Six startups born in university labs can now move their inventions one step closer to market, thanks to the cash, business mentoring, and exposure they won as finalists in the US Department of Energy’s first annual National Clean Energy Business Plan Competition. The prizes are expected to help the finalists through the commercialization “valley of death,” the period in which many startups fail because they are incurring costs but their products are not yet generating revenues. The competition is part of the Obama administration’s Startup America initiative, which aims to encourage entrepreneurship in the US.
Six regional contests commenced last fall, with winners each receiving $100 000. The regional winners then pitched their business plans to a panel of venture capitalists and other business professionals at the 13 June finale in Washington, DC. Contestants had to convince the judges that their business would be sustainable and profitable and that their...
