I am a big fan of alternative ownership/governance structures in businesses, and this approach might work. Potential issues: employers don't tend to like it if

I am a big fan of alternative ownership/governance structures in businesses, and this approach might work. Potential issues: employers don't tend to like it if they get wind that a group of employees are doing something on the side, and may find reason to take ownership of said effort (which your contract might allow them to do).