9 out of 10 startups fail in the long run. According to a survey of more than 500 venture capitalists (source: Ilya Strebulaev, Stanford Business School), the main reason for this is not timing, but team composition and dynamics.
These results are mostly derived from software start-ups. The more hardware and regulation is involved, the more external factors play a role. But the key message remains the same: founders are the key to a start-up’s success.
Key results
Build things, not slides!
More than 50% of founders have a bachelor’s degree in engineering. Only 23% in science, 15% in business. Among unicorns, the proportion of science graduates is 10% higher – but the proportion of engineers is 30% lower.
Research experience & IP matter
Almost one in two Rising Stars in Hydrogen founders has a PhD. This is twice as many as other studies show for unicorns. In contrast, only 1 in 158 founders do not have a degree – while 17% of unicorn founders outside H2 do not have a degree. This underlines the importance of education, applied research experience, individual ownership and familiarity with the firm’s proprietary IP.
Experienced professionals, not youngsters!
42% of founders had previously worked in related industries (e.g. energy, chemicals or automotive). Most had either product or business-related roles. On average, the founders had more than 14 years of post-academic work experience – compared to less than 10 years of those outside hydrogen. Rising Stars in hydrogen founders are on average significantly older and more experienced than successful founders outside H2.
Not the first time
43% have first- or second-degree entrepreneurial experience before starting a Rising Star company, where they’ve learned the do’s & don’ts and shortcuts of building a business from scratch
Only 7 out of 158 founders are female
Few companies were (co-)founded by female founders.
Our Testimonials
Afkenel Schipstra, Director Hydrogen,
Copenhagen Infrastructure Partners
“The energy transition is one of the most complex challenges we face, and it demands the creativity, expertise, and leadership of everyone—not just 50% of the population. By breaking down barriers and addressing unconscious biases, we can create a truly inclusive hydrogen sector and unlock its full potential.”
To find out more, download the study here 👇
Credits
About the data/sample
The list of hydrogen start-ups that have already achieved unicorn status is quite short, as hydrogen is still an emerging industry. That’s why we focused on what we call “rising stars”: startups that have the potential to become unicorns and those that have already done so.
We selected startups based in North America and Europe that have raised >= $20 million (in equity, venture debt or grants).
Company data was retrieved from Net Zero Insights in August 2024.The identification of individual founders was supplemented and double-checked by our own research via LinkedIn and company websites.
Individual career paths were primarily researched using LinkedIn data and other publicly available sources. The data was thoroughly double-checked before analysis.
Responsible
H2UB is Europes leading Open Innovation Platform for the whole hydrogen value chain.
We collaborate with the brightest entrepreneurs, corporates & investors to reach one goal: the net zero energy transition.
In our own accelerator program H2UB SPRINT and H2UB TARGET start-ups benefit from compact, focused and customized individual and group coaching sessions with mentors and industry experts.
Special Thanks to
Out of our London, Amsterdam and Singapore offices, BOSS Energy connects talent with energy innovators. Reducing emissions one hire at a time.
Delivering a decade of talent solutions across industry value chains and project lifecycles. Their networks, multi-lingual consultants and industry knowledge provide access to global talent whilst feeling local. Whether you’re hiring post-raise or staffing a renewable energy project they have the team and solution to deliver a unrivalled service.
Get in touch
Any questions? Please contact us at
info@h2ub.com.