That's right - and not to overdo the point (as again so much is about the execution), but I think DAOs have a different flavor than a public company.

First, there are actually big barriers to owning stock - it's why the incidence is so low and led Raj Mehra and Ed Prescott to write the famous "equity premium puzzle" that was part of their Nobel Prize (answering "why do more people not own stocks?").

Second, there is a different culture with DAOs since it's a statement around decentralization (over centralization) - and that non-pecuniary factor matters greatly, just like a political affiliation would, for example, in encouraging participation.

We'll all see how it emerges and we look forward to writing more on it! =D