Many luminaries including Peter Thiel have been saying this but I see a little bit of a contradiction while comparing their statements to their backgrounds. Peter Thiel, for example, went to Stanford undergrad and law school. Chris Dixon has an MA from Columbia. PG has a PhD from Harvard etc...I'm also wondering if the reverse is happening in the startup world where investors see you unfavorably if you're not a 19 year old college dropout but instead have an advanced degree. In addition, like the previous poster pointed out, credentialism exists everywhere. People want to trust one source for vetting multiple candidates. This happens with YC for example. YC startups are more likely to raise money because investors trust the partners' judgement in vetting the founders.