I recently hosted a panel discussion featuring leading Boston-area venture capitalists and the conversation ranged from hot investment sectors to the differences between East and West Coast venture capital firms.

Staged by TIE Boston, a nonprofit group dedicated to the advancement of entrepreneurship, the panel included Shawn Dalton of Highland Capital, James Goldstein with North Bridge, Bruce Sachs of Charles River and Rob Soni with Matrix.

We spent a few minutes reflecting on what changed in 2006, and the panelists noted that start-ups seem to be making their money last longer. Goldstein said the average newcomer is going 12 to 18 months before seeking more financing, compared with about 10 months a few years ago.

We then ran through a list of technology sectors to see which ones still represent investment opportunity.

Surprisingly, three out of four thought there are still investments to be made in virtualization technology. Sachs, for example, sees opportunity in storage virtualization, while Goldstein was more bullish, saying there are opportunities up and down the stack.

The group was less optimistic about the security market, which is already awash with start-ups. While there may still be a few openings, Soni summed it up for the majority saying security is basically a feature at this point.

The future is still bright, however, when it comes to wireless/mobility. And it will be for years, Soni said. None of the panelists, however, has much faith in WiMAX, saying the equipment needs are high because cell sizes are small and there are well-entrenched alternatives.

How about enterprise software? Dead, they said, practically in unison.

The discussion got more animated when I asked them about the perception that West Coast venture capital firms make bolder bets. Goldstein said that view is aided by the fact that West Coast firms have made bigger bets on consumer plays like eBay. "We build equally as big, but it takes longer."

Dalton was a little more sanguine: "Our investments are as bold, but maybe they don't work out as well."

All agreed that one of the reasons for this is that East Coast entrepreneurs and investors tend to take a shorter view. "We don't support companies for as long as West Coast venture companies will," Soni said.