Venture Capital Soars in L.A.

Is Southern California becoming the next Silicon Valley? It just might, if these entrepreneurs and bloggers have anything to do with it. A Los Angeles Times article explores a new trend in the hi-tech world--so-called tech geeks meeting up at social events to find investors, network and have fun. Last year, Southern California ranked second in the U.S. for tech investment. Silicon Valley, of course, holds the top spot. According to Ernst & Young, VCs invested about $712 million in IT companies based in L.A. in the first three quarters of 2007, compared with $680 million in all of 2006. "There seems to be this fearless energy behind some of the things coming out of Los Angeles," said Mike Macadaan, an AOL employee. "I thought, 'I better pay attention here--the next MySpace or YouTube might come out of LA.'"