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...upbeat personal philosophy (sample line: "You've got to love every breath that you breathe/ Look at the sky and believe"). Unsurprisingly, such sentiments bear a distinct resemblance to the tenets of the 12-step programs devised to help alcoholics and drug addicts. He and his wife have been clean-living since they checked into rehab in Arizona in October 1988; cocaine and alcohol were reputed to be their downfall. Ringo says simply: "I was on my knees." Allison maintains that the treatment changed more about his friend than his habits. For a start, that's when Ringo...
...would have happened, however, without a spark of venture capital. That came from Martin Tobias of Seattle-based firm Ignition Partners. A restless ex-Microsoft executive, Tobias thought software had maxed out, and by 2004 he was looking for the next big thing. He found it in the emerging clean-tech sector - which encompasses renewable energy, environmental efficiency and water - and discovered the struggling start-up Seattle Biodiesel, which had just been launched by a former airline pilot. Tobias injected badly needed capital, eventually buying 20% of the company and becoming CEO of the renamed Imperium Renewables. ("Less local...
Once the province of those with long hair and short credit lines, today clean tech is a prime target for the smartest - and richest - investors in the world. Green investment by American venture-capital firms reached $2.6 billion in the first three quarters of 2007, the highest level ever recorded and nearly 50% more than the total for the whole of 2006. The European clean-energy sector is already producing winning companies in countries like Germany and Spain, and in rapidly growing China nearly 20% of all venture capital was channeled into clean companies in 2006 - double the percentage...
That capital is already paying off. Revenues for companies in solar energy, wind, biofuels and fuel cells surged from $40 billion in 2005 to $55 billion in 2006, according to the research group Clean Edge. Clean energy?related companies raised over $10.3 billion in ipos in 2006, up from $4.3 billion in 2005, and hot new companies such as First Solar, whose stock jumped from $25 to $215 in the past year, are angling to become green Googles. In turn, green venture capital in the U.S. is projected to rise to $18 billion by 2010, according to Nicholas Parker...
...thing For CEOs who founded clean-tech companies before this explosion of interest, the sudden materialization of capital can seem too good to be true. When Tom Todaro launched Seattle-based Targeted Growth, which uses genetic engineering to greatly enhance the yields of crops, he thought the company's ability to multiply the amount of feedstock available for biodiesel or ethanol would make it a star of the emerging biofuels sector. But it was the late 1990s, when clean tech made up less than 1% of total venture-capital spending, and investors weren't interested. "I went begging to friends...