Sounds nice at first but if Google can afford to hire the most experienced, why would they do something that goes against their bottom line?
From what I've seen, you've got a lot of developers commanding 60-80k salaries. From a startup perspective, I don't really understand why this is the only acceptable path.
It just seems smarter to locate near some technical colleges in cities that have a lower cost of living, and pay entry level developers a salary between 35-45k to start. As they improve their skills, you up their salary... assuming that improvement comes with an increase in revenues/profits.