A United States billionaire is using the business equivalent of speed dating to decide where his next investment should be made.
Vinod Khosla is currently in New Zealand looking for investment opportunities, and eight local companies were given just 10 minutes each to convince him to part with his money.
A Silicon Valley investor who believes clean technologies will transform the world, Mr Khosla has set up a billion-dollar investment fund to make it happen.
“There are an incredible number of opportunities… and there is not enough funding for great ideas,” he says.
Mr Khosla co-founded computer giant Sun Microsystems in the 1980s. More recently he invested $3.5 million in New Zealand company Lanzatech, which has created a process to produce fuel from waste industrial gases.
Eight entrepreneurs delivered an “elevator pitch” to Mr Khosla today – a ten-minute opportunity to convince him to invest in their ideas.
Biomimetics Laboratory was hoping to win funding for its idea of using the body's natural movements, like walking, to charge small electronic devices.
Todd Gisby of Biomimetics Laboratory says the environment created “quite a bit of pressure”.
“It will be a really great learning experience and hopefully we will impress [Mr Khosla] and he will be willing to give us a bit of money,” he says.
The presentations were short, but it could be months before Mr Khosla decides whether he'll invest his money.
In the meantime, he has left the entrepreneurs with some advice – be willing to fail repeatedly, because that’s what will give you the ability to succeed.
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