Not trying to answer for PG, but the reason I think FundersClub is different from other crowdfunding options is that it does NOT result in the company having a large number of inexperienced shareholders. Rather, the company has just one shareholder -- the FundersClub fund. That way the entrepreneurs don't get distracted by having to deal with a ton of individual shareholders -- no updates, no chasing them down for signatures/approvals. The company gets the benefit of a much larger base of capital but only has to deal with one experienced shareholder.

"but only has to deal with one experienced shareholder."

Otoh it also gets a potentially vocal group that can create much noise if they disagree with the actions of the company (and much more quotable by the press for that matter).

But even if you adjust it for inflation, it's still under $50M for a VC fund...

Yes, it is undoubtedly a striking statistic - a really dramatic reflection of how the VC world has grown.

I think "engorged" might be a better word to use.

I just changed the link -- you can now download the spreadsheet at http://www.kopelman.com/Cohort.xls

Thx Josh-- Much appreciated. Absolutely love the blog by the way... Just subscribed.