In my experience, it all depends on the individual. It doesn't matter what degree they have. If they have work ethic and ambition and they love what they do, you absolutely want them on your team.
It's tough, because right now I know you're thinking that all of that can be done at a startup - and you're right. But I think that startups needs to look in the mirror too. The xxxx-hacker model has created a relatively disconnected culture. Sure, 'disrupting -whatever' sounds neat, but for the most part you're just polluting cyberspace with another worthless app.
Anyways, I feel everyone needs to stay humble and hard working. There is no right path, and both sides (and all sides) will undoubtedly need each other in the future.