It's their money, they want a say in how it's spent, even if they have no idea what they are doing. Non-profits have a similar issue with restricted giving fro

It's their money, they want a say in how it's spent, even if they have no idea what they are doing. Non-profits have a similar issue with restricted giving from philanthropic donors. Instead of giving money to the charity and allowing them to use it for their purposes according to their expertise, the philanthropist gives with specific directions for the use of the funds. Most charities dislike and don't solicit these kinds of donations. Why give a lot of money to a charity you like unless you like it enough to let it decide how to spend it? At least in the VC world, the people providing the money tend to have a claim to knowing how to run a business, and the recipients tend to have less experience in running successful companies.