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Editor's Corner
Follow the money:
An inadvertently themed issue

By Peter Galuszka
Executive Editor
pgaluszka@va-business.com

When you read through this month’s issue of Virginia Business, you may recognize a remarkable statewide trend. See if you can identify it: It’s dotted throughout our cover feature — the Virginia 100, the list of the state’s wealthiest individuals and families. It’s also present in our farms and estates section on the red-hot real estate market for large properties as the wealthy snap up mansions in the mountains or along Tidewater rivers. Our commercial real estate section tells how some new firms are adding perks unthinkable just 10 years ago to keep hard-to-find workers happy. Finally, there’s Click, which is a new feature, ably overseen by Senior Editor Leigh Anne Larance, that will appear quarterly showing how electronic commerce affects all of us and how we can use it to our greatest benefit.

So what’s the common denominator? High technology. Indeed, the explosion of Internet, computer service, software and telecommunications companies in Virginia is forever changing the nature of the state’s society and economy. It’s probably the biggest single business event since World War II and the Cold War flooded the state with defense jobs. We’re just beginning to understand the ramifications of the high-tech revolution.

Consider the Virginia 100: When the magazine started the list in 1989, only two in the Virginia 100 club got their money from technology. Most inherited their wealth, or got it from coal, retail or real estate. This year, some 25 on the list acquired their considerable fortunes from New Economy ventures in technology. These people tend to be younger, aren’t exactly society types, and many are from out of state. But they are having as much, and perhaps much more, influence on shaping the state as the Blue Bloods ever did.

Ditto farms and estates. New Money, much of it from technology, is fueling a boom in sales of exclusive properties. Before, buyers tended to be wealthy couples nearing retirement. Today, they may be Web company executives in their 30s or 40s with huge nest eggs. They want a nice weekend retreat for their school-age children. They want a piece of the state’s uncanny natural beauty, but they also want to be close to the high-tech corridors of Northern Virginia and the culture and business centers of New York, Washington and Atlanta.

High technology is so hot right now that companies are finding it incredibly hard to find and keep good workers. What to do? We profile one company, an Internet service provider, that hopes to hang on to its workers by giving them a truly remarkable building in which to work in suburban Richmond. It’s got everything from a rock-climbing wall to barbecue grills to nature-themed conference rooms. We also note the downside of dot-com real estate — some startups go belly up so quickly that landlords are demanding big security deposits upfront.

Click tells us how e-commerce is shaping our lives, from how we order peanuts to how digital electronics make it easier to mix music from unusual places, such as Richmond, which may be a wonderful place, but it’s hardly Nashville or Los Angeles. And, should you need any reminder of the dangers of hacking after the "I Love You" bug, Click also explores computer security and what can be done to protect it.

We hope you enjoy the issue.

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