I like the juxtaposition of "You need a Co-Founder, not an Engineering Bitch" and "Recruit college kids. They're young, hungry and don't need of a living wage."
Heh, but a few items later is "Treat everyone you hire like a co-founder." So overall he's saying "You don't need any [fill in the blank] Bitch." (And it's implied that the Engineering Non-Bitch is experienced.)
To echo others, this is an exceptionally good version of the standard "I've been there" startup advice.
The point is that college kids have a lower built-in cost structure to their lives, making them ideal workers in a poorly capitalized startup. But regardless of who you hire, treat people well. It's not about money, it's about being honest and respectful and acting with integrity. Good people may work for shit wages, but they won't work for shit people who pay them shit wages.
Life is just too short. Create a company culture that has some moral character.
