Lauren Burrows
MBA 2013
MBA 2013
“Every day we’re looking at something totally new. We think of energy innovation and sustainability as a way of doing business that applies across industries.”Classroom diversity is a widely-recognized quality of the HBS classroom—and for Lauren Burrows (MBA 2013), that fact took on particular significance in a second-year course, Energy Business & Geopolitics. "During a case discussion, an engineer from the oil and gas industry in the class explained how Canadian oil sands, or bitumen, are pulled from the ground and upgraded into synthetic crude oil, as well as the issues involved in that process," she recalls. "The great thing about HBS is that there are people with a ton of experience across the entire landscape of an industry—from someone who worked in finance and business development at Tesla to a refinery engineer from Exxon Mobil."
Burrows also brought a unique perspective to the classroom. After several years in investment banking and private equity, she joined the Massachusetts Clean Energy Center, developing investment strategies and processes at a newly-formed state agency focused on advancing renewable energy technology. "I fell in love with the industry and working with entrepreneurs," she says. "When I came to HBS, I knew I wanted to do something in energy but I didn’t necessarily know what the role would be; I saw the MBA program as an opportunity to broaden my knowledge base."
Now a principal at Boston-based WindSail Capital Group, Burrows describes the importance of connections developed inside and outside the HBS classroom: "A huge part of my job now is building relationships, so I can source opportunities for investment and also gain insight into a particular segment of an industry that happens to be both broad and local," she says. "Having a network of alumni to draw on is a tremendous resource."
WindSail, she explains, provides growth capital to companies advancing energy innovation and sustainability through an approach that recognizes not all businesses fit the venture capital model. "Two-thirds to three-quarters of our return is from debt alone," she says. "We give investors current income, relative liquidity, downside protection, and a potential equity upside. At the end of the day, our goal is to get companies through to cashflow breakeven."
"Every day we’re looking at something totally new," she adds. "We think of energy innovation and sustainability as a way of doing business that applies across industries." WindSail’s portfolio demonstrates this, as its investments include a manufacturer of energy-efficient concrete panel wall systems as well as a plant-based meal kit delivery provider. "The first-year curriculum really builds all the key general management skills from the ground up, in terms of taking apart a new industry, learning about a team, and figuring out the economics."
Burrows also cites the "unbelievable" clean energy community in the greater Boston area as a source of information and contacts for HBS students. "Go to events sponsored by the local incubators and business plan competitions," she advises. "At the end of the day, it’s all about building relationships and broadening your network. Every event is an opportunity to learn from someone in the industry."
Be willing to take risks, she adds: "Pursuing something that is a little less structured can pay off in meaningful ways."