The U.S. Department of Energy is looking for entrepreneurs in the early stages of developing renewable energy concepts. The DOE started an entrepreneurial program with Foundation Capital, Kleiner Perkins Caufield & Byers, and Arch Venture Partners and have brought more venture capital firms on board since. Effectively, the DOE has created an 'entrepreneur -in-residence' program, where entrepreneurs with an idea for an energy startup have easier access to venture capital than they might otherwise get.

Michael Bruce, the senior advisor for finance in the DOE's Office of Energy Efficiency and Renewable Energy, discussed the agency's entrepreneurial efforts at the first Nano Renewable Energy Summit yesterday. Bruce delivered the summit's keynote, focusing on the use of nanostructures in energy innovations. He believes that the 'technology incubators' that academic institutions often create in partnerships with private industry aren't as effective as bringing in business development specialists during public-private collaborations.

According to Bruce, the DOE is not relying on licensing fees and royalties for patents. Instead, the agency is promoting equity-share licenses. Equity shares in private companies are traded for technology licensing rights. Over the past few years, venture firms' interest in renewable energy has skyrocketed, making the DOE'splans financially feasible.

Image — DOE