Where has the vast majority of cleantech venture capital funding flowed over the last decade? The answer is "trillion dollar markets" such as electricity, fuels, chemicals and building materials. Several prominent cleantech VCs have proclaimed that the immense size of these opportunities offset the investment realities of time, significant CAPEX and entry barriers. Indeed these are massive markets that dwarf the size of cloud computing, SaaS, mobile and social media. But unlike these traditional VC segments, these are commodity markets where the public markets and corporate M&A departments are not used to paying the high margin and rapid growth multiples that have become the foundation of venture capital funding success.