Although I'm not pursuing a PhD nor do I ever plan on pursuing one, my father has one in Theoretical Chemistry from UCLA. He tried to raise venture / angel fund

Although I'm not pursuing a PhD nor do I ever plan on pursuing one, my father has one in Theoretical Chemistry from UCLA. He tried to raise venture / angel funding for a desktop computing startup in the early 1980s a few years after he graduated and got his green card, and one of the things that really got in his way was, in fact, his PhD. The reason is that his potential investors and perhaps investors in general hold an innate bias against those of the academic system, namely that they're impractical eggheads who couldn't possibly know how to run a business. He removed all refernces to his graduate education from his applications for funding and that actually helped him get more meetings - he eventually got funding from an angel who actually valued my father's PhD but it took a long time to find somebody who didn't dismiss him because of it. That was 25 years ago - things might be different now that PhDs are more common, but I figured I'd share his experience with you.