Academic paper argues venture capital funds need a potentially "radical" reworking of their model to cope with clean-tech's demands.

The emergence of new industries, such as semiconductors, biotechnology and the internet, as well as the introduction of innovations in healthcare, information technology and new materials more broadly, have often been driven by the availability of independent venture capital (VC) firms to help finance start-ups.

However, challenges in cleantech has meant VC investments have "begun to move away from radical technologies related to energy production and are increasingly focused on energy efficiency, software, energy storage and transportation", according to…

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