JANUARY 1989

% of % of

1986 funds 1987 funds

Industry invested invested

Commercial communications 5% 5%

Telephone & data communications 11 10

Computer hardware & systems 18 14

Computer software & systems 10 11

Noncomputer electronics 13 9

Biotechnology 5 6

Medical & health care 10 13

Energy & industrial related 7 7

Consumer related 9 15

Consumer-related businesses and the medical and health-care field were the main beneficiaries of increased venture capital interest. Computer hardware and systems and noncomputer electronics were the biggest losers.

Source: Venture Economics Yearbook, Venture Economics Inc., 1988