Two things historically hold true when it comes to investment dollars floating around Arizona.

In the best of times, investors jump full force on the real estate bandwagon — most recently financing everything from subdivisions in far-flung cities and towns to urban condos in downtown Phoenix and Tempe.

In the worst of times, investors also gravitate toward real estate, seduced by the lure of bargain buys on foreclosed homes and commercial properties as they bank on population growth to help Arizona’s economy rebound.

That investment culture exists much to the chagrin of those wanting the state to hatch more startup, technology and renewable energy ideas — and keep those businesses and innovations from jumping to California, where high-tech financing is more readily available.