has changed rapidly over the last decades. The political will to support green innovation lead to diverse initiatives and policy interventions (Heck et al., 2014; Mowery et al., 2010a; OECD, 2011; Stern, 2006). This thesis developed an understanding of the role of investors and innovators in clean technologies and of the policy supporting environment:
Chapter 2 and chapter 5 both showed the effects of a market emergence triggered by policy support. The created green innovation led to industry growth and investment opportunities. Still, investors and innovators should act prudent in heavily regulated environments like clean technology or renewable energy. Possibilities to be impaired are various: Suddenly abolished support mechanisms, unreliable market creation regulation, overshooting markets leading to negative performance adjustments. The trend towards less capital intensive company formations in less regulated industries follows these findings. Nevertheless, as clarified in chapter 4, opportunities in regulated markets can, under transparent and reliable legislation, still be profitable in the future. It is advisable to invest or innovate in markets that have a long-term support strategy for clean technologies or renewable energies. Furthermore, technologies less reliant on policy support prove to be better suitable for private capital. Chapter 3 advises investors and innovators to keep the regulatory environment of their investors or investors’ investors in mind, as changes in financial policy have through unintended negative feedback influenced innovation.