I thought he meant "what leverage do the founders have?". Not sure though....

However, assuming that he did mean "what leverage do the founders have?", I would say that they are the boots on the ground and can very much scuttle anything that the investor wants them to do. The moment founder's interests are not aligned with the startup, it is doomed. I guess an investor can help them succeed but can't stop them from ruining it.

Disclaimer: pure speculation, I have no experience of being on either side of the table.