Despite the carnage sweeping through some sectors of the financial industry, New York’s venture capital scene is thriving, reports VentureSource, a research unit of Dow Jones & Co. 67 New York-based start-ups received funding in the first half of 2008, the highest amount since 2001. Investments rose to $828 million from $480 million in 2007.
The article cites several factors that are contributing to the revival of “Silicon Alley” after the boom-and-bust days of 2000. These include a jump in digital media start-ups to attempt to monetize online advertising and content for Madison Avenue firms, and a plethora of financial software and services companies offering money-saving tools for banks and brokerages.
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