One thing that nobody is mentioning is that many "fratty" companies have been wildly successful. That's why VCs aren't cracking down on startups to make them more professional. (Although it is a good idea to become more professional as your startup grows, for cultural appeal to the median tech worker)
This fratty culture certainly drives away slightly older founders (by that, I mean 25+!) and others who don't appreciate the atmosphere. Ultimately, I expect differentiation in the ecosystem, with different incubators forming to attract talent from different pools of talent.
Creating an atmosphere where your founders feel like they belong is a competitive advantage for an incubator. But no one incubator can make an atmosphere that appeals to everybody. If you make an atmosphere to appeal to 40-year-old females, someone else will lure the 19-year-old males away with beer pong, dorm living, and video game breaks.
This fratty culture certainly drives away slightly older founders (by that, I mean 25+!) and others who don't appreciate the atmosphere. Ultimately, I expect differentiation in the ecosystem, with different incubators forming to attract talent from different pools of talent.
Creating an atmosphere where your founders feel like they belong is a competitive advantage for an incubator. But no one incubator can make an atmosphere that appeals to everybody. If you make an atmosphere to appeal to 40-year-old females, someone else will lure the 19-year-old males away with beer pong, dorm living, and video game breaks.