Crowdfunding will replace venture capital, and investing itself to a large extent. You don't need investment, you make the case to customers directly and they prepay you.
It would be nice if this were true. But it seems rather unlikely, as even the biggest hits of crowdfunding have been on the low side of VC funding amounts. Crowdfunding might eventually yield 100M rounds, but that doesn't seem likely to happen anytime soon.
> A good VC brings a lot more to the table than just money. Crowdfunding cannot replace that.
Crowdfunding replaces the money piece. The other bits are knowledge which the startup might need to purchase separately. Whether that will be more or less efficient than purchasing them together for startups that need both is, perhaps, unclear, but at least some startups will really only need the money (which, obviously, won't necessarily be the same ones that think they only need the money, but that's life.)