If you are raising money for a firm in an established business segment with notable competitors, experience in your field is critical in winning over investors. Without adequate prior experience, ideally as a former executive in a firm related to your market/technology focus, investors will not believe that you know enough about the inner workings of your business or have a strong enough personal network to be successful. Many notable executives, such as Jack Welch of GE, Eric Schmidt of Google, Andrea Jung of Avon, and others, became CEOs only after working their way up the ladder in their industry to first establish a strong track record of accomplishments.
If you are raising money for a relatively new business area, your prior life history and ability to show that you can attract top talent will take center stage. Born in 1984 and becoming a multibillionaire before the age of 30, Mark Zuckerberg is an extraordinary example of a CEO who lacked industry experience—there were not many similar social media firms at the time he started Facebook—yet he was able to convince Accel Partners, a highly regarded venture capital firm, to invest $12.7 million before his concept was even fully developed.
In short, appropriate degrees from notable schools and the right personality will buy you enough time for investors to then consider your experience.