Experience prized over academia for startups - but does the UK offer it?

One of the UK’s leading internet companies, Moonfruit, has published research which shows 81% of startups prefer to look towards experience rather than academic achievements such as degrees.
But the real question is - do the experience and skills exist?
According to the research, 47% of employers take more notice of relevant work experience which displays the necessary skills, rather than formal education which has been criticised as not giving the full-range of required knowledge...