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On deal terms, generally speaking it would be impractical for a startup to fundraise via equity crowdfunding if the hundreds or thousands of investors, each putting in as little as $10, were to have voting and information rights.

Yeah, right. I get an annual report, a 10-K, and voting rights on every public stock for which I own at least one share.

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Companies raising under Title III file annual reports with the SEC. That said, public companies in which you own stock and private, early-stage startups have vastly different capacities to deal with these issues. The basis for investment in each is also quite different. Apples and oranges.

Actually, both Apple and Orange are public companies :D

pmen is right. We considered crowd investments for our own startup, and concluded it's too much work, hassle and inflexibility. Republic's model seems to mitigate this somewhat, but (probably?) only works in the US and even they state on their site:

"The tradeoff for the benefits of investment crowdfunding is the complex regulatory requirements that companies must follow. The general spirit of the law is simple: companies should provide complete and accurate information so that the public can make informed investment decisions. Incorrect or misleading information comes with severe legal consequences. In addition to the following, you should also consult your attorneys and accountants to ensure full compliance with all legal and accounting requirements. Republic as a funding portal is not authorized to and does not provide legal, accounting or investment advice."

Sounds like it could very well still be too much for us.

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