Particularly for techies outside the major global funding hubs, employee ownership seems to be a model much more aligned with building a sustainable business with the potential for greater employee satisfaction and a healthier culture.
Those aren't the only two options, though. None of the companies that I've started have been employee-owned, but equally, none have taken any VC money either.
> employee ownership seems to be a model much more aligned
It certainly is, but it's also not the only possible model to get those benefits.
My companies have not been employee-owned because setting that up is itself expensive and time-consuming. It's something I'd consider once the business is mature, but while it's ramping up, my hands and funds are tied up with more urgent things.
Consider it is the art of keeping money flowing that allows companies to survive. While employees owning stock is in no way rare, employees managing cash reserves (especially in the first three year viability phase) is a different matter.
Someone else owning the company you're paid to work for is the convenience tax for keeping business alive.
Try doing anything with anyone involving money and responsibilities and you will throw your rosey glasses away and get back to making your own value even if commoditized by another!
Nowadays, it's it's obviously different. To come up with something innovative, you need to develop something for a longer time so that it's better than everything that's already out there.