global geothermal news: october, page-34

Inside Entrepreneurship: Knowledge, experience are keys to fundraising
By SUSAN SCHRETER
SPECIAL TO THE P-I

IT'S OFTEN SAID that great entrepreneurs are doers rather than dreamers. They attract lenders and investors based on a steady track record of delivering results on time and within budget.

But what about big-idea entrepreneurs who have to rely more on selling a vision than presenting interim progress to raise millions in startup funding? How do they demonstrate confidence in their strategies without seeming arrogant or irresponsibly idealistic? And how do entrepreneurs get in the door of deep-pocket investors?

Industry reputation and involvement in important technical panels with academics and top industry leaders also contributed to Petty's ability to get a first hearing from venture capital funds around the country.

Petty acknowledges that entrepreneurs have to deliver more than promises of technology leadership. "Investors want to make sure the companies they give money to can really follow through and get things done. This is where actual field experience matters in the deployment of geothermal projects. Without field experience, it is harder to be innovative in practical ways plus know how to avoid riskier initiatives that cost companies money and credibility," Petty says.

While venture capitalists are often attracted to game-changing technologies, AltaRock's approach to making geothermal a reliable and cost-effective clean energy source is through several incremental technology improvements that Petty says come from perseverance and taking existing knowledge to the next level.

Because of Petty's firsthand experience in a broad range of geothermal projects she is becoming the go-to expert of congressional representatives and policy advisers to presidential candidates.

In testimony to the Senate Committee on Energy and Natural Resources, Petty argued that hydrothermal and geothermal energy could provide 20 percent of the nation's electricity by 2030.