Venture capital investment is a critical component of hightechnology economic growth. Although investment is perhaps the most important dimension of venture capital activity, there is virtually no literature on it. The academic literature has generally focused on the concentration and distribution of venture capital resources and firms, largely because of unavailable or unreliable data. While most studies assert that venture capitalists tend to invest within 200 miles of the home office, none have systematically reviewed many of the considerations that make geography such an important factor in a venture capitalist's investment decision. This may stem from the fact that most academic studies suffer from overaggregation, convey only regional totals or state-wide aggregates, which prevents an in-depth analysis of state or metropolitan level flows of venture capital.