Well of course. To be a CEO from a poor background, you need to work your ass off making wealthy friends early.

That's why going to an elite school is such a lifeline for people from bottom quartile backgrounds. Getting the opportunity socialize with people born at the top and be treated as a peer in an institutional environment is invaluable. That alone is worth the price of admission.

It doesn't have to be your parents, but it has to be someone with money who already knows you, trusts you, and feels like you identify with them and their interests.

Of course, you could also work your way up slowly and prove your mettle through decades of dedicated service to your employer. But I'm not sure how you'd be able to build that long track record of likability and trust to be able to raise millions based on work history when that entire history is a 3 month internship.

One can't even blame the VCs. If you're investing in things that are often partially fraudulent by design...

...do you want the getaway driver for the pump-and-dump to be a family friend you've known a long time, or a stranger that might not be a good "culture fit" for what the valuation game often becomes?