This industry is regulated and McClure sorta completely glossed over it.
I would be an angel investor if I was allowed. I would have been doing it for the past 4 years, and I would have much enjoyed doing that. I had 6 figures and 20 years of startup experience and was ready to write checks.
I just never found a way around the need to get accreditation. (Note when you have a successful exit you have cash in the bank, but that doesn't mean you necessarily have a $250k a year job, or $1M in the bank!)
Maybe in the bay area there are lawyers who can set you up to do this even despite the regulations... I dunno.
But this seems to be a glaring omission on his part. Or maybe the law has changed recently and that's why his program could now work.