The VeritasIO Initiative: Building enterprise software through open-source development

So I recently launched Coeno on Product Hunt (a collaborative decision making tool) and it got me thinking a bit about how, if you think of it, collaboration in the open-source software community has brought us many helpful tools that enterprises benefit from and continue to use daily (e.g. Wordpress, Red Hat Linux, Android, etc.) So here's what I was thinking: What if instead of the typical startup + business model, we turn it on its head and open source the whole software product. Well, why would anybody do that, what's the incentive for others' to join in and contribute to making that piece of software available for personal and enterprise use? You offer a hosted, cloud 'SaaS' solution of that same software and charge a monthly/yearly subscription. Those who contribute to the open source version (adding features, fixing bugs, enhancing the product) would benefit through a revenue-sharing business model. There's no CEO or employees. It's a flat organizational structure where everyone equally owns a piece of the company (or 'collective' if you will), and thus everyone contributing to the project is presented with an equal share of financial benefit. I'm planning to turn this idea into a collective of people building software in the open and turning these projects into hosted, cloud SaaS solutions for enterprise usage, making money along the way as they do what they already love doing (building things). So tell me honestly, what do you think of this idea? Yay or nay? Does it remotely make sense? How could I make it better? Thanks, Amr