Yes, but including a lot of unexperienced investors actually increases the risk of failure. The distraction alone (in time spent managing these investors) might be the death of any startup. Imagine trying to deal with hundreds of mini-vc's all day. Pg's right in the sense that a startup needs just a few focused, knowledgable investors early on.

Something like Kiva might work for a startup, but perhaps more in a donation bootstrap sense. Not as a serious investment.