Answer from Bruce Carpenter, Co-founder and principal at Harbour Bridge Ventures
Yes, it can work. However, having a company with all of the members owning shares and communicating remotely has both challenges and potential strengths. I presume that you share a common vision and have clearly defined roles if you have already planned and launched a service or product.
Challenges will arise as the opportunity you have launched grows in size. Additional resources and people must be brought on to support that growth. You will need to think carefully about how to distinguish what role (or roles) each function in the enterprise will serve, as well as how to effectively manage the coordination of teams and their functions. The right command and control mechanisms will need to be put in place.
A common corporate culture and ethics will need to be shared, promoted and moderated by the founders, especially as new team members join. The diversity of the founders can also be a strength if you understand how to use it effectively.
Throughout my professional life, my partners and I grew a small technology company into a global leader, with an extensive network of more than 1500 employees on five continents. We faced extensive challenges in managing that growth, but the diversity of our workforce was an important strength that helped us become a global leader.