Wait, are you serious? Have you looked at the average VC today? Overwhelmingly, they are made up of former entrepreneurs. The analysts may come from Morgan Stanley and McKinsey, but the partner's don't. This is one of those conjectures that people state without backing up.
Well, its hard to speak for average due to a lack of data. I will say from my anecdotal experience, every partner at our firm is a former entrepreneur / operator. The other high profile firms I know all seem to follow that model for the most part.
