If you mean in the South African context, then you are probably right. Has South Africa produced any notable software startup successes? Vinny Lingam got some press for that Yola/Synthesite app, but that's it (Shuttleworth doesn't fit in this category since he made money by selling his CA).

It's one of the concerns I have with Google Umbono as well - how well can the angels recognise potential for success if they haven't had any themselves?

I see a lot of cargo-cultism, but something is missing.