As with all new things, innovations in energy also require resources such as money, time and people. Depending on whether you’re a startup, or working at a corporate, you will likely face either external investors, or internal sponsors. They are sort of the same, but different.
External Investors
When companies are looking for external investors to fund their next stage innovation, they are not only looking for someone with money to spend but also someone who is a good fit for the company. A good fit with his network, experience and possible exposure. It is recommended that you do your due diligence on your investors, as much as they do theirs on your company. Would you be willing to spend 5 hours in a room/car/plane with them? If not, why would you spend so much of your career with them in your company?
Internal Sponsors
When you are an innovator, innovating within a large corporate energy company, you are also seeking for ‘investment’. In this case, you are looking for a sponsor. Preferably someone from a senior position who could provide the resources you seek. But this person also needs to understand the pain you are trying to solve. Ideally, you are solving his/her pains! And needs to have plenty of good exposure that will help your project. Also, in this case, you need to do your research. For as long as you work at this company, those sponsors are likely to stay there as well.
Looking for help on your innovation project? Let's talk to see how I can help you.
Investors vs Sponsors
When you are looking for an investor and during your meetings, you feel it is not a good match, you can part ways. There is often another investor out there waiting to be found. But when you are looking for a sponsor and things don’t work out as anticipated, your options are a bit more limited. You could:
-
Find another/better sponsor,
-
Pivot your project to better suit this sponsor,
-
Find a launching customer externally
Finding another sponsor
When you decide to go find another sponsor internally, you still want to part ways civilised with the initial sponsor. You both remain working at the same company and are bound to meet this person again. It just did not make sense to launch this project with this person as a sponsor. But at least they know you have this entrepreneurial mindset, brimming with ideas and eager to execute. Nobody got hurt by leaving such an impression in a large corporate.
Pivot your project
This is something I would argue you should consider very carefully, the balance here should be assessed on a case-by-case basis. Some see such a pivot as a loss for their original idea, some see this as the only way forward in their situation. How ‘in love’ are you with your original idea? Are there no other sponsors you could approach? Is this pivot perhaps really a better idea with a much bigger potential?
Find a launching customer externally
This is not for the faint of heart. When there is a strategic/product fit, but a sponsor is not found willing to spare resources, this could shift priorities. Projects that land in someone’s inbox with the funding attached are rare opportunities. If it is indeed a case where priorities have to be shifted to make this work, consider that other projects have to get stopped.
Want to know how to nudge your project forward? Let's talk to see how I can help you.
