The role of equity capital in speeding cleantechs across the ‘Valley of Death’
研究了股权资本对英国清洁技术企业实现收入、盈利和留存收益三个财务里程碑速度的影响，发现获得股权资本支持的企业反而更慢跨越‘死亡之谷’。
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.