It should certainly be interesting to see how it develops. I think it will be revolutionary for smaller projects, but I do wonder about the scalability of this method of funding. Like if you wanted to start a company that has say even just 10 employees, I don't think delegations would be enough to cover the initial cost. A lot of companies aren't in the profit for years, and that's pretty normal.(maybe it won't be here)
It seems like even if you found an investor who's willing to put in 5 mil lets say, and you say "Hey, you can do this at a significantly reduced risk, by powering up Steem and delegating that to me" Feels like it shifts the risk to the business owner, because now you start your business, hire people, and the investor sees something shiny and pulls his delegation and now you're screwed?
I definitely think there's a balance to be struck and I'm excited to see how things play out!
I can see your point, what I think that does is encourage diversity and SP delegation caps. Still, I think delegation is going to be a huge player in the future economy with delegation as the requirement for membership access to services and products. Right now a lot of projects are trying to take a percentage of upvote rewards, and while that is one way to do it, I really think delegations are better most of the time.
At the very least, I would like to see businesses taking a cut of upvote profits as a minor player with delegation memberships as the primary means of profiting.