Venture capitalists have been investing enormous sums-$7 billion in 1998 alone, much of it into new Internet and telecommunications companies. Will these heady days for startups continue? Yes, almost inevitably, say experts, citing two and a half years of record-breaking fundraising by leading venture capital firms. According to market research firm VentureOne, venture funds this year are set to meet or exceed 1998 levels, when they collected $15.7 billion from limited partners (the corporations, pension funds and wealthy individuals whose money they invest). That was more than double the 1996 figure of $7.7 billion.

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