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How to Transform Sustainable Energy Technology into a Unicorn Start-Up: Technology Review and Case Study

Author

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  • Dasheng Lee

    (Department of Energy and Refrigerating Air-Conditioning Engineering, National Taipei University of Technology, Taipei 10608, Taiwan)

  • Kuan-Chung Lin

    (Taiwan Shin Kong Global Venture Capital International, Taipei 10485, Taiwan)

Abstract

Renewable and sustainable energy technologies must undergo commercialization before contributing to people’s sustainable development. Among different approaches, commercialization to become unicorn start-ups has attracted considerable attention. Unicorn start-ups are companies achieving a valuation of over US$1 billion before launching initial public offerings. Herein, a company adopting solid oxide fuel cells as its single product and becoming a unicorn start-up is considered the case company (Company B). Established in 2001, Company B accumulated US$825.7 million of actual funding and a peak valuation of US$2.9 billion before being publicly listed. After being listed in July 2018, Company B achieved unicorn start-up status. Searching ScienceDirect Online and the IEEE/IET Electronic Library, this. study collects reviews of fuel cell technology development trends. From CB insights, the study collects the timing and amount of funding received by fuel cell-related unicorn start-ups worldwide. The Derwent Innovation (DI) tool is employed to analyze the status of fuel cell-related patent applications of these unicorn start-ups. This study integrates technology review, business status, and patent application data for analysis. Unlike previous technology reviews focusing on researches and developments, this study emphasizes the analysis of intellectual-property-based (IP-based) commercialization strategies. Specifically, it analyzes key factors explaining how a company producing solid oxide fuel cells could transform into a unicorn start-up. These factors are compiled into a ladder framework to provide a reference. Five quantitative indices are promoted. From the managerial point of view, this framework provides an executable guideline for effectively transforming sustainable energy technology into a high-valuation unicorn start-up.

Suggested Citation

  • Dasheng Lee & Kuan-Chung Lin, 2020. "How to Transform Sustainable Energy Technology into a Unicorn Start-Up: Technology Review and Case Study," Sustainability, MDPI, vol. 12(7), pages 1-26, April.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:7:p:3018-:d:343473
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    References listed on IDEAS

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    Cited by:

    1. Ruling Zhang & Killian J. McCarthy & Xiao Wang & Zengrui Tian, 2021. "How Does Network Structure Impact Follow-On Financing through Syndication? Evidence from the Renewable Energy Industry," Sustainability, MDPI, vol. 13(7), pages 1-23, April.
    2. Mohammed Yousri Silaa & Mohamed Derbeli & Oscar Barambones & Cristian Napole & Ali Cheknane & José María Gonzalez De Durana, 2021. "An Efficient and Robust Current Control for Polymer Electrolyte Membrane Fuel Cell Power System," Sustainability, MDPI, vol. 13(4), pages 1-18, February.

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