This seems to me to be estimating the cost to get from a fixed spec to "works on my machine (or simulator)" rather than the total cost to go from an idea to shipped product with non-technical stakeholders (whom your estimator is targeting), a diverse product team, changing understanding of the target, i.e., all the bits that investors struggle to understand seem to be omitted or minimized.

I've found in many years of building apps for clients, the easy part is forecasting simple programming costs. The hard part is helping folks understand time spent keying in code is only a small part of shipping successful software--and one of the more predictable ones. So, the cynic in me reacts with: "great, another over-simplification that instills more of those unreal expectations that so often cause failure."

Minor points worth reiterating from others:

* The rates are off for areas other than yours (how about making rates/regions an option?). And, I'd make it much clearer that the viewer is likely looking at offshore outsourcing pricing as that is a very, shall we say, unique approach to new product development.

* "Man" hours is a small, visual irritant due to the problematic gender relations and inequities in our field at the moment.