The top sectors for investment are biotech, medical devices, software, telecommunications, and energy. In perhaps the most interesting finding from the 44 states responding, the study asked state VC program managers about their goals. About a third (32 percent) said their program's goal is job creation, while only 15 percent stated that return on investment is an expected outcome.

If you asked those at private funds that same question, it's a pretty good guess that something like 100 percent would point to earning a good return on their investment as the prime motivation. The state managers, however, are probably looking at jobs or economic growth as a kind of return on capital. But Karen Kerr of Agile Equities in Manhattan would caution against ignoring the more conventional ROI.

"I don't think any investment is going to be a successful, sustainable creation if you aren't getting a positive return on capital," she says.