Because there are top-notch angels that get all the best deals with the best entrepreneurs. I guess there are plenty of other millionaires in the Valley looking

Because there are top-notch angels that get all the best deals with the best entrepreneurs. I guess there are plenty of other millionaires in the Valley looking for (reasonably) good investment in the tech field, but they can't write "Hackers and Painters", and they can't understand hackers that good because they made their fortune in a hedge fund. "Lack of entrepreneural ability" may actually turn to be a provincial naïvety (think of wannabe-entrepreneur from North Dakota who just came in Valley), and is not usually a sign of certain failure. [EDIT] PG also has an essay on this somewhere.