Not quite. I think this is conventional wisdom:

If you take a risk and co-found your own startup with 0 years of experience, then even if you tank 2 years later, you are likely to wind up close to the 5 years of experience point of the hockey stick when applying for a job.

Basically, the startup gives you a small chance of huge upside, and on the downside, you become a normal W-2 salaried employee but begin at a point farther along than someone who played it safe the entire time.

Whether this happens in practice is probably highly dependent on whether the risk taker demonstrated some goodness during the failed startup.