Can you crowdsource all the way to IPO? Do the crowdsourced investors get right of first refusal? Can you do something like: Round 1) 1000 investors put $100 Round 2) 10000 investors put in $1000/each Round 3) 10000 investors put in $10000/each Round 4) IPO

Will VCs become more like activist hedge funds, that invest in public companies. If startup stocks are liquid, will VCs have to deal with mark-to-market valuation of their portfolios?