But how would this really work? Someone wants to create a new drug, but it’ll cost millions of euros and years of trials to bring to the market. Who approves and commits?
It's going to hit the layers of management those people report to.
I've been through it. It has it's benefits (fewer decision makers) but also drawbacks (decision makers tend not to have the full picture).
Another possibility is straight up democratic voting. These large investments place the company in financial peril, so maybe everyone should have a day.
There are many ways to organize, hierarchical top-down control is useful but overused.