Ask HN: Distributed Bootstrapping?

Maybe this won't work and you can tell me why, but...

Would it be possible to launch a bootstrapped start-up using a crowdfunding model where the first N employees sign on to contributed $X in exchange for Y% equity, such that sum_N(XY/100) is the needed capitalization? $X might be at least $S/mo M months, where M is the amount of runway needed, and $S/mo is an employee's salary.

The logistics might be challenging (the more employees you need, the longer it will take to sign everyone on). Also, finding folks who are in need of a job but also willing to invest upfront might narrow the pool significantly.

The reason for proposing this was that the initial N employees have the same incentives as cofounders.