The Evolution of IN2
Marking its 10-year anniversary, the Wells Fargo Innovation Incubator (IN2) is set to make a significant leap. “We’re aligning with market demands, prioritizing deployment,” explains Sarah Derdowski, current IN2 Program Manager. The primary challenge? Adoption. The initiative now dedicates resources to not only nurture startups but also to support adopters in integrating new technologies, streamlining the journey from concept to marketplace deployment.
Cultivating Startup Success
Over the decade, IN2, a combined effort by the Wells Fargo Foundation and NREL’s Innovation and Entrepreneurship Center (IEC), has been an entrepreneurial catalyst, empowering 12 cohorts of startups with substantial funding for refining their technologies with guidance from top-tier experts. These include the minds at NREL and the Donald Danforth Plant Science Center. The program’s participants stem from a robust network of incubators, accelerators, and universities with access to a vast pool of cutting-edge startups.
IN2‘s 2024 Initiatives: Forging Partnerships
With a future-forward approach, IN2 aims to bridge the gap between clean energy startups and organizations ready to transition towards renewable solutions. This involves linking alumni startups and suitable partners across industries, from large corporations to state governments. IN2 is preparing to enroll its first cohort into this new program by summer 2024.
The Genesis of IN2
At its inception, Wells Fargo aimed to bolster the clean energy industry, a vision realized by teaming up with NREL to validate and scale innovative technologies. “It was transformative for us, marking a leap from ideation to actionable, scalable solutions,” notes Blue Frontier CEO Daniel Betts, an IN2 success story.
IN2‘s Impact and Legacy
The incredible achievements of IN2 participants—collectively raising over $2 billion in follow-on capital—attest to the initiative’s profound influence within the cleantech sector. This success has also inspired the creation of similar programs, such as the Shell GameChanger Accelerator Powered by NREL (GCxN), further magnifying the initiative’s reach.
What’s on the Horizon for IN2
Looking to the future, IN2 stands at a pivotal juncture. As corporations increasingly commit to sustainability goals, the program is ideally placed to serve as a conduit for cutting-edge clean energy technologies. “The anticipation is palatable as we steer towards welcoming our first group in the upcoming track,” anticipates IN2’s team regarding the 2024 cohort.
Wells Fargo’s Role in Tomorrow’s Cleantech Landscape
Continuing to champion innovation, Wells Fargo plans to integrate more technologies from the IN2 portfolio into its extensive real estate holdings and is exploring partnerships to pilot breakthroughs like Blue Frontier‘s air conditioning technology. “As IN2 matures, so does our approach. We’re committed to evolving with the startups and the market,” commits Derdowski.
