Tim Draper talks about a new VC model for new media investing

Tim Draper, founding partner with the venture firm Draper, Fisher, Jurvetson, told an audience at the OnMedia conference in New York this week that the emergence of new media is "a typhoon" that will tear apart the revenue model of the traditional media industry and force companies to re-think their industry.

At the same time, the trend presents a huge opportunity for entrepreneurs and investors in online media.

During a presentation and a panel discussion, Draper, who previously backed fast-growing tech firms like Hotmail and Skype, suggested that investing in online media companies may require a different approach than the traditional VC model.

After the session, we caught up with Draper and asked him to expand on his thoughts.