...so this guy wants someone in SF to quit their job and work full time while unpaid? This method selects from the bottom of the pool, not from the top.
It _is_ possible to get seed funding for a business if the idea is solid and you bring something valuable to the table, like the right connections and domain knowledge. If a founder doesn't have either, that's bad. The money doesn't have to come from an investor: There's government funding, you can line up pilot customers etc. If they can't raise any seed funding, what does that say about their talent to be a CEO? The job is _all_ about bringing money in.
Asking someone to work with zero cashflow for who knows how long (investments and initial customer acquisition can take months) is just not reasonable. If somebody doesn't _need_ cashflow, chances are they're either comfortably doing nothing, or already working on their own idea.
What you're left with are mostly people who need cashflow, but are for some reason desperate or reckless enough to try and go without. So then your founding team is a naive CTO, and a CEO who can't raise money. Not a winning combination usually.