[argonaut]

Firstly, that is not what "efficient" means in the economic sense. Efficiency deals with prices (lowest costs, price = marginal cost). Yes, supply and demand affects prices. But supply and demand in of itself does not deal with efficiency.

I would also say it's a stretch to call this "pent up money." Equity crowdfunding is merely an alternative outlet for your money (the usual outlets being currency, bonds, public equities, etc.). You can think of in terms of substitute goods.

Not to mention that most people have absolutely no business investing in startups. All the best deals are going to go to the established, connected VCs and angel investors who can add value in addition to the money invested.