Centre for Technology Management (CTM) Working Paper, No. 2009/02
39 Pages Posted: 6 Sep 2011
Date Written: January 1, 2009
Investors have been showing interest in prospects for new environmental technologies launched by innovative enterprises. We analyse the experience of young environmental technology firms going public on London’s alternative stock market, AiM. While firms that launched in the boom attracted needed funds, shareholder expectations and the controls used to promote shareholder value were not well aligned with the realities of business development of these emerging technology firms. These face challenging market and technology risks and require funding for business development that is more flexible and longer term than that provided by AiM investors. We suggest that a wider portfolio of investment alternatives is needed.
Keywords: Environmental technologies, IPO, AiM, value creation, business development
JEL Classification: G24, M13
Suggested Citation: Suggested Citation
Müller, Milena and Garnsey, Elizabeth W., Stockmarket Listing and Cleantech Business Development: Evidence from AiM (January 1, 2009). Centre for Technology Management (CTM) Working Paper, No. 2009/02. Available at SSRN: https://ssrn.com/abstract=1923073 or http://dx.doi.org/10.2139/ssrn.1923073