From lab to global industry: entrepreneurial lessons from the founders of the solar industry, Scientia Professor Martin Green and Dr Zhengrong Shi
- alisonpotter2
- Mar 26
- 4 min read
The remarkable story of UNSW's solar technology transformation into a global industry demonstrates how visionary research and an entrepreneurial drive can be revolutionary.
At the heart of this journey are two key figures: Professor Martin Green, UNSW’s pioneering solar researcher and inventor of the commercial PERC solar cell; and Dr. Zhengrong Shi, Professor Green’s 12th PhD student who started solar manufacturing company Suntech and became the world's first solar billionaire, kicking off the globally dominant Chinese solar manufacturing industry.
Professor Green and Dr. Shi joined ACAP Executive Director Professor Renate Egan in March at a UNSW forum to explore the critical lessons from their experience turning groundbreaking scientific research into commercial success. The forum was the first in the Faculty of Engineering’s Fireside Chat Series, hosted by Dr Linda Koschier.
Lesson 1: Vision and persistence matter
Martin Green wasn't driven by financial gain, but a deep commitment to changing the world's energy landscape. He has stayed in academia for 50 years and explained, "I didn't think about making money. I just wanted to make a difference. We were interested in getting the technology out there.”
By the 1980s Green and his team were setting world records in solar efficiencies and attracting international attention, finance and students, like Zhengrong Shi.
Dr. Shi saw in Green a brilliant academic with an entrepreneurial spirit and in 1988 he approached him for a job. Green convinced him instead to do a PhD, which Shi completed in 1992, in the shortest allowable time (2.5 years). Dr Shi said of Green, “He believed photovoltaics were the future of energy so that’s why, from 1975 he constantly focused on developing this technology. He was confident and passionate.”
“Business and entrepreneurship, they’re different. Businesspeople try to catch an opportunity to make a profit. But entrepreneurs, like Green, they want to make a difference.”
Lesson 2: Reputation counts
By making the best independently confirmed solar cells in the world and developing an international reputation, Professor Green and his group had great success in obtaining grants for centres of excellence. The grants supported the operation of their research group through the 1980s and afterwards, when solar was out of favour in the US and Europe.
Professor Green said, “We were one of the few groups that survived from the 70s to the 90s. Having that continuity right through that period was important.”
Lesson 3: Timing and market readiness
Dr Shi discussed lessons learnt in starting Suntech – China’s first global scale solar panel manufacturer. He quickly understood that successful entrepreneurship requires more than just innovative technology. It demands a thorough understanding of the market conditions, the policy environment and supply chain dynamics.
For Suntech, this meant strategically leveraging policy support like feed-in tariffs in Germany, Spain, Italy, France, Japan, and later in China and Australia.
Lesson 4: Understand your entire ecosystem
Dr Shi’s success involved actively developing the entire solar supply chain, not just creating a product.
Shi described the early solar industry as ‘parasitic’, relying on feedstock from the semiconductor industry and he saw that it could not expand without its own supply chains – which he would have to build with collaborators.
Shi invested significant effort in developing supply chains in China, forming strategic partnerships and creating an ecosystem that could support solar technology's growth.
This included getting capital to support setting up wafer factories, solar glass suppliers, and co-developing the laser process.
Lesson 5: Start small, think big
Suntech's journey began modestly in 2001 – with $6 million, second-hand equipment, a 10-megawatt manufacturing capacity, and some support from the Chinese Government. By 2003 they were selling 6MW a year and had 15% of the world market at the time, allowing them to grow.
By 2005 they had grown ten-fold, selling 60MW in a year and gaining global attention. By the end of 2005, Suntech listed on the New York Stock Exchange in the biggest technology listing of that year.
By 2009, sales had grown ten-fold again and were over 600 megawatts, with a staff of 10,000. Suntech became the world’s largest module manufacturer.
The key was incremental growth, reinvesting profits, and continuously improving technology.
Success breeds success and new companies were forming, many with colleagues from UNSW Engineering. The solar industry has grown 100,000 times in the last 20 years. From Suntech’s first 10MW, there is now manufacturing capacity of over 1,000,000 MW.
Lesson 6: Collaboration with academia
Dr Shi emphasised that continuous collaboration between academia and industry has been critical to industry success.
“We very much appreciate the collaboration with UNSW and with Martin and the students. We were like a true family. Every year, hundreds of students, both graduates and PhDs, came to Suntech to help develop the technology.”
“This industry collaboration was immensely important.”
Lesson 7: Continuous innovation is non-negotiable
Both Green and Shi emphasised that entrepreneurship is about constant adaptation. Whether improving solar cell efficiency or developing new manufacturing processes, successful entrepreneurs must continuously innovate.
Practical advice for aspiring entrepreneurs
· Focus on solving real-world problems
· Be prepared to invest a lot of time and resources
· Build strong collaborative networks
· Stay adaptable and open to market signals
· Understand your supply chain and policy environment thoroughly
· Know that commercialisation is a multi-phase journey
UNSW and Suntech transformed an entire industry through persistent innovation, strategic thinking, and a commitment to global impact. For emerging entrepreneurs, the message is clear: breakthrough innovations emerge from a combination of technical excellence, market understanding, strategic collaboration, and an unwavering belief in your vision.
“And,” says Dr. Shi, “don’t sit on it for 12 months, make it happen!”
The Fireside Chat about entrepreneurial lessons from the solar industry with its founders Scientia Professor Martin Green and Dr Zhengrong Shi was hosted by Dr. Linda Koschier, Head of Entrepreneurship at UNSW, and moderated by Professor Renate Egan on 21 March, 2025.
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