STARTUP FUNDING
Despite all the gloom and doom, 2001 is on track to be the third-biggest year ever for VC financing. That influx of money has infiltrated every state in America. Using Venture Economics data from January 1, 1990, to the second quarter of 2001, professors Toby Stuart of the University of Chicago's Graduate School of Business and Olav Sorenson of UCLA's Anderson School of Management designed a map to show where firms invested before and after '95 - the year Netscape had its spectacular IPO and sent VC investment rates soaring.
Frontiers new to venture capital since 1995 reveal a westward expansion and a trail of ghost towns that rival America's early pioneer days. The exception? Semiresort areas, where retired entrepreneurs turned venture capitalists flock. And where VCs congregate, startups cluster close by. It turns out that VCs rarely fund companies more than an hour's drive from their offices (unless a trusted syndicate partner is based nearby), making the retail adage more true than ever: Location is everything.
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