I think there's an opportunity to redefine the idea of an employee-owned company. A company with an employee stock pool of 100%-- not 10%-- with no opportunities for dilution, non-voting shares, takeovers, or other financial tricks. Early employees would get more stock, but it would curve gently according with the growth the of the company, so that later employees would also end up with a meaningful share.

The company's charter could be codified in plain English, in an easily accessible, version-controlled markdown file. The board would be made up of some combination of elected employees and outside advisers.

This company would be at a serious disadvantage to raise money. It would have to be able to survive on slow, steady growth rather than VC cash infusions. On the other hand, I suspect it would have a big hiring advantage. The trick would be to attract employees who highly value equity but don't want to become founders themselves.

I bet there's a business model out there that exploits both these facets.