What he is saying is that startup shot in the dark companies are not created by experienced people I am guessing. But then again from what I can tell the one company that the author created essentially failed. Now his job is to invest and give advice to others.

Anyone who thinks experience doesn't matter in the real world has (for lack of a more graceful way to put this) a screw lose somewhere.

I've also yet to run into anyone who has ever told me that they were better at what they did when they were younger than when they got older and had more experience. To be sure experience can also jade you and prevent you from taking chances and be a negative in some cases but that's no reason to not hire the most experience people you can. The fact is that some of the best people out there have nothing to do with the "startup" community.