Despite the difficulties faced by Vonage (NYSE: VG), the future for VoIP -- Voice over Internet Protocol -- remains attractive to growth-oriented advisors. Jim Oberweis Jr. notes, "VoIP is finally gaining traction -- and people are now getting rid of their phone lines in droves, as the quality of VoIP has dramatically improved."

Indeed, the money manager and editor of The Oberweis Report notes, "At my home, we've replaced our regular phone service with a VoIP connection and I find it virtually indistinguishable from traditional land-line connections."

For those unfamiliar with the technology, he explains, "With VoIP, your voice is converted into a digital signal that travels over the internet. The price is right -- around $35 bucks a month -- for unlimited calls around the world."

Importantly, he does not see the upside opportunity among telephony service providers. Rather, he sees the potential among companies that make the equipment that enables VoIP networks to operate.

He notes, "VoIP is causing an exponential increase in demand for bandwidth." And that, he notes, takes lots of investment and equipment. It represents, he suggests, "the renaissance of the telecommunications equipment industry after six long years in the doldrums." So what companies will benefit from this renaissance?