Vonage pioneered Internet telephony, or VoIP, but the company almost collapsed last year in the face of rising competition from cable companies. To try to get back into the black, Vonage CEO Marc Lefar has raised $220 million in new capital and is expanding his company's focus on international calls and mobile services. "People continue to think of Vonage as an innovator," Lefar says. "My focus is on cleaning up the [rest of] the image."

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