The energy transition’s spread into transport, industry, and heating, as well as the rapidly rising share of renewable electricity in many countries around the globe, put a new spotlight on the importance of innovation for the projects’ success.
Countless new solutions are required to decarbonize all sectors of the economy, and in many cases, it is startups that can offer this.
In energy transition pioneer Germany, both the government and large corporations increasingly bet on a vibrant “green” startup scene when it comes to reconciling the shift to renewables with economic success — some call the country a “Green Energy Valley.”
In Germany alone around two-thirds of all “green” basic innovations can be traced back to founder companies. Without the relevant green start-ups, the renewable power sector wouldn’t have developed the way it did.
A total of around 4.6 billion euros were invested in German startups in 2018, more than ever before, according to business consultancy EY.
According to US researchers Startup Genome, around 90% of startups fail. Quite a few start-ups are the result of founders who have already experienced a failure. Failure is, therefore, a central issue in entrepreneurship.
All this happens because startups are challenging the conventional paradigms, with ‘out-of-the-box’ thinking and the necessary attitude. They have no fear of reinventing everything.
Reference- Ernst & Young Report, Borderstep Institutes Study, Genome Study, KPMG Report, The Beam, Clean Technica