You’re not the only one, I’ve been with quite a few startups and before that I worked with VC’s to help get new portfolio companies rolling with IT. Never have a seen it, I’ve only heard of it.

There’s a big difference between the ideal democracy and the bastardization of a democratic process we have in America, much like how Marx’s vision of communism is hugely different from any actual communist implementation. I personally don’t believe that any one governing/socioeconomic system taken in a vacuum is the right answer, they all seem to rely on humans being fundamentally good-natured but it just isn’t true for much of the humans attracted to positions of power.