This was one of the primary subjects for discussion at Venture Forward 2012 (ventureforwardconference.com). The answer to that question at the pre-conference speaker’s dinner implied unanimous agreement (from a group consisting of many of the top angels, VCs, lawyers, and pundits in the industry), that “direct, equity-based, common stock crowd funding as envisioned by the JOBS Act” would absolutely, positively preclude future investment by any serious professional investor, either angel or VC.
That said, the two workable options that were discussed would be either (1) provide some means for blowing up a crowd funded cap structure and making all those individual, unaccredited investors disappear prior to the VC investment (such as by buying them out, or rounding them up into a single vehicle with a professional manager), or (2) do the crowd fund raise from the beginning using a vehicle such as either a revenue-based note with a multiple return kicker, or a single-holder Special Purpose Vehicle managed by a professional.
But I’m sure there will be many, many stories of all kinds once the final provisions go into effect in January, and it will take quite a while for this all to shake out.
*original post can be found on Quora @ : http://www.quora.com/David-S-Rose/answers *