Are "millenial" tech entrepreneurs ruining it for the rest?

In a recent article for Forbes, Are Millenial Internet Entrepreneurs Hurting the Economy?, Larissa Faw proposes that when it comes to tech startups, young, impatient, creative and overly ambitious "millenials" are actually dominating over more experienced entrepreneurs, even though the latter has more plentiful capital and traditional business skills.

The discrepancy, she says, is all in the understanding of the internet. Its nuances, trends, conventions, connections. As a prerequisite, the best businesses these days need a superbly functional website.
Many older entrepreneurs don't have the technical skills to create a company website. They don't have the same intimate knowledge of online marketing.

Now consider that many (but not all) millenials have these skills. And if they don't, they have the skills and confidence to learn them (from a simple Google search, video instructional or mass Twitter cry for help).

What's more, they have the cultural capital to use online resources effectively. They have their finger on the pulse. Social media has brought the market and the customers for digital innovation all to one place, and we're all immersed in it.

There has been a power shift, and the pre-web generation of entrepreneurs is being left behind.

Scott Shane from youngentrepreneur.com has a different view, attributing the rise in young entrepreneurs to the economic downturn and consequent lack of employment options for graduates, rather than their superior technical skills or social media know-how. He believes that social and political commentators have exaggerated achievements of young entrepreneurs to present them as the panacea to  America's economic problems, while in reality, they're not doing all that much.

DAD????

Whether or not that is the case, my own dad had a sad realisation just a few weeks ago. Always having considered himself a natural entrepreneur, having learnt the ropes over decades of hard work, he always imagined that if he was to start from scratch, creating a business the second time around would be relatively easy. He knew exactly what not to do.

But then came the internet, BRW (his bible) filled with stories of young internet moguls and my technologically disabled father realised he was out of the loop. So were his peers and networks, and it was very unlikely they were going to get back in it.

This raises an intriguing question. Will gen-Y we be the first and last generation to overtake our elders in the entrepreneurship field, given we're the first to grow up understanding the internet? Or will the young tech gurus in 20 years' time be coming up with better billion dollar apps than millenials?

Perhaps the coolest question revolves around how savvy young entrepreneurs can pair up with more experienced baby boomers/gen Xers (and their money) to build awesome startups more efficiently, effectively and regularly?

Could this type of partnership or venture funding be one solution to the problem of Australia's startup funding, as Laura discussed in the previous post, Silicon Valley and the 'Brain Drain'?