Los Angeles may be the next Silicon Valley. In 1995, before the Internet bubble was in full swing, Southern California attracted $1.3 billion of venture capital investment, second only to Silicon Valley with $1.8 billion. New England was a distant third with $0.8 billion. Then the tide shifted to New England. But over the last five years Southern California closed the gap with New England. This year SoCal again attracted more investment than any other region outside of Silicon Valley. More than New England and nearly twice as much as New York.