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Lessons From The Past Ten Years (Part One): Trust (greentechmedia)
Over the past ten years of cleantech venture capital, there have been a lot of hard-earned lessons learned. I'm going to start a periodic series of recapping some of what I think we cleantech investors and entrepreneurs have learned, and discussing ways to address those lessons. To start off, today's topic is the importance of building trust in these markets. With a few exceptions, cleantech markets (energy, water, etc.) are very reticent to adopt new technologies. Because they are risk-averse customers by design (you don't want your lights going off, do you?), and by tradition, and also just because often the buyers of these technologies have a million other things going on and so they just don't have the bandwidth to discover and assess new options. So what doesn't work is simply expecting that "build a better mousetrap, and the world will beat a path to your door." If you are introducing yourself to the cleantech marketplace, to scale up revenues quickly, customers need to quickly trust you and your products. You've heard of the sales cycle? I think a precursor to success in cleantech markets is the Trust Cycle -- how long it takes customers to ...
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