Recent changes in the laws regarding solicitation in the US have accelerated the growth in this funding tool for start-ups. What used to take months now takes days. The dependence on the 3Fs has shifted although many will still lose money.
However within this sphere online syndicates are emerging which some argue may disrupt some of the smaller traditional VCs. The article in WSJ discusses some of these online syndicates and how the platforms are defending their reputation in determining who can set up a syndicate.