Words: Simon Middleton of Watershed Entrepreneurs
Can wind fuel a new breed of successful businesses? And is adequate funding available to start-ups? Simon answers the questions (and more).
Of the 1,640 plus members of the Forbes Billionaires list, 31 are under the age of 40. With all the media attention these young billionaires have received in recent times, you could be forgiven for thinking that getting to the $1 billion mark had become something of a race for young entrepreneurs. Obviously, it’s not a race but what it has done is create considerable excitement and willingness for people to look much deeper into innovation.
Interestingly, none of the current young billionaires stems from the energy sector despite the push for green energy from all sides of the political spectrum. Does this suggest that renewable energy is not a viable option for technology innovation, or is it simply that this sector does not promise great rewards for entrepreneurs?
Not at all! Take Tesla Motors and the development of the electric vehicle as one example: a startup that has challenged the automobile industry. Whilst renewable energy may not have the size and glamour of mobile technology and App markets for example, it can be, nevertheless, a lucrative area for entrepreneurs.
Yet, particularly for the millennial generation, many want to make a difference more than they want to be rich. This is fine up to a point, but one of the biggest hurdles for this “innovation generation” – as coined by Tony Wagner in his recent book Creating Innovators: The Making of Young People Who Will Change the World – is how to convert passion into a means of paying the bills.
So, we have a generation that is innovative and wants to make a difference: the next issue is how to get the would-be entrepreneurs to make a success of their innovations in every respect. And here, innovation does not just mean the development of new technologies but it also encompasses new and better ways of using existing technologies and services.
