Venture capital well runs dry

If venture capital is the source of funding for a job recovery in Florida, then it's going to be a long wait.

The latest figures show four Florida companies attracted just $27.7 million in venture capital in the third quarter of 2009, according to the MoneyTree Report that tracks deal flow. Just two years ago, in the third quarter of 2007, Florida firms attracted $205 million in funding.

Thankfully, three of the four companies to get funding in the third quarter were based in the Tampa Bay region.

Florida's share is less than 1% of the $4.8 billion in venture capital funding nationally in the third quarter, according to the report published by PricewaterhouseCoopers and the National Venture Capital Association.

Even high-tax, anti-business Michigan got more venture funding than Florida in the third quarter ($36.1 million).