New Company? Oh, we see... (VC)

I liked the idea of Kevin Burton to get funding for his new TailRank company. Sounds quite an interesting concept and he is soliciting 'donations' from people to help him get it off the ground.
It got me thinking, why can't the community VC a new company or concept? This is not really what Kevin is trying to do, he wants to keep all the shares for himself but give away subscriptions to the service, kind of like giving kids sweets for delivering a package across town!
Clearly there are a lot of issues around governance and equity laws, but we love to bet, and what better to bet on than ideas and concepts.

A company could place itself up for VC investment. It puts, say, 50% of its shares in the pot and people then place a bid on the shares. Over time, successful VCs will get a reputation that will inspire others to invest in things they put money in. Kind of VCbay?!
Once all the shares are covered by bids, the company can close out the funding round, if not covered it can still close on reconfirmation from investors. i.e. you only commit to funding if everyone bidding AFTER you bids the same or higher AND all shares on offer are covered. Bidding for more than 5% entitles you to sign an NDA and see the interesting stuff, but bids of more than 5% can be rejected by the owners.
Not for raising multiple millions, at least not initially, but good for the $20-$100k bracket. I'm also aware of the concepts of escrow and sales moratoriums.

Could be an idea? Now, where would I get funding? ;)