And like those other old economy industries, the initial big boom was followed by a big bust. Today's downturn doesn't mean the end of the Internet economy, or even that there are fewer IT jobs. Far from it. They change strategies and products and missions constantly. Figuring out how to run an Internet business, especially when no one has done it before, requires a lot of best-guess trial and error.
Employees walk the plank in good times and bad.
Most of the people who were pink-slipped by local Internet companies will have no trouble finding employment. Our cover story this month looks at where laid-off workers are finding new jobs. Despite the tightening regional Internet economy, Philadelphia is faring comparatively better in the venture-capital arena. Both Silicon Valley and New York saw decreases in the amount of venture capital flowing into their regions. Philadelphia saw a 15 percent increase in third-quarter venture capital compared to the previous quarter.