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Dr. Friedemann Polzin

Associate Professor 
Law, Economics and Governance
Utrecht University School of Economics
Entrepreneurship
Entrepreneurship
Adam Smith Hall (AA)
Kriekenpitplein 21-22
Kamer 2.12B
3584 EC Utrecht

Dr. Friedemann Polzin

Associate Professor
Entrepreneurship
f.h.j.polzin@uu.nl
Profile CV Publications Activities Prizes In the media Research Teaching Ancillary activities PhD supervision Professional experience Contact
Profile CV Publications Activities Prizes In the media Research Teaching Ancillary activities PhD supervision Professional experience Contact
Areas of expertise
Skills
Research areas

New articles:

Klein, S.M.A., & Polzin, F. (2025) Greening the retail banking industry: Evidence from German bank account consumers. International Review of Financial Analysis, forthcoming.

Gunnemann, A., Polzin, F. & Steffen, B. (2025) Financing Energy Innovation. In Diaz Anadon, L., Sagar S., Verdolini, E. & Malhotra, A. The Handbook of Energy Innovation. Edward Elgar, Celtenham, forthcoming.

Publications

2025

Scholarly publications

Cai, W., & Polzin, F. (2025). Do Networks Matter? An Examination of the Role of Coinvestors in Equity Crowdfunding. British Journal of Management. Advance online publication. https://doi.org/10.1111/1467-8551.12917

2024

Scholarly publications

Biasin, A., Toxopeus, H., Pettenella, D., Polzin, F., & Masiero, M. (2024). “Financing urban Nature-based Solutions (NBS): A literature review from the perspective of funders”. Nature-Based Solutions, 6, Article 100195. https://doi.org/10.1016/j.nbsj.2024.100195
https://research-portal.uu.nl/ws/files/257121820/1-s2.0-S2772411524000867-main.pdf
Polzin, F. (2024). Venture Capital Investments in Cleantech Startups. In B. Hammer, & D. Cumming (Eds.), The Palgrave Encyclopedia of Private Equity (pp. 1-6). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-38738-9_249-1
https://research-portal.uu.nl/ws/files/243687125/978-3-030-38738-9_249-1.pdf
Calcaterra, M., Reis, L. A., Fragkos, P., Briera, T., de Boer, H. S., Egli, F., Emmerling, J., Iyer, G., Mittal, S., Polzin, F. H. J., Sanders, M. W. J. L., Schmidt, T. S., Serebriakova, A., Steffen, B., van de Ven, D. J., van Vuuren, D. P., Waidelich, P., & Tavoni, M. (2024). Reducing the cost of capital to finance the energy transition in developing countries. Nature Energy, 9(10), 1241–1251. https://doi.org/10.1038/s41560-024-01606-7
https://research-portal.uu.nl/ws/files/243689273/s41560-024-01606-7.pdf
Cai, W., Polzin, F., & Stam, E. (2024). Mitigating local bias in equity crowdfunding: a financial ecology perspective. Journal of Economic Geography, 24(4), 549-565. https://doi.org/10.1093/jeg/lbae009
https://research-portal.uu.nl/ws/files/233816543/lbae009.pdf
Herrmann, A. M., Polzin, F., Held, L., & Dimov, D. (2024). Follow the money: funding acquisition processes of nascent ventures. Entrepreneurship and Regional Development, 36(3-4), 341-365. https://doi.org/10.1080/08985626.2023.2298997
http://@https://dspace.library.uu.nl/bitstream/handle/1874/437809/Follow_the_money_funding_acquisition_processes_of_nascent_ventures.pdf?sequence=1
Papari, C., Polzin, F., Toxopeus, H., Bulkeley, H., & Menguzzo, E. V. (2024). Can the EU taxonomy for sustainable activities help upscale investments into urban nature-based solutions? Environmental Science & Policy, 151(January), Article 103598. https://doi.org/10.1016/j.envsci.2023.103598
http://@https://dspace.library.uu.nl/bitstream/handle/1874/432594/1-s2.0-S1462901123002472-main.pdf?sequence=1

Professional publications

Waddell, S., & Polzin, F. (2024). Systems Change Isn’t One Thing. Financing Should Reflect That. Stanford Social Innovation Review (SSIR). https://ssir.org/articles/entry/systems-change-financing-change

2022

Scholarly publications

Sanders, M., Serebriakova, A., Fragkos, P., Polzin, F., Egli, F., & Steffen, B. (2022). Representation of financial markets in macro-economic transition models-a review and suggestions for extensions. Environmental Research Letters, 17(8), 1-20. Article 083001. https://doi.org/10.1088/1748-9326/ac7f48
http://@https://dspace.library.uu.nl/bitstream/handle/1874/423457/Sanders_2022_Environ._Res._Lett._17_083001.pdf?sequence=1
Egli, F., Polzin, F., Sanders, M., Schmidt, T., Serebriakova, A., & Steffen, B. (2022). Financing the energy transition: four insights and avenues for future research. Environmental Research Letters, 17(5), Article 051003. https://doi.org/10.1088/1748-9326/ac6ada
http://@https://dspace.library.uu.nl/bitstream/handle/1874/423903/Egli_2022_Environ._Res._Lett._17_051003.pdf?sequence=1

2021

Scholarly publications

Sanders, M., Zanders, L., & Polzin, F. (2021). Smart City User Innovation and Business Incubation Program: Handbook for Implementation in IRIS cities and beyond. IRIS. https://irissmartcities.eu/wp-content/uploads/2022/03/D3.4_Smart_City_User_Innovation_and_Business_Incubation_Program_Handbook_for_Implementation_in_IRIS_cities_and_beyond.pdf
http://@https://dspace.library.uu.nl/bitstream/handle/1874/421297/D3.4_Smart_City_User_Innovation_and_Business_Incubation_Program_Handbook_for_Implementation_in_IRIS_cities_and_beyond.pdf?sequence=1
Toxopeus, H., Achterberg, E., & Polzin, F. (2021). How can firms access bank finance for circular business model innovation? Business Strategy and the Environment, 30(6), 2773-2795. https://doi.org/10.1002/bse.2893
http://@https://dspace.library.uu.nl/bitstream/handle/1874/413260/bse.2893.pdf?sequence=1
Polzin, F., Sanders, M., Steffen, B., Egli, F., Schmidt, T. S., Karkatsoulis, P., Fragkos, P., & Paroussos, L. (2021). The effect of differentiating costs of capital by country and technology on the European energy transition. Climatic Change, 167(1-2), 1-21. Article 26. https://doi.org/10.1007/s10584-021-03163-4
http://@https://dspace.library.uu.nl/bitstream/handle/1874/412781/Polzin2021_Article_TheEffectOfDifferentiatingCost.pdf?sequence=1
Polzin, F., Sanders, M., & Serebriakova, A. (2021). Finance in global transition scenarios: Mapping investments by technology into finance needs by source. Energy Economics, 99, 1-9. Article 105281. https://doi.org/10.1016/j.eneco.2021.105281
http://@https://dspace.library.uu.nl/bitstream/handle/1874/412235/1_s2.0_S0140988321001869_main.pdf?sequence=1
Toxopeus, H., & Polzin, F. (2021). Reviewing financing barriers and strategies for urban nature-based solutions. Journal of Environmental Management, 289, 1-11. Article 112371. https://doi.org/10.1016/j.jenvman.2021.112371
http://@https://dspace.library.uu.nl/bitstream/handle/1874/412013/1_s2.0_S0301479721004333_main.pdf?sequence=1
Cai, W., Polzin, F., & Stam, E. (2021). Crowdfunding and social capital: A systematic review using a dynamic perspective. Technological Forecasting and Social Change, 162, 1-22. Article 120412. https://doi.org/10.1016/j.techfore.2020.120412
http://@https://dspace.library.uu.nl/bitstream/handle/1874/409698/1_s2.0_S0040162520312385_main.pdf?sequence=1

Professional publications

Polzin, F., & Sanders, M. (2021). FINANCIERING VAN DE ENERGIETRANSITIE: Lessen van het Europese Innopaths onderzoeksprogramma voor Nederland. Sustainable Finance Lab. https://sustainablefinancelab.nl/nl/paper/financiering-van-de-energietransitie-2/
http://@https://dspace.library.uu.nl/bitstream/handle/1874/415947/SFL_Financiering_Energietransitie_2206.pdf?sequence=1

2020

Scholarly publications

Polzin, F., & Sanders, M. (2020). How to finance the transition to low-carbon energy in Europe? Energy Policy, 147, Article 111863. https://doi.org/10.1016/j.enpol.2020.111863
http://@https://dspace.library.uu.nl/bitstream/handle/1874/409334/1_s2.0_S0301421520305802_main.pdf?sequence=1
Cai, W., Polzin, F. H. J., & Stam, F. C. (2020). Legal Institutions, Social Capital, and Financial Crowdfunding: A Multilevel Perspective. In R. Shneor, L. Zhao, & B.-T. Flåten (Eds.), Advances in Crowdfunding (pp. 183-205). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-46309-0_9
http://@https://dspace.library.uu.nl/bitstream/handle/1874/414593/Cai2020_Chapter_LegalInstitutionsSocialCapital.pdf?sequence=1
Toxopeus, H., Kotsila, P., Conde, M., Katona, A., van der Jagt, A. P. N., & Polzin, F. (2020). How ‘just’ is hybrid governance of urban nature-based solutions? Cities, 105, Article 102839. https://doi.org/10.1016/j.cities.2020.102839
http://@https://dspace.library.uu.nl/bitstream/handle/1874/408620/1_s2.0_S0264275120311872_main.pdf?sequence=1

2019

Scholarly publications

Toxopeus, H., & Polzin, F. (2019). User crowdfunders: insiders or idealists? In Financing sustainable innovation : From a principal-agent to a collective action perspective (pp. 177-206). (ERIM PhD Series in Research in Management; Vol. 458). Erasmus Research Institute of Management. https://repub.eur.nl/pub/114018
Polzin, F. H. J., & Sanders, M. W. J. L. (2019). How to fill the ‘financing gap’ for the transition to low-carbon energy in Europe? (18 ed.) (USE Working Paper series; Vol. 19, No. 18). USE Research Institute.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/394042/19_18.pdf?sequence=1
Cai, W., Polzin, F. H. J., & Stam, F. C. (2019). Crowdfunding and Social Capital: A Systematic Literature Review. (05 ed.) (pp. 1-50). (USE Working Paper series ; Vol. 19, No. 05). U.S.E. Research Institute.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/386964/19_05.pdf?sequence=1
Polzin, F., Egli, F., Steffen, B., & Schmidt, T. S. (2019). How do policies mobilize private finance for renewable energy?—A systematic review with an investor perspective. Applied Energy, 236, 1249-1268. https://doi.org/10.1016/j.apenergy.2018.11.098
http://@https://dspace.library.uu.nl/bitstream/handle/1874/377495/Howdopolicies.pdf?sequence=1

2018

Scholarly publications

Cai, W., Polzin, F. H. J., & Stam, F. C. (2018). Crowdfunding and Social Capital: A Systematic Review. Unpublished. In the 2nd European Alternative Finance Research Conference
Polzin, F., Sanders, M., & Stavlöt, U. (2018). Mobilizing Early-Stage Investments for an Innovation-Led Sustainability Transition. In T. Walker, S. D. Kibsey, & R. Crichton (Eds.), Designing a Sustainable Financial System (pp. 347-381). (Palgrave Studies in Sustainable Business in Association with Future Earth; Vol. Part F1860). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-66387-6_13
http://@https://dspace.library.uu.nl/bitstream/handle/1874/367072/Polzin2018_Chapter_MobilizingEarly_StageInvestmen.pdf?sequence=1
Polzin, F., Nolden, C., & von Flotow, P. (2018). Drivers and barriers for municipal retrofitting activities – Evidence from a large-scale survey of German local authorities. Renewable and Sustainable Energy Reviews, 88, 99-108. https://doi.org/10.1016/j.rser.2018.02.012
http://@https://dspace.library.uu.nl/bitstream/handle/1874/364414/1_s2.0_S1364032118300303_main.pdf?sequence=1
Polzin, F., Toxopeus, H., & Stam, E. (2018). The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders. Small Business Economics, 50(2), 251-273. https://doi.org/10.1007/s11187-016-9829-3
http://@https://dspace.library.uu.nl/bitstream/handle/1874/362128/The_wisdom_of_the_crowd_in_funding.pdf?sequence=3
Polzin, F., Sanders, M., & Stavlöt, U. (2018). Do investors and entrepreneurs match? Evidence from The Netherlands and Sweden. Technological Forecasting and Social Change, 127, 112-126. https://doi.org/10.1016/j.techfore.2017.07.016
http://@https://dspace.library.uu.nl/bitstream/handle/1874/359326/investors.pdf?sequence=1

Professional publications

Mazzucato, M., Semieniuk, G., Geddes, A., Huang, P., Polzin, F., Gallagher, K., Shakya, C., Steffen, B., & Tribukait, H. (2018). Bridging the gap: The role of innovation policy and market creation. In Emissions Gap Report 2018 (pp. 52-59). United Nations Environment Programme. https://doi.org/10.18356/08bd6547-en
http://@https://dspace.library.uu.nl/bitstream/handle/1874/451665/ch7.pdf?sequence=1
Loek, Z., Polzin, F., & Sanders, M. (2018). Smart city business model incubation: Development and barriers in the city of Utrecht. http://irissmartcities.eu/

2017

Scholarly publications

Polzin, F. H. J., Nolden, C., & von Flotow, P. (2017). Drivers and barriers for municipal retrofitting activities: Evidence from a large-scale survey of German local authorities. (pp. 1-30). (SSRN Working paper; No. 3076471). SSRN. https://doi.org/10.2139/ssrn.3076471
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370745/SSRN_id3076471.pdf?sequence=1
Polzin, F. H. J., Sanders, M. W. J. L., & Täube, F. (2017). A diverse and resilient financial system for investments in the energy transition. ( Sustainable Finance Lab Working Paper. ). Sustainable Finance Lab.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370742/Polzin_Sanders_Taeube_A_diverse_and_resilient_financial_system_for_investments_in_the_energy_transition_SFL.pdf?sequence=1
Polzin, F. H. J., Sanders, M. W. J. L., & Stavlöt, U. (2017). Do investors and entrepreneurs match? – Evidence from the Netherlands and Sweden. (Sustainable Finance Lab working paper). Sustainable Finance Lab.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370741/MatchInvEnt_SFL_working_paper_series_revised.pdf?sequence=1
Toxopeus, H. S., & Polzin, F. H. J. (2017). Characterizing nature-based solutions from a business model and financing perspective. Naturvation.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370740/naturvation_characterizing_nature_based_solutions_from_a_business_model_and_financing_perspective.pdf?sequence=1
Polzin, F. (2017). Mobilizing private finance for low-carbon innovation – A systematic review of barriers and solutions. Renewable and Sustainable Energy Reviews, 77, 525-535. https://doi.org/10.1016/j.rser.2017.04.007
http://@https://dspace.library.uu.nl/bitstream/handle/1874/356182/Mobilizing.pdf?sequence=1
Migendt, M., Polzin, F., Schock, F., Täube, F. A., & von Flotow, P. (2017). Beyond venture capital: an exploratory study of the finance-innovation-policy nexus in cleantech. Industrial and Corporate Change, 26(6), 973-996. https://doi.org/10.1093/icc/dtx014
http://@https://dspace.library.uu.nl/bitstream/handle/1874/357729/venture.pdf?sequence=1
Polzin, F., Sanders, M., & Täube, F. (2017). A diverse and resilient financial system for investments in the energy transition. Current Opinion in Environmental Sustainability, 28, 24-32. https://doi.org/10.1016/j.cosust.2017.07.004
http://@https://dspace.library.uu.nl/bitstream/handle/1874/356181/1.pdf?sequence=1
Polzin, F. H. J., Sanders, M. W. J. L., & Täube, F. (2017). A diverse and resilient financial system for investments in the energy transition. ( U.S.E. Discussion paper series; Vol. 17, No. 03). UU USE Tjalling C. Koopmans Research Institute.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/348629/17_03.pdf?sequence=1

Professional publications

Polzin, F. (2017). New pathways: Building blocks for a sustainable finance future for Europe. https://www.triodos.com/en/about-triodos-bank/news/press-releases/triodos-bank-calls-for-policy-changes-to-ensure-sustainable-finance-future/

2016

Scholarly publications

Polzin, F. H. J., Toxopeus, H. S., & Stam, F. C. (2016). The wisdom of the crowd in funding. Information heterogeneity and social networks of crowdfunders. . ( Sustainable Finance Lab Working Paper. ). Sustainable Finance Lab.
Polzin, F. H. J. (2016). Barriers to low-carbon innovation, consequences for finance and policy responses. (Sustainable Finance Lab working paper). Sustainable Finance Lab.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370739/Polzin_2016_Barriers_to_low_carbon_innovation_consequences_for_finance_and_policy_responses.pdf?sequence=1
Polzin, F. H. J., Toxopeus, H. S., & Stam, F. C. (2016). The wisdom of the crowd in funding: Information heterogeneity and social networks of crowdfunder. (U.S.E. Discussion paper series; Vol. 16, No. 15). UU USE Tjalling C. Koopmans Research Institute.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/347984/16_15.pdf?sequence=1
Nolden, C., Sorrell, S., & Polzin, F. (2016). Catalysing the energy service market: The role of intermediaries. Energy Policy, 98, 420-430. https://doi.org/10.1016/j.enpol.2016.08.041
http://@https://dspace.library.uu.nl/bitstream/handle/1874/342268/Catalysing.pdf?sequence=1
Polzin, F. H. J., von Flotow, P., & Nolden, C. (2016). Modes of governance for municipal energy efficiency services - the case of LED street lighting in Germany. Journal of Cleaner Production, 139, 133-145. https://doi.org/10.1016/j.jclepro.2016.07.100
http://@https://dspace.library.uu.nl/bitstream/handle/1874/342267/Modes.pdf?sequence=1
Polzin, F. H. J., von Flotow, P., & Klerkx, L. (2016). Addressing barriers to eco-innovation: Exploring the finance mobilisation functions of institutional innovation intermediaries. Technological Forecasting and Social Change, 103, 34-46. https://doi.org/10.1016/j.techfore.2015.10.001
http://@https://dspace.library.uu.nl/bitstream/handle/1874/381502/Addressing.pdf?sequence=1
Polzin, F. H. J., von Flotow, P., & Nolden, C. (2016). What encourages local authorities to engage with energy performance contracting for retrofitting? Evidence from German municipalities. Energy Policy, 94, 317-330. https://doi.org/10.1016/j.enpol.2016.03.049
http://@https://dspace.library.uu.nl/bitstream/handle/1874/381501/1_s2.0_S0301421516301537_main_1_.pdf?sequence=1

Professional publications

Polzin, F., Toxopeus, H., Stam, E., Maas, K., & Kleverlaan, R. (2016). Nationaal Crowdfunding Onderzoek 2016: Onderzoek naar de motivaties, risico inschattingen en besluitvorming van crowdfunders in nederland. http://www.crowdfundingonderzoek.nl/
Polzin, F., & von Flotow, P. (2016). Abschlussbericht zur Studie: Modernisierung kommunaler Straßenbeleuchtung - Quantitative Analyse der Befragung dt. Kommunen. http://www.cfi21.org/fileadmin/user_upload/pdfs/strassenbeleuchtung/SBI-dena-LED-Studie_2016.pdf
Toxopeus, H. S., Kleverlaan, R. J., & Polzin, F. H. J. (2016). Crowdfunding voor de lokale economie: kansen en uitdagingen. Tijdschrift voor het Economisch Onderwijs, 116.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/381570/TEO_Crowdfunding_.pdf?sequence=1

2015

Scholarly publications

(SBI), S. (2015). Addressing barriers to low-carbon innovation: Essays on structures and policies to mobilise private finance. Peter Lang . https://doi.org/10.3726/978-3-653-06116-1
Polzin, F. H. J., von den Hoff, M., & Jung, M. (2015). Drivers and Barriers for Renewable Energy Investments in Emerging Countries – the Case of Wind Energy in China, India and Brazil. (SSRN Working Paper; No. 2690477). SSRN working paper. https://doi.org/10.2139/ssrn.2690477
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370738/SSRN_id2690477.pdf?sequence=1
Nolden, C., Sorrell, S., & Polzin, F. H. J. (2015). Innovative Procurement Frameworks for Energy Performance Contracting in the UK Public Sector. (SPRU Working Paper Series (SWPS) ; Vol. 2015/31). Science Policy Research Unit.
http://@https://dspace.library.uu.nl/bitstream/handle/1874/370737/2015_31_SWPS_Nolden_et_al.pdf?sequence=1
Polzin, F., von Flotow, P., Migendt, M., & Taeube, F. (2015). Public policy influence on renewable energy investments—A panel data study across OECD countries. Energy Policy, 80, 98-111. https://doi.org/10.1016/j.enpol.2015.01.026
http://@https://dspace.library.uu.nl/bitstream/handle/1874/321038/Public.pdf?sequence=1

Professional publications

Polzin, F., Täube, F., Migendt, M., Schock, F., & von Flotow, P. (2015). Grünes Wachstum –Der Beitrag von Wagnis-und Beteiligungskapital. http://www.friedemannpolzin.de/blog/wp-content/uploads/2016/10/Executive-Summary-SIIE_CFI-final.pdf
Polzin, F., & von Flotow, P. (2015). Modernisierung derkommunalen StraßenbeleuchtungErfolgsfaktoren und Hemmnisse der LED-Anwendung sowie von Contracting. http://www.friedemannpolzin.de/blog/wp-content/uploads/2017/02/SBI-LED-Studie_2015.pdf

2014

Professional publications

(SBI), S., & von Flotow, P. (2014). Beleuchtung: LED den Weg bereiten. Stadt+Werk, 03/2014. http://www.stadt-und-werk.de/heftarchiv_182_stadt+werk22014.html
(SBI), S. (2014). Der Beitrag von Leasing und Contracting zur Verbreitung grüner Technologien. http://www.friedemannpolzin.de/blog/wp-content/uploads/2017/02/2014-SIIE-SBI-Bericht-Leasing-Contracting.pdf

2013

Scholarly publications

Polzin, F. H. J., & von Flotow, P. (2013). How cooperation between innovators and investors influences the innovation process. In Academy of Management Proceedings https://doi.org/10.5465/AMBPP.2013.190

Professional publications

Polzin, F. (2013). Klimawandel, Finanzmärkte und Innovation (Projektbericht). http://www.friedemannpolzin.de/blog/wp-content/uploads/2017/02/2013-SBI-CFI_Projektbericht.pdf

2010

Scholarly publications

Polzin, F. (2010). Stakeholder Management in Social Ventures – Exploring the Effects of Stakeholder Salience, Trust and Conflict on Social Enterprise Performance. https://doi.org/10.2139/ssrn.2578449
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