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New Internet companies are returning from burnout ashes like Pets.com and Webvan -- and venture capitalists are only too eager to help them along, pumping $7.6 billion into the Internet sector in this year's first three quarters, up from $6.5 billion a year earlier.

So what makes this crop of Web sites a better investment than the previous ones? For one thing, online advertising has finally taken off. Start-ups can now use ad dollars to fuel Web sites that offer free services such as blogs and social networks, which allow people to introduce themselves online through mutual friends.