“Political venture capital turns out to be a loser.”
“Silicon Valley’s investment wizards are fleeing the so-called green economy, and not a moment too soon for American prosperity. As painful as the era of enviro-investing has been for taxpayers and shareholders, there’s an emerging silver lining. It’s likely that in 2013 fewer people will spend their time trying to turn political projects into companies… Success has proven elusive even for the smartest guys in the solar-heated room. Five years after Al Gore joined the prestigious venture-capital firm Kleiner Perkins to back environmentally correct companies, the collaboration has yielded few successful exits for Mr. Gore and his partners, along with some spectacular disasters… Fisker Automotive… Glori Energy… Enphase Energy… Amyris… Mr. Doerr made another claim in his Journal interview: ‘Our green investing doesn’t depend on government policies. It’s about basic supply and demand.’ If even Al Gore’s partner John Doerr is now on record questioning the need for government assistance, we’d say it’s well past time for Washington to turn off the subsidy spigot. Many of the potential beneficiaries are already moving on to more worthwhile pursuits.” [Wall Street Journal subscription required]