Do you anticipate crowdfunding platforms will have an impact the business of early stage investing?

I think crowdfunding platforms, especially Angelist, will help democratize access to startups but they will never fully replace VCs. I think venture investors can generally add a lot of value to the companies in which they invest but capital is increasingly becoming a commodity and VCs need to be able to differentiate what they offer a company. I think crowdfunding is especially great for consumer products (specifically hardware) as they allow company to prove they have demand for a product and get capital pre-production. That being said, most companies don’t use it effectively and most kickstarter campaigns don’t deliver their rewards/products on time.  The best companies that I have seen like Doppler Labs (Here Active Listening), Electric Objects, and Eero leverage a combination of VC cash and crowdfunding to prove demand and still deliver a great product to early adopters on time.