Considering that the maxim for the new millenium is "Safe is risky and risky is safe" I think he might be doing the best thing. All in all, it seems like today the best way to approach things is to be different and his hiring policies are definitely different. Sure, he might fail, but would he be able to succeed if he did the same thing as everything else?
I'm sure there might be problems with choosing the wrong criteria, but I can't see how "elitism" in itself can be a cause of problems in the hiring process.
Yes, I can see that as a possible problem. I've seen fewer cliqueness in this crew (prehaps because they all come from varied educational and professional backgrounds), than I have in groups pulled mostly from tech academics and companies.