There should be an article "Why it is a negative application signal if the HR worries about MBAs (in startups)". Seriously, there are so many articles out there about this topic. But I don't think there is any good startup team that worries about any of the certificates you can provide. Startup is a game of street smarts. So street cred should count. Having done something cool should count. Having worked with someone cool should count. Being resilient should count. But definitely not having one or another paper.