What is wrong with selecting founders who attended a prestigious university? It seems like an excellent signal. Also: "Come from wealth" might be useful if their idea will take a bit longer to germinate. They can survive longer in "ramen profitable" mode.

One could imagine a more equitable society where startups weren't solely (hyperbole) reserved for those who come from wealth and privilege. Nothing wrong with prestigious schools until that's the only metric you're looking at when you could also evaluate on sound fundamentals, ability and technical competence.

Of course modern investors (or a least the ones at VC) probably aren't qualified to judge applicants on merit.

Where do you see that it's reserved? I get that it's a hyperbole, but startups are the best, most used and most successful tool for upwards social mobility. Nothing has changed the life of so many people, no amount of taxes or regulations was able to improve lives of so many, so much.