ANN ARBOR This year, technology spending will rise and there will be a strong rebound in money flowing to Venture Capital funds, predicted Jay Hoag, General Partner of Technology Crossover Ventures, a keynote speaker at the University of Michigan Growth Capital Symposium.
Hoag, a 1982 MBA graduate of the UMs Business School, said the best tech companies can still grow and thrive in the wake of the worst technology downtown in history.
The Palo Alto, California, -based company is a leading provider of growth capital to technology companies, providing funds to expansion, late-stage private, and public companies. The company was founded in 1985 and has more than $2.5 billion under management.
Since 1980, there have been 1,500 technology company Initial Public Offerings, Hoag said. Most have been money losers. But the Top 100 technology companies funded have generated $3 trillion in assets.
Whats his predictions for the remainder of the year?
The NASDAQ market will be up 20 percent on the year.
The hot plays this year will be in eCommerce, Software Services and Web services.
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