Since financing is a well-explored area and micro-financing is such a hot topic, I'm sure I'm missing something.
What do you think about it? You can leave comments on the site or here. I will update the site with some of your comments as this process goes forward. I'm available at: david@me-vc.com
Thanks for your help!
That said, I'm dying to see someone (anyone) implement something like this. It's simply the future of funding web applications, in my opinion.
the whole concept seems burdened "legally" so to speak.
would be neat to see something like this fly, though
Generally, it seems to me like a natural progression. Web startups don't need VC in many cases -- they need funding closer to 20,000 than 2,000,000, and that would lower the due diligence somewhat, allowing more deals to be made. Angels are location-centric, but web startups are happening everywhere.
This would change things so that if some web startup only needs 20,000, it's a matter of 200 people around the world who believe in their idea enough to put in $100. Plus the valuation would be more market-driven.