(193a) Energy Innovation: Challenges to the Commercialization of New Energy Technology

Authors: 
Tillmann, N., Houston Technology Center
Meeting growing global demand for energy in the 21st century in an environmentally responsible manner will require a significant escalation in innovation leading to the development of new, clean energy sources. Innovation is defined as invention plus commercialization, so that the innovation process isn't complete until the invention has been turned into something that provides real world benefits. Innovation in energy is complex, has a high rate of failure and takes a long time. Commercializing new energy technology requires numerous technical and business disciplines, partnerships with large and small public and private entities, support from service organizations and most importantly, significant investment.

This presentation will explore the energy innovation process, the role of an innovation ecosystem and the benefit to industry of supporting early stage technology companies. It will also look at how business accelerators and incubators can reduce the risk of failure and speed up the innovation process by helping energy entrepreneurs navigate the commercialization process, develop support networks, acquire skills and resources, develop strategic relationships and attract funding.