I don't think so; operational/management structure and ownership structure don't have to interact the way they did here. OTOH, without formal rules and control mechanism to assure that those rules are respected, the ownership structure is naturally going to impact the operational/management structure, which will make holarchy unlikely with any ownership structure (other than ownership through an identical fractal network of teams as the intended operational structure.)
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In other words, holacracy as a concept is incompatible with a startup's typical ownership structure?
I don't think so; operational/management structure and ownership structure don't have to interact the way they did here. OTOH, without formal rules and control mechanism to assure that those rules are respected, the ownership structure is naturally going to impact the operational/management structure, which will make holarchy unlikely with any ownership structure (other than ownership through an identical fractal network of teams as the intended operational structure.)