I think there's a necessary asterisk here: Networking is overrated for people trying to start a business.
Networking provides a crucial career-entry function for people who are qualified but unproven, by allowing another proven person to "vet" that you're capable, and therefore qualify you for an opportunity that may not have been open to your resume alone.
For most, networking is primarily about finding likeminded people who will ultimately point you to a well-fitting job opportunity. If you're running a startup, you've already got a full time job, and have less to gain from these types of relationships.
That's not to say that finding yourself in a room full of similar people is a bad thing for a founder. There's still a lot of insight to be gained from people who have won or lost in the arenas you currently occupy.
On the other end of the spectrum, the best developers a startup can hire will probably come from their network. Not from recruiters or random people submitting resumes. Early hires are incredibly important and actively seeking the first few hires through networking is certainly a worthwhile endeavor.
Networking provides a crucial career-entry function for people who are qualified but unproven, by allowing another proven person to "vet" that you're capable, and therefore qualify you for an opportunity that may not have been open to your resume alone.
For most, networking is primarily about finding likeminded people who will ultimately point you to a well-fitting job opportunity. If you're running a startup, you've already got a full time job, and have less to gain from these types of relationships.
That's not to say that finding yourself in a room full of similar people is a bad thing for a founder. There's still a lot of insight to be gained from people who have won or lost in the arenas you currently occupy.