For those interested in this subject, I would suggest looking into ROWE - Results-Only Work Environment.
The basic tenet of ROWE is to stop doing busy-work, and start doing only what matters. Stop wasting everyone's time. All meetings are optional. You work when and where and how you like, as long as the job gets done. That's key, by the way... as long as the job gets done.
The most common objection in the corporate world seems to be "but how will we know if people are doing their job if they aren't in the office from 9 - 5?" and the answer, of course is "how do you know now?" (hint: for the most part, you don't, unless you have clear goals and are judging people solely on output rather than on face-time etc.)
In a start-up this is hardly an issue!