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A VC colleague and industry luminary remarked about the proposed IPOs of the likes of Amyris, Codexis, Tesla, Solyndra, Molycorp, Fallbrook Technologies, and other greentech firms: "When some of these inevitably belly-flop, I sure hope it doesn't set the whole sector back." 

His concern is reasonable.  What most of these firms have in common is a very unclear path to profitability.  (Although that hasn't stopped A123 from keeping its head above water in public markets.)  The two recent greentech companies with even a hint of a profitable business model, solar firms Jinko and Daqo, withdrew their IPOs because of "market conditions."

Warren Hogarth, an investor at venture capital firm Sequoia Capital, spoke at a recent industry event and said, "It won't do the industry any service if we put companies out that run up in the first three months and then collapse soon afterwards."  Hogarth added that "companies are filing [for IPOs] and there is optimism for those companies, but there is also a pervasive sense of caution," concluding:  "It's earnings that matter."

To read the full, original article click on this link: These Aren't the Greentech IPOs We're Looking For : Greentech Media

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