Recently PaeDae hired one of the most qualified engineers I have had the good fortune to work with. The most interesting thing is that he is completely self taught. He taught himself Perl at age 14 in El Salvador. Previously I have hired non-computer science degree engineers, but never a person without a college degree. I believe that a bachelors or advanced degree, at least in the world of start-ups, is more of a signal of intelligence and skill rather than a predictor. Its harder to hire someone without a degree because its harder to independently verify her skill set.
If more fuel for the self taught movement was needed it seems as though more classes that are valuable to entrepreneurs are being taught online. A great example is Pros. Armondo Fox and David Patterson are taking a UC Berkeley class and making it available for free online. Check it out here: http://www.saas-class.org/.
If you are considering getting into the start-up world or just want to brush up on your skills this seems like a great opportunity.