Venture capitalists still see good bets

MIAMI -- Despite recession and the effects of the Sept. 11 attacks, there is money to be had for emerging companies that can show a proven record of success, a panel of venture capitalists said Thursday.

The panel discussed their outlook for venture capital investing in Florida for 2002. Some 122 investors from across the nation participated in the two-day Florida Venture Capital Forum, which included pitches by 19 company executives vying for funding.

"The number of opportunities isn't as great as it was maybe two or three years ago, but there's still plenty of companies that are sailing well into the headwind," said Thomas Roberts, a venture capitalist with Summit Partners of Boston.

Gov. Jeb Bush told the conference he's optimistic about the state's economy. "We have come through tough times, there's no denying it," Bush said. "I know we're on the right path. We're in our ascendancy, rather than our decline."

After spending the past few years funding young, Internet companies on the basis of their business plans and without any revenue or a record of success, venture capital firms are returning to the pre-Internet boom method of evaluating which companies to invest in.

"The reality is they need to have the full game plan funded when they get started, not thinking about funding it halfway through the game," Roberts said. "That's been a tough game plan in the last couple of years."

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