Take EOS for example... it's a company that's basically a Bitshares fork and it's raising possibly a half to one billion dollars on the promise to deliver something different in one year.
Their purchase agreement promises nothing and is highly concerning: https://eos.io/purchaseagreement/EOS%20Token%20Purchase%20Ag...
What investor would give a startup half billion dollars in seed money without even an MVP?
In the end it all comes down to: will the team deliver or not? The startups fail at 95% + money corrupt teams.
If the team members done 0% work so far and are rich already, what's their motivation like? Why push through the hard times and drama that will inevitably happen if you can just bail out right now and take the money