The U.S. Department of Energy has just started its Entrepreneur in Residence program by putting an experienced entrepreneur from three venture capitalist firms into three of the DOE’s national laboratories. The entrepreneur will examine the laboratories’ clean energy technologies, pick the best one and run with it. The capitalist firms will then license the technology and form and finance a new company for commercialization.
National labs can do this themselves but it’s a lengthy process that could use some improvement. By bringing in venture capitalists, who do a better job of bringing new technology to the marketplace than the government, the Energy Department can feel confidant that the good ideas born in the lab don’t die there.
This year Arch Venture Partners of Chicago will work with Sandia National Laboratory in New Mexico. Foundation Capital of Menlo Park will be paired with Oak Ridge National Laboratory in Tennessee. And Kleiner, Perkins, Caufield & Byers of Menlo Park will work with the National Renewable Energy Laboratory in Colorado.
Each year three new venture capitalist firms will be chosen to work with the laboratories and the lucky entrepreneur will be sponsored $100,000 by both the DOE and its own firm. Here’s hoping it pays off wonderfully.
