It's a chicken and egg discussion: both are equally important! A weak idea will only be compensated to a certain extent by excellent execution... And a brilliant idea is worth little without execution: after all, execution is the only thing a consumer gets to see.
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It can never ever be 'both'! Execution is everything.
Startups need to be agile, nimble and have the philosophy of 'failing fast'. Even a so called bad idea can easily be improved if execution is done in the right manner. Every successful startup including Facebook, Google, Linkedin are the proof that an idea turns into successful business venture only through efficient and strategic execution.