Possibly so. People have limited time to process evidence to come to a decision. So they seek out the types of evidence that provide stronger signals. That may cause some false negatives, but since you know it now, that's pretty much your problem. No one owes you an investment in your startup.

(I think this is far less of a problem than access to education, as someone in the position of founding a startup is already on a very high tier of agency and privilege compared to the vast swath of society. Also, you're "born with" connections to startup founders at a far lower rate than you are born with connections to universities, in general.)

Great link, though, thanks!