Crowdfunding (as in Kickstarter, Indiegogo etc) has become mainstream. But this sort of crowdfunding only allows a debt based investment. In other words, when you support a project, you are buying something they offer. You are not buying any shares in the venture.
Is this a problem? Not in itself. But there may be reasons to set up a parallel equity crowdfunding system. First, it may provide a better way for some projects to get started, for example, when they don’t have anything yet to offer. Second, ti might also provide for more efficient exits for early stage investors — if the equity can be traded.
But there are legal hurdles to overcome. After the great depression, it was thought that small investors who don’t have sufficient knowledge needed more protection. So there are lots of limits on how such a market might work.
These hurdles are man made and therefore man can undo them or modify them. And it may happen. Estonia’s e residency cards may be a tool that allows us to take one step in that direction.