I don't think the article is exactly right. Young managers stick around at hedge funds not just because they get incentivized with a percentage of their returns, but also because it is hard for them to raise sufficient capital to start their own fund. Most of them would probably prefer to manage that 25-100M in their own fund and take the entire 20% of generated returns instead of sharing it with the fund. Generally when they have the experience and contacts to do so they _do_ go out and start their own fund.
Quite the opposite, it doesn't take much capital to start a web company any more. Consequently, lots of teams of engineers can leave a big company and build up value on their own with out the support structure (i.e. capital) of a bigger company. Then they have the freedom to get paid the market value of their work in an exit, instead of their returns being determined by a single party (the company they worked for) with no competition.
Quite the opposite, it doesn't take much capital to start a web company any more. Consequently, lots of teams of engineers can leave a big company and build up value on their own with out the support structure (i.e. capital) of a bigger company. Then they have the freedom to get paid the market value of their work in an exit, instead of their returns being determined by a single party (the company they worked for) with no competition.