This is a model that I think would actually work, though perhaps not the only one: Split off Steem (blockchain) from steemit (social web site) each with its own funding and governance. Steemit Inc the for profit company can build and run steemit.com as one of the apps backed by the Steem cryptocurrency and blockchain, and a community governance structure and/or foundation can develop the code for the Steem blockchain.

I'm not sold on the idea of Steemit Inc developing the blockchain. Blockchains are inherently a community resource and a private unaccountable company developing them is always a bit of a strain. It can probably work with an excellent team and excellent management with the right vision and approach but that doesn't seem to be the case here and I see no reason to expect that to change in the future (beyond wishful thinking, which I reject as a plan).