While the industry is now starting to bounce back, progress has been slow. That's according to Emily Reichert, the CEO of Greentown Labs. There's a persistent mentality, she says, that "clean tech is not a good place to invest."
So what makes her companies survive? Other than capital investment, Reichert says there are three things that successful startups have in common. She shared them with Business Insider in an exclusive interview. "The number one problem we see startups struggle with is the product-market fit," Reichert told Business Insider. "They have tech that can be applied to something. But they don't necessarily have the data to know that there's a real market.
That's one reason why so many neat technologies that promise to turn trash — or carbon or whatever waste product the world doesn't want — into something useful pop into the news cycle, make a big splash, and then never reappear. Many of these products work, but they don't find a market. "Often, those deals can take months or even a year or more to negotiate," she said. "So the startup is kind of trudging along with a small budget, knowing that they have a limited amount of runway. And so sometimes those timelines just don't line up."That's why Reichert puts a lot of effort into building out strong corporate partnerships at Greentown Labs.
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