We talk about this at least once a week here, usually in the scope of software, but it’s a problem that exists in other domains (though VCs and us are constantly pushing for more businesses to run like software, which is nuts considering how not in order we know our own house to be).
Ageism and cultishness are how you end up with simple oversights that anyone who has been around the block a few times would either prevent, or at least have enough self consciousness not to breathlessly talk about it in front of strangers.
I think what we miss consistently about the VC model is that we make the 10:1 ratio about chance and betting big, but I suspect the dominant force there is that 4 times out of 5, experience will save you from doing something expensively stupid. However once in a while it’s a clever generalist or someone who “doesn’t know any better” that uncovers a major advancement that the experienced people are blind to. So less than half of those failures are not thinking outside of the box, and most of the rest are not even knowing there was a box to begin with.
We tend to see this as an either or scenario. Throw a bunch of kids together or hire a bunch of cranky old men and women who say no all the time. That’s a false dichotomy. Hire some of both, don’t let the older ones steal all of the glory.