Dear Readers,

As we are all well aware, the economic picture in the technology sector has been rather dismal of late. Especially in the past month, it seems everyone wants to know if we've hit bottom and if we can expect improvement in the near term. Based on conversations with a number of companies, it appears we can be cautiously optimistic about the future. The new economy pendulum had swung to such a major extreme that it will undoubtedly be some time before it returns to its natural position, and companies will probably overcorrect in that direction before stabilizing. The truth is that the Internet created a new channel for communications, and the amount of new investment in this area received such an influx of capital that it prevented companies in the old economy from obtaining money to enhance their businesses. Now that a significant amount of capital has been squandered on weak business models, we are returning to the norm with regard to profit expectations – and expect continued improvement. While times have been rough economically, we have learned valuable lessons over the past two years including:

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