All Bets Are Off for Venture Capitalists : Investment: In a time of economic uncertainty, those with money are taking fewer chances and looking for established companies where they can watch it grow safely.

NEWPORT BEACH —  In the large hall where 32 small companies competed for the attention of investors, Lawrence McNamee, chairman of Radiant Technology Corp. in Anaheim, was among the favored few.

Just a year ago, venture capitalists and individual investors probably would not have given Radiant a second look, said Walter W. Cruttenden III, chairman of Cruttenden & Co., a Newport Beach investment bank. But during this time of economic uncertainty, investors are taking fewer chances and looking for established companies to put their money, he said.

Despite losing $2.2 million last year, Radiant, which manufactures infrared furnaces for the semiconductor manufacturing industry, is making a profit this year and has plans to expand abroad. On Wednesday, the Radiant booth was attracting a lot of attention from investors.

“I think the quality of companies this year is better than last year,” said Robert G. Frick, president of Trans National Ventures in Marina del Rey, who was attending the sixth annual Southern California Conference for Emerging Growth Companies in Newport Beach. He said investors are looking for older companies with marketable products, such as Radiant.

Cruttenden added: “Venture capitalists and individual investors are interested more in companies that are turning the corner toward profitability, and they’re turning away from riskier young start-up companies.”

Robert D. Winneg, an associate with BancBoston Ventures, the venture capital arm of Bank of Boston, said he saw about five companies in the retail, biotechnology and medical industries that warranted “a second look.” Most of BancBoston’s investments have been in Northern California, but it has begun scouting the Southland for potential investments.

All but a few of the 32 small companies at the conference had established products and at least $2 million in annual sales, said H.D. Thoreau, who organized the conference for Cruttenden. Past conferences have included younger, less-established companies.

Another difference this year was the smaller number of venture capital firms attending, though the number of individual investors was up, Thoreau said. In total, 135 investors attended the conference this year, down from 150 last year.

“This conference a few years ago was flooded with venture capitalists,” said Alex Cilento, a partner at Aspen Venture Partners of Boston.

The smaller turnout is “a sign of the greatly reduced availability of money for early-stage or . . . start-up companies,” he said.

Of the 32 companies, 15 were from Orange County, four from San Diego County, three from Los Angeles County and the rest from other Western states.

The two-day conference, which ended Wednesday, brought together a diverse group of small companies representing the biomedical, medical, apparel, computer and telecommunications industries. It was co-sponsored by Cruttenden & Co., the accounting firm Ernst & Young and the Newport Beach law firm Stradling Yocca Carlson & Rauth.