I've been interviewing lately, both at hardware and software companies. At microprocessor startups, I ask about the pedigree (past experience, not educational credentials) of pretty much everyone I meet. I don't do that at software companies. The reason is, you pretty much never hear about a new team successfully making a high-performance microprocessor. Apple bought PA Semi, which had a moderately successful exit, but PA Semi was basically the SiByte team, which left after SiByte was acquired by Broadcom, and SiByte was composed of key people from DEC who had been working together for over a decade. When you hear about a new team where most of the people are smart new grads, they usually spend ~ $100M over five or six years years, find that they don't have a competitive product (or, more likely, don't even have anything that's close to working). If they have funding left to burn they may pivot a couple times over the course of a couple years before they burn through their cash and implode.
And that's despite microprocessor design being close to pure reason, in the grand scheme of things. Experience and wisdom matter a lot more in most endeavors. Something you see a lot, even here on HN, when non-CS/programming/engineering topics make it to the front page, are people who try to extrapolate from a few "obvious" facts and then come up with a conclusion that's completely and totally wrong.
In software, you hear about successful companies founded by people just out of school, or even people who have dropped out of school, all the time. "Smart and Gets Things Done" can be good enough to make a decent product. But, something you'd never want to hear from a plumber or a carpenter is "well, I've read some books on the topic, and tried out some tools at home depot, plus I'm smart and good at hacking".
Things like carpentry, manufacturing, etc. are hard. They're done so well here (in developed countries) that it's easy to forget an idea of how hard they really are. If you want to get an idea of how hard they are to learn from scratch, consider South Korea after WII. Its GDP per capita was lower than Ghana, Kenya, and just barely above the Congo[1]. For various reasons, the new regime didn't have much baggage, and they wanted Korea to become a first-world nation. The story I've heard is that the government started by subsidizing concrete. After many years making concrete, they wanted to move up the manufacturing chain and start making ships (among other things). They pulled some of their best people who had experience in business (having learned skills like management, operations, etc.) from working in concrete to try to build ships. They knew they didn't have the expertise to do it themselves, so they contracted out the plans and got detailed instructions how to build ships. They got plans from Scotland, because Scotland has a long history of shipbuilding. Makes sense, right? But, when the Koreans tried to build ships with Scottish plans and detailed step-by-step directions, the result was two ship halves that didn't quite fit together and sunk when assembled. For historical and geographic reasons, Scotland's shipyards weren't full-sized, and they built their ships in two halves and then assembled them. Worked fine for them, because they'd be doing it at scale since the 1800s, and had world renowned expertise by the 1900s[2]. The Koreans eventually managed to start a shipbuilding industry by hiring foreign companies to come and, build ships locally, and show people how it's done. It took decades to what we would consider basic manufacturing working smoothly, even though all of the requisite knowledge existed in books, was taught in university courses, and could be had from experts for a small fee. "Smart and Gets Things Done" goes so much further in programming than it does in virtually any other non-academic field.
Today, anyone with a CS 101 background can take Geoffrey Hinton's course on neural networks and deep learning[3] and start applying state of the art machine learning techniques[4] to research grade problems within a couple months. But, if you want to build a ship, and you "only" have a decade of experience with carpentry, milling, metalworking, etc., well, good luck. You're going to need it.
[1] http://www.nationmaster.com/graph/eco_gdp_per_cap_in_195-eco...
[2] In 1913, 20% of the world's ships were built at Clyde.
[3] https://www.coursera.org/course/neuralnets
[4] About 1/3rd of the way through the course, he talks about a new technique that was published after the course actually started. The future of education is going to be awesome.