Its a good idea that with a few adjustments could work.
Here is what I think, (I've been in business for the last 35 years)
If you don't have any extra pay, bonus, or benefits for the founders, why would there be anyone want to do a start up project or company. Thats why founder are founders, they put up the money, they do all the initial leg work and ground work to get the project or company off the ground. So if they are not going to be compensated for that they have no intensive to start. Just my 2 cents, and its great to have ideas like this.