The substantial price decline seen on the world's stock markets since the peak of 2000 has resulted in a significant rise in the level of risk aversion displayed by both the corporate and financial sectors with respect to new investments. The owner/managers of emerging fuel cell companies must come to terms with these post-boom conditions and realise that investment by external investors (or venture capitalist) often involves their active participation in the business. Furthermore, financial investors will expect owner/managers to be prepared to delegate a degree of control to professional managers when appropriate. The ownership of the company assets will also come under scrutiny with venture capitalists expecting to invest in an entity that owns the intellectual property. Start-up companies would be well advised to strive to understand the pressures faced by professional investors. Those with the greatest sense of financial and commercial realism stand a good chance of technical and commercial success. (C) 2003 Published by Elsevier Science Ltd on behalf of the International Association for Hydrogen Energy.