[jbreinlinger]

All fair points. Especially the notion of api-company w developer investors. Investors naturally become evangelists for the company and that could prove to be amazing. Hasn't played out yet, but I believe it can be powerful.

I think Zenefits is an awesome company as well. With regards to allocating a slice to the crowd, I don't know how often that will happen. At least for me personally, if I commit to invest, I typically want to invest as much as possible (trying to learn from Buffett). That would likely mean that if I was investing in a round I would prefer that no slice is allocated to non-value add investors. Could certainly debate whether or not the "crowd" is a value-add investor.