If something hasn't been tried at a wide-scale I wouldn't say you can conclude that.
Concluding democratic systems don't work in the 15th century would be somewhat similar, because you're living in one of many successful kingdoms, with not many successful democracies to point at.
There were some past democracies, like the Greeks, but naysayers would say, if that system worked so well, we'd see more of it.
I think it might be worth a try. It might fail.
I personally think it's a question of scale. We know from high-level politics that usually for large nation-states, democracy works better long-term than dictatorships. Dictatorships often work well in the short-term due to faster decision making, but long-term they lack the error-correction and accountability of a democracy.
A company that executes too slowly might not be successful. So I can imagine that small companies work better as dictatorships. They need fast decisions, they need a vision.
But big corporations? They move slowly anyway. They have a lot of subdivisions. One part doesn't know what another is doing. It could be that a bit more error-correction through democratic participation helps.
