I suspect it's because a lot of investors don't know what they're doing and are further removed from the details. The good ones (of which there are few) have h

I suspect it's because a lot of investors don't know what they're doing and are further removed from the details. The good ones (of which there are few) have hands on experience as founders or a deep understanding of the industry and personal technical experience. Employees don't have to be naive, they're on the ground with an understanding of the technology and are likely to see first hand what works and what doesn't. Obviously not everyone will succeed, but there's no reason employees can't do a better job than investors (and many do).