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The article discusses the role of intermediaries at the intersection of innovators and investors in cooperative research & development projects supported by government with context to the German transition towards clean technologies. It argues that effective commercialization is affected due to lack of co-operation between public and private sectors. Topics discussed include role of financial innovation system such as providing incentives to the financial sector and providing risk capital to gain sustainable economic growth, selection of Germany for study due to its focus on technological innovation and instruments for addressing system failures for eco-innovation.

In our paper we observe with an extensive database of press articles about venture capital the emergence and following evolution of the topic clean technology investing. We match our software-based analysis of the press discourse with investment data and observe high synchronicity of the developments of the two datasets. We demonstrate that historical textual information holds as a viable proxy for analyzing circumstances with a lack of rich data. An industry life cycle model can be applied to the development of this investment category. Additionally we develop an understanding of the role of public discourse in the venture capital industry and look at consequences of tone and sentiment in the media data. [ABSTRACT FROM AUTHOR]