This is a good point, actually. The quality of person required by a startup is much higher than what an investment bank needs, and most of the people going into IB/MC wouldn't be qualified.
Also: analyst programs are designed to filter for the people with an unconditional work ethic-- people who will cut corners and work 100-hour weeks but simply will not miss a deadline, no matter how arbitrary, and people who will take the most awful work with a smile on their empty faces. This is a bad employee from a startup's perspective, because startups need people who write quality code (hard to do if you're working till 3:00 am) reliably and are willing to question others' decisions.
Also: analyst programs are designed to filter for the people with an unconditional work ethic-- people who will cut corners and work 100-hour weeks but simply will not miss a deadline, no matter how arbitrary, and people who will take the most awful work with a smile on their empty faces. This is a bad employee from a startup's perspective, because startups need people who write quality code (hard to do if you're working till 3:00 am) reliably and are willing to question others' decisions.