VC investments in energy: Insights from PwC's Tracy Lefteroff

Q: Is energy policy more of a driver in regions such as Europe where there is more aversion to risk-taking investment?

Large companies, in the US and EU, the track record in innovation is abysmal. Innovation happens somewhere else and they will go and buy it. If we have learned one thing in the US, which is one reason why VC-backed companies are so prolific here, is we as a country have learned that you cannot foster innovative thought and research and development in large company environment.

Q: What's your outlook for the energy industry in 2012?

It's going to be pretty much flat. I don't see the US economy really taking off in 2012 because it's an election year. Politics impacts the energy industry a great deal. The government could turn around tomorrow and say we're not selling any more offshore leases like they did after the BP oil spill. They've started selling them again, but how do you run a business like that? You might suddenly not have access to new product, if you're an oil driller or services company that depends on that for your lifeblood. It has a huge impact.

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