That's not right. Just because there's a startup boom now and plenty of people without degrees can get hired doesn't mean it will always be so. The very existence of any given startup is a fragile one, and all the larger size employers have a STRONG preference for educated applicants.
When the goal of that project is to get a great job, it doesn't make sense to turn your back on a great job to go back and finish your project and then go out again and try to get another great job. He always could have returned and finished out his last year if needed holding his head high knowing he took his shot at something awesome.
Anyone can apply and go to college, not everyone given a real opportunity to shine.