Valleywag reports on where venture money is headed in the wake of Jason Calacanis (a publisher) getting hired by Sequoia Capital, a large venture capitalist: “Sequoia is investing seriously in an area that Silicon Valley venture capital has typically avoided: media. Used to be that VC firms demanded proprietary technology as a pre-condition of investment. But the success of ventures such as YouTube has shown that user interface and speed of execution can be more important than technology in providing some kind of sustained advantage.”

That’s a very good thing. Business is more about execution than anything else, though I admit good technology has advantages. But the bottom line is VC’s should be investing in competent ideas regardless of proprietary technology (though not independent of). Maybe the above move suggests that very idea.