I assure you that's not limited to the college drop out, street musician and starving artist.
I don't think most people are taken seriously until they're successful. You're typically going to be valued based on how other people value you. It's why networks become so powerful (such as YC or Ron Conway). That's sometimes an effective system regarding efficiency of time (faster due diligence); and sometimes it's bogus when the reputation is wrong (either direction). Sometimes it accelerates innovation by getting the right people the right resources; sometimes it holds back innovation by ignoring potential buried under a non-existent reputation. The difference between being in one camp versus the other is often how hard (and intelligently) you work to get noticed. On the up side, once you're in, you're usually golden, the work to get noticed pays off.
I don't think most people are taken seriously until they're successful. You're typically going to be valued based on how other people value you. It's why networks become so powerful (such as YC or Ron Conway). That's sometimes an effective system regarding efficiency of time (faster due diligence); and sometimes it's bogus when the reputation is wrong (either direction). Sometimes it accelerates innovation by getting the right people the right resources; sometimes it holds back innovation by ignoring potential buried under a non-existent reputation. The difference between being in one camp versus the other is often how hard (and intelligently) you work to get noticed. On the up side, once you're in, you're usually golden, the work to get noticed pays off.