New Research Shows Key Challenges that Global Climate Tech Entrepreneurs Face When Scaling and Growing Their Businesses
18 Oktober 2022 - 02:30PM
Business Wire
Study identifies access to capital as a primary
hurdle for founders.
Research conducted by Endeavor Insight and funded by HSBC USA
shows the greatest challenges that climate tech entrepreneurs face
in scaling and growing their businesses include access to capital;
the availability of qualified managers, engineers and other
technical talent; and customer acquisition. Scaling Climate Tech: A
Global Study of Entrepreneurs and Networks, released today at the
2022 Breakthrough Energy Summit, is based on the responses of more
than 200 entrepreneurs and industry experts from around the world,
with comparisons from six hub cities.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221018005252/en/
Sample Size: 753 Companies. Sources:
Endeavor Insights analysis, LinkedIn, PitchBook, and Crunchbase
Among its key findings, the report uncovered:
- Climate tech founders face persisting funding gaps and global
talent challenges
- Climate mitigation cannot happen without hardware-based
companies that are facing greater challenges in scaling
- Innovation can come from anywhere in the world, but founders
need global connections in order to scale
- Minorities and female entrepreneurs in climate tech face bias
and difficulty raising capital
- Good mentors in climate tech are hard to find
“Climate tech entrepreneurs are uniquely positioned to play a
critical role in developing solutions needed to address climate
change and are a necessary complement to the efforts of
governments, universities, corporations and consumers, among
others,” said Gerry Keefe, Head of Global Banking, Americas. “HSBC
is committed to providing capital to support the growth ambitions
of our global clients specializing in climate-friendly, sustainable
solutions.”
HSBC provides funding to climate tech entrepreneurs through a
variety of channels. For example, HSBC Asset Management recently
launched a climate tech fund that provides clients with
opportunities to invest globally in technology startups who are
addressing the challenges of climate change. The strategy focuses
on companies across the energy, transportation, insurance,
agriculture and supply chain sectors.
Additionally, HSBC Ventures is a venture debt fund that has
allocated $100 million for founders building climate tech
companies, with an additional $100 million earmarked for startups
founded by women and minorities.
“Founders are driving the technological solutions that are
solving some of the world’s most urgent problems, but they are
rarely the focus of sector-wide studies,” said Leah D. Barto, Head
of Endeavor Insight. “At Endeavor, we've seen how transformative
change can come from listening to entrepreneurs and helping them
scale, especially through global networks and peer-to-peer
connections.” This new research provides actionable recommendations
for tailoring support to the needs of scaling climate tech
companies and fostering the worldwide exchange of resources that
help founders overcome barriers.
Among the companies working toward a net-zero future is Huue, a
women-founded startup that makes sustainable dyes for the apparel
industry, including indigo blue for the denim makers. Huue received
financing through HSBC Asset Management’s Climate Tech Venture
Capital Fund. Company Co-Founder Michelle Zhu said the capital will
accelerate the commercial scale-up of the company’s sustainable dye
for fashion industry partners.
“We believe strongly in the need we see in the world for our
innovative solutions.” said Michelle Zhu, CEO and co-founder of
Huue. “But a key element is the opportunity to accelerate our
mission with support from existing and new investors, Material
Impact and HSBC Asset Management’s Climate Tech VC Fund, who share
our vision for a sustainable and scalable future for consumer
goods.”
Entrepreneurs, like Michelle Zhu, face key challenges (outlined
in Scaling Climate Tech) as they mobilize resources to mitigate
climate change and decarbonize the planet.
Click here to read the complete report.
About HSBC
HSBC Holdings plc, the parent company of HSBC, is
headquartered in London. HSBC serves customers worldwide from
offices in 63 countries and territories in its geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of US$2,985bn at 30 June 2022,
HSBC is one of the world’s largest banking and financial services
organisations.
About Endeavor Global
Endeavor Global is the leading global community of, by, and for
high-impact entrepreneurs — those who dream bigger, scale faster,
and pay it forward. Driven by our belief that high-impact
entrepreneurs transform economies, Endeavor has been on a mission
to build thriving entrepreneurial ecosystems in emerging and
underserved markets around the world since its creation in 1997.
Endeavor creates a Multiplier Effect by inspiring high-growth
founders to dream bigger, supporting and investing in them to scale
faster, and providing a platform to pay it forward — thereby
compounding their individual impact.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221018005252/en/
Media enquiries to: Matt Kozar Vice President, U.S.
External Communications matt.kozar@us.hsbc.com
Leah D. Barto Head of Endeavor Insight insight@endeavor.org
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