Venture investment in information technology fell 53 percent from the first quarter of 2008 to the first quarter of 2009 to $1.7 billion, the lowest level since 1997, according to Dow Jones Venture Source. These figures refute venture capitalists' claims that recessions are the best times to start companies because there are fewer competitors and dollars go further on lower salaries and rents. Venture investment in clean technology, seen as a possible investment magnet, was down 74 percent.
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