t that time ("The New Entrepreneurs," 1983, p. 78).
Venture capital investments in the last-half of the 1990s soared well beyond the levels of the early-1980s. As the data reflected in Chart 1 (which may be found on the following page) indicate, venture capital investments in the United States in 1999 alone were $35.6 billion, with $14.7 billion of that total occurring in the fourth-quarter (PriceWaterhouseCoopers, 2000b).
The situation in early-2000 has both similarities and differences to that of the early-1980s. Today, it remains more difficult to attract venture capital for investment in technological innovations in older industries than in high-technology ventures. There is little difficulty in the contemporary environment, however, in attracting venture capital for "industries not yet born," to use the 1983 phrase or for technologies not yet proved in applications (Mulqueen, 1998).
Capital generation also is a more pressing issue for entrepreneurs in the contemporar
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