  Organizations are often unable to align the interests of all stakeholders
with the financial success of the organization (e.g. due to regulation).
However, continuous organizations (COs) introduce a paradigm shift. COs offer
immediate liquidity, are permission-less and can align incentives. CO shares
are issued continuously in the form of tokens via a smart contract on a
blockchain. Token prices are designed to increase as more tokens are minted.
When the share supply is low, near-zero prices make it advantageous to buy and
hold tokens until interest in the CO increases, enabling a profitable sale.
This attribute of COs, known as investment efficiency, is desirable. Yet, it
can yield allocative inefficiency via the "holdout problem," i.e. latecomers
may find a CO more valuable than early tokenholders, but be unable to attain
the same token holdings due to inflated prices. With the aim of increasing
overall equity, we introduce a voting mechanism into COs. We show this balances
allocative and investment efficiency, and may dissuade speculative trading
behaviors, thereby decreasing investment risk.
