Such investors risk the most, but they also earn the most. Although if the team keeps its promises, the risk will be minimal.
Now I'm studying white paper, and I understand that the team can give early investors a lot of details about development. This quality preparation for the launch of products can show us excellent results.
In general I agree with you. But the situation in the market of ICO is not the simplest, and the team will have to do a lot to complete the project in the specified time. I hope that the team will be able to successfully conduct the ICO and complete the work on application development.