I wouldn't recommend that approach for every startup, but if you are a small team, it's a huge plus if your engineers have great product sense (and and some design sense too).
It all depends on on this:
>The engineers who build our products enjoy, and are good at, figuring out what the product should do—not just how the implementation should work.
It all depends on on this:
>The engineers who build our products enjoy, and are good at, figuring out what the product should do—not just how the implementation should work.