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Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – “Extreme transformation” could be a term heard much more in coming months as venture-backed firms take drastic steps to survive in a down economy.

Why? “The market is not going to be coming back in a big way anytime soon,” says Richard Garnick of turnaround specialist He described “extreme transformation” as the needed strategy for survival.

His firm is raising $240 million and will put up to $12 million in struggling startups. But new funding comes with a catch for workers at the startups. A key to ConJoin’s strategy is to slash costs by outsourcing jobs to India.

It’s slogan: “Transform. Finance. Grow.”

For details, read the Wall Street Journal’s