This is why I restricted my original statement to YC-style startups. A capital intensive startup that someone invests their life savings into at age 45 is entir

This is why I restricted my original statement to YC-style startups. A capital intensive startup that someone invests their life savings into at age 45 is entirely different than a software startup founded on a shoestring budget by new college grads. I don't think the latter is particularly risky, which is why there are so many more of them than even 10-15 years ago.