Local online advertising and VC dollars

Through a link from New Media Musings I found Terry Heaton's paper titled "TV News in a Postmodern World." I'm not sure what the title is about because the paper mostly looks at why VC dollars avoid localized web2.0 media ventures. Having recently gone down this road and found the same to be true, I am pleased to find someone who has done their homework on the issue.

By continually supporting only those business models that attract large numbers quickly, they are forcing basic top-down (1.0) laws on those of us who see greater value at the local level. So while the web and all that it offers is moving to a one-to-one or bottom-up paradigm, the world of the dollar continues to draw its influence and power from the top-down. This is beyond ironic, especially with venture capitalists who tout Media 2.0 applications.