Over longer timescales (years), this relationship doesn't hold true. This is why Google, Microsoft, and many of the other big players in the industry can afford to hire junior engineers. That one senior engineer and five junior engineers will turn into six senior engineers, all of whom have worked closely together, and then you have a gelled team that can accomplish great things.
But you have to get there first. When a startup's fighting for its existence daily, it's not cost effective or prudent to make an investment that will take a couple years to pay off, when there's a good chance that your company will be out of business in six months.