The Age of the Energy Entrepreneur

July 31, 2008

We are just now entering the Age of the Energy Entrepreneur, and, as is the case in all dawning Ages, experience doesn’t count. There are no serial energy entrepreneurs, not yet.

Because of this, because we’re living in a world without track records or superstars, when evaluating investment opportunities, it is critical to be able to know what to look for in measuring an entrepreneur’s potential.

I’ve run some companies, read some great books, and talked to some smart people over the years, and there seem to be a few universals on which most people agree, a few things to consider about all entrepreneurs, regardless of the industries they’re trying to revolutionize.

It’s important that an entrepreneur has a great sense of timing. He needs both patience and overdrive, readiness to position the company at the right place at the right time.

It’s important that he can network, important that, as he networks, he both learns and influences. He needs to build his business position at the forefront in his field. He needs to help people understand its importance, to “influence the influencers,” to work with other thought leaders and define the industry and its position.

It’s important that he’s a master storyteller. He needs to constantly reinforce the company’s message, constantly reinforce it to all constituents, internal and external.

It’s important that he seeks world class help. He needs to hire the very best people. And he must ask for guidance from everyone qualified to give it.

And it’s important that he has fun. The process has to be enjoyable for everyone, and the fun starts with the visionary. People are more productive in a fun atmosphere, and clients would rather buy from likable people.

Not a lot of people do all those things, and very few do them all well, so I think it’s a good idea to keep an eye out for those people.

But, in my experience, I’ve found only one true constant, only one characteristic shared by every successful entrepreneur I’ve ever backed. And that’s perseverance: that rare combination of optimism, faith, and scrappiness.

It remains to be seen exactly how that experience will help us find and develop successful energy entrepreneurs, but it’s constantly in the back of my mind. The energy industry is due for massive, unpredictable change, and only exceptional perseverance will survive. As I continue my work as an investor in the field, if I sense that perseverance, I’m interested.

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