Does it? Idk, maybe it’s because I’m not a SV SWE, but I’ve found all my jobs through my network.
The other is how are you getting the job. Are you sending in your resume through a jobs site or are you calling your old friend the startup CTO to see if you can help out? Side-projects, failed startups, and networking will make the latter strategy easier for you but won't help much with the former.
Looking for a senior role through an impersonal application process depends very heavily on your primary, full-time employment track record. Otherwise I think there is still real value in developing along other lines.
I've been doing freelance for a few years now, but when I was hired at two startups prior to that, in each case it was clear that my side projects were the driving factor. (The first time, it was an offer directly in response to a ShowHN I'd posted; the second is harder to explain since it comes down to a series of calls/emails with the guy who hired me, and the fact that my unimpressive formal schooling was in stark contrast to everyone I worked with.)
In any case, during that time I'd turned down many inquiries sent to me by people potentially interested in hiring me, and the only places I applied to I was hired at.
More recently when I've tried applying for positions it's like my portfolio is irrelevant. Where previously those projects were met even with astonishment at times, and frequently with what seemed like genuine curiosity, now it seems like people are more interested in 'gaps in my resume' (where I was in fact working on more research or entrepreneurial software projects).
What's strange to me is that I wasn't particularly young during the first phase I spoke of: I posted the ShowHN that landed me my first real startup position when I was 27 (I'm 34 now)—so it's not like people's reactions to my projects were about it being impressive 'for my age' or something.
It seems like more and more the work I've done on my own on is irrelevant or even seen as a negative, while more traditional resume items take the forefront.
Reading your story I would not be surprised if the problem was that the side projects strategy has topped out for the current level of impressiveness and publicity. I bet increasing either would improve results. If you look at Greg Kogan’s website[1] since he’s a consultant too there’s nothing about any impressive educational background. It’s all research and case studies. Blowing your own trumpet more, whether by speaking at meetups and conferences or creating digital artifacts that anyone can find on your website and then telling ten people who might be interested and might share might help. Both of these help more as they are performed more consistently, obviously.
The later rounds you are going for experienced positions, they have much higher expectations. They want to see successful experiences at previous companies, building things (preferably the same thing they are doing), working with coworkers, delivering in a more-or-less corporate environment. It's completely different expectations. A side project is out of touch at best.
Really what happened was you spent 4 years on an entrepreneurial journey that involved products, services, and R&D. That the services side provided the revenue to support the other segments is exactly how that business is supposed to work. It's how IBM works.
1 was from a college recruiting visit.
1 was from a direct, blind application.
1 was from an in-house recruiter.
2 were from third-party recruiters.