I'm not seeing AngelList syndicates listed here, which is probably the most obvious way for a small investor to invest in a startup; you still need someone to d

I'm not seeing AngelList syndicates listed here, which is probably the most obvious way for a small investor to invest in a startup; you still need someone to do the diligence and find the companies to invest in, but I could put my money into an "Index Fund" led by dozens of smaller investors, which seems to be the most logical way to do something like this. As for direct crowdfunding, I would be comfortable angel investing if I knew someone was doing the due diligence, but no way am I putting my money into a startup blind, or spending the time to do that due diligence myself. After that, the signaling risk and additional regulatory complexity behind this type of crowdfunding is likely a bad thing for a company, and likely mostly filled with companies that can't raise by traditional means, so you have an adverse selection problem and you're making it worse. I think Naval and AngelList could change that, but there's quite a long ways to go.